Company: NMZ
Filing Date: 2025-07-07
Form Type: N-CSRS
Source: 0001193125-25-156000
Chunk: 67

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-07-07
Form: N-CSRS
Chunk 67
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 also considered, among other things, the sub-advisoryfee schedule paid to the Sub-Adviserin light of the sub-advisoryservices provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviseris the responsibility of the Adviser, not the Funds. The Board’s considerations regarding the comparative fee data for each Fund are set forth below:

| • |     | Although the AMT-Free Municipal Fund’s actual management fee rate and                                                                                                                     
 net total expense ratio were above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median. |

| • |     | Although the Municipal Credit Income Fund’s actual management fee rate and net total expense ratio were above                                          
 the Expense Universe median, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median. |

| • |     | Although the Municipal High Income Fund’s contractual management fee rate and actual management fee rate were   
 each above the Expense Universe median, the Fund’s net total expense ratio matched the Expense Universe median. |

| • |     | The Municipal Credit Opportunities Fund’s contractual management fee rate, actual management fee rate and net                                                                                                                                 
 total expense ratio were above the Expense Universe median. The Board, however, considered, among other things, that the Fund was launched, in part, due to its differentiation from other municipal products, the Fund’s fees were initially 
 proposed in consideration of the Fund’s unique mandates, the relative expense data reflected the differences in the Fund’s investment strategy compared to the peer set, and the Fund’s management fees on common assets and total            
 expenses continued to be lower than initial estimates prior to the Fund’s launch.                                                                                                                                                             |

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| • |     | The Dynamic Municipal Fund’s contractual management fee rate, actual management fee rate and net total expense                                                                                                                                   
 ratio were each above the Expense Universe median. The Board, however, considered, among other things, that the Fund was launched, in part, due to its differentiation from other municipal products, the Fund’s fees were initially proposed in 
 consideration of the Fund’s unique mandates, the relative expense data reflected the differences in the Fund’s investment strategy compared to the peer set, and the Fund’s management fees on common assets and total expenses continued        
 to be lower than initial estimates prior to the Fund’s launch.                                                                                                                                                                                   |

Based on its review of the information provided, the Board determined that each Fund’s