Filed Pursuant to Rule 424(b)(3)
File No. 333-259086
File No. 333-254678
NUVEEN DYNAMIC MUNICIPAL OPPORTUNITIES FUND (NYSE: NDMO)
NUVEEN MUNICIPAL CREDIT OPPORTUNITIES FUND (NYSE: NMCO)
(EACH, A “FUND” AND, TOGETHER, THE
“FUNDS”)
SUPPLEMENT DATED MAY 31, 2023
TO EACH FUND’S PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
Nuveen Dynamic Municipal Opportunities Fund
Prospectus and SAI dated August 26, 2021, as supplemented
Nuveen Municipal Credit Opportunities Fund
Prospectus and SAI dated March 24, 2021, as supplemented
As previously announced on April 10, 2023, John V. Miller, CFA, effective today is no longer a portfolio manager of the Funds. Daniel J.
Close, CFA, Stephen J. Candido, CFA, and Timothy T. Ryan, CFA, continue to serve as portfolio managers of the Nuveen Dynamic Municipal Opportunities Fund. Daniel J. Close, CFA, Stephen J. Candido, CFA, and Steven M. Hlavin continue to serve as
portfolio managers of the Nuveen Municipal Credit Opportunities Fund. Based on the foregoing, all references and information relating to Mr. Miller are removed from each Fund’s Prospectus and SAI, and any supplements thereto.
PLEASE KEEP THIS WITH YOUR FUND’S
PROSPECTUS AND SAI FOR FUTURE REFERENCE