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Nuveen Dynamic Municipal Opportunities Fund (NDMO)

Potential benefits
  • Broad opportunity set: The Fund has the freedom to invest anywhere along the municipal yield curve and credit spectrum, which may enhance income and capital appreciation potential
  • Highly flexible strategy: The Fund's broad investment mandate provides greater flexibility to proactively adjust the portfolio's positioning in advance of anticipated changes in the market and economy
  • Active management expertise: managed by a leader in municipal market investing, with one of the industry's largest credit research teams

Fund description

The Fund seeks total return through income exempt from regular federal income taxes and capital appreciation. The Fund invests primarily in municipal securities, the income on which is exempt from regular U.S. federal income tax.1 The Fund may invest in municipal securities of any maturity and credit quality, without limit in below investment grade municipal securities rated BB+/Ba1 or lower at the time of investment or unrated but judged to be of comparable quality, and without limit in municipal securities that generate income subject to the U.S. federal alternative minimum tax ("AMT Bonds"). No more than 20% of Managed Assets can be in taxable debt obligations, including taxable municipal securities, and no more than 10% of Managed Assets can be in defaulted securities or securities of issuers in bankruptcy or insolvency proceedings at the time of investment.

The Fund uses leverage and has a 12-year term with the potential to convert to perpetual.2

**Distributions are currently estimated to include the following amounts from sources other than net investment income: 0% capital gains and 33% return of capital.

If the fund’s distribution includes anything other than net investment income, the fund provides a 19a notice of the best estimate of its distribution sources at that time. 
 
For term definitions and index descriptions, please access the glossary in the footer.
  • Fund basics
  • Capital structure
  • Leverage
  • Common shares
  • Annual expense ratios

Fund basics

Fund Ticker

NDMO

Exchange

NYSE

CUSIP

67079X102

Inception date

26 Aug 2020

Inception NAV

$15.00

Inception Share Price

$15.00

NAV Ticker

XNDMX

Capital structure

As of: --

Leverage

As of: --

*The ratio of total assets of the Fund, less all liabilities that are not outstanding borrowings or outstanding preferreds, at par, to the sum of the Fund’s outstanding borrowings and outstanding preferreds, at par.

**The annualized ratio of the sum of leverage costs to the average leverage amount for a given time period.

Common shares

As of: --

Annual expense ratios

As of: --

Fund fees and expenses are presented as a percentage of both common shareholder capital and total fund investment capital. The first column portrays the costs directly and indirectly borne by common shareholders. The second column portrays the costs borne by the Fund on its total investment capital, which includes common assets as well as assets attributable to the Fund's issuance of senior securities (e.g. preferred shares and debt). This column enables a common shareholder to better understand how fund expenses impact portfolio investment returns. Interest expenses from leverage represent costs associated with the Fund's financing activities, which are distinct from the costs associated with the Fund's underlying core operations. Certain leveraging instruments including repurchase agreements (repos) are sometimes more efficient forms of leverage, but when used, the costs are difficult to accurately disaggregate and are not shown here.

Other Expenses and Total Expenses do not include interest expenses arising from the application of SFAS No. 140 to certain inverse floating rate securities (if any) held by the Fund. Interest expense arises because accounting rules require the Fund to treat interest paid by trusts issuing certain inverse floating rate instruments held by the Fund as having been paid (indirectly) by the Fund. Because the Fund also recognizes a corresponding amount of additional income earned (also indirectly), the Fund's net asset value per share, net investment income and total return have not been affected by this accounting treatment. See the Fund's Annual Report for information on the Fund's inverse floating rate investments and recognized interest expense.​

Expense ratios are calculated using the prior 12 months of expense data as of the previous month-end. Annualized leverage financing expense is included if the Fund was leveraged as of the previous month end.

