# EDGAR Filing Document

**Accession Number:** 0001777482
**File Stem:** 0001193125-26-258784
**Filing Date:** 2026-6
**Character Count:** 305556
**Document Hash:** da910e54e64eb56b45fac5e1745b18c6
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## Filing Content

## Filing Summary
**0001193125-26-258784.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001193125-26-258784

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Enhanced High Yield Municipal Bond Fund
- **CENTRAL INDEX KEY:** 0001777482

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23445
- **FILM NUMBER:** 261067572

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Strategic Municipal Credit Fund
- **DATE OF NAME CHANGE:** 20200228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Municipal High Yield & Special Situations Fund
- **DATE OF NAME CHANGE:** 20190522

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number 811-23445

Nuveen Enhanced High Yield Municipal Bond Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>800) 257-8787</u>

Date of fiscal year end: <u>March</u> <u>31</u>

Date of reporting period: <u>March</u> <u>31, 2026</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

Nuveen

Interval

Funds

Interval

Funds

March

31,

2026

Annual

Report

Fund

Name

Class

A1

Class

A2

Class

I

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

NHYEX

NHYAX

NMSSX

Table

of

Contents

Discussion

of

Fund

Performance

Common

Share

Information

About

the

Fund's

Benchmark

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

Expense

Examples

Report

of

Independent

Registered

Public

Accounting

Firm

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Statement

of

Cash

Flows

Financial

Highlights

Notes

to

Financial

Statements

Important

Tax

Information

Additional

Fund

Information

Glossary

of

Terms

Used

in

this

Report

Board

Members

&

Officers

Discussion

of

Fund

Performance

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(HYIF)

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

is

the

investment

adviser

for

the

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(HYIF).

The

portfolio

managers

for

HYIF

are

Daniel

Close,

CFA,

Steven

Hlavin,

and

Stephen

Candido,

CFA.

Below

is

a

discussion

of

the

Fund's

performance

and

the

factors

that

contributed

and

detracted

during

the

12-month

reporting

period

ended

March

31,

2026. For

more

information

on

the

Fund's

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report

.

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(HYIF)

What

factors

affected

markets

during

the

reporting

period?

Municipal

bond

yields

fell

across

much

of

the

maturity

spectrum

but

rose

for

the

longest

maturities,

steepening

the

municipal

yield

curve

over

the

reporting

period.

Yields

saw

elevated

volatility

during

the

reporting

period.

This

volatility

was

in

response

to

uncertainties

related

to

U.S.

fiscal

and

trade

policy

under

the

Trump

administration,

federal

debt

sustainability,

the

path

of

monetary

policy

and

Federal

Reserve

independence,

and

intensifying

geopolitical

risks

that

drove

energy

prices

sharply

higher

and

increased

inflation

pressures

at

period

end.

While

credit

fundamentals

remained

strong,

unprecedented

supply

pressure

weighed

on

the

municipal

market

during

the

reporting

period.

Demand

for

municipal

debt

increased

during

the

reporting

period

but

was

less

robust

when

compared

to

the

elevated

level

of

supply.

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.

During

the

reporting

period,

the

Fund

continued

to

emphasize

a

long-term

view

of

investing

in

non-investment-grade

and

unrated

bonds,

as

well

as

special

situations

municipal

securities

(including

distressed

and

defaulted

securities),

where

taking

advantage

of

market

inefficiencies

can

result

in

enhanced

yield

and

capital

appreciation

potential.

The

portfolio

management

team

actively

worked

to

invest

in

new

issues

offering

high

tax-exempt

income

and

attractive

spreads

and

in

secondary

market

opportunities

where

pricing

dislocations

presented

attractive

relative

value.

Selling

activity

prioritized

low

book

yield,

lower

coupon

positions,

consistent

with

our

strategy

to

position

the

Fund

for

higher

yield

returns

going

forward.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

March

31,

2026,

the

Class

I

Shares

of

the

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

returned

–2.26%.

The

Fund

underperformed

the

S&P

Municipal

Yield

Index,

which

returned

3.63%.

Top

contributors

to

relative

performance

Underweight

to

bonds

with

durations

of

four

to

six

years

and

overweight

to

bonds

with

durations

of

eight

to

years.

Overweight

to

tax-supported

bonds.

Underweight

to

tobacco

settlement

bonds.

Discussion

of

Fund

Performance

(continued)

Top

detractors

from

relative

performance

The

Fund's

use

of

leverage

through

investment

in

inverse

floating

rate

securities

and

the

issuance

of

preferred

shares.

Underweight

allocations

to

bonds

rated

A

and

BBB.

Overweight

to

non-rated

bonds.

Exposure

to

the

bonds

of

high-speed

passenger

rail

Brightline.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor's

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Fund

disclaims

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

lowest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor's

Group

(S&P),

Moody's

Investors

Service,

Inc.

(Moody's)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers'

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

Fund's

distributions

is

current

as

of

March

31,

2026. The

Fund's

distribution

levels

may

vary

over

time

based

on

the

Fund's

investment

activity

and

portfolio

investments

value

changes.

During

the

current fiscal

period,

the

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

The

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

the

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to the

Notes

to

Financial

Statements for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

the

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund's

monthly

distributions

is

sourced

from

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

per

share

amounts

of

the

Fund's

distributions

for

the

reporting

period

are

presented

in

this

report's

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

the

Notes

to

Financial

Statements

of

this

report.

REPURCHASE

OFFER

In

order

to

provide

liquidity

to

common

shareholders,

the

Fund

has

adopted

a

fundamental

investment

policy,

which

may

only

be

changed

by

a

majority

vote

of

shareholders,

to

make

quarterly

offers

to

repurchase

between

5%

and

25%

of

its

outstanding

Common

Shares

at

NAV,

reduced

by

any

applicable

repurchase

fee.

Subject

to

approval

of

the

Board,

for

each

quarterly

repurchase

offer,

the

Fund

currently

expects

to

offer

to

repurchase

7.5%

of

the

outstanding

Common

Shares

at

NAV.

The

Fund

does

not

currently

expect

to

charge

a

repurchase

fee.

Refer

to

the

Notes

to

Financial

Statements

for

further

details

on

the

Fund's

repurchase

offer.

Monthly

Distributions

(Ex-Dividend

Date)

Class

A1

Class

A2

Class

I

April

2025

$

0.0320 $

0.0340 $

0.0370 May

2025

0.0320 0.0340 0.0370 June

2025

0.0320 0.0340 0.0370 July

2025

0.0320 0.0340 0.0370 August

2025

0.0325 0.0340 0.0370 September

2025

0.0325 0.0340 0.0370 October

2025

0.0325 0.0340 0.0370 November

2025

0.0325 0.0340 0.0370 December

2025

0.0325 0.0340 0.0370 January

2026

0.0325 0.0340 0.0370 February

2026

0.0325 0.0340 0.0370 March

2026

0.0325 0.0340 0.0370 Total

Distributions

from

Net

Investment

Income

$

0.3880 $

0.4080 $

0.4440 Class

A1

Class

A2

Class

I

Distribution

Rate

on

NAV\*

5.55%

5.80%

6.32%

\*Distribution

rate

represents

the

latest

declared

distribution,

annualized,

divided

by

the

Fund's

current

net

asset

value

(NAV)

as

of

the

end

of

the

reporting

period.

About

the

Fund's

Benchmark

S&P

Municipal

Yield

Index

:

An

index

that

is

structured

so

that

70%

of

the

index

consists

of

bonds

that

are

either

not

rated

or

are

rated

below

investment

grade,

20%

are

rated

BBB/Baa,

and

10%

are

rated

single

A. Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

repurchased,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

NAV

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800) 257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

repurchase

of

Fund

shares.

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A1

Shares

at

NAV

only.

Impact

of

Leverage

One

important

factor

impacting

the

returns

of

the

Fund's

common

shares

relative

to

its

comparative

benchmarks

was

the

Fund's

use

of

leverage

through

its

issuance

of

preferred

shares

and

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Fund

uses

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

the

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

securities

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

the

Fund

uses

leverage,

the

Fund's

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares'

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

Leverage

Ratios

The

Fund's

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

"Effective

Leverage"

is

a

Fund's

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund's

portfolio

that

increase

the

Fund's

investment

exposure.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

"Regulatory

Leverage"

consists

of

preferred

shares

or

borrowings

of

a

Fund.

Regulatory

Leverage

is

a

part

of

a

Fund's

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940. A

Fund,

however,

may

from

time

to

time

borrow

for

temporary

purposes,

typically

on

a

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

temporary

borrowings

are

excluded

from

the

calculation

of

a

Fund's

Effective

Leverage

and

Regulatory

Leverage

ratios.

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund's

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund's

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Portfolio

of

Investments

for

individual

security

information.

The

ratings

disclosed

are

the

lowest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor's,

Moody's

Investors

Service,

Inc.

or

Fitch,

Inc.

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

N/R

are

not

rated

by

these

national

rating

agencies.

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

March

31,

2026

Fund

Performance

and

Expense

Ratios\*

\*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Yield

Index.

\*\*

Class

A1

Shares

have

a

maximum

2.50%

sales

charge

(Offering

Price).

Class

A1

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1.50%

if

repur-

chased

before

the

first

day

of

the

month

in

which

the

one-year

anniversary

of

the

purchase

falls.

Class

A2

and

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

\*\*\*

The

Fund's

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

Fund

expenses

through

July

31,

2028

so

that

total

annual

Fund

operating

expenses

(excluding

distribution

and/or

service

fees

that

may

be

applicable

to

a

particular

class

of

shares,

issuance

and

dividend

costs

of

preferred

shares

that

may

be

issued

by

the

Fund,

interest

expense,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities,

litigation

expenses

and

extraordinary

expenses)

do

not

exceed

1.05%

of

the

average

daily

managed

assets

of

any

class

of

Fund

shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

Growth

of

an

Assumed

$10,000

Investment

as

of March

31,

2026

-

Class A1

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

March

31,

2026\*\*

Average

Annual

Expense

Ratios

\*\*\*

Inception

Date

1-Year

Since

Inception

Gross

Net

Class

A1

at

NAV

6/30/21

(3.02)%

(2.58)%

3.54%

3.52%

Class

A1

at

maximum

Offering

Price

6/30/21

(5.44)%

(3.10)%

—

—

S&P

Municipal

Yield

Index

—

3.63%

1.03%

—

—

Class

A2

7/29/22

(2.75)%

1.83%

3.29%

3.27%

Class

I

6/30/21

(2.26)%

(1.86)%

2.79%

2.77%

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

#### March

#### 31,

#### 2026
(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

29.52%

Regulatory

Leverage

28.04%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

138.7%

Warrants

0.0%

Variable

Rate

Senior

Loan

Interests

0.0%

Other

Assets

&

Liabilities,

Net

3.6%

Borrowings

(0.6)%

Floating

Rate

Obligations

(2.9)%

MFP

Shares,

Net

(38.8)%

Net

Assets

100%

Portfolio

Credit

Quality

(%

of

total

investments)

AA

0.4%

BBB

2.7%

BB

or

Lower

6.7%

N/R

(not

rated)

90.2%

N/A

(not

applicable)

0.0%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

49.3%

Education

and

Civic

Organizations

20.5%

Long-Term

Care

6.3%

Housing/Multifamily

6.1%

Consumer

Discretionary

5.7%

Transportation

4.1%

Consumer

Staples

3.3%

Other

4.7%

Variable

Rate

Senior

Loan

Interests

0.0%

Total

100%

Expense

Examples

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1) transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2) ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

examples

below

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

examples

are

based

on

an

investment

of

$10,000

invested

at

the

beginning and

held

for

the

entire

reporting

period.

The

examples

are

also

based

on

the

Fund's

actual

expenses,

which

may

vary

from

the

expense

rates

shown

in

the

Fund's

prospectus.

What

were

the

Fund's

costs

for

the

last

year?

(based

on

a

hypothetical

$10,000

investment)

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

A1

Shares

$367

3.73%

Class

A2

Shares

$343

3.48%

Class

I

Shares

$295

2.98%

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

and

Shareholders

of

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(the

"Fund")

as

of

March

31,

2026,

the

related

statements

of

operations

and

cash

flows

for

the

year

ended

March

31,

2026,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

the

results

of

its

operations

and

its

cash

flows

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian,

agent

banks

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

May 28,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002. 13

Portfolio

of

Investments

March

31,

2026

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

/

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

138.7%

(100.0%

of

Total

Investments)

977227406

MUNICIPAL

BONDS

-

138.7%

(100.0%

of

Total

Investments)

977227406

ALABAMA

-

0.4%

$

425,000

(a) Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024,

(UB)

5.500 %

10/01/53

$

442,209

500,000

MidCity

Improvement

District,

Alabama,

Special

Assessment

Revenue

Bonds,

Series

2024

6.500 11/01/44

491,104

550,000

MidCity

Improvement

District,

Alabama,

Special

Assessment

Revenue

Bonds,

Series

2024

6.750 11/01/53

522,306

2,220,000

(b) Montgomery

Medical

Clinic

Board,

Alabama,

Health

Care

Facility

Revenue

Bonds,

Jackson

Hospital

&

Clinic,

Series

2015

5.000 03/01/33

177,600

1,000,000

(c) University

Beach

Improvement

District,

Alabama,

Special

Assessments

Revenue

Bonds,

Series

2026

7.500 11/01/55

961,430

TOTAL

ALABAMA

2,594,649

ARIZONA

-

3.8%

2,000,000

(c) Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Heritage

Academy

-

Gateway

and

Laveen

Pojects,

Series

2021B

5.000 07/01/51

1,713,597

1,800,000

(c) Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Heritage

Academy

-

Gateway

and

Laveen

Pojects,

Taxable

Series

2021A

5.000 07/01/51

1,538,136

3,530,000

(c) Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

San

Tab

Charter

Schools

Project,

Series

2025

6.875 02/01/65

3,493,550

2,500,000

(c) Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

Falcon

Properties

LLC,

Project,

Senior

Series

2022A-1

4.000 12/01/41

1,672,318

1,000,000

(c) Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

Falcon

Properties

LLC,

Project,

Senior

Series

2022A-1

4.000 12/01/51

589,293

110,000

(c) Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

Falcon

Properties

LLC,

Project,

Senior

Series

2022A-1

4.150 12/01/57

63,674

100,000

(c) Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

Falcon

Properties

LLC,

Project,

Subordinate

Series

2022B

5.750 12/15/57

68,340

1,625,000

(c) Arizona

Industrial

Development

Authority,

Development

First

Lien

Revenue

Bonds,

Montanero

Project,

Alternative

Minimum

Tax

Series

2025,

(AMT)

6.750 12/01/55

1,652,255

148,000

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

Special

Assessment

Revenue

Bonds,

Montecito

Assessment

District

3,

Series

2021

3.750 07/01/46

110,043

1,055,000

(c) Maricopa

County

Industrial

Development

Authority,

Arizona,

Charter

School

Revenue

Bonds,

Paradise

Schools

Project,

Series

2025

5.875 07/01/60

1,038,636

3,100,000

(c) Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Sun

Valley

Academy,

Series

2024A

6.625 07/01/59

3,161,881

1,000,000

(c) Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Sun

Valley

Academy,

Series

2024A

6.750 07/01/63

1,023,247

1,655,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Villa

Montessori,

Inc

Project,

Series

2023A

5.500 07/01/53

1,591,155

985,000

Phoenix

Industrial

Development

Authority,

Arizona,

Multi-

Family

Housing

Revenue

Bonds,

3rd

and

Indian

Road

Assisted

Living

Project,

Series

2016

5.400 10/01/36

792,735

1,450,000

(c) Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A

5.375 10/01/56

1,183,892

1,500,000

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2022A

7.000 10/01/56

1,508,433

500,000

(c) Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Taxable

Series

2021B

6.250 10/01/36

434,225

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

3,000,000

(c) Sierra

Vista

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Flagstaff

Junior

Academy

Project,

Series

2025

7.000 %

06/01/65

$

3,025,306

1,000,000

(c) Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A

6.125 10/01/47

800,398

1,400,000

(c) Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A

6.125 10/01/52

1,093,984

TOTAL

ARIZONA

26,555,098

ARKANSAS

-

0.6%

4,500,000

(c) Arkansas

Development

Finance

Authority,

Charter

School

Revenue

Bonds,

Academy

of

Math

and

Science

-

Little

Rock

Project

Series

2024A

7.000 07/01/59

4,245,448

TOTAL

ARKANSAS

4,245,448

CALIFORNIA

-

7.3%

2,000,000

(c) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A

4.000 02/01/56

1,272,283

4,725,000

(c) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A

5.000 02/01/50

3,737,475

12,300,000

(c) California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A

5.000 04/01/49

9,938,284

250,000

(c) California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

&

Language

Academy

Project,

Series

2021

4.000 07/01/61

180,379

550,000

(c) California

Municipal

Finance

Authority,

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.

