Company: NMZ
Filing Date: 2025-01-06
Form Type: N-CSR
Source: 0001193125-25-002222
Chunk: 2

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-01-06
Form: N-CSR
Chunk 2
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| · |     | Municipal bond yields ended the reporting period lower than where they started, although the path was not a straight line given uncertainties about the Federal Reserve’s plan for monetary easing and the U.S. election. |

| · |     | Credit fundamentals remained strong, with default activity at low levels. Although supply has increased in 2024year-to-date,demand for municipal debt remained solid. |

What key strategies were used to manage the Fund during the reporting period?

| · |     | The Fund’s trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund’s positioning. |

| · |     | The portfolio management team took advantage of periods of market softness to buy bonds at attractive valuations and continued to carefully manage the Fund’s income sustainability via tactical trading. |

How did the Fund perform and what factors affected relative performance? For the 12-monthreporting period ended October 31, 2024, NVG returned 22.15%. The Fund outperformed the returns of the NVG Blended Benchmark, which returned 12.62%. The NVG Blended Benchmark consists of: 1) 60% S&P Municipal Bond Investment Grade Index and 2) 40% S&P Municipal Bond High Yield Index. Top contributors to relative performance

| · |     | The Fund’s use of leverage through inverse floating rate securities and the issuance of preferred shares. |

| · |     | Duration and yield curve positioning, specifically an overweight to the longest-duration bonds (12 years and longer) and an underweight to bonds with durations under six years. |

| · |     | Credit selection, especially in single-family housing (although the overweight detracted), hospitals, dedicated tax and industrial development revenue (IDR) bonds. |

Top detractors from relative performance

| · |     | Sector allocation, primarily an overweight exposure to single-family housing andpre-refundedbonds and an underweight exposure to IDR bonds. |

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| · |     | Credit quality positioning, driven by the underweight tonon-ratedbonds. |

Nuveen Municipal Credit Income Fund (NZF) What factors affected markets during the reporting period?

| · |     | Municipal bond yields ended the reporting period lower than where they started, although the path was not a straight line given uncertainties about the Federal Reserve’s plan for monetary easing and the U.S. election. |

| · |     | Credit fundamentals remained strong, with default activity at low levels. Although supply has