Pricing

  • Overview
  • Premium/discount history
  • Share price and NAV history

Overview

As of: 04 Apr 2025
Share price NAV Premium discount*
Share price NAV Premium discount*
Current
$10.13
$10.94
-7.40%
52 Wk Avg
--
--
-3.59%
52 Wk High
$11.39 (01 Oct 2024)
$11.44 (01 Oct 2024)
0.91% (03 Jun 2024)
52 Wk Low
$9.94 (30 Dec 2024)
$10.65 (27 Mar 2025)
-8.97% (30 Dec 2024)
Share price NAV Premium discount*
Share price NAV Premium discount*
Current
$10.13
$10.94
-7.40%
52 Wk Avg
--
--
-3.59%
52 Wk High
$11.39 (01 Oct 2024)
$11.44 (01 Oct 2024)
0.91% (03 Jun 2024)
52 Wk Low
$9.94 (30 Dec 2024)
$10.65 (27 Mar 2025)
-8.97% (30 Dec 2024)

*The premium/discount is calculated as (most recent price/most recent NAV) -1.

Premium/discount history

As of: --

Share price and NAV history

As of: --

Premium/discount history and Share price and NAV history data shown represents past performance and is no guarantee of future results. Market price and net asset value (NAV) of a Fund's shares will fluctuate with market conditions. Current performance may be higher or lower than the performance shown.

Performance

  • Hypothetical growth of 10K
  • Calendar year returns
  • Average annual total returns