AMDA

Inc

Project,

Taxable

Series

2023B

9.500 07/01/30

558,302

1,255,000

(c) California

Municipal

Finance

Authority,

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A

7.250 07/01/53

1,272,701

1,470,000

California

Public

Finance

Authority,

Senior

Living

Revenue

Bonds,

The

James,

Senior

Series

2024A

6.500 06/01/54

1,373,327

7,300,000

California

Public

Finance

Authority,

Senior

Living

Revenue

Bonds,

The

James,

Senior

Series

2024A

6.375 06/01/59

6,643,454

1,750,000

(c) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2024

5.875 06/01/54

1,620,166

1,925,000

(c) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2024

6.000 06/01/64

1,776,652

250,000

(c) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Girls

Athletic

Leadership

School

Los

Angeles

Project,

Series

2021A

4.000 06/01/51

180,176

1,360,000

(c) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Hayward

Twin

Oaks

Montessori

Charter

School

Project,

Series

2024A

6.000 06/15/54

1,244,808

2,765,000

(c) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Hayward

Twin

Oaks

Montessori

Charter

School

Project,

Series

2024A

6.125 06/15/64

2,504,194

5,000,000

(c) California

School

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Pathways

to

College

Project,

Series

2023A

7.500 06/15/63

5,023,609

500,000

(c) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A

5.000 06/01/59

400,030

250,000

(c) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Citizens

of

the

World

Charter,

Series

2022A

6.250 04/01/52

248,437

100,000

(c) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023

5.500 08/01/47

100,520

250,000

(c) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Academy

Obligated

Group,

Series

2021A

4.000 06/01/51

185,547

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

500,000

(c) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2023A

6.000 %

06/01/63

$

481,196

1,000,000

(c) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Vibrant

Minds

Charter

School

Project,

Series

2025

6.750 04/15/45

1,017,512

1,000,000

(c) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Vibrant

Minds

Charter

School

Project,

Series

2025

7.000 04/15/55

1,003,323

500,000

(c) CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Subordinate

Series

2021B

8.000 04/01/56

393,043

1,000,000

(c) CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-2

4.000 12/01/45

760,998

290,000

(c) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

1818

Platinum

Triangle-

Anaheim,

Mezzanine

Lien

Series

2021B

4.000 04/01/57

211,320

250,000

(c) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B

4.000 10/01/46

203,121

305,000

(c) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A

4.000 10/01/56

247,281

3,000,000

(c) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A

5.000 01/01/54

2,591,902

630,000

(c) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-

Hawthorne,

Mezzanine

Lien

Series

2021B

4.000 07/01/58

332,636

250,000

(c) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Series

2021B

4.000 07/01/58

148,335

250,000

(c) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Mezzanine

Lien

Series

2021B

4.000 06/01/57

51,287

10,000,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2

0.000 06/01/66

1,002,158

1,100,000

(b) Oroville,

California,

Revenue

Bonds,

Oroville

Hospital

Series

2019

5.250 04/01/54

759,000

15,000,000

Tobacco

Securitization

Authority

of

Southern

California,

Tobacco

Settlement

Asset-Backed

Bonds,

San

Diego

County

Tobacco

Asset

Securitization

Corporation,

First

Subordinate

CABs,

Series

2006B

0.000 06/01/46

3,644,637

TOTAL

CALIFORNIA

51,108,093

COLORADO

-

33.6%

5,725,000

(c) Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2024

5.750 12/01/54

5,649,476

1,220,000

Andrews

Farm

Metropolitan

District

1,

Hudson,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2025A

6.375 12/01/55

1,239,183

533,000

Andrews

Farm

Metropolitan

District

1,

Hudson,

Colorado,

General

Obligation

Bonds,

Subordinate

Limited

Tax

Series

2025B

8.375 12/15/55

526,750

3,025,000

Arista

Metropolitan

District,

Broomfield

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

and

Improvement

Series

2023B

8.250 12/15/39

3,037,427

4,735,000

Aurora

Crossroads

Metropolitan

District

2,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2025A-3

6.125 12/01/55

4,631,887

4,500,000

Aurora

Highlands

Community

Authority

Board,

Adams

County,

Colorado,

Special

Tax

Revenue

Bonds,

Refunding

&

Improvement

Series

2021A

5.750 12/01/51

4,276,381

1,200,000

Baseline

Metropolitan

District

1,

In

the

City

and

County

of

Broomfield,

Colorado,

Special

Revenue

Bonds,

Subordinate

Series

2024B

6.750 12/15/54

1,198,669

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

4,775,000

(c) Bella

Mesa

Metropolitan

District,

Castle

Rock,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2024B

8.000 %

12/15/54

$

4,721,780

500,000

Berthoud-Heritage

Metropolitan

District

10,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2022A

4.750 12/01/52

409,076

1,750,000

Bradley

Heights

Metropolitan

District

2,

Colorado

Springs,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-3

4.750 12/01/51

1,370,695

5,000,000

Brickyard

Metropolitan

District

1,

Castle

Rock

Town,

Douglas

County,

Colorado,

General

Obligation

Limited

Tax

and

Special

Revenue

Bonds,

Series

2025

7.250 12/01/57

4,761,360

500,000

(b) Broadway

Station

Metropolitan

District

2,

Denver

City

and

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Series

2019A

5.000 12/01/35

431,253

1,475,000

(b) Broadway

Station

Metropolitan

District

2,

Denver

City

and

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Series

2019A

5.125 12/01/48

1,035,033

4,675,000

Broadway

Station

Metropolitan

District

3,

Denver

City

and

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Series

2019A

5.000 12/01/49

3,140,395

7,872,000

Broadway

Station

Metropolitan

District

3,

Denver

County,

Colorado,

Tax

Increment

Supported

Revenue

Bonds,

Series

2023A

7.000 12/15/32

7,825,278

446,000

Buffalo

Ridge

Metropolitan

District

(In

the

City

of

Commerce

City),

Adams

County,

Colorado,

General

Obligation

Refunding

and

Improvement

Bonds,

Series

2018B

7.375 12/15/47

445,937

500,000

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Improvement

Bonds,

Series

2022

6.500 12/01/53

522,808

140,000

(c) Cherry

Hills

City

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Subordinate

Series

2020B-3

8.000 12/15/47

139,908

2,000,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Community

Leadership

Academy,

Inc.

Second

Campus

Project,

Series

2013

7.450 08/01/48

2,005,449

21,000,000

(c) Colorado

Educational

and

Cultural

Facilities

Authority,

Cultural

Facilities

Revenue

Bonds,

Stanley

Project,

Senior

Lien

Series

2025A-1

6.875 02/01/59

21,948,847

170,000

(c) Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Rocky

Mountain

Classical

Academy

Project,

Refunding

Series

2019

5.000 10/01/59

151,117

3,100,000

(b) Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

American

Baptist

Homes

of

the

Midwest

Obligated

Group,

Series

2013

8.000 08/01/43

1,951,591

117,279

(b) Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

5.250 11/01/32

3,518

349,229

(b) Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

5.500 11/01/37

10,477

651,547

(b) Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

5.750 11/01/47

19,547

435,233

(b) Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

6.000 11/01/52

13,057

500,000

(b),(c)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sunny

Vista

Living

Center

Project,

Refunding

&

Improvement

Series

2015A

5.500 12/01/30

423,568

500,000

(b),(c)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sunny

Vista

Living

Center

Project,

Refunding

&

Improvement

Series

2015A

6.250 12/01/50

346,767

2,055,000

Conexus

Metropolitan

District

No.

1,

Monument,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2025A

6.250 12/01/55

2,058,646

1,800,000

Copperleaf

Metropolitan

District

5,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Limited

Tax

Convertible

to

Unlimited

Tax

Series

2025A

6.500 12/01/55

1,817,015

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

500,000

Copperleaf

Metropolitan

District

6,

Arapahoe

County,

Colorado,

Limited

Tax,

General

Obligation

Bonds,

Subordinate

Series

2022B

6.000 %

12/15/41

$

505,753

4,900,000

(c) Cottonwood

Creek

Metropolitan

District

5,

Arapahoe

County

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

Capital

Appreciation

Series

2025

7.250 12/01/55

3,820,784

1,658,000

Crossroads

Metropolitan

District

1,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2022

6.500 12/01/51

1,616,161

5,000,000

(c) Dawson

Trails

Metropolitan

District

1,

Castle

Rock,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2025B

9.250 12/15/55

4,756,429

1,398,667

Dawson

Trails

Metropolitan

District

1,

Colorado,

In

The

Town

of

Castle

Rock,

Limited

Tax

General

Obligation

Capital

Appreciation

Turbo

Bonds,

Series

2024

0.000 12/01/31

912,963

2,000,000

DC

Metropolitan

District,

Denver

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2024A

5.875 12/01/54

1,953,833

1,250,000

DC

Metropolitan

District,

Denver

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2024B

8.000 12/15/54

1,235,192

5,465,000

Elora

Metropolitan

District,

Elbert

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Series

2025A

6.000 12/01/55

5,560,788

600,000

(c) Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A

6.750 12/01/34

599,179

500,000

(c) Glen

Metropolitan

District

3,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021

4.250 12/01/51

403,615

1,277,000

Grand

Avenue

Metropolitan

District,

In

the

City

of

Aurora,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2023

8.125 12/01/52

1,294,319

1,185,000

Haymeadow

Metropolitan

District

1,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Subordinate

Series

2025B

8.375 12/15/49

1,178,274

1,000,000

Haymeadow

Metropolitan

District

1,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Subordinate

Limited

Tax

Series

2025A

6.125 12/01/54

1,020,253

948,717

Hess

Ranch

Metropolitan

District

5,

Parker,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2024A-1

6.000 12/01/43

976,176

2,000,000

(c) Kinston

Metropolitan

District

5,

Loveland,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Refunding

and

Improvement

Series

2025B

8.250 12/15/55

1,941,316

1,000,000

(c) Kremmling

Memorial

Hospital

District,

Colorado,

Certificates

of

Participation,

Series

2024

6.625 12/01/56

959,935

2,000,000

Lakota

Pointe

Metropolitan

District

1,

Winter

Park,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2025A

6.000 12/01/55

2,026,843

1,185,000

Lakota

Pointe

Metropolitan

District

1,

Winter

Park,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2025B

8.250 12/15/55

1,169,066

2,000,000

(c) Ledge

Rock

Center

Commercial

Metropolitan

District

(In

the

Town

of

Johnstown,

Weld

County,

Colorado),

Limited

Tax

General

Obligation

Bonds,

Series

2022

7.375 11/01/52

2,086,651

1,000,000

(c) Ledge

Rock

Center

Commercial

Metropolitan

District,

In

the

Town

of

Johnstown,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

7.000 11/01/52

1,011,476

500,000

Ledge

Rock

Center

Residential

Metropolitan

District

1,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2024A

6.375 12/01/54

505,017

3,125,000

Legacy

Community

Authority,

Wheat

Ridge,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2025A

6.750 12/01/55

3,173,645

1,000,000

Legato

Community

Authority,

Colorado,

Commerce

City

Colorado

Limited

Tax

Supported

Revenue

Bonds

District

&

Convertible

Capital

Appreciation

Series

2021A-2

5.000 12/01/51

774,407

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

535,000

Lochbuie

Station

Metropolitan

District,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Subordinate

General

Obligation

Limited

Tax

Bonds,

Series

2020B

6.250 %

12/15/44

$

538,724

2,000,000

(c) Mayberry

Springs

Community

Authority,

El

Paso

County,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2025

7.125 12/01/45

2,022,974

500,000

(c) Mineral

Business

Improvement

District,

Arapahoe

County,

Colorado,

General

Obligation

and

Special

Revenue

Bonds,

Limited

Tax

Series

2024A

5.750 12/01/54

492,038

1,000,000

Mirabelle

Metropolitan

District

2,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2025B

6.125 12/15/49

983,868

500,000

Mountain

Brook

Metropolitan

District,

Longmont,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021

4.750 12/01/51

395,776

1,000,000

Mulberry

Metropolitan

District

2,

Fort

Collins,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

7.000 12/01/52

1,019,142

322,000

North

Pine

Vistas

Metropolitan

District

3,

Castle

Pines,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2021B

-

AGM

Insured

4.625 12/15/51

279,815

2,175,000

(c) Old

Towne

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Refunding

and

Improvement

Limited

Tax

Series

2024

6.000 12/01/53

2,011,877

2,500,000

(c) Orchard

Park

Place

South

Metropolitan

District,

Adams

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2024

6.000 12/01/54

2,444,662

1,500,000

(b) Painted

Prairie

Public

Improvement

Authority,

Aurora,

Colorado,

Special

Revenue

Bonds,

Series

2019

5.000 12/01/49

1,297,600

2,005,000

(c),(d)

Palisade

Metropolitan

District

2,

Broomfield

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Subordinate

Convertible

Capital

Appreciation

Series

2024B

0.000 12/15/54

1,940,190

1,215,000

(c) Palisade

Metropolitan

District

2,

Broomfield

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Second

Subordinate

Series

2024C

8.000 12/15/37

1,217,201

1,150,000

Parterre

Metropolitan

District

5,

Thornton,

Adams

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2025A

6.125 12/01/55

1,197,028

2,500,000

Peak

Metropolitan

District

3,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1

7.500 12/01/52

2,521,595

3,500,000

Pinery

Commercial

Metropolitan

District

2,

Douglas

County,

Colorado,

Special

Revenue

Bonds,

Series

2025

5.750 12/01/54

3,429,992

500,000

(d) Pinon

Pines

Metropolitan

District

No.

3,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Convertible

Capital

Appreciation

Bonds,

Series

2025

0.000 12/01/54

457,149

2,474,000

Pioneer

Community

Authority

Board

(Weld

County,

Colorado),

Special

Revenue

Bonds,

Series

2022

6.500 12/01/34

2,400,681

500,000

(c) Prairie

Song

Metropolitan

District

4,

Windsor,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021

6.000 12/01/51

489,841

1,100,000

(c) Reagan

Ranch

Metropolitan

District

1,

Colorado

Springs,

Colorado,

General

Obligation

Bonds,

Limited

Tax

&

Special

Revenue,

Series

2025

6.125 12/01/54

1,078,101

1,000,000

Reagan

Ranch

Metropolitan

District

1,

Colorado

Springs,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2021-3

5.375 12/01/51

882,682

1,000,000

Red

Barn

Metropolitan

District,

Mead,

Colorado,

Weld

County,

Colorado,

General

Obligation

Bond,

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

and

Improvement,

Series

2025A

5.500 12/01/55

997,437

1,000,000

Redlands

Metropolitan

District

2,

Grand

Junction,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2025A

7.125 12/01/55

987,453

1,000,000

Redtail

Ridge

Metropolitan

District,

City

of

Louisville,

Boulder

County,

Colorado,

General

Obligation

Limited

Tax

Capital

Appreciation

Turbo

Bonds,

Series

2025

0.000 12/01/32

636,419

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

933,584

(c) Ridge

at

Johnstown

Metropolitan

District

8,

Larimer

County,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2024

5.875 %

12/01/44

$

912,571

590,000

Ritoro

Metropolitan

District

In

the

Town

of

Elizabeth,

Elbert

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Refunding

Series

2025B

6.250 12/15/57

579,337

1,150,000

Riverpark

Metropolitan

District,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2024

6.375 12/01/54

1,168,049

1,250,000

Riverwalk

Metropolitan

District

2,

Glendale,

Arapahoe

County,

Colorado,

Special

Revenue

Bonds,

Series

2022A

5.000 12/01/42

1,155,303

500,000

RRC

Metropolitan

District

2,

Jefferson

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021

5.250 12/01/51

439,780

750,000

Sagebrush

Farm

Metropolitan

District

1,

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022A

6.375 12/01/42

790,421

2,545,000

Sagebrush

Farm

Metropolitan

District

1,

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Subordinate

Series

2024

8.000 12/15/54

2,511,075

1,000,000

(c) Saint

Vrain

Lakes

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Bonds,

Firestone

Subordinate

Limited

Tax

Series

2024B

8.750 09/20/54

989,561

500,000

Senac

South

Metropolitan

District

No.

1,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2021A(3)

5.250 12/01/51

471,386

500,000

Siena

Lake

Metropolitan

District,

Gypsum,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021

4.000 12/01/51

361,770

2,245,000

(c) Sojourn

at

Idlewild

Metropolitan

District,

Grand

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Winter

Park

Series

2025A

6.125 12/01/55

2,288,774

7,370,000

South

Aurora

Regional

Improvement

Authority,

Aurora,

Colorado,

Special

Revenue

Bonds,

Refunding

Improvement

Series

2025

6.750 12/01/55

7,490,343

500,000

(c),(d)

St.

Vrain

Lakes

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Bonds,

Firestone

Convertible

Capital

Appreciation

Limited

Tax

Series

2024A

0.000 09/20/54

366,589

675,000

St.

Vrain

Lakes

Metropolitan

District

No.

