Nuveen Municipal High Income Opportunity Fund
NMZ
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- Nuveen Municipal High Income Opportunity Fund (NMZ) is a closed-end fixed income mutual fund that seeks a primary investment objective of high current income exempt from regular federal income tax through an actively managed portfolio of tax-exempt municipal securities; its secondary objective is attractive total return consistent with the primary objective. The Fund invests primarily in U.S. municipal securities, including up to 75% of managed assets in below investment grade securities rated Baa/BBB or lower or equivalent unrated securities; no more than 10% may be invested in securities rated below B3/B- or equivalent; it employs leverage to enhance returns. The Fund targets income-focused investors in higher tax brackets and operates in the U.S. fixed income markets, with shares traded on the New York Stock Exchange. Founded on November 19, 2003, and headquartered in Chicago, Illinois at 333 West Wacker Drive, the Fund is managed by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC, subsidiaries of Nuveen, a global investment manager. In recent developments, effective May 9, 2025, Steve Hlavin joined existing portfolio managers Daniel J. Close and Stephen J. Candido, without altering the Fund's investment strategy. Nuveen proposed merging three smaller municipal closed-end funds—Nuveen Missouri Quality Municipal Income Fund (NOM), Nuveen New Jersey Quality Municipal Income Fund (NXJ), and Nuveen Pennsylvania Quality Municipal Income Fund (NQP)—into NMZ, subject to shareholder approval at meetings on January 16, 2026; the mergers aim to enhance liquidity, operational efficiency, diversification, and trading volume through tax-free exchanges, mirroring successful 2023 consolidations into other Nuveen funds. The Fund continues regular monthly distributions, estimated to include sources beyond net investment income such as capital gains and return of capital.