Wells Fargo unit swaps 4,504 NMZ preferred shares

NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND reported an insider restructuring involving its preferred shares.

Rhea-AI Filing Summary

NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND reported an insider restructuring involving its preferred shares. In connection with the reorganization of two Nuveen municipal funds into this fund, Wells Fargo Municipal Capital Strategies, LLC exchanged 4,504 Variable Rate Demand Preferred Shares of the target funds for an equal number of the fund’s Variable Rate Demand Preferred Shares in a cashless transaction.

The filing shows these 4,504 preferred shares as indirectly beneficially owned by Capital Strategies, which is a wholly owned subsidiary of Wells Fargo & Company, giving Wells Fargo an indirect interest in the same number of preferred shares.

Insider Trade Summary

Other: 4,504 shares

Other 1 txn

Insider WELLS FARGO & COMPANY/MN, Wells Fargo Municipal Capital Strategies, LLC

Role 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Other	Variable Rate Demand Preferred Shares	4,504	$0.00	$0.00

Holdings After Transaction: Variable Rate Demand Preferred Shares — 4,504 shares (Indirect, By Subsidiary)

Footnotes (4)

1. F1. In connection with the reorganization of Nuveen Pennsylvania Quality Municipal Income Fund and Nuveen New Jersey Quality Municipal Income Fund (the "Target Funds") into the Issuer, 4,504 variable rate demand preferred shares (the "VRDP Shares") of the Target Funds beneficially owned by Wells Fargo Municipal Capital Strategies, LLC ("Capital Strategies") were exchanged for an equal number of VRDP Shares of the Issuer in a cashless transaction. The 4,504 VRDP shares reported as acquired in Table I represent shares beneficially owned by Capital Strategies. Capital Strategies is a wholly owned subsidiary of Wells Fargo & Company ("Wells Fargo").
2. F2. 1,700 Adjustable Rate MuniFund Term Preferred Shares were previously acquired by Capital Strategies as reported in the Form 3 filing filed by Wells Fargo and Capital Strategies with the United States Securities and Exchange Commission on April 12, 2023.
3. F3. This statement is jointly filed by Wells Fargo and Capital Strategies. Wells Fargo holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of its subsidiary Capital Strategies.
4. F4. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Key Figures

Preferred shares exchanged: 4,504 shares Price per exchanged share: $0.0000 per share Shares held after transaction: 4,504 shares +1 more

4 metrics

Preferred shares exchanged 4,504 shares Variable Rate Demand Preferred Shares exchanged in cashless reorganization

Price per exchanged share $0.0000 per share Reported transaction price for the exchange

Shares held after transaction 4,504 shares Indirectly owned Variable Rate Demand Preferred Shares following restructuring

Previously acquired term preferred 1,700 shares Adjustable Rate MuniFund Term Preferred Shares noted from prior Form 3

Key Terms

Variable Rate Demand Preferred Shares, cashless transaction, Adjustable Rate MuniFund Term Preferred Shares, wholly owned subsidiary, +1 more

5 terms

Variable Rate Demand Preferred Shares financial

"4,504 variable rate demand preferred shares (the "VRDP Shares")"

cashless transaction financial

"were exchanged for an equal number of VRDP Shares of the Issuer in a cashless transaction"

Adjustable Rate MuniFund Term Preferred Shares financial

"1,700 Adjustable Rate MuniFund Term Preferred Shares were previously acquired"

wholly owned subsidiary financial

"Capital Strategies is a wholly owned subsidiary of Wells Fargo & Company"

A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.

beneficially owned financial

"VRDP Shares of the Target Funds beneficially owned by Wells Fargo Municipal Capital Strategies, LLC"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did NMZ report involving Wells Fargo entities?

NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND (NMZ) reported a restructuring transaction where Wells Fargo Municipal Capital Strategies, LLC exchanged 4,504 Variable Rate Demand Preferred Shares of two reorganizing Nuveen funds for 4,504 similar preferred shares of NMZ in a cashless exchange.

How many NMZ preferred shares are indirectly held after this Form 4 transaction?

Following the transaction, 4,504 Variable Rate Demand Preferred Shares of NMZ are reported as beneficially owned by Wells Fargo Municipal Capital Strategies, LLC. The filing shows this entire amount as indirectly owned, reflecting the exchange completed in connection with the fund reorganization.

Was the NMZ Form 4 transaction a buy or sell of shares?

The NMZ Form 4 records an “other” restructuring transaction, not a traditional open-market buy or sell. Preferred shares of two Nuveen funds were exchanged for an equal number of NMZ preferred shares in a cashless swap, keeping the share count constant at 4,504.

Which Wells Fargo entity is directly associated with the NMZ preferred shares?

Wells Fargo Municipal Capital Strategies, LLC is directly associated with the 4,504 Variable Rate Demand Preferred Shares reported for NMZ. The Form 4 explains that Capital Strategies holds the beneficial ownership, while Wells Fargo & Company’s interest is through its ownership of this subsidiary.

What prior preferred share holdings related to NMZ are mentioned in the filing?

The Form 4 footnotes state that 1,700 Adjustable Rate MuniFund Term Preferred Shares were previously acquired by Wells Fargo Municipal Capital Strategies, LLC, as disclosed in a Form 3 filed on April 12, 2023, providing context on earlier preferred holdings connected to NMZ.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/29/2026 - 08:38 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WELLS FARGO & COMPANY/MN

(Last) (First) (Middle)

420 MONTGOMERY STREET

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND [ NMZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Variable Rate Demand Preferred Shares	04/27/2026		J(1)(3)		4,504	A(1)	(1)	4,504(2)	I	By Subsidiary(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

WELLS FARGO & COMPANY/MN

(Last) (First) (Middle)

420 MONTGOMERY STREET

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Wells Fargo Municipal Capital Strategies, LLC

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. In connection with the reorganization of Nuveen Pennsylvania Quality Municipal Income Fund and Nuveen New Jersey Quality Municipal Income Fund (the "Target Funds") into the Issuer, 4,504 variable rate demand preferred shares (the "VRDP Shares") of the Target Funds beneficially owned by Wells Fargo Municipal Capital Strategies, LLC ("Capital Strategies") were exchanged for an equal number of VRDP Shares of the Issuer in a cashless transaction. The 4,504 VRDP shares reported as acquired in Table I represent shares beneficially owned by Capital Strategies. Capital Strategies is a wholly owned subsidiary of Wells Fargo & Company ("Wells Fargo").

2. 1,700 Adjustable Rate MuniFund Term Preferred Shares were previously acquired by Capital Strategies as reported in the Form 3 filing filed by Wells Fargo and Capital Strategies with the United States Securities and Exchange Commission on April 12, 2023.

3. This statement is jointly filed by Wells Fargo and Capital Strategies. Wells Fargo holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of its subsidiary Capital Strategies.

4. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Remarks:

Exhibits Index Exhibit 99.1 - Joint Filing Agreement Exhibit 99.2 - Joint Filer Information

	WELLS FARGO & COMPANY, by: /s/ Patricia Arce	04/29/2026
	WELLS FARGO MUNICIPAL CAPITAL STRATEGIES, LLC, by: /s/ Daniel Frizsell	04/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)