2,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2024B

6.375 11/15/54

663,479

3,000,000

(c) STC

Metropolitan

District

2,

Superior,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

Second

Lien

Series

2025A-2

6.250 12/01/55

3,000,179

4,925,000

(c) STC

Metropolitan

District

2,

Superior,

Boulder

County,

Colorado,

Subordinate

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

&

improvement

Series

2025B

8.000 12/15/55

4,890,168

1,200,000

Sterling

Ranch

Community

Authority

Board,

Douglas

County,

Colorado,

Limited

Tax

Supported

and

Special

Revenue

Bonds,

Special

District

4,

Series

2024A

6.500 12/01/54

1,235,726

975,000

Sterling

Ranch

Community

Authority

Board,

Douglas

County,

Colorado,

Limited

Tax

Supported

and

Special

Revenue

Bonds,

Special

District

4,

Series

2024B

8.750 12/15/54

962,687

840,000

Sterling

Ranch

Community

Authority

Board,

Douglas

County,

Colorado,

Limited

Tax

Supported

District

2,

Refunding

&

Improvement

Subordinate

Series

2025A

-

BAM

Insured

6.875 12/15/55

838,279

2,805,000

(c) Sterling

Ranch

Metropolitan

District

1,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Convertible

Capital

Appreciation

Bonds,

Series

2025

7.000 09/01/55

2,011,919

648,000

(c) Sunset

Parks

Metropolitan

District,

Weld

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Subordinate

Series

2024B

7.625 12/15/54

637,285

500,000

(c) Third

Creek

Metropolitan

District

1,

Commerce

City,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1

4.750 12/01/51

388,502

500,000

Trails

at

Crowfoot

Metropolitan

District

3,

Parker,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2024B

6.875 12/15/52

495,531

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,000,000

Transport

Metropolitan

District

3,

In

the

City

of

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Bonds,

Series

2021A-1

4.125 %

12/01/31

$

927,861

6,550,000

Transport

Metropolitan

District

3,

In

the

City

of

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Bonds,

Series

2021A-1

5.000 12/01/41

5,720,183

8,710,000

Transport

Metropolitan

District

3,

In

the

City

of

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Bonds,

Series

2021A-1

5.000 12/01/51

6,734,357

3,000,000

(c) Tree

Farm

Metropolitan

District,

Eagle

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021

4.750 12/01/50

2,554,505

3,000,000

(c) USAFA

Visitors

Center

Business

Improvement

District,

Colorado

Springs,

Colorado,

Special

Revenue

Bonds,

Series

2022A,

5.000 12/01/52

2,711,921

500,000

(d) Verve

Metropolitan

District

1,

Jefferson

County

and

the

City

and

County

of

Broomfield,

Colorado,

General

Obligation

Bonds,

Convertible

Capital

Appreciation

Improvement

Series

2024A

0.000 12/01/54

380,098

500,000

Villages

at

Johnstown

Metropolitan

District

7,

Johnstown,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A(3)

6.250 12/01/52

485,156

1,500,000

(c) Weems

Neighborhood

Metropolitan

District,

Lafayette,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax,

Series

2025A

5.875 12/01/55

1,521,550

500,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

6.750 12/01/52

500,082

3,000,000

(c) West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2024A-2

8.000 12/01/54

1,971,423

2,496,000

Westgate

Metropolitan

District,

Colorado

Springs,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

5.125 12/01/51

2,140,097

1,146,000

(c) Willow

Springs

Ranch

Metropolitan

District,

Monument,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2024B

6.500 10/15/54

1,128,942

32,685,000

(c) Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2021A-2

4.625 12/01/51

22,402,270

2,250,000

(c) Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1

4.000 12/01/36

2,002,216

2,000,000

(c) Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1

4.000 12/01/41

1,668,687

5,000,000

(c) Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1

4.125 12/01/51

3,755,203

TOTAL

COLORADO

236,570,480

CONNECTICUT

-

0.2%

1,500,000

Stamford

Housing

Authority,

Connecticut,

Revenue

Bonds,

Mozaic

Concierge

Living

Project,

Series

2025A

6.250 10/01/60

1,480,922

100,000

(c) Steel

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Steelpointe

Harbor

Project,

Series

2024

6.000 04/01/52

105,254

TOTAL

CONNECTICUT

1,586,176

DELAWARE

-

0.1%

1,100,000

Delaware

Economic

Development

Authority,

Revenue

Bonds,

ASPIRA

of

Delaware

Charter

Operations,

Inc.

Project,

Series

2016A

5.000 06/01/51

970,016

TOTAL

DELAWARE

970,016

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

DISTRICT

OF

COLUMBIA

-

1.9%

$

300,000

District

of

Columbia

Revenue

Bonds,

Rocketship

Education

DC

Public

Charter

School

Inc.,

Obligated

Group

-Issue

3,

Series

2024A

5.750 %

06/01/54

$

277,278

54,000,000

District

of

Columbia

Tobacco

Settlement

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2006A

0.000 06/15/46

12,438,176

3,335,000

District

of

Columbia

Tobacco

Settlement

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2006C

0.000 06/15/55

328,070

TOTAL

DISTRICT

OF

COLUMBIA

13,043,524

FLORIDA

-

10.9%

250,000

(c) Alachua

County

Health

Facilities

Authority,

Florida,

Health

Facilities

Revenue

Bonds,

Terraces

at

Bonita

Springs

Project,

Refunding

Series

2022A

5.000 11/15/61

208,504

2,500,000

(c) Capital

Projects

Finance

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Imagine

School

at

North

Port,

Series

2025A

6.750 06/15/65

2,504,067

1,600,000

(c) Capital

Projects

Finance

Authority,

Florida,

Senior

Living

Revenue

Bonds,

Millenia

Orlando

Project,

Series

2025A

7.250 01/01/55

1,670,694

2,715,000

(c) Capital

Projects

Finance

Authority,

Florida,

Senior

Living

Revenue

Bonds,

Millenia

Orlando

Project,

Series

2025A

7.125 01/01/65

2,785,589

2,483,703

(c) Capital

Trust

Agency,

Florida,

Educational

Facilities

Revenue

Bonds,

LLT Academy

South

Bay

Project,

Series

2020A

6.000 06/15/55

2,173,017

15,020,000

(c) Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Educational

Growth

Fund,

LLC,

Charter

School

Portfolio

Projects,

Subordinate

Series

2021B

0.000 07/01/61

1,244,807

250,000

(c) Capital

Trust

Agency,

Florida,

Senior

Living

Facilities

Revenue

Bonds,

Elim

Senior

Housing,

Inc.

Project,

Series

2017

5.375 08/01/32

245,296

175,000

(c) Capital

Trust

Agency,

Florida,

Senior

Living

Facilities

Revenue

Bonds,

Elim

Senior

Housing,

Inc.

Project,

Series

2017

5.625 08/01/37

168,091

1,000,000

(c) Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Babcock

Neighborhood

School

Inc

Project,

Series

2024

6.000 08/15/63

960,964

500,000

(c) Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Imagine

School

at

West

Pasco

Project,

Series

2023A

6.500 12/15/53

455,256

4,100,000

(c) Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Imagine

School

at

West

Pasco

Project,

Series

2023A

6.500 12/15/58

3,692,596

1,750,000

(c) Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

IPS

Enterprises,

Inc.

Projects,

Refunding

Series

2023A

6.250 06/15/53

1,772,635

2,600,000

(c) Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

IPS

Enterprises,

Inc.

Projects,

Refunding

Series

2023A

6.375 06/15/58

2,639,206

2,800,000

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

LLT

Academy

South

Bay

Project,

Series

2025

7.250 06/15/55

2,844,351

1,890,000

(b) Celebration

Pointe

Community

Development

District

1,

Alachua

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021

4.000 05/01/53

1,512,000

195,000

(c) Curiosity

Creek

Community

Development

District,

Manatee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

1,

Series

2024

5.700 05/01/55

188,814

1,000,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Creative

Inspiration

Journey

School

of

St.

Cloud,

Series

2021A

5.000 06/15/51

850,284

4,600,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Creative

Inspiration

Journey

School

of

St.

Cloud,

Series

2021A

5.000 06/15/56

3,779,530

1,420,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Discovery

High

School

Project,

Series

2020A

5.000 06/01/40

1,100,859

100,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Dreamers

Academy

Project,

Series

2022A

6.000 01/15/57

88,430

625,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Global

Outreach

Charter

Academy,

Series

2021A

4.000 06/30/36

549,087

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

765,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Global

Outreach

Charter

Academy,

Series

2021A

4.000 %

06/30/41

$

621,537

1,000,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Pepin

Academies

of

Pasco

County

Inc.,

Series

2020A

5.000 01/01/50

791,631

500,000

(c) Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Southwest

Charter

Foundation

Inc

Projects,

Series

2017A

6.125 06/15/47

493,073

30,430,000

(c) Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT),

(Mandatory

Put

7/15/28)

12.000 07/15/32

6,310,263

3,500,000

(c) Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024A,

(AMT),

(Mandatory

Put

7/15/28)

10.000 07/15/59

804,678

12,250,000

(c),(e)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2025B,

(AMT),

(Mandatory

Put

6/15/26)

1.000 07/01/57

8,452,500

3,040,000

(c) Florida

Development

Finance

Corporation,

Student

Housing

Revenue

Bonds,

SPP

-

Tampa

I

-

LLC

The

Henry

Project,

Series

2024B

6.500 06/01/59

2,829,485

2,000,000

(c) Florida

Local

Government

Finance

Commission,

Senior

Living

Revenue

Bonds,

Fleet

Landing

at

Nocatee

Project

Series

2025A

6.875 11/15/64

2,074,363

250,000

Hobe-Saint

Lucie

Conservancy

District,

Florida,

Special

Assessment

Revenue

Bonds,

Improvement

Unit

1A,

Series

2024

5.875 05/01/55

252,470

710,000

(c) Kelly

Park

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

One

Project

Series

2023

6.250 11/01/53

724,073

825,000

(c) Lake

County,

Florida,

Educational

Facilities

Revenue

Bonds,

Imagine

South

Lake

Charter

School

Project,

Series

2019A

5.000 01/15/49

712,757

1,405,000

Lakewood

Ranch

Stewardship

District,

Florida,

Special

Assessment

Revenue

Bonds,

Taylor

Ranch

Project,

Series

2023

6.300 05/01/54

1,470,311

2,850,000

(c) Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2024A

6.250 06/15/42

2,892,377

85,000

(c) Mandarin

Grove

Community

Development

District,

Manatee

County,

Florida,

Special

Assessment

Revenue

Bonds,

2022

Project

Series

2022

6.625 05/01/53

95,961

750,000

(c) Miami

Dade

County

Industrial

Development

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Miami

Community

Charter

School

Inc

Project,

Series

2025

6.375 06/01/65

756,738

1,000,000

(c) Miami-Dade

County

Industrial

Development

Authority,

Florida,

Industrial

Development

Revenue

Bonds,

CFC-MB

I,

LLC

Collins

Park

Housing

Project

Series

2023

6.250 01/01/59

1,022,981

6,000,000

(c),(d)

Miami-Dade

County

Industrial

Development

Authority,

Florida,

Student

Housing

Revenue

Bonds,

PRG

-

Casa

Properties

LLC

Project,

Subordinate

Series

2026B

0.000 07/01/65

3,253,135

415,000

(c) Middleton

Community

Development

District

A,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2022

6.200 05/01/53

428,749

110,000

(c) Mirada

Community

Development

District,

Florida,

Capital

Improvement

Bonds, Assessment

Area

Series

2024

6.000 05/01/55

109,398

70,000

(c) North

Powerline

Road

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2022

5.625 05/01/52

71,162

1,000,000

(c) Ocean

and

Highway

Port

Authority,

Florida,

Port

Facilities

Revenue

Bonds,

Worldwide

Terminals

Fernandina,

LLC

Project,

Series

2019,

(AMT)

5.500 12/01/49

790,767

2,560,000

Palm

Beach

County,

Florida,

Revenue

Bonds,

Provident

Group

-

LU

Properties

LLC

Lynn

University

Housing

Project,

Series

2024A

6.125 06/01/54

2,504,711

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

2,240,000

Palm

Beach

County,

Florida,

Revenue

Bonds,

Provident

Group

-

LU

Properties

LLC

Lynn

University

Housing

Project,

Series

2024A

6.250 %

06/01/59

$

2,211,592

1,000,000

(c) Rye

Ranch

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Pod

B

-

Assessment

Area

Series

2023

6.000 11/01/53

1,017,545

1,000,000

(c) Saltleaf

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2024

6.000 05/01/56

1,002,396

1,500,000

(c) Solaeris

Community

Development

District,

St.

Lucie

County,

Florida,

Special

Assessment

Bonds,

Area

Project,

Series

2025

6.300 05/01/56

1,518,042

265,000

(c) Three

Rivers

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

South

Assessment

Area

Series

2021B

4.625 05/01/36

261,911

880,000

Tradition

Community

Development

District

9,

Port

Saint

Lucie,

Florida,

Special

Assessment

Bonds,

Series

2025

5.650 05/01/56

859,892

220,000

(c) Village

Community

Development

District

15,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023

5.250 05/01/54

215,627

665,000

West

Villages

Improvement

District,

Florida,

Special

Assessment

Revenue

Bonds,

Unit

of

Development

Villages

and

G-1B

Series

2023

6.250 05/01/54

693,730

TOTAL

FLORIDA

76,677,932

GEORGIA

-

0.9%

3,910,000

Atlanta

Development

Authority,

Georgia,

Economic

Development

Certificates,

Gulch

Enterprise

Zone

Project,

Convertible

Capital

Appreciation

Series

2024A-1

Class

A

6.500 12/15/48

3,531,810

1,950,000

(b) Atlanta

Development

Authority,

Georgia,

Senior

Health

Care

Facilities

Revenue

Bonds,

Georgia

Proton

Treatment

Center

Project,

Current

Interest

Series

2017A-1

7.000 01/01/40

877,500

1,750,000

(c) Bulloch

County

Development

Authority,

Georgia,

Charter

School

Revenue

Bonds,

Statesboro

Steam

Academy

Project

Series

2024

6.750 06/15/64

1,691,486

500,000

Cobb

County

Development

Authority,

Georgia,

Charter

School

Revenue

Bonds,

Northwest

Classical

Academy,

Inc.

Project,

Series

2023A

6.375 06/15/58

483,624

TOTAL

GEORGIA

6,584,420

HAWAII

-

0.1%

1,000,000

(c) Hawaii

County,

Hawaii,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

1-2021,

Kaloko

Heights

Project,

Series

2023

7.250 05/15/52

1,006,935

TOTAL

HAWAII

1,006,935

IDAHO

-

0.9%

121,000

(c) Eagle

Avimor

Community

Infrastructure

District

1,

Ada,

Boise,

and

Gem

Counties,

Idaho,

Special

Assessment

Revenue

Bonds,

Assessment

Area

Series

2024

5.875 09/01/53

122,526

500,000

(c) Eagle

Avimor

Community

Infrastructure

District

1,

Ada,

Boise,

and

Gem

Counties,

Idaho,

Special

Assessment

Revenue

Bonds,

Assessment

Area

Series

2024B

5.500 09/01/53

490,379

730,000

(c) Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Doral

Academy

of

Idaho,

Series

2021A

5.000 07/15/41

638,775

250,000

(c) Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Doral

Academy

of

Idaho,

Series

2021A

5.000 07/15/56

188,908

250,000

(c) Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Gem

Prep

Meridian

South

Charter

School

Project,

Series

2021

4.000 05/01/56

171,046

3,900,000

(c) Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Assessment

Area

Two,

Series

2025

6.250 09/01/54

3,994,486

500,000

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2024

6.250 09/01/53

510,144

TOTAL

IDAHO

6,116,264

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

-

2.6%

$

2,135,000

(c) Burbank,

Cook

County,

Illinois,

Educational

Facility

Revenue

Bonds,

Intercultural

Montessori

Language

School

Project,

Series

2026

6.250 %

02/01/56

$

2,132,139

830,000

(c) Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Art

in

Motion

AIM

Project,

Series

2021A

4.000 07/01/31

746,305

1,500,000

(c) Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Art

in

Motion

AIM

Project,

Series

2021A

5.000 07/01/51

1,063,365

2,750,000

(c) Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Art

in

Motion

AIM

Project,

Series

2021A

5.000 07/01/56

1,878,455

250,000

Illinois

Finance

Authority,

Revenue

Bonds,

Admiral

at

the

Lake

Project,

Refunding

Series

2017

5.500 05/15/54

210,887

386,043

(b) Illinois

Finance

Authority,

Revenue

Bonds,

Christian

Homes

Inc.

Obligated

Group,

Refunding

Series

2016

5.000 05/15/31

3,860

844,469

(b) Illinois

Finance

Authority,

Revenue

Bonds,

Christian

Homes

Inc.