Hypothetical growth of 10K

From fund inception: 26 Aug 2020
Through: 31 Mar 2025
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
26 Aug 2020
$10,000
$10,000
$10,000
31 Aug 2020
$10,133
$10,133
$10,133
30 Sep 2020
$10,000
$10,000
$10,000
31 Oct 2020
$10,000
$10,051
$10,051
30 Nov 2020
$10,000
$10,102
$10,103
31 Dec 2020
$10,467
$10,620
$10,626
31 Jan 2021
$10,660
$10,864
$10,874
28 Feb 2021
$10,400
$10,655
$10,660
31 Mar 2021
$10,767
$11,073
$11,089
30 Apr 2021
$11,067
$11,424
$11,452
31 May 2021
$11,113
$11,521
$11,555
30 Jun 2021
$11,247
$11,706
$11,749
31 Jul 2021
$11,540
$12,050
$12,110
31 Aug 2021
$11,033
$11,594
$11,635
30 Sep 2021
$10,667
$11,279
$11,303
31 Oct 2021
$10,427
$11,090
$11,104
30 Nov 2021
$10,433
$11,147
$11,165
31 Dec 2021
$11,093
$11,858
$11,929
31 Jan 2022
$10,093
$10,909
$10,909
28 Feb 2022
$9,413
$10,280
$10,229
31 Mar 2022
$8,740
$9,658
$9,552
30 Apr 2022
$7,647
$8,616
$8,413
31 May 2022
$8,140
$9,160
$9,011
30 Jun 2022
$7,413
$8,484
$8,263
31 Jul 2022
$8,200
$9,322
$9,196
31 Aug 2022
$7,607
$8,780
$8,589
30 Sep 2022
$6,853
$8,077
$7,795
31 Oct 2022
$6,287
$7,562
$7,208
30 Nov 2022
$7,187
$8,513
$8,297
31 Dec 2022
$6,627
$8,004
$7,710
31 Jan 2023
$7,580
$9,008
$8,879
28 Feb 2023
$7,207
$8,686
$8,502
31 Mar 2023
$7,047
$8,567
$8,361
30 Apr 2023
$7,087
$8,648
$8,458
31 May 2023
$7,053
$8,656
$8,468
30 Jun 2023
$6,780
$8,424
$8,189
31 Jul 2023
$7,340
$9,026
$8,915
31 Aug 2023
$6,987
$8,714
$8,536
30 Sep 2023
$6,540
$8,308
$8,041
31 Oct 2023
$6,080
$7,890
$7,528
30 Nov 2023
$6,540
$8,391
$8,148
31 Dec 2023
$6,607
$8,499
$8,281
31 Jan 2024
$6,907
$8,840
$8,709
29 Feb 2024
$7,267
$9,242
$9,215
31 Mar 2024
$7,260
$9,276
$9,259
30 Apr 2024
$7,120
$9,178
$9,133
31 May 2024
$7,207
$9,306
$9,297
30 Jun 2024
$7,200
$9,340
$9,342
31 Jul 2024
$7,213
$9,395
$9,413
31 Aug 2024
$7,260
$9,483
$9,527
30 Sep 2024
$7,473
$9,738
$9,862
31 Oct 2024
$7,147
$9,452
$9,485
30 Nov 2024
$7,207
$9,554
$9,619
31 Dec 2024
$6,680
$9,068
$8,971
31 Jan 2025
$6,953
$9,383
$9,394
28 Feb 2025
$7,027
$9,498
$9,548
31 Mar 2025
$6,840
$9,352
$9,351
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
26 Aug 2020
$10,000
$10,000
$10,000
31 Aug 2020
$10,133
$10,133
$10,133
30 Sep 2020
$10,000
$10,000
$10,000
31 Oct 2020
$10,000
$10,051
$10,051
30 Nov 2020
$10,000
$10,102
$10,103
31 Dec 2020
$10,467
$10,620
$10,626
31 Jan 2021
$10,660
$10,864
$10,874
28 Feb 2021
$10,400
$10,655
$10,660
31 Mar 2021
$10,767
$11,073
$11,089
30 Apr 2021
$11,067
$11,424
$11,452
31 May 2021
$11,113
$11,521
$11,555
30 Jun 2021
$11,247
$11,706
$11,749
31 Jul 2021
$11,540
$12,050
$12,110
31 Aug 2021
$11,033
$11,594
$11,635
30 Sep 2021
$10,667
$11,279
$11,303
31 Oct 2021
$10,427
$11,090
$11,104
30 Nov 2021
$10,433
$11,147
$11,165
31 Dec 2021
$11,093
$11,858
$11,929
31 Jan 2022
$10,093
$10,909
$10,909
28 Feb 2022
$9,413
$10,280
$10,229
31 Mar 2022
$8,740
$9,658
$9,552
30 Apr 2022
$7,647
$8,616
$8,413
31 May 2022
$8,140
$9,160
$9,011
30 Jun 2022
$7,413
$8,484
$8,263
31 Jul 2022
$8,200
$9,322
$9,196
31 Aug 2022
$7,607
$8,780
$8,589
30 Sep 2022
$6,853
$8,077
$7,795
31 Oct 2022
$6,287
$7,562
$7,208
30 Nov 2022
$7,187
$8,513
$8,297
31 Dec 2022
$6,627
$8,004
$7,710
31 Jan 2023
$7,580
$9,008
$8,879
28 Feb 2023
$7,207
$8,686
$8,502
31 Mar 2023
$7,047
$8,567
$8,361
30 Apr 2023
$7,087
$8,648
$8,458
31 May 2023
$7,053
$8,656
$8,468
30 Jun 2023
$6,780
$8,424
$8,189
31 Jul 2023
$7,340
$9,026
$8,915
31 Aug 2023
$6,987
$8,714
$8,536
30 Sep 2023
$6,540
$8,308
$8,041
31 Oct 2023
$6,080
$7,890
$7,528
30 Nov 2023
$6,540
$8,391
$8,148
31 Dec 2023
$6,607
$8,499
$8,281
31 Jan 2024
$6,907
$8,840
$8,709
29 Feb 2024
$7,267
$9,242
$9,215
31 Mar 2024
$7,260
$9,276
$9,259
30 Apr 2024
$7,120
$9,178
$9,133
31 May 2024
$7,207
$9,306
$9,297
30 Jun 2024
$7,200
$9,340
$9,342
31 Jul 2024
$7,213
$9,395
$9,413
31 Aug 2024
$7,260
$9,483
$9,527
30 Sep 2024
$7,473
$9,738
$9,862
31 Oct 2024
$7,147
$9,452
$9,485
30 Nov 2024
$7,207
$9,554
$9,619
31 Dec 2024
$6,680
$9,068
$8,971
31 Jan 2025
$6,953
$9,383
$9,394
28 Feb 2025
$7,027
$9,498
$9,548
31 Mar 2025
$6,840
$9,352
$9,351
Created with Highcharts 9.3.326 Aug 202031 Aug 202030 Sep 202031 Oct 202030 Nov 202031 Dec 202031 Jan 202128 Feb 202131 Mar 202130 Apr 202131 May 202130 Jun 202131 Jul 202131 Aug 202130 Sep 202131 Oct 202130 Nov 202131 Dec 202131 Jan 202228 Feb 202231 Mar 202230 Apr 202231 May 202230 Jun 202231 Jul 202231 Aug 202230 Sep 202231 Oct 202230 Nov 202231 Dec 202231 Jan 202328 Feb 202331 Mar 202330 Apr 202331 May 202330 Jun 202331 Jul 202331 Aug 202330 Sep 202331 Oct 202330 Nov 202331 Dec 202331 Jan 202429 Feb 202431 Mar 202430 Apr 202431 May 202430 Jun 202431 Jul 202431 Aug 202430 Sep 202431 Oct 202430 Nov 202431 Dec 202431 Jan 202528 Feb 202531 Mar 2025$4000$6000$8000$10000$12000$14000
ORIGINAL INVESTMENT VALUE
ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS
ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED

The table illustrates the performance of a hypothetical $10,000 investment made on the date indicated. Original Investment & Cumulative Distributions is the original investment value added to the cash flow received from distributions. The total returns are not adjusted to reflect the effects of taxation and assume reinvestment of dividends and capital gains.

Calendar year returns

Inception date: --
Share price and NAV : --

Average annual total returns

As of: --

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Distributions

Key information regarding distributions

As of: 28 Feb 2025

Current distribution

$0.0620
As of: 01 Apr 2025

Distribution Frequency

Monthly

Market distribution rate

7.34%
As of: 04 Apr 2025

NAV distribution rate

6.80%
As of: 04 Apr 2025

Avg. portfolio coupon

5.11%
As of: 28 Feb 2025

Fund Effective Leverage

29.29%
As of: 28 Feb 2025

Annualized leverage cost, based on the latest month

3.47%

Total distributions per share

YTD (Declared) Inception to Date (Declared)
YTD (Declared) Inception to Date (Declared)
$0.2480
$3.8305
YTD (Declared) Inception to Date (Declared)
YTD (Declared) Inception to Date (Declared)
$0.2480
$3.8305

Distribution history

Payable Date Record Date Ex-Div Date Amount Distribution Type
Payable Date Record Date Ex-Div Date Amount Distribution Type
01 May 2025
15 Apr 2025
15 Apr 2025
$0.0620
Tax-Exempt
01 Apr 2025
14 Mar 2025
14 Mar 2025
$0.0620
Tax-Exempt
03 Mar 2025
14 Feb 2025
14 Feb 2025
$0.0620
Tax-Exempt
Payable Date Record Date Ex-Div Date Amount Distribution Type
Payable Date Record Date Ex-Div Date Amount Distribution Type
01 May 2025
15 Apr 2025
15 Apr 2025
$0.0620
Tax-Exempt
01 Apr 2025
14 Mar 2025
14 Mar 2025
$0.0620
Tax-Exempt
03 Mar 2025
14 Feb 2025
14 Feb 2025
$0.0620
Tax-Exempt

Distributions are currently estimated to include the following amounts from sources other than net investment income: 0% capital gains and 33% return of capital. If a distribution is estimated to include anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time which may be viewed at nuveen.com/CEFdistributions or within the Fund’s literature section under 19(a) notices. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year. The distribution rate should not be confused with yield or performance.

Distribution Rate at market price and NAV is calculated by annualizing the most recent declared regular distribution and dividing by the fund's market price or NAV, respectively. Special distributions, including special capital gains distributions, are not included in the calculation.

Characteristics

Fund characteristics

As of: 28 Feb 2025

Number of Holdings

494

Avg Leverage-Adjusted Effective Duration (years)

11.29

Effective Maturity (years)

18.15

Avg Bond Price as a % of par

$96.05

Avg. Bond Price not including Zero Coupon Bonds

$99.25

Avg. Coupon not including Zero Coupon Bonds

5.36%

% of Portfolio Allocated to Zero Coupon Bonds

2.30%

% of Income Subject to AMT

20.79%
AMT date: 31 Jan 2025

Avg. coupon

5.11%

% of Portfolio Pre-refunded

0.22%
  • Top sector allocation
  • Call exposure
  • Top states
  • Credit quality
  • Maturity breakdown

Top sector allocation

As of: --

Call exposure

As of: --

For the percentage of the portfolio in debt, preferred and other hybrid securities, including CoCos (if any). Percentages reflect the percentage of the Fund's investment exposure callable in the timeframe relative to the “as of” date shown. The "Next 12 months" figure (if shown) includes investments that are currently callable, as well as callable in the next 12 months. Securities subject to call may not be called.

