Company: NMZ
Filing Date: 2025-01-06
Form Type: N-CSR
Source: 0001193125-25-002222
Chunk: 5

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-01-06
Form: N-CSR
Chunk 5
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 16.94%. Top contributors to relative performance

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

| · |     | Overweight to below-investment-grade andnon-ratedbonds. |

| · |     | Credit selection, specifically in senior living and Puerto Rico bonds. |

| · |     | Equity position in Vistra Vision. |

Top detractors from relative performance

| · |     | Underweight allocation to the health care sector. |

| · |     | Overweight allocation to certain transportationsub-sectors. |

| · |     | Underweight allocation to the multi-family housing sector. |

6

| · |     | Although the Fund’s Vistra Vision equity position was a positive contributor, a short position in a basket of energy stocks, implemented to manage risk against a potentially meaningful downturn in the Fund’s Vistra Vision equity position, had a negative impact. |

Nuveen Dynamic Municipal Opportunities Fund (NDMO) 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 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 Fund maintained its longer-duration profile relative to the index, which helped support its income earnings capability. The Fund emphasized higher-coupon, longer-maturity bonds for their liquidity characteristics (in the event of a market downturn) and highertax-exemptincome. The Fund also continued to selectively add to its high yield exposure. |

How did the Fund perform and what factors affected relative performance? For the 12-monthreporting period ended October 31, 2024, NDMO returned 20.99%. The Fund outperformed the returns of the S&P Municipal Bond Index, which returned 10.08%. Top contributors to relative performance

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

| · |     | Individual credit selection,