Obligated

Group,

Refunding

Series

2016

5.000 05/15/36

8,445

150,798

(b) Illinois

Finance

Authority,

Revenue

Bonds,

Christian

Horizons

Obligated

Group,

Series

2021A

4.000 05/15/41

1,508

215,000

(c) Illinois

Finance

Authority,

Revenue

Bonds,

Goodman

Theatre

Project,

Refunding

Series

2025A

6.125 10/01/50

215,392

7,375,000

(c) Illinois

Finance

Authority,

Revenue

Bonds,

Roosevelt

University,

Series

2019A

6.125 04/01/58

7,157,623

2,000,000

(c),(e)

Illinois

Finance

Authority,

Solid

Waste

Revenue

Bonds,

LRS

Holdings

LLC

Project,

Series

2023B,

(Mandatory

Put

9/01/33)

7.375 09/01/42

2,262,916

3,000,000

Palos

Heights,

Illinois,

Revenue

Bonds,

Trinity

Christian

College

Association,

Series

2024A

7.000 01/01/50

2,700,000

TOTAL

ILLINOIS

18,380,895

INDIANA

-

0.8%

85,000

(c) Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Circle

City

Preparatory

Inc.

Project,

Series

2021A

5.000 12/01/30

85,578

1,325,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Seven

Oaks

Classical

School

Project,

Series

2021A

5.000 06/01/51

1,112,208

775,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

University

of

Evansville

Project,

Series

2022A

5.250 09/01/57

711,446

1,250,000

Indiana

Housing

and

Community

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Vita

of

New

Whiteland

Project,

Series

2022

6.750 01/01/43

1,172,762

1,000,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Convention

Center

Hotel

Subordinate

Series

2023F-1

7.750 03/01/67

1,087,135

1,500,000

(c) Valparaiso,

Indiana,

Revenue

Bonds,

Valparaiso

University

Project,

Series

2025A

6.250 10/01/50

1,489,957

TOTAL

INDIANA

5,659,086

IOWA

-

0.1%

1,000,000

Iowa

Finance

Authority

Senior

Living

Facilities

Revenue

Bonds,

Sunrise

Retirement

Community

Project,

Refunding

Series

2021

5.000 09/01/51

726,162

TOTAL

IOWA

726,162

KANSAS

-

0.7%

1,725,000

Kansas

Development

Finance

Authority

Revenue

Bonds,

Village

Shalom

Project,

Series

2018A

5.250 11/15/53

1,218,466

100,000

Overland

Park

Development

Corporation,

Kansas,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

&

improvement

Series

2019

5.000 03/01/49

95,674

6,250,000

(b) Overland

Park,

Kansas,

Sales

Tax

Special

Obligation

Revenue

Bonds,

Prairiefire

at

Lionsgate

Project,

Series

2012

5.250 12/15/29

2,875,000

1,000,000

Wichita,

Kansas,

Health

Care

Facilities

Revenue

Bonds,

Presbyterian

Manors,

Series

2024VIII

6.000 05/15/54

960,835

TOTAL

KANSAS

5,149,975

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LOUISIANA

-

2.5%

$

420,000

Juban

Crossing

Economic

Development

District,

Louisiana,

Revenue

Bonds,

Drainage

Projects,

Subordinate

Lien

Series

2025B

6.250 %

09/15/55

$

415,596

485,000

Juban

Crossing

Economic

Development

District,

Louisiana,

Revenue

Bonds,

Road

Projects,

Subordinate

Lien

Series

2025A

6.250 09/15/55

479,915

300,000

(c) Lakeshore

Villages

Master

Community

Development

District,

St.

Tammany

Parish,

Louisiana,

Special

Assessment

Revenue

Bonds,

Series

2025

6.000 06/01/54

306,785

1,500,000

(c) Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Lincoln

Preparatory

School

Project,

Series

2021A

5.250 06/01/60

1,111,854

2,635,000

(c) Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Young

Audiences

Charter

School,

Series

2019A

5.000 04/01/49

2,255,290

1,000,000

(c) Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Young

Audiences

Charter

School,

Series

2019A

5.000 04/01/57

826,009

480,000

(c) Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Jefferson

Rise

Charter

School

Project,

Series

2022A

6.000 06/01/37

490,959

1,000,000

(c) Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Jefferson

Rise

Charter

School

Project,

Series

2022A

6.250 06/01/52

986,831

950,000

(c) Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Lincoln

Preparatory

School

Project,

Series

2022A

6.375 06/01/52

850,670

10,000,000

(a) Louisiana

Publics

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT),

(UB)

5.000 09/01/66

9,436,556

500,000

(c) Plaquemines

Port,

Louisiana,

Harbor

and

Terminal

District

Facilities

Revenue

Bonds

NOLA

Terminal

LLC

Project

Dock

and

Wharf

Series

2024A

9.000 12/01/44

434,025

TOTAL

LOUISIANA

17,594,490

MAINE

-

0.3%

2,000,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

Eastern

Maine

Medical

Center

Obligated

Group

Issue,

Series

2016A

5.000 07/01/46

1,831,563

TOTAL

MAINE

1,831,563

MARYLAND

-

0.0%

135,000

(c) Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Imagine

Andrews

Public

Charter

School,

Series

2022A

5.500 05/01/52

123,972

TOTAL

MARYLAND

123,972

MICHIGAN

-

1.1%

5,306,799

(b) Detroit

City

&

General

Retirement

System

Service

Corporation,

Michigan,

Certificates

of

Participation,

Taxable

Series

2005A

-

FGIC

Insured

3.000 06/15/26

5,956,882

330,000

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Holly

Academy

Project,

Refunding

Series

2021

4.000 12/01/51

250,941

290,000

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Madison

Academy

Project,

Refunding

Series

2021

5.000 12/01/46

254,622

40,000,000

Michigan

Tobacco

Settlement

Finance

Authority,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Capital

Appreciation

Turbo

Term

Series

2008C

0.000 06/01/58

879,604

185,000

Trillium

Academy,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2019

5.750 11/01/40

181,004

TOTAL

MICHIGAN

7,523,053

MINNESOTA

-

1.1%

500,000

Bethel,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Level

Up

Academy,

Series

2021A

5.000 06/15/56

351,701

1,000,000

(c) Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Seven

Hills

Preparatory

Academy

Project,

Series

2024A

6.125 06/15/61

907,430

770,000

(c) Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Spero

Academy

Project,

Series

2017A

6.500 07/01/48

771,354

2,000,000

Rochester,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Rochester

Math

&

Science

Academy

Project,

Series

2018A

5.125 09/01/38

1,703,761

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

1,000,000

(b),(c)

Saint

Cloud,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Athlos

Academy,

Series

2022A

5.875 %

06/01/57

$

740,000

1,000,000

(c) Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

School

of

Excellence,

Series

2023

5.250 03/01/43

997,307

660,000

(c) Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Metro

Deaf

School

Project,

Series

2026

6.375 06/15/61

651,146

2,015,000

(c) Woodbury,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Math

and

Science

Academy

Building

Company,

Refunding

Series

2025A

5.500 06/01/63

1,837,521

TOTAL

MINNESOTA

7,960,220

MISSOURI

-

1.0%

2,000,000

Independence

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Tax

Increment

and

Special

Districts,

Hub

Drive

Redevelopment

Project

Series

2023

6.750 11/01/53

2,005,292

250,000

(c) Kansas

City

Industrial

Development

Authority,

Missouri,

Economic

Activity

Tax

Revenue

Bonds,

Historic

Northeast

Redevelopment

Plan

Series

2024A-1

5.000 06/01/54

238,414

1,000,000

Kirkwood

Industrial

Development

Authority,

Missouri,

Retirement

Community

Revenue

Bonds,

Aberdeen

Heights

Project,

Refunding

Series

2017A

5.250 05/15/50

930,029

1,005,000

(c) Missouri

Development

Finance

Board,

Tax

Increment

and

Special

District

Revenue

Bonds,

Lakeport

Village

Project,

Series

2025A

6.750 06/15/55

971,198

2,500,000

(c) Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Missouri

Baptist

University,

Series

2025

6.250 10/01/55

2,500,817

468,982

(b) Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Christian

Homes

Inc.,

Senior

Living

Facilities

Series

2018

5.000 05/15/32

4,690

687,639

(b) Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Christian

Homes

Inc.,

Senior

Living

Facilities

Series

2018

5.000 05/15/36

6,876

595,652

(b) Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Christian

Homes

Inc.,

Senior

Living

Facilities

Series

2018

5.000 05/15/40

5,957

100,000

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2021

4.000 10/01/34

97,240

100,000

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2021

4.000 10/01/44

88,597

232,598

(c) North

Outer

Forty

Transportation

Development

District,

Chesterfield,

Missouri,

Transportation

Development

Revenue

Notes,

Refunding

Series

2021A

4.000 12/01/46

189,555

TOTAL

MISSOURI

7,038,665

NEVADA

-

0.0%

895,855

(b),(c)

Director

of

Nevada

State

Department

of

Business

&

Industry,

Environmental

Improvement

Revenue

Bonds,

Fulcrum

Sierra

BioFuels

LLC

Project,

Green

Series

2018,

(AMT)

6.950 02/15/38

305,000

Neveda

State

Director

of

the

Department

of

Business

and

Industry,

Charter

School

Revenue

Bonds,

Doral

Academy

of

Nevada,

Series

2017A

5.000 07/15/47

276,486

TOTAL

NEVADA

276,495

NEW

HAMPSHIRE

-

2.1%

550,000

(c) National

Finance

Authority

Special

Revenue

Capital

Appreciation

Bonds,New

Hampshire,

The

Astro

Sunterra

Projects,

Waller

County,

Texas

Municipal

Utility

Districts,

Series

2026. 0.000 12/15/34

311,372

1,500,000

(c) National

Finance

Authority,

New

Hampshire

,Class

A

Certificates,

Avenue

One

Project

Series

2025-2.

6.375 03/15/46

1,571,604

5,600,000

(c) National

Finance

Authority,

New

Hampshire,

Special

Revenue

Bonds,

Aldeana,

Azalea

and

Serenada

Project,

Capital

Appreciation

Series

2026

0.000 12/01/40

1,920,557

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

HAMPSHIRE

(continued)

$

3,000,000

(c) National

Finance

Authority,

New

Hampshire,

Special

Revenue

Bonds,

Forestar

Group

Houston

Area

Projects,

Fort

Bend,

Galveston,

Montgomery,

and

Walker

Counties,

Texas,

Series

2026

6.500 %

12/01/34

$

3,002,377

7,662,000

(c) National

Finance

Authority,

New

Hampshire,

Special

Revenue

Bonds,

The

Chambers

Creek

Project,

Montgomery

County,

Texas

Municipal

Utility

Districts,

Capital

Appreciation

Series

2025

0.000 12/15/32

4,915,153

5,000,000

(c) New

Hampshire

National

Finance

Authority,

Travis

and

Burnet

Counties,

Special

Revenue

Bonds,

Thomas

Ranch

Project

Capital

Appreciation

Improvement

Districts

Series

2024

0.000 12/01/34

2,720,072

TOTAL

NEW

HAMPSHIRE

14,441,135

NEW

JERSEY

-

1.6%

11,000,000

(c) New

Jersey

Economic

Development

Authority,

New

Jersey,

Dock

and

Wharf

Facility

Revenue

Bonds,

Repauno

Port

&

Rail

Terminal

Project,

Series

2025,

(AMT)

6.625 01/01/45

11,496,828

TOTAL

NEW

JERSEY

11,496,828

NEW

YORK

-

7.1%

1,000,000

(c) Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Riverspring

Health

Senior

Living

Inc

Project,

Series

2026A

7.000 12/15/55

1,006,768

3,000,000

(c) Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Riverspring

Health

Senior

Living

Inc

Project,

Series

2026A

7.000 12/15/65

2,991,071

6,550,000

(c) Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A

7.250 07/01/53

6,642,384

10,000,000

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

1st

Subordinate

Series

2005B

0.000 06/01/47

2,047,535

4,760,000

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016B

0.000 01/01/45

1,430,152

8,500,000

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016C

5.625 01/01/55

7,581,310

2,000,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Saint

Anns

Community

Project,

Series

2019

5.000 01/01/50

1,744,681

750,000

(b) New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007

5.875 10/01/46

472,500

2,500,000

(c) New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

World

Trade

Center

Project,

Class

Series

2014

7.250 11/15/44

2,502,103

12,235,000

(a) New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

Project,

Green

Series

2024

-

AGM

Insured,

(AMT),

(UB)

5.250 06/30/60

12,298,949

750,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/28

650,076

1,450,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/29

1,208,121

150,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/30

121,627

4,135,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/31

3,288,919

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

1,010,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 %

01/01/32

$

790,677

3,050,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/33

2,359,047

630,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/34

482,524

2,200,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/35

1,671,359

650,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/36

490,437

250,000

(c) Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bond,

Purchase

Senior

Learning

Community,

Inc.

Project,

Accd

Inv

Series

2021A

5.000 07/01/56

220,603

TOTAL

NEW

YORK

50,000,843

NORTH

DAKOTA

-

0.5%

3,725,000

(a) North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2024A,

(UB)

4.700 07/01/49

3,672,355

TOTAL

NORTH

DAKOTA

3,672,355

OHIO

-

2.1%

240,000

(c) Brecksville,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Valor

Acres

Project,

Series

2022

5.625 12/01/53

229,709

141,000,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Capital

Appreciation

Series

2020B-3

Class

0.000 06/01/57

10,312,514

1,250,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

5.000 06/01/55

1,009,375

135,000

(c) Cleveland-Cuyahoga

County

Port

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Flats

East

Bank

Project,

Refunding

Senior

Series

2021A

4.000 12/01/55

102,061

95,000

Cleveland-Cuyahoga

County

Port

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Flats

East

Bank

Project,

Refunding

Subordinate

Series

2021B

4.500 12/01/55

75,167

1,000,000

Ohio

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Green

Oaks

of

Holland

Project,

Series

2025A

6.300 01/01/45

1,018,309

1,360,000

(c) Ohio

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Silver

Birch

Bedford

Heights,

Series

2025

6.375 01/01/45

1,414,523

250,000

(c) Ohio

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Silver

Birch

of

Mansfield

Project,

Series

2024

6.000 01/01/45

252,392

200,000

(c) Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Multifamily

Housing

Revenue

Bonds,

Vivera

Northbrook

Project,

Series

2025A

6.500 01/01/45

208,335

TOTAL

OHIO

14,622,385

OKLAHOMA

-

0.2%

1,000,000

Osage

County

Industrial

Authority,

Oklahoma,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

Series

2023

5.750 09/01/53

986,594

215,000

(c) Tulsa

Authority

for

Economic

Opportunity,

Tulsa

County,

Oklahoma,

Tax

Apportionment

Revenue

Bonds,

Vast

Bank

Project,

Series

2021

4.000 12/01/43

192,747

TOTAL

OKLAHOMA

1,179,341

OREGON

-

1.4%

4,250,000

(c) Oregon

Facilities

Authority

Charter

School

Revenue

Bonds,

Oregon,

Portland

Village

School

Project,

Series

2024

7.000 12/15/60

4,007,285

5,805,000

(c) Oregon

Facilities

Authority,

Oregon,

Charter

School

Revenue

Bonds,

Valley

Inquiry

Charter

School

Project,

Series

2025A

6.750 06/15/55

5,773,914

TOTAL

OREGON

9,781,199

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

-

3.0%

$

1,610,000

(c) Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

Neuweiler

Lofts

Project,

Series

2023

6.250 %

05/01/42

$

1,627,854

26,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-2

6.000 06/30/34

27,720

2,175,000

(d) Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024B-1

0.000 06/30/44

1,605,335

1,215,000

(c) Erie

County,

Industrial

Development

Authority,

Pennsylvania,

Essential

Housing

Revenue

Bonds,

Senior-CFC-Erie

I

LLC

Erie

Apartments,

Series

2024A

6.750 09/01/61

1,179,748

11,500,000

(c) Lehigh

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Provident

Group

-Lehigh

Valley

International

Airport

Hotel

Project

First

Tier

Series

2025A-2

5.750 01/01/65

10,804,261

1,065,000

(c) Lehigh

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Provident

Group

-Lehigh

Valley

International

Airport

Hotel

Project

Second

Tier

Series

2025C

6.750 01/01/65

1,006,363

4,000,000

McCandless

IDA,

Pennsylvania,

University

Revenue

Bonds

Series

A

and

B

of

2022

La

Roche

University

6.750 12/01/46

3,663,106

370,000

Montgomery

County

Redevelopment

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

River

Pointe

Project

Series

2023

6.500 09/01/43

379,563

495,000

(b),(f)

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2021A

10.000 12/01/31

1,100,000

(c) Quakertown

General

Authority,

Pennsylvania,

Special

Assessment

Obligation

Bonds,

Milford

Village

Project,

Series

2025

6.500 03/01/55

1,120,936

TOTAL

PENNSYLVANIA

21,414,936

PUERTO

RICO

-

0.2%

20,000,000

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-

Backed

Bonds,

Series

2008B

0.000 05/15/57

589,780

450,000

(b) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007TT

5.000 01/01/27

286,211

160,000

(b) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA

5.250 07/01/27

100,486

4,000

(b) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

5.000 07/01/24

2,544

325,000

(b) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

5.000 07/01/26

206,756

115,000

(b) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

5.250 07/01/26

72,994

105,000

(b) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2013A

5.000 07/01/29

66,798

250,000

(b) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2007TT

5.000 07/01/37

157,450

115,000

(b) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2008WW

5.500 01/01/27

72,810

100,000

(b) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Taxable

Series

2010EEE

5.950 07/01/30

65,747

100,000

(b) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Taxable

Series

2010EEE

6.250 07/01/40

65,710

TOTAL

PUERTO

RICO

1,687,286

SOUTH

CAROLINA

-

2.2%

5,000,000

(c) South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

Palmera

Apartments

Project,

Series

2025A

6.750 12/01/60

4,880,937

3,000,000

(c) South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Libertas

Woodruff

Project,

Series

2025A

7.250 08/15/65

3,091,842

5,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Mountain

View

Preparatory

Project,

Series

2025A

7.125 06/01/60

5,018,844

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOUTH

CAROLINA

(continued)