Top states

As of: --

Credit quality

As of: --

Ratings shown are the lowest rating given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated NR are not rated by these national rating agencies.

Maturity breakdown

As of: --

Top 10 portfolio positions

As of: 28 Feb 2025
Name % Portfolio
Name % Portfolio
Florida Development Finance Corp
2.4%
Southeast Energy Authority A Cooperative District
2.3%
Colorado International Center Metropolitan District No 8
1.8%
Gdb Debt Recovery Authority Of Puerto Rico
1.2%
Velocity Metropolitan District No 5
1.1%
New York Transportation Development Corp
1.1%
Geisinger Authority
1.0%
New York State Dormitory Authority
1.0%
California Community Choice Financing Authority
0.9%
New York State Dormitory Authority
0.9%
Name % Portfolio
Name % Portfolio
Florida Development Finance Corp
2.4%
Southeast Energy Authority A Cooperative District
2.3%
Colorado International Center Metropolitan District No 8
1.8%
Gdb Debt Recovery Authority Of Puerto Rico
1.2%
Velocity Metropolitan District No 5
1.1%
New York Transportation Development Corp
1.1%
Geisinger Authority
1.0%
New York State Dormitory Authority
1.0%
California Community Choice Financing Authority
0.9%
New York State Dormitory Authority
0.9%
Holdings may vary and are subject to change without notice.

All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Exposures and breakdowns are asset-weighted using the current market value of bonds held in the portfolio, as well as the full amount and exposure of bonds held in a tender option bond (TOB) trust, even though the Fund owns only the residual inverse floater in its portfolio and managed assets. This may not be fully consistent with generally accepted accounting principles.

Literature

  • Fund literature
  • Fund reports
  • 19(a) notices
  • Fund announcements
  • Education

1 The anticipated distributions may be composed of net investment income, capital appreciation, or possibly a return of capital. Unlike a distribution attributable to tax-exempt income, a distribution attributable to capital appreciation and/or return of capital could be subject to tax depending on a shareholder’s situation. In addition, in certain circumstances, net investment income may be subject to state and local tax as well as the federal alternative minimum tax (“AMT”). Investors should consult their tax advisors about the tax consequences of an investment in the Fund.
2The Fund will terminate as of the close of business on 1 Sep 2032, provided that the Fund’s Board of Trustees may, in its sole discretion and without any action by the shareholders of the Fund, by vote of a majority of the then Board of Trustees with notice to the shareholders, extend the Fund’s term for up to two one year periods. In addition, the Board may determine to cause the Fund to conduct an Eligible Tender Offer. If the Eligible Tender Offer is completed, the Board of Trustees may, in its sole discretion and without any action by the shareholders of the Fund, by vote of a majority of the then Board of Trustees, provide that the Fund may continue without limitation of time subject to certain terms and conditions. If an Eligible Tender Offer is not conducted, the Fund will cease investment operations, retire or redeem its leverage facilities, liquidate its investment portfolio (to the extent possible) and distribute all of its liquidated net assets to Common Shareholders of record in one or more distributions on or after 1 Sep 2032 or as extended by the Board.

Important information on risk

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Debt or fixed income securities such as those municipal securities held by the Fund, are subject to market risk, credit risk, interest rate risk, liquidity risk and income risk. As interest rates rise, bond prices fall. Lower quality municipal securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk, derivatives risk and tax risk are described in more detail in the Shareholder Update section of the Fund’s annual report at nuveen.com/NDMO-annual-report.

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Nuveen Asset Management, LLC is the subadviser to the Fund and an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

X-3695517P-E0724W

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Distribution history since inception