Fund Description: FUND DESCRIPTION: Nuveen Dynamic Municipal Opportunities Fund is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: Nuveen Dynamic Municipal Opportunities Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its Assets (as defined herein) in municipal securities, the income from which is exempt from regular federal income taxes. <p> FUND STRATEGY: The Fund at least 80% of its Assets in municipal securities, the income from which is exempt from regular federal income taxes. The Fund’s portfolio is actively managed to invest across the entire municipal securities market, with the ability to allocate opportunistically and without limit to municipal securities of any credit quality including below investment grade municipal securities and maturity. The Fund may invest up to 20% of its Managed Assets (as defined herein) in taxable debt obligations, including taxable municipal securities and corporate debt securities. The Fund may invest in municipal securities that generate income subject to the federal alternative minimum tax. <p> The Fund’s Declaration of Trust provides that the Fund terminates on the first business day of the month that follows the twelfth anniversary of the effective date of the Fund’s initial registration statement, however, the Board of Trustees of the Fund may vote to extend the term of the Fund for up to two years (in the event of any such extension, the termination date shall be referred to as the “Extended Termination Date” and the later of the Stated Termination Date and the Extended Termination Date is referred to as the “Termination Date”); furthermore, the Board of Trustees may determine to cause the Fund to conduct a tender offer to purchase up to 100% of the then-outstanding Common Shares as of a date within the 6-18 months preceding the Termination Date. If an Eligible Tender Offer is completed, the Board of Trustees may, in its sole discretion and without any action by the shareholders of the Fund, provide that the Fund may continue without limitation of time. <p> FUND MANAGEMENT: Nuveen Asset Management serves as the investment advisor to the Fund and Nuveen Asset Management, LLC will serve as a sub advisor for the fund.