$

200,000

(c) South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2021A

4.000 %

06/15/31

$

187,865

1,840,000

(c) South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2021A

5.000 06/15/41

1,602,410

330,000

(c) South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2021A

5.000 06/15/51

254,283

250,000

(c) South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2023A

7.000 06/15/53

250,014

250,000

(c) South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2023A

7.125 06/15/58

251,186

TOTAL

SOUTH

CAROLINA

15,537,381

TENNESSEE

-

0.4%

2,985,000

(c) Memphis-Shelby

County

Community

Redevelopment

Agency,

Tennessee,

Revenue

Notes

Series

2016

7.250 04/01/38

2,987,312

100,000

(c) Metropolitan

Government

of

Nashville-Davidson

County

Industrial

Development

Board,

Tennessee,

Special

Assessment

Revenue

Bonds,

South

Nashville

Central

Business

Improvement

District,

Series

2021A

4.000 06/01/51

84,660

TOTAL

TENNESSEE

3,071,972

TEXAS

-

11.4%

1,295,000

Abilene

Convention

Center

Hotel

Development

Corporation,

Texas,

Hotel

Revenue

Bonds,

First-Lien

Series

2021A

4.000 10/01/50

1,001,406

1,250,000

(c) Abilene

Convention

Center

Hotel

Development

Corporation,

Texas,

Hotel

Revenue

Bonds,

Second-Lien

Series

2021B

5.000 10/01/50

1,053,421

200,000

(c) Anna,

Texas,

Special

Assessment

Revenue

Bonds,

Meadow

Vista

Public

Improvement

District

Area

Project,

Series

2024

5.750 09/15/54

201,039

1,190,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2021A

4.125 02/15/41

963,179

250,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2021A

4.500 02/15/56

175,691

3,330,000

(c) Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2022A

6.750 02/15/62

3,250,120

2,640,000

(c) Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Series

2022A

6.375 02/15/52

2,502,611

1,825,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Odyssey

Academy

Inc

Series

2023A

6.000 02/15/43

1,654,115

2,635,000

Baytown

Municipal

Development

District,

Texas,

Hotel

Revenue

Bonds,

Baytown

Convention

Center

Hotel,

First-Lien

Series

2021A

4.000 10/01/50

1,834,466

100,000

(c) Bee

Cave,

Travis

County,

Texas,

Special

Assessment

Revenue

Bonds,

Backyard

Public

Improvement

District

Project,

Series

2021

5.250 09/01/51

94,675

250,000

(c) Buda,

Texas,

Special

Assessment

Revenue

Bonds,

Persimmon

Public

improvement

District

Major

Improvement

Area

Project,

Series

2025

6.750 09/01/55

243,630

1,600,000

(c) Celina,

Texas,

Special

Assessment

Revenue

Bonds,

Cross

Creek

Meadows

Public

Improvement

District,

Major

Improvement

Area

District

Series

2023

6.125 09/01/53

1,607,146

1,000,000

(c) Celina,

Texas,

Special

Assessment

Revenue

Bonds,

Parvin

Public

Improvement

District

Project,

Series

2023

6.750 09/01/53

995,184

3,000,000

(c) Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Valor

Education

Foundation,

Series

2023A

6.250 06/15/53

2,858,554

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

550,000

(c) Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Valor

Education

Foundation,

Series

2024A

6.000 %

06/15/54

$

506,022

2,050,000

Conroe

Local

Government

Corporation,

Texas,

Hotel

Revenue

Bonds,

Conroe

Convention

Center

Hotel,

First-Lien

Series

2021A

4.000 10/01/50

1,563,065

7,390,000

Conroe

Local

Government

Corporation,

Texas,

Hotel

Revenue

Bonds,

Conroe

Convention

Center

Hotel,

Second-Lien

Series

2021B

5.000 10/01/50

5,803,658

1,250,000

(c) Corpus

Christi,

Nueces,

Aransas,

San

Patricio,

ad

Kleberg

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Whitecap

Public

Improvement

District

Improvement

Area

Project

Series

2024

6.125 09/15/44

1,257,471

1,000,000

(c) Corpus

Christi,

Nueces,

Aransas,

San

Patricio,

ad

Kleberg

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Whitecap

Public

Improvement

District

Improvement

Area

Project

Series

2024

6.500 09/15/54

989,440

700,000

(c) Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

Project,

Series

2025

6.125 12/31/55

714,689

2,000,000

Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Tabor

Ranch

Public

Improvement

District

Improvement

Area

Project,

Junior

Lien

Series

2024B

6.125 12/31/54

1,988,864

2,150,000

(c) Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Tabor

Ranch

Public

Improvement

District

Major

Improvement

Area

Project,

Series

2024

6.000 12/31/44

2,182,320

1,320,000

(c) Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Tabor

Ranch

Public

Improvement

District

Major

Improvement

Area

Project,

Series

2024

6.250 12/31/54

1,291,291

1,070,000

(c) Dorchester,

Texas,

Special

Assessment

Revenue

Bonds,

Cottonwood

Public

Improvement

District

Improvement

Area

Project

Series

2024

6.000 09/15/44

1,052,030

1,988,000

(c) Forney,

Texas,

Special

Assessment

Revenue

Bonds,

Bellagio

Public

Improvement

District

Phase

I

Project

Series

2023

6.500 09/15/53

1,919,235

3,490,000

Friendswood,

Harris

and

Galveston

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

City

Center

Public

Improvement

District,

Initial

Major

Improvements

Project

Series

2024

7.000 09/15/54

3,480,322

1,650,000

(c) Granbury,

Hood

County,

Texas,

Special

Assessment

Revenue

Bonds,

Lakeview

Landing

Public

Improvement

District

Project,

Series

2025

7.250 09/15/45

1,705,499

1,000,000

(c) Granbury,

Hood

County,

Texas,

Special

Assessment

Revenue

Bonds,

Lakeview

Landing

Public

Improvement

District

Project,

Series

2025

7.500 09/15/55

1,020,647

2,205,000

(c) Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

Porter

County

Public

Improvement

District

Improvement

Area

Project,

Series

2023

6.000 09/01/53

2,184,862

512,000

(c) Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

Southwest

Kyle

Public

Improvement

District

Improvement

Area

Project,

Series

2023

6.750 09/01/48

531,962

1,625,000

(c) Lewisville,

Denton

and

Dallas

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Lakeside

Crossing

Public

Improvement

District

Series

2023

8.000 09/01/53

1,678,020

3,932,000

(c) Lockhart,

Texas,

Special

Assessment

Revenue

Bonds,

Seawillow

Public

Improvement

District

Major

Improvement

Area,

Series

2026

7.500 09/01/56

3,893,868

250,000

(c) Manor,

Texas,

Special

Assessment

Revenue

Bonds,

Entradaglen

Public

Improvement

District

Improvement

Area

Project,

Series

2025

7.000 09/15/55

260,608

1,000,000

(c) Marble

Falls,

Burnet

County,

Texas,

Special

Assessment

Revenue

Bonds,

Thunder

Rock

Public

Improvement

District

Remainder

Area

Project,

Series

2024

7.625 09/01/54

985,431

1,645,000

(c) Mission

Economic

Development

Corporation,

Texas,

Utility

Revenue

Bonds,

Permian

Basin

Water

Resources

Project,

Series

2025A,

(AMT)

7.000 08/15/60

1,671,759

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

770,000

(c) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Beta

Academy,

Series

2019A

5.000 %

08/15/49

$

693,549

70,000

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckingham

Senior

Living

Community,

Inc.

Project,

Series

2021A-1

7.500 11/15/37

70,000

435,000

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckingham

Senior

Living

Community,

Inc.

Project,

Series

2021A-2

7.500 11/15/36

435,000

3,229,663

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckingham

Senior

Living

Community,

Inc.

Project,

Series

2021B,

(cash

2.000%,

PIK

2.000%)

0.000 11/15/61

1,486,812

135,933

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project, Series

2015A

5.000 08/01/25

133,214

650,000

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project, Series

2015A

5.000 07/01/27

637,000

500,000

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project, Series

2015A

5.000 07/01/30

492,522

1,000,000

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project, Series

2015A

5.000 07/01/35

978,757

2,500,000

(b) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project, Series

2015A

5.000 07/01/47

2,351,489

1,275,000

(c) New

Hope

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Southwest

Preparatory

School

Series

2023A

6.375 08/15/53

1,313,922

85,000

(c) New

Hope

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Southwest

Preparatory

School

Taxable

Series

2023A

8.000 08/15/30

86,705

500,000

(c) Pilot

Point,

Denton,

Grayson,

and

Cooke

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

Project,

Series

2025

6.375 09/15/55

511,031

250,000

(c) Pilot

Point,

Denton,

Grayson,

and

Cooke

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

Project,

Series

2025

6.375 09/15/55

255,515

250,000

(c) Pilot

Point,

Denton,

Grayson,

and

Cooke

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

Project,

Series

2025

7.125 09/15/55

255,510

215,000

(c) Pilot

Point,

Denton,

Grayson,

and

Cooke

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

Project,

Series

2025

7.125 09/15/55

219,738

465,000

(c) Plano,

Collin

and

Denton

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Haggard

Farm

Public

Improvement

District

Project,

Area

Project

Series

2023

7.500 09/15/53

484,349

1,000,000

(c) Plano,

Collin

and

Denton

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Haggard

Farm

Public

Improvement

District

Project,

Major

Improvement

Area

Project

Series

2023

8.500 09/15/53

1,040,155

4,000,000

(c) Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2021A,

(AMT)

3.000 01/01/50

2,413,835

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

250,000

(c) Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Sicily

Public

Improvement

District

Improvement

Area

Project,

Series

2023

7.000 %

09/01/53

$

253,169

500,000

(c) Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Sicily

Public

Improvement

District

Major

Improvement

Area

Project,

Series

2023

7.875 09/01/53

510,802

125,000

(b) Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012

3.000 12/15/32

71,250

500,000

(b) Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012

3.000 12/15/42

285,000

305,000

(b) Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012

3.000 12/15/47

173,850

1,970,000

(c) Rockdale,

Milam

County,

Texas,

Special

Assessment

Revenue

Bonds,

Cornerstone

Public

Improvement

District

Improvement

Area

1,

Series

2023

7.500 09/15/54

2,023,808

610,000

(c) Sachse,

Texas,

Special

Assessment

Bonds,

Sachse

Public

Improvement

District

Improvement

Areas

2-3

Project,

Series

2022

7.000 09/15/52

661,210

720,000

Salado,

Bell

County,

Texas,

Special

Assessment

Revenue

Bonds,

Sanctuary

East

Public

Improvement

District

Improvement

Area

Project

Series

2024

6.250 09/01/44

728,949

1,500,000

(c) San

Marcos

City,

Hays,

Caldwell

and

Guadalupe

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

San

Marcos

Trace

Public

Improvement

District

Series

2024

6.000 09/01/48

1,482,123

100,000

(c) Sinton,

San

Patricio

County,

Texas,

Special

Assessment

Revenue

Bonds,

Somerset

Public

Improvement

District

Series

2022

5.250 09/01/51

97,170

500,000

(b) Tarrant

County

Cultural

Education

Facilities

Finance

Corporaton,

Texas,

Retirement

Facility

Revenue

Bonds,

C.C.

Young

Memorial

Home

Project,

Series

2016A

3.750 02/15/37

406,250

3,000,000

(c) Terrell,

Texas,

Special

Assessment

Revenue

Bonds,

Arboretum

Estates

Public

Improvement

District

Major

Improvement

Area

Project,

Series

2025

7.000 09/15/55

3,038,194

800,000

(c) Venus,

Johnson

County,

Texas,

Special

Assessment

Revenue

Bonds,

Brahman

Ranch

Public

Improvement

District,

Series

2022

6.500 09/15/52

770,711

80,000

Viridian

Municipal

Management

District,

Texas,

Assessment

Revenue

Bonds,

Series

2017

4.250 12/01/44

72,792

900,000

(c) Vista

Lago,

Travis

County,

Texas,

Special

Assessment

Revenue

Bonds,

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

#3

Project,

Series

2024

6.000 09/01/54

909,310

TOTAL

TEXAS

80,459,991

UTAH

-

12.1%

500,000

(c) Black

Desert

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds

Subordinate

Series

2021B

7.375 09/15/51

450,829

1,615,000

(c) Chelsey

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds

Series

2024

7.250 03/01/54

1,639,246

5,168,000

(c) Chelsey

Public

Infrastructure

District

1,

Utah,

Special

Assessment

Bonds

Chelsey

Assessment

Area

Series

2024

7.000 12/01/42

5,393,183

500,000

(c) Coral

Junction

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1

6.500 03/01/53

479,233

1,255,000

(c) Courtyards

at

Shurtz

Canyon

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A-1

7.000 03/01/55

1,285,563

776,000

(c) Courtyards

at

Shurtz

Canyon

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2025B

9.500 03/15/55

787,455

2,945,000

(c) Courtyards

at

Shurtz

Canyon

Public

Infrastructure

District,

Utah,

Special

Assessment

Bonds,

Courtyards

at

Shurtz

Canyon

Assessment

Area,

Series

2025A-2

6.875 12/01/45

3,050,906

1,137,000

(c) Desert

Edge

Public

Infrastructure

District

No.

1,

Grantsville,

Tooele

County,

Utah,

General

Obligation

Bonds,

Limited

Tax

Subordinate

Series

2025B

8.500 03/15/55

1,154,527

4,000,000

(c),(d)

Desert

Edge

Public

Infrastructure

District

No.

1,

Grantsville,

Tooele

County,

Utah,

Limited

Tax

General

Obligation

Convertible

Capital

Appreciation

Bonds,

Series

2025A

0.000 03/01/55

3,186,424

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH

(continued)

$

2,000,000

(c) Downtown

East

Streetcar

Sewer

Public

Infrastructure

District,

South

Salt

Lake,

Salt

Lake

County,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

6.000 %

03/01/53

$

1,917,831

825,000

(c) Fields

Estates

Public

Infrastructure

District,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2024A-1

6.125 03/01/55

822,993

7,452,000

(c) Fox

Hollow

Infrastructure

Financing

District,

Saratoga

Springs,

Utah

County,

Utah,

Special

Assessment

Bonds,

Fox

Hollow

Assessment

Area,

Series

2025

6.125 12/01/54

7,245,770

1,000,000

(c) Gateway

at

Sand

Hollow,

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2021A

5.500 03/01/51

778,284

1,715,000

(c) GLH

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025

6.875 03/01/55

1,804,166

4,130,000

(c) High

Star

Ranch

Infrastructure

Financing

District,

Utah,

Special

Assessment

Bonds,

High

Star

Ranch

Assessment

Area,

Series

2026

6.250 12/01/55

4,130,469

1,595,000

(c) Jordanelle

Ridge

Public

Infrastructure

District

2,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2023A

7.750 03/01/54

1,654,783

2,143,000

(c) Medical

School

Campus

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2020A

5.250 02/01/40

1,906,797

4,415,000

(c) Medical

School

Campus

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2020A

5.500 02/01/50

3,546,475

500,000

(c) Mida

Cormont

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A-1

6.250 06/01/55

520,992

500,000

(c) Mida

Cormont

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A-2

6.750 06/01/55

428,734

3,747,000

(c) Mida

Cormont

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2025B

8.500 06/15/55

3,820,135

800,000

(c) MIDA

Mountain

Village

Public

Infrastructure

District,

Utah,

Tax

Allocation

Revenue

Bonds,

Series

2025-1

5.750 06/01/60

806,090

660,000

(c) Moonlight

Village,

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A

6.000 03/01/56

661,712

4,800,000

(c) Nordic

Village

Public

Infrastructure

District

1,

Weber

County,

Utah,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2025

6.500 03/01/55

4,913,717

1,000,000

(c) Northpoint

Infrastructure

Financing

District,

Salt

Lake

City,

Salt

Lake

County,

Utah,

Special

Assessment

Bonds

Northpoint

Assessment

Area,

Series

2026

6.625 12/01/55

985,210

750,000

(c) Northwest

Quadrant

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A

6.125 03/01/56

750,361

1,329,000

Northwest

Quadrant

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025B

8.250 03/15/56

1,315,673

951,000

Olympia

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2024B

8.000 03/15/55

964,290

1,000,000

(c) Panorama

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A

6.250 03/01/55

1,002,103

1,000,000

(c) Ridges

Estates

Infrastructure

Financing

District,

Utah,

Special

Assessment

Bonds,

Alpine

Hollow

Assessment

Area,

Series

2025

6.250 12/01/53

1,024,820

865,000

(c) Sienna

Hills

Public

Infrastructure

District

No.

Limited

Tax

General

Obligation

and

Sales

Tax

Revenue

Bonds,

Utah,

Series

2023A

6.750 07/01/35

908,857

1,005,000

(c) Slate

Canyon

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A

6.250 03/01/55

1,020,574

690,000

(c) Soleil

Hills

Public

Infrastructure

District

No.

1,

Utah,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2025A

5.875 03/01/55

682,130

1,000,000

(c) Sun

Stone

Infrastructure

Financing

District,

Utah,

Special

Assessment

Bonds,

Assessment

Area

1,

Series

2024

6.750 06/01/54

1,018,702

1,810,000

(c) Trails

at

Shurtz

Canyon

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2025A-1

6.750 03/01/55

1,854,522

1,815,000

(c) Trails

at

Shurtz

Canyon

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2025B

9.000 03/15/55

1,842,382

3,995,000

(c) Trails

at

Shurtz

Canyon

Public

Infrastructure

District,

Utah,

Special

Assessment

Bonds,

Series

2025A-2

6.625 12/01/45

4,139,957

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH

(continued)

$

7,065,000

TV

Public

Infrastructure

District,

Utah,

Limited

Tax

and

Tax

Differential

Convertible

Capital

Appreciation

Bonds,

Series

2025

8.000 %

03/01/56

$

4,859,982

375,000

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Bridge

Elementary

Project,

Series

2021A

4.000 06/15/41

312,595

245,000

(c) Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Saint

George

Academy

Project,

Series

2021A

5.000 06/15/56

184,194

7,000,000

(c) Ventana

Resort

Village

Public

Infrastructure

District,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2024

5.500 03/01/54

6,819,490

1,925,000

(c) Verk

Industrial

Regional

Public

Infrastructure

District,

Utah,

Tax

Differential

Revenue

Bonds,

Series

2025

6.625 09/01/47

2,029,699

500,000

(c) Wakara

Ridge

Public

Infrastructure

District,

Utah,

Special

Assessment

Bonds,

Wakara

Ridge

Assessment

Area,

Series

2025

5.625 12/01/54

507,024

1,015,000

(c) Wohali

Public

Infrastructure

District

1,

Utah,

Special

Assessment

Revenue

Bonds,

Assessment

Area

Series

2023

7.000 12/01/42

841,283

TOTAL

UTAH

85,450,162

VIRGIN

ISLANDS

-

1.4%

6,270,000

Virgin

Islands

Hotel

Development

Financing

Corporation,

Hotel

Revenue

Bonds

Frenchman's

Reef

Hotel

Acquisition

Project,

Senior

Lien

Series

2025A-1

6.000 12/01/55

6,101,267

200,000

(c) Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Senior

Series

2021A

6.750 07/01/26

200,126

1,070,000

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B

5.000 07/01/26

1,062,461

2,745,000

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B

5.000 07/01/31

2,392,618

250,000

(c) West

Indian

Company

Limited,

Virgin

Islands,

Port

Facilities

Revenue

Bonds

WICO

Financing

Series

2022B,

(AMT)

6.500 04/01/52

238,594

TOTAL

VIRGIN

ISLANDS

9,995,066

VIRGINIA

-

1.3%

300,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

6.875 12/01/58

325,663

4,350,000

(c) Powhatan

County

Economic

Development

Authority,

Virginia,

Grant

Revenue

Bonds,

Chesterfield

Hotel

Project,

Senior

Series

2025A

6.125 09/01/60

4,272,430

4,145,000

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A

7.000 09/01/59

4,503,757

TOTAL

VIRGINIA

9,101,850

WASHINGTON

-

1.5%

4,445,000

Washington

State

Housing

Finance

Commission,

Nonprofit

Housing

Revenue

Bonds,

Horizon

House

Project,

Refunding

Series

2025A

6.250 01/01/61

4,406,307

6,000,000

(c) Washington

State

Housing

Finance

Commission,

Nonprofit

Revenue

Bonds,

Provident

Group

SH

II

Properties

LLC,

Blakeley

&

Laurel

Villages

Portfolio,

Series

2025A

7.000 07/01/64

6,171,186

TOTAL

WASHINGTON

10,577,493

WEST

VIRGINIA

-

0.4%

480,000

Huntington,

West

Virginia,

Tax

Increment

Revenue

Bonds,

Kinetic

Park

Project

3,

Refunding

Series

2024

5.625 05/01/50

472,203

935,000

(c),(d)

Monongalia

County

Commission,

West

Virginia,

Special

District

Excise

Tax

Revenue

Bonds,

University

Town

Centre

Economic

Opportunity

Development

District,

Subordinate

Improvement

and

Refunding

Series

2023B

0.000 06/01/53

205,841

440,000

(c) Monongalia

County,

West

Virginia,

Tax

Increment

Revenue

Bonds,

University

Town

Centre

Development

District

4,

Senior

Refunding

and

Improvement

Series

2023A

6.000 06/01/53

458,804

185,000

(c) South

Charleston,

West

Virginia,

Special

District

Excise

Tax

Revenue

Improvement

Bonds,

South

Charleston

Park

Place

Project,

Series

2022A

4.250 06/01/42

154,617

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WEST

VIRGINIA

(continued)

$

250,000

(c) South

Charleston,

West

Virginia,

Special

District

Excise

Tax

Revenue

Improvement

Bonds,

South

Charleston

Park

Place

Project,

Series

2022A

4.500 %

06/01/50

$

199,145

2,285,000

(b),(c)

West

Virginia

Economic

Development

Authority,

Dock

and

Wharf

Facilities

Revenue

Bonds,

Empire

Trimodal

Terminal,

LLC

Project,

Series

2020

7.625 12/01/40

1,142,500

TOTAL

WEST

VIRGINIA

2,633,110

WISCONSIN

-

18.9%

3,020,000

(a) Ashwaubenon

Community

Development

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Brown

County

Expo

Center

Project,

Series

2019

0.000 06/01/54

717,795

2,980,000

Public

Finance

Authority

of

Wisconsin,

Capital

Appreciation

Bonds,

Texas

Infrastructure

Program,

Capital

Creek

Ranch

Project,

Revenue

Anticipation

Series

2025

0.000 12/15/39

1,148,064

255,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Alamance

Community

School,

Series

2021A

5.000 06/15/51

218,268

1,100,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Cherokee

Classical

Academy,

Series

2025A

7.000 06/15/65

1,100,378

2,775,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Corvian

Community

School

Bonds,

North

Carolina,

Series

2019A

5.000 06/15/49

2,293,390

900,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Discovery

Charter

School

Project,

Series

2022A

6.625 06/01/52

857,258

1,425,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Discovery

Charter

School

Project,

Series

2022A

6.750 06/01/62

1,351,156

600,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Founders

Academy

of

Las

Vegas,

Series

2023A

6.625 07/01/53

617,258

550,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Founders

Academy

of

Las

Vegas,

Series

2023A

6.750 07/01/58

567,746

1,000,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Freedom

Classical

Academy

Inc.,

Series

2020A

5.000 01/01/56

822,912

2,385,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Hapeville

Charter

Project,

Series

2025A

6.875 06/15/54

2,354,170

2,495,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A

5.000 06/15/36

2,296,382

415,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A

5.000 06/15/46

333,182

1,110,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Quality

Education

Academy

Project,

Series

2023A

6.250 07/15/53

1,132,858

1,175,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Quality

Education

Academy

Project,

Series

2023A

6.500 07/15/63

1,206,963

7,125,000

(c) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Vegas

Vista

Academy,

Series

2024A

7.000 06/01/59

6,465,466

1,520,000

(c) Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

First

Tier

Series

2025

6.250 01/01/65

1,490,194

1,250,000

(c) Public

Finance

Authority

of

Wisconsin,

Contract

Revenue

Bonds,

Mercer

Crossing

Public

Improvement

District

Project,

Series

2017

7.000 03/01/47

1,265,361

300,000

(c) Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Casa

Esperanza

Montessori,

Series

2021A

4.375 06/01/46

239,066

100,000

(c) Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Casa

Esperanza

Montessori,

Series

2021A

4.500 06/01/56

73,991

1,000,000

(c) Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Corvian

Community

School,

North

Carolina

Series

2023A

6.250 06/15/53

957,701

500,000

(c) Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Mater

Academy

of

Nevada,

-

East

Las

Vegas

Campus

Project,

Series

2024A

5.000 12/15/54

451,750

750,000

Public

Finance

Authority

of

Wisconsin,

Educational

Facilities

Revenue

Bonds,

Cincinnati

Classical

Academy,

Series

2024A

5.875 06/15/54

731,346

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

1,000,000

(c) Public

Finance

Authority

of

Wisconsin,

Educational

Facility

Revenue

Bonds,

Dreamhouse

Refunding

Series

2025A

7.375 %

06/15/60

$

984,362

1,185,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017A

6.250 08/01/27

865,050

500,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017B

5.625 08/01/27

450,000

2,000,000

(c) Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

5.000 12/01/27

1,560,000

4,500,000

(c) Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

6.750 12/01/42

3,510,000

55,800,000

(c) Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

7.000 12/01/50

43,524,000

5,935,000

(c) Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

Meadowlands

Project,

Series

2017

6.500 12/01/37

4,629,300

4,690,000

(c) Public

Finance

Authority

of

Wisconsin,

Multifamily

Housing

Revenue

Bonds,

Promenade

Apartments

Project,

Series

2024

6.250 02/01/39

4,764,361

1,000,000

(c) Public

Finance

Authority

of

Wisconsin,

Multifamily

Housing

Revenue

Bonds,

Renaissance

Hall

at

Old

Course

LLC

Project,

Subordinate

Series

2024

8.000 06/01/67

928,934

250,000

(c) Public

Finance

Authority

of

Wisconsin,

Retirement

Facility

Revenue

Bonds,

Penick

Village,

Series

2019

5.000 09/01/54

226,095

2,045,000

Public

Finance

Authority

of

Wisconsin,

Revenue

Anticipation

Capital

Appreciation

Bonds,

Creekhaven,

Wildrye,

and

Furst

Ranch

Projects,

Texas

Infrastructure

Program,

Series

2026

0.000 12/15/36

1,042,171

13,650,000

(c) Public

Finance

Authority

of

Wisconsin,

Revenue

Anticipation

Capital

Appreciation

Bonds,

Texas

Infrastructure

Authority

Program,

Myrtle

Creek

Project,

Series

2025

0.000 12/15/41

5,088,128

2,700,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Procure

Proton

Therapy

Center,

Senior

Series

2018A

7.000 07/01/48

1,890,000

700,000

(c) Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Revolution

Academy,

Refunding

Series

2023A

6.250 10/01/58

707,078

250,000

(c) Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Senior

Revenue

Bonds,

Proton

International

Arkansas,

LLC,

Series

2021A

6.850 01/01/51

169,321

3,350,000

(c) Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Viticus

Group

Project,

Series

2025A

6.750 12/01/65

3,413,034

1,000,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Senior

Revenue

Bonds,

Maryland

Proton

Treatment

Center,

Series

2018A-1

6.375 01/01/48

450,000

100,000

(b),(f)

Public

Finance

Authority

of

Wisconsin,

Wisconsin

Revenue

Note,

KDC

Agribusiness

LLC

Project,

Series

2022B

15.000 12/31/26

15,165,000

(c) Public

Finance

Authority,

Wisconsin,

Anticipation

Capital

Appreciation

Bonds,

Milo

Farms

Project,

Series

2025

0.000 12/15/39

5,507,423

1,730,000

(c) Public

Finance

Authority,

Wisconsin,

Revenue

Bonds,

Two

Step

Project,

Series

2024

0.000 12/15/34

1,024,193

7,635,000

(c) Public

Finance

Authority,

Wisconsin,

Tax

Increment

Revenue

Subordinate

Bonds,

World

Center

Project

Series

2024B

8.000 06/15/42

7,662,116

100,000

(c) Saint

Croix

Chippewa

Indians

of

Wisconsin,

Revenue

Bonds,

Refunding

Senior

Series

2021

5.000 09/30/41

90,805

290,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Covenant

Communities

Inc,

Second

Tier

Series

2018B

4.375 07/01/38

274,800

250,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Dickson

Hollow

Phase

Project,

Series

2024

6.125 10/01/59

257,228

1,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Oakwood

Lutheran

Senior

Ministries,

Series

2021

4.000 01/01/57

766,350

Portfolio

of

Investments

March

31,

2026

(continued)

Enhanced

High

Yield

Municipal

Bond

See

Notes

to

Financial

Statements

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

6,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Senior

Living

Revenue

Bonds,

Chiara

Housing

and

Services,

Inc.

Project,

Series

2024

5.875 %

07/01/55

$

5,968,771

6,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Senior

Living

Revenue

Bonds,

Chiara

Housing

and

Services,

Inc.

Project,

Series

2024

6.000 07/01/60

6,014,323

2,500,000

(c) Wisconsin

Housing

and

Economic

Development

Authority,

Multifamily

Housing

Bonds,

Meadow

Village

Project

Series

2020A

5.000 07/01/37

2,319,954

TOTAL

WISCONSIN

132,780,462

TOTAL

MUNICIPAL

BONDS

(Cost

$1,046,245,968)

977,227,406

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

8642

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

0.0%

(0.0%

of

Total

Investments)

8642

CAPITAL

GOODS

-

0.0%

128,676

(b),(f)

KDC

Agribusiness

Fairless

Hills

LLC

12.000 09/17/26

TOTAL

CAPITAL

GOODS

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

45,154

(b),(f)

Jackson

Hospital

13.000 04/30/26

3,612

62,714

(b),(f)

Jackson

Hospital,

Inc.

and

Jackson

Hospital

Financing,

LLC

13.000 04/30/26

5,017

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

8,629

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$236,347)

8,642

SHARES

DESCRIPTION

MATURITY

VALUE

51,825

WARRANTS

-

0.0%

(0.0%

of

Total

Investments)

51,825

TRANSPORTATION

-

0.0%

41,460

(f) BL

TRAIN

HOLDINGS

WEST

LLC

11/26/35

51,825

TOTAL

TRANSPORTATION

51,825

TOTAL

WARRANTS

(Cost

$0)

51,825

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,046,482,315)

977,287,873

BORROWINGS

-

(0.6)%

(g) (4,137,692)

FLOATING

RATE

OBLIGATIONS

-

(2.9)%

(20,580,000)

MFP

SHARES,

NET

-

(38.8)%(h)

(273,432,035)

OTHER

ASSETS

&

LIABILITIES,

NET

- 3.6%

25,430,945

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

704,569,091

AMT

Alternative

Minimum

Tax

PIK

Payment-in-kind

("PIK")

security. Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both. The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

Inverse

floating

rate

trust

is

a

Recourse

Trust

unless

otherwise

noted.

(a) Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(b) Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(c) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

fiscal

period,

the

aggregate

value

of

these

securities

is

$629,651,008

or

64.4%

of

Total

Investments.

(d) Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

fiscal

period.

(e) Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

when

applicable. For

mortgage-backed

or

asset-backed

securities

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(f) For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3. 39

See

Notes

to

Financial

Statements

(g) Borrowings

as

a

percentage

of

Total

Investments

is

0.4%.

(h) MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

28.0%.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

March

31,

2026

Enhanced

High

Yield

Municipal

Bond

ASSETS

Long-term

investments,

at

value

†

$

977,287,873

Receivables:

Interest

28,011,684

Investments

sold

60,000

Reimbursement

from

Adviser

2,700

Shares

sold

1,493,708

Other

69,790

Total

assets

1,006,925,755

LIABILITIES

Cash

overdraft

323,720

Borrowings

4,137,692

Floating

rate

obligations

20,580,000

MFP

Shares,

Net

\*\*

273,432,035

Payables:

Management

fees

788,266

Dividends

1,447,739

Interest

109,126

Investments

purchased

-

regular

settlement

983,950

Accrued

expenses:

Custodian

fees

139,631

Trustees

fees

18,490

Professional

fees

58,451

Shareholder

reporting

expenses

24,913

Shareholder

servicing

agent

fees

63,979

Distribution

and

service

fees

(12b-1)

244,070

Other

4,602

Total

liabilities

302,356,664

Commitments

and

contingencies

(1) Net

assets

applicable

to

common

shares

$

704,569,091

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Paid-in

capital

$

766,100,714

Total

distributable

earnings

(loss)

(61,531,623)

Net

assets

applicable

to

common

shares

$

704,569,091

†

Long-term

investments,

cost

$

1,046,482,315

\*\*

MFP

Shares,

liquidation

preference

$

274,500,000

(1) As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

Enhanced

High

Yield

Municipal

Bond

CLASS

A1:

Net

assets

$

248,194,849

Common

Shares

outstanding

35,315,767

Net

asset

value

("NAV")

per

common

share

$

7.03 Maximum

sales

charge

2.50%

Offering

price

per

common

share

(NAV

per

common

share

plus

maximum

sales

charge)

$

7.21 CLASS

A2:

Net

assets

$

201,864,857

Common

Shares

outstanding

28,686,051

NAV

and

offering

price

per

common

share

$

7.04 CLASS

I:

Net

assets

$

254,509,385

Common

Shares

outstanding

36,221,420

NAV

and

offering

price

per

common

share

$

7.03 Authorized

shares

-

per

class

Unlimited

Par

value

per

common

share

$

0.01 Statement

of

Operations

See

Notes

to

Financial

Statements

``

Year

Ended

March

31,

2026

Enhanced

High

Yield

Municipal

Bond

INVESTMENT

INCOME

Interest

$

72,593,472

Total

investment

income

72,593,472

EXPENSES

–

Management

fees

9,269,726

Distribution

and

service

fees

(12b-1)

-

Class

A1

1,797,546

Distribution

and

service

fees

(12b-1)

-

Class

A2

1,051,714

Shareholder

servicing

agent

fees

-

Class

A1

92,050

Shareholder

servicing

agent

fees

-

Class

A2

80,952

Shareholder

servicing

agent

fees

-

Class

I

96,675

Interest

expense

and

amortization

of

offering

costs

10,826,901

Trustees

fees

48,125

Custodian

expenses,

net

119,400

Excise

tax

liability

expense

53,322

Registration

fees

131,313

Professional

fees

264,703

Shareholder

reporting

expenses

62,352

Other

43,272

Total

expenses

before

fee

waiver/expense

reimbursement

23,938,051

Fee

waiver/expense

reimbursement

(185,464)

Net

expenses

23,752,587

Net

investment

income

(loss)

48,840,885

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(749,295)

Net

realized

gain

(loss)

(749,295)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(68,679,478)

Net

change

in

unrealized

appreciation

(depreciation)

(68,679,478)

Net

realized

and

unrealized

gain

(loss)

(69,428,773)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

(20,587,888)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

Enhanced

High

Yield

Municipal

Bond

Year

Ended

3/31/26

Year

Ended

3/31/25

OPERATIONS

Net

investment

income

(loss)

$

48,840,885

$

32,290,773

Net

realized

gain

(loss)

(749,295)

5,671,191

Net

change

in

unrealized

appreciation

(depreciation)

(68,679,478)

(2,954,918)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(20,587,888)

35,007,046

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends:

Class

A1

(12,919,597)

(10,205,584)

Class

A2

(11,908,864)

(8,448,860)

Class

I

(15,542,559)

(12,308,575)

Total

distributions

(40,371,020)

(30,963,019)

FUND

SHARE

TRANSACTIONS

Subscriptions

183,532,694

378,764,023

Reinvestments

of

distributions

22,963,529

17,235,803

Repurchases

and

redemptions

(159,790,167)

(76,605,470)

Net

increase

(decrease)

applicable

to

common

shares

from

Fund

share

transactions

46,706,056

319,394,356

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(14,252,852)

323,438,383

Net

assets

applicable

to

common

shares

at

the

beginning

of

period

718,821,943

395,383,560

Net

assets

applicable

to

common

shares

at

the

end

of

period

$

704,569,091

$

718,821,943

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

Year

Ended

March

31,

2026

Enhanced

High

Yield

Municipal

Bond

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

(20,587,888)

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(451,610,631)

Proceeds

from

sale

and

maturities

of

investments

427,515,993

Amortization

(Accretion)

of

premiums

and

discounts,

net

(11,870,406)

Amortization

of

deferred

offering

costs

(331,785)

(Increase)

Decrease

in:

Receivable

for

interest

(9,381,383)

Receivable

for

investments

sold

1,538,156

Receivable

for

reimbursement

from

Adviser

(2,700)

Other

assets

8,345

Increase

(Decrease)

in:

Payable

for

interest

(3,844)

Payable

for

investments

purchased

-

regular

settlement

(2,701,050)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(2,406,835)

Payable

for

management

fees

(5,355)

Accrued

custodian

fees

54,917

Accrued

distribution

and

service

fees

(12b-1)

(4,042)

Accrued

Trustees

fees

5,602

Accrued

professional

fees

54,893

Accrued

shareholder

reporting

expenses

12,945

Accrued

shareholder

servicing

agent

fees

30,270

Accrued

shelf

offering

costs

(3,000)

Accrued

other

expenses

(145,911)

Net

realized

(gain)

loss

from

investments

749,295

Net

realized

(gain)

loss

from

paydowns

264,814

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

68,679,478

Net

cash

provided

by

(used

in)

operating

activities

(140,122)

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

126,612,157

(Repayments)

of

borrowings

(140,479,164)

Proceeds

from

floating

rate

obligations

17,285,000

(Repayments

of)

floating

rate

obligations

(10,270,000)

Increase

(Decrease)

in:

Cash

overdraft

323,720

Cash

distributions

paid

to

common

shareholders

(17,251,364)

Subscriptions

183,434,940

Repurchases

(159,790,167)

Net

cash

provided

by

(used

in)

financing

activities

(134,878)

Net

increase

(decrease)

in

cash

(275,000)

Cash

at

the

beginning

of

period

275,000

Cash

at

the

end

of

period

$

—

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

Enhanced

High

Yield

Municipal

Bond

Cash

paid

for

interest

$

10,672,093

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

common

share

distributions

22,963,529

Financial

Highlights

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Common

Share

Net

Asset

Value,

End

of

Period

Enhanced

High

Yield

Municipal

Bond

Class

A1

3/31/26

$

7.65 $

0.48 $

(0.71)

$

(0.23)

$

(0.39)

$

—

$

(0.39)

$

7.03 3/31/25

7.50 0.41 0.14 0.55 (0.39)

(0.01)

(0.40)

7.65 3/31/24

7.25 0.38 0.26 0.64 (0.39)

—

(0.39)

7.50 3/31/23

8.54 0.41 (1.32)

(0.91)

(0.38)

—

(0.38)

7.25 3/31/22

(e) 10.00 0.31 (1.59)

(1.28)

(0.18)

—

(0.18)

8.54 Class

A2

3/31/26

7.66 0.49 (0.70)

(0.21)

(0.41)

—

(0.41)

7.04 3/31/25

7.51 0.44 0.13 0.57 (0.41)

(0.01)

(0.42)

7.66 3/31/24

7.26 0.41 0.25 0.66 (0.41)

—

(0.41)

7.51 3/31/23

(g) 8.08 0.29 (0.84)

(0.55)

(0.27)

—

(0.27)

7.26 Class

I

3/31/26

7.65 0.53 (0.71)

(0.18)

(0.44)

—

(0.44)

7.03 3/31/25

7.50 0.47 0.13 0.60 (0.44)

(0.01)

(0.45)

7.65 3/31/24

7.25 0.43 0.26 0.69 (0.44)

—

(0.44)

7.50 3/31/23

8.54 0.47 (1.32)

(0.85)

(0.44)

—

(0.44)

7.25 3/31/22

(e) 10.00 0.30 (1.54)

(1.24)

(0.22)

—

(0.22)

8.54 (a) Based

on

average

common

shares

outstanding.

(b) Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.

(c) The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

preferred

shares

and

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d) After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(e) For

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022. (f) Annualized.

(g) For

the

period

July

29,

2022

(commencement

of

operations)

through

March

31,

2023. See

Notes

to

Financial

Statements

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Ratios

to

Average

Net

Assets

Common

Share

Total

Return

(b) Net

Assets,

End

of

Period

(000) Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

(3.02)

%

$

248,195

3.75 %

2.21 %

3.73 %

2.19 %

6.62 %

%

7.32 245,749

3.79 2.16 3.75 2.12 5.32 20

9.21 139,764

4.09 2.34 3.89 2.14 5.35 41

(10.70)

48,252

3.98 2.76 3.48 2.26 5.49 46

(13.00)

13,849

2.91 (f) 2.62 (f) 2.58 (f) 2.29 (f) 4.43 (f) 88

(2.75)

201,865

3.50 1.96 3.48 1.94 6.86 43

7.60 218,073

3.55 1.92 3.51 1.88 5.63 20

9.47 85,656

3.84 2.09 3.64 1.89 5.64 41

(6.71)

26,007

3.43 (f) 2.21 (f) 3.03 (f) 1.81 (f) 5.94 (f) 46

(2.26)

254,509

3.00 1.46 2.98 1.44 7.37 43

8.11 255,000

3.04 1.41 3.00 1.37 6.07 20

10.03 169,964

3.34 1.59 3.14 1.39 6.05 41

(9.99)

54,680

3.25 2.03 2.77 1.55 6.28 46

(12.59)

46,795

2.05 (f) 1.76 (f) 1.72 (f) 1.43 (f) 4.18 (f) 88

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

the

Fund's

outstanding

securities

as

of

the

end

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

MFP

Shares

Aggregate

Amount

Outstanding

(000) (a) Asset

Coverage

Per

$1,000

(b) Aggregate

Amount

Outstanding

(000) (a) Asset

Coverage

Per

$100,000

(c) Enhanced

High

Yield

Municipal

Bond

3/31/26

$

—

$

—

$

274,500

$

356,674

3/31/25

—

—

274,500

361,866

3/31/24

—

—

139,500

383,429

3/31/23

—

—

27,500

568,873

3/31/22

(d) 20,000

4,032

—

—

(a) Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b) Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

is

calculated

by

subtracting

the

Fund's

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund's

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund's

borrowings

(excluding

temporary

borrowings)

then

outstanding and

multiplying

the

result

by

1,000.

For

purpose

of

asset

coverage

above,

senior

securities

consist

of

preferred

shares

or

borrowings

of

a

Fund

and

does

not

include

derivative

transactions

and

other

investments

that

have

the

economic

effect

of

leverage

such

as

reverse

repurchase

agreements

and

tender

option

bonds.

If

the

leverage

effects

of

such

investments

were

included,

the

asset

coverage

amounts

presented

would

be

lower.

(c) Asset

Coverage

Per

$100,000:

Asset

coverage

per

$100,000

is

calculated

by

subtracting

the

Fund's

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund's

total

assets,

dividing

the

result

by

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares

and

multiplying

the

result

by

100,000.

For

purpose

of

asset

coverage

above,

senior

securities

consist

of

preferred

shares

or

borrowings

(excluding

temporary

borrowings)

of

a

Fund

and

does

not

include

derivative

transactions

and

other

investments

that

have

the

economic

effect

of

leverage

such

as

reverse

repurchase

agreements

and

tender

option

bonds.

If

the

leverage

effects

of

such

investments

were

included,

the

asset

coverage

amounts

presented

would

be

lower.

(d) For

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022. 48

Notes

to

Financial

Statements

1. General

Information

Fund

Information:

The

fund

covered

in

this

report

is

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(the

"Fund").

The

Fund

is

registered

under

the

Investment

Company

Act

of

1940

(the

"1940

Act"),

as

amended,

as

a

closed-end

management

investment

company

that

continually

offers

its

common

shares

of

beneficial

interest

("Common

Shares")

and

is

operated

as

an

"interval

fund."

The

Fund

was

organized

as

a

Massachusetts

business

trust

on

May

22,

2019. Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Fund

is

March

31,

2026,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

March

31,

2026

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Fund's

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

"Adviser"),

a

subsidiary

of

Nuveen,

LLC

("Nuveen").

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

("TIAA").

The

Adviser

has

overall

responsibility

for

management

of

the

Fund,

oversees

the

management

of

the

Fund's

portfolio,

manages

the

Fund's

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

a

sub-

advisory

agreement

with

Nuveen

Asset

Management,

LLC

(the

"Sub-Adviser"),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Fund.

Share

Classes

and

Sales

Charges:

Class

A1

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A1

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

("NAV")

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

of

1.50%

if

repurchased

before

the

first

day

of

the

month

in

which

the

one-year

anniversary

of

the

purchase

falls.

Class

A2

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

2. Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. The

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

common

share

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund.

Compensation:

The Fund

pays

no compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to the Fund

from

the

Adviser

or

its

affiliates.

The

Fund's

Board

of

Trustees (the

"Board")

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

the

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

"Custodian")

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

the

Fund's

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

"Custodian

expenses,

net."

During

the

current

fiscal

period,

the

custodian

fee

credit

earned

by

the

Fund

was

as

follows:

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

Under

the

Fund's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the Fund

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

However,

the Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

("PIK")

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fund

Gross

Custodian

Fee

Credits

Enhanced

High

Yield

Municipal

Bond

$

—

Multiclass

Operations

and

Allocations:

Income

and

expenses

of

the

Fund

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Realized

and

unrealized

capital

gains

and

losses

of

the

Fund

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Fund

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

("netting

agreements").

Generally,

the

right

to

offset

in

netting

agreements

allows the

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

the

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Fund

is

held

in

a

segregated

account

by

the

Fund's

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged

,

are

presented

in

the

Fund's

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Fund's

investments

subject

to

netting

agreements

as

of

the

end

of

the

current

fiscal

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

Segment

Reporting:

The

Fund

represents

a

single

operating

segment.

The

officers

of

the

Fund

act

as

the

chief

operating

decision

maker

("CODM"),

as

defined

in

U.S.

GAAP. The

CODM

monitors

the

operating

results

of the

Fund

as

a

whole

and

is

responsible

for

the Fund's

long-term

strategic

asset

allocation

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

(i.e.,

changes

in

net

assets

resulting

from

operations,

subscriptions

and

redemptions),

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

revenues

and

expenses

are

listed

on

the

Statement

of

Operations.

New

Accounting

Pronouncement

(ASU

No.

2023-09):

In

December

2023,

the

FASB

issued

Accounting

Standard

Update

("ASU")

No.

2023-09,

Income

Taxes

(Topic

740)

Improvements

to

Income

tax

disclosures

("ASU

2023-09").

The

primary

purpose

of

the

amendments

within

ASU

2023-09

is

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

the

rate

reconciliation

table

and

income

taxes

paid

information.

The

amendments

in

ASU

2023-09

are

effective

for

annual

periods

beginning

after

December

15,

2024. During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance.

See

Note

for

more

income

tax

information.

New

Accounting

Pronouncement

(ASU

No.

2025-11):

In

December

2025,

the

FASB

issued

ASU

No.

2025-11,

Interim

Reporting

(Topic

270)

Narrow

Scope

Improvements

("ASU

2025-11").

The

amendments

in

ASU

2025-11

provide

a

comprehensive

list

of

interim

disclosures

that

are

required

by

U.S.

GAAP.

ASU

2025-11

also

includes

a

disclosure

principle

that

requires

entities

to

disclose

events

since

the

end

of

the

last

annual

reporting

period

that

have

a

material

impact

on

the

entity.

The

amendments

in

ASU

2025-11

are

effective

for

interim

reporting

periods

within

annual

reporting

periods

beginning

after

December

15,

2027. Early

adoption

is

permitted

for

all

entities.

Management

is

currently

evaluating

the

implications

of

these

changes

on

the

financial

statements.

3. Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management's

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management's

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Fund's

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2. 50

Notes

to

Financial

Statements

(continued)

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security's

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor's

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2. For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor's

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3. The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

current

fiscal

period,

based

on

the

inputs

used

to

value

them:

The

Fund

holds

liabilities

in

floating

rate

obligations

and

preferred

shares, which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Fund's

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

and

further

described

in

these

Notes

to

Financial

Statements.

The

fair

values

of

the

Fund's

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

and

further

described

in

these

Notes

to

Financial

Statements.

4. Portfolio

Securities

Inverse

Floating

Rate

Securities:

The Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

"Underlying

Bond"),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

("TOB")

trust

(referred

to

as

the

"TOB

Trust")

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a) floating

rate

certificates

(referred

to

as

"Floaters"),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond's

par

amount

or

market

value,

and

(b) an

inverse

floating

rate

certificate

(referred

to

as

an

"Inverse

Floater")

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

("Liquidity

Provider"),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

the

Fund.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond's

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond's

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by the

Fund

gives

the

Fund

the

right

to

(a) cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b) have

the

trustee

of

the

TOB

Trust

(the

"Trustee")

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a) transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b) transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

"self-deposited

Inverse

Floater").

The

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

"externally-deposited

Inverse

Floater").

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

"financing"

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,"

with

the

Fund

recognizing

as

liabilities,

labeled

"Floating

rate

obligations"

on

the

Statement

of

Assets

and

Liabilities,

(a) the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b) the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

"Investment

Income"

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a) the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust's

borrowings,

and

(b) other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

"Interest

expense

and

amortization

of

offering

costs"

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

current

fiscal

period

are

recognized

as

components

of

"Receivable

for

interest"

and

"Payable

for

interest"

on

the

Statement

of

Assets

and

Liabilities,

respectively.

Enhanced

High

Yield

Municipal

Bond

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

977,227,346

$

$

977,227,406

Variable

Rate

Senior

Loan

Interests

–

–

8,642

8,642

Warrants

–

–

51,825

51,825

Total

$

–

$

977,227,346

$

60,527

$

977,287,873

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(IF)

–

Inverse

floating

rate

investment."

For

an

externally-deposited

Inverse

Floater,

a

Fund's

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

"Investment

Income"

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

current

fiscal

period,

the

aggregate

value

of

Floaters

issued

by

the

Fund's

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a) tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b) subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust's

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

"Floating

rate

obligations"

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

current

fiscal

period,

there

were

no

loans

outstanding

under

any such

facility.

The Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

"recourse

arrangement")

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

"Recourse

Trusts"),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust's

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows

(referred

to

herein

as

"Shortfall

Payment").

Under

these

agreements,

a

Fund's

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

"Unrealized

depreciation

on

Recourse

Trusts"

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

current

fiscal

period, the

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Enhanced

High

Yield

Municipal

Bond

$

20,580,000

$

—

$

20,580,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Enhanced

High

Yield

Municipal

Bond

$

20,620,479

3.17 %

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Enhanced

High

Yield

Municipal

Bond

$

20,580,000

$

—

$

20,580,000

Notes

to

Financial

Statements

(continued)

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current fiscal

period

were

as

follows:

The

Fund

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

If

the

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

current

fiscal

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities. The

Fund

has

invested

in

an

unfunded

commitment,

in

which,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty,

the

Fund's

maximum

amount

of

loss

is

the

unrealized

appreciation

of

the

unsettled

transaction.

Any

unrealized

appreciation

(depreciation)

for

an

unfunded

commitment

is

separately

presented

on

the

Statement

of

Assets

and

Liabilities.

An

unfunded

commitment

is

priced

at

its

fair

market

value

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period,

the

Fund

was

no

longer

invested

in

an

unfunded

commitment.

Puerto

Rico

Electric

Power

Authority

Bonds:

On

March

28,

2025,

the

Financial

Oversight

and

Management

Board

for

Puerto

Rico

(the

"FOMB")

filed

the

Fifth

Amended

Plan

of

Adjustment

(the

"Fifth

Amended

Plan")

that

would

reduce

PREPA

debt

from

approximately

$10

billion

to

the

equivalent

of

$2.6

billion

of

Base

Consideration

for

creditors

in

cash

or

bonds,

reflecting

the

projections

and

findings

of

a

new

PREPA

fiscal

plan

that

was

certified

by

the

FOMB

on

February

6,

2025. The

Fund's

holdings

in

Puerto

Rico

Electric

Power

Authority

bonds

experienced

notable

developments

during

the

reporting

period

related

to

the

utility's

bankruptcy

proceedings.

Specifically,

the

federal

government's

decision

in

August

2025

to

remove

several

FOMB

members.

This

action

created

additional

uncertainty

regarding

the

composition

of

the

FOMB

as

well

as

the

proposed

plan's

vability.

In

response

to

these

evolving

circumstances,

the

Fund,

along

with

other

bondholders,

chose

to

allow

their

Bond

Purchase

Agreement

with

the

FOMB

to

expire

on

October

1,

2025. Instead,

the

Fund

joined

the

amended

and

restated

cooperation

agreement

with

other

non-settling

bondholders

and

insurers.

This

coalition

now

represents

nearly

90%

of

PREPA's

outstanding

revenue

bonds.

This

unified

creditor

group

seeks

more

favorable

debt

recovery

terms

and

equitable

treatment

for

all

bondholders.

As

the

bankruptcy

court

awaits

appointment

of

new

FOMB

members

and

potential

mediation

proceedings

the

ultimate

resolution

timeline

and

terms

remain

subject

to

court

approval

and

continued

negotiation

among

stakeholders.

5. Derivative

Investments

The Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

the

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose the

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

the

Fund's

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

The Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of the

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when the

Fund

has

an

unrealized

loss,

the

Fund

has

instructed

the

custodian

to

pledge

assets

of

the

Fund

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6. Fund

Shares

Quarterly

Repurchase

Offer:

In

order

to

provide

liquidity

to

common

shareholders,

the

Fund

has

adopted

a

fundamental

policy,

which

may

only

be

changed

by

a

majority

vote

of

shareholders,

to

make

quarterly

offers

to

repurchase

between

5%

and

25%

of

its

outstanding

Common

Shares

at

NAV,

reduced

by

any

applicable

repurchase

fee.

Subject

to

approval

of

the

Board,

for

each

quarterly

repurchase

offer,

the

Fund

currently

expects

to

offer

to

repurchase

7.5%

of

the

outstanding

Common

Shares

at

NAV.

The

Fund

does

not

currently

expect

to

charge

a

repurchase

fee

and

no

amounts

were

charged

during

the

current

fiscal

period.

However,

the

Fund

may

charge

a

repurchase

fee

of

up

to

2.00%

of

the

repurchase

proceeds,

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

Enhanced

High

Yield

Municipal

Bond

$

451,610,631

$

427,515,993

which

the

Fund

would

retain

to

help

offset

non-de

minimis

estimated

costs

related

to

the

repurchase

incurred

by

the

Fund,

directly

or

indirectly,

as

a

result

of

repurchasing

Common

Shares,

thus

allocating

estimated

transaction

costs

to

the

Common

Shareholder

whose

Common

Shares

are

being

repurchased.

During

the

current

fiscal

period,

the

Fund

engaged

in

quarterly

repurchase

offers

as

follows:

Common

Share

Transactions

Transactions

in common

shares during

the

Fund's current

and

prior

fiscal

period were

as

follows:

Preferred

Shares

MuniFund

Preferred

Shares:

The

Fund

has

issued

and

has

outstanding

MuniFund

Preferred

("MFP")

Shares,

with

a

$100,000

liquidation

preference

per

share.

These MFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

The Fund

is

obligated

to

redeem

its

MFP

Shares

by

the

date

as

specified

in

its

offering

documents

("Term

Redemption

Date"),

unless

earlier

redeemed

by

the

Fund.

MFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

MFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Fund.

The

modes

within

MFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Fund

may

establish

additional

mode

structures

with

the

MFP

Share.

• Variable

Rate

Remarketed

Mode

("VRRM")

–

Dividends

for

MFP

Shares

within

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

MFP

Shares

is

expected

to

approximate

its

liquidation

preference.

Shareholders

have

the

ability

to

request

a

best-efforts

tender

of

their

shares

upon

seven

days

notice.

If

the

remarketing

agent

is

unable

to

identify

an

alternative

purchaser,

the

shares

will

be

retained

by

the

shareholder

requesting

tender

and

the

subsequent

dividend

rate

will

increase

to

its

step-up

dividend

rate.

If

after

one

consecutive

year

of

unsuccessful

remarketing

attempts,

the

Fund

will

be

required

to

designate

an

alternative

mode

or

redeem

the

shares.

The

Fund

will

pay

a

remarketing

fee

on

the

aggregate

principal

amount

of

all

MFP

Shares

while

designated

in

VRRM.

Payments

made

by

the

Fund

to

the

remarketing

agent

are

recognized

as

"Remarketing

fees"

on

the

Statement

of

Operations.

• Variable

Rate

Mode

("VRM")

–

Dividends

for

MFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

"spread"

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

MFP

Shares.

Repurchase

Request

Deadline

Repurchase

Offer

Amount

(as

a

percentage

of

outstanding

shares)

Number

of

Shares

Repurchased

Percentage

of

Outstanding

Shares

Repurchased

May

2025

7.50%

3,684,295

3.78%

Aug

2025

7.50%

7,465,449

7.40%

Nov

2025

7.50%

4,783,904

4.79%

Feb

2026

7.50%

6,149,812

5.93%

Year

Ended

3/31/26

Year

Ended

3/31/25

Enhanced

High

Yield

Municipal

Bond

Shares

Value

Shares

Value

Subscriptions:

Class

A1

7,871,192

$56,637,306

14,053,734

$108,729,762

Class

A2

4,344,303

31,480,810

16,442,568

128,026,665

Class

I

13,011,285

93,699,988

18,294,557

142,007,596

Class

I

-

exchange

of

Class

A2

238,344

1,714,590

—

—

Total

subscriptions

25,465,124

183,532,694

48,790,859

378,764,023

Reinvestments

of

distributions:

Class

A1

1,140,376

8,191,470

860,836

6,670,923

Class

A2

1,362,392

9,805,608

899,925

6,994,250

Class

I

691,880

4,966,451

460,211

3,570,630

Total

reinvestments

of

distributions

3,194,648

22,963,529

2,220,972

17,235,803

Repurchases

and

redemptions:

Class

A1

(5,810,391)

(41,343,146)

(1,424,068)

(11,153,624)

Class

A2

(5,474,310)

(39,341,047)

(287,329)

(2,238,178)

Class

A2

-

exchange

to

Class

I

(238,344)

(1,714,590)

—

—

Class

I

(10,805,473)

(77,391,384)

(8,086,978)

(63,213,668)

Total

repurchases

and

redemptions

(22,328,518)

(159,790,167)

(9,798,375)

(76,605,470)

Net

increase

(decrease)

6,331,254

$46,706,056

41,213,456

$319,394,356

Notes

to

Financial

Statements

(continued)

The

fair

value

of

MFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

"spread"

on

the

shares

remains

roughly

in

line

with

the

"spread'

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

During

the

current

fiscal

period,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

approximated

their

liquidation

preference.

• Variable

Rate

Demand

Mode

("VRDM")

–

Dividends

for

MFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

MFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which the

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent's

ability

to

successfully

remarket

the

shares. The

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The Fund

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

MFP

Shares

while

within

VRDM.

Payments

made

by

the

Fund

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

"Liquidity

fees"

and

"Remarketing

fees",

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

MFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

"MFP

Shares,

Net"

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

MFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

MFP

shares

are

recognized

as

a

component

on

"Payable

for

interest"

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

MFP

Shares

are

recognized

as

a

component

of

"Interest

expense

and

amortization

of

offering

costs"

on

the

Statement

of

Operations.

Subject

to

certain

conditions,

MFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Fund. The

Fund

may

also

be

required

to

redeem

certain

MFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

Costs

incurred

by

the

Fund in

connection

with

its

offering

of

MFP

Shares,

which were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

"MFP

Shares,

Net"

on

the

Statement

of

Assets

and

Liabilities

and

"Interest

expense

and

amortization

of

offering

costs"

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

fiscal

period,

the

Fund

had $273,432,035 MFP

Shares

at

liquidation

preference,

net of

deferred

offering costs.

Further details

of

the

Fund's

MFP

Shares

outstanding

as

of

the

end

of

the

current

fiscal

period, were

as

follows:

\*

Subject

to

early

termination

by

either

the

Fund

or

the

holder.

The

average

liquidation

preference

of

MFP

Shares

outstanding

and

the

annualized

dividend

rate

during

the

current

fiscal

period

were

as

follows:

Preferred

Share

Transactions:

Transactions

in

preferred

shares

during

the

Fund's

prior

fiscal

period,

where

applicable,

are

noted

in

the

following

table.

Transactions

in

MFP

Shares

for

the

Fund,

where

applicable,

were

as

follows:

7. Income

Tax

Information

The

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

Mode

Termination

Date

A

1,295

$129,500,000

September

1,

2042

VRM

September

24,

2026

B

1,450

$145,000,000

July

1,

2043

VRM

July

1,

2043\*

Fund

Average

Liquidation

Preference

of

MFP

Shares

Outstanding

Annualized

Dividend

Rate

Enhanced

High

Yield

Municipal

Bond

$274,500,000

3.57%

Year

Ended

3/31/25

Series

Shares

Amount

MFP

Shares

Issued

A

750

$75,000,000

MFP

Shares

Issued

B

600

$60,000,000

The

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

income

tax,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Fund.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Fund

are

subject

to

federal

taxation.

The

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

adjustments

related

to

PREPA

bonds,

nondeductible

expenses,

paydowns,

taxable

market

discount,

and

taxes

paid.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end

,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

As

of

year

end,

the

Fund

utilized

the

following

capital

loss

carryforwards:

8. Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

The Fund's

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Fund

from

the

management

fees

paid

to

the

Adviser.

The Fund's

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within the

Fund,

and

a

complex-

level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables the

Fund's

shareholders

to

benefit

from

growth

in

the

assets

within

the

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Enhanced

High

Yield

Municipal

Bond

$

1,022,157,106

$

24,069,671

$

(89,518,904)

$

(65,449,233)

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Enhanced

High

Yield

Municipal

Bond

$

8,299,708

$

77,229

$

—

$

(65,449,233)

$

(1,026,799)

$

—

$

(3,432,528)

$

(61,531,623)

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

March

2,

2026

through

March

31,

2026

and

paid

on

April

1,

2026. 3/31/26

3/31/25

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Enhanced

High

Yield

Municipal

Bond

$

40,195,282

$

175,738

$

—

$

30,102,445

$

366,305

$

494,269

The

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

Enhanced

High

Yield

Municipal

Bond

$

1,026,799

$

—

$

1,026,799

A

portion

of

Enhanced

High

Yield

Municipal

Bond's

capital

loss

carryforwards

is

subject

to

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

Fund

Utilized

Enhanced

High

Yield

Municipal

Bond

$

1,067,917

Notes

to

Financial

Statements

(continued)

The

annual

fund-level

fee,

payable

monthly, is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

the

Fund

is

calculated

according

to

the

following

schedule:

\*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

"eligible

assets"

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

("Nuveen

Mutual

Funds").

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser's

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds'

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust's

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

the

end

of

the

current

fiscal

period,

the complex-level

fee

rate

for

the

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2028,

so

that

the

total

annual

operating

expenses

of

the

Fund

(excluding

any

distribution

and/or

service

fees

that

may

be

applicable

to

a

particular

class

of

shares,

issuance

and

dividend

costs

of

preferred

shares

that

may

be

issued

by

the

Fund,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities,

litigation

expenses

and

extraordinary

expenses)

do

not

exceed

1.05%

of

the

average

daily

managed

assets

of

any

class

of

Fund

shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board.

Distribution

and

Service

Fees:

The

Fund

has

adopted

a

Distribution

and

Servicing

Plan

for

Class

A1

Common

Shares and

Class

A2 Common

Shares

of

the

Fund.

The

Distribution

and

Servicing

Plan

operates

in

a

manner

consistent

with

Rule

12b-1

under

the

1940

Act,

which

regulates

the

manner

in

which

an

open-end

investment

company

may

directly

or

indirectly

bear

the

expenses

of

distributing

its

Common

Shares.

Although

the

Fund

is

not

an

open-end

investment

company,

it

has

undertaken

to

comply

with

the

terms

of

Rule

12b-1

as

a

condition

of

an

exemptive

order

under

the

1940

Act

which

permits

it

to,

among

other

things,

impose

distribution

and

shareholder

servicing

fees.

The

Distribution

and

Servicing

Plan

permits

the

Fund

to

compensate

the

Nuveen

Securities,

LLC

(the

"Distributor"),

a

wholly-owned

subsidiary

of

Nuveen,

for

using

reasonable

efforts

to

secure

purchasers

of

the

Fund's

Common

Shares,

including

by

providing

continuing

information

and

investment

services

and/or

by

making

payments

to

certain

authorized

institutions

in

connection

with

the

sale

of

Common

Shares

or

servicing

of

shareholder

accounts.

Most

or

all

of

the

distribution

and/

or

service

fees

are

paid

to

financial

firms

through

which

Shareholders

may

purchase

or

hold

Class

A1

Common

Shares

and/or

Class

A2 Common

Shares.

The

maximum

annual

rates

at

which

the

distribution

and/or

servicing

fees

may

be

paid

under

the

Distribution

and

Servicing

Plan

for Class

A1

Common

Shares (calculated

as

a

percentage

of

the

Fund's

average

daily

net

assets

attributable

to

the

Class

A1

Common

Shares)

is

0.75%.

The

maximum

annual

rates

at

which

the

distribution

and/or

servicing

fees

may

be

paid

under

the

Distribution

and

Servicing

Plan

for

Class

A2

Common

Shares

(calculated

as

a

percentage

of

the

Fund's

average

daily

net

assets

attributable

to

the

Class

A2

Common

Shares)

is

0.50%.

During

the

current

fiscal

period

the

annual

rate

paid

by

the

Fund

for

Class

A1

Shares

and

Class

A2

Shares

was

0.75%

and

0.50%,

respectively.

Other

Transactions

with

Affiliates:

The Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

or

by

an

affiliate

of

the

Adviser

(each

an

,

"Affiliated

Entity")

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Fund

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

Average

Daily

Managed

Assets\*

Fund-Level

Fee

Rate

For

the

first

$125

million

0.8000 %

For

the

next

$125

million

0.7875 For

the

next

$250

million

0.7750 For

the

next

$500

million

0.7625 For

the

next

$1

billion

0.7500 For

the

next

$3

billion

0.7250 For

managed

assets

over

$5

billion

0.7125 Complex-Level

Asset

Breakpoint

Level\*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600 %

For

the

next

$75.7

billion

0.1350 For

the

next

$200

billion

0.1325 For

eligible

assets

over

$400

billion

0.1300 Fund

Complex-Level

Fee

Enhanced

High

Yield

Municipal

Bond

0.1563 %

The

Distributor

also

received

12b-1

service

fees

on

Class

A1

Shares

and

Class

A2

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

The

remaining

12b-1

fees

charged

to the

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows:

As

of

the

end

of

the

current

fiscal

period

TIAA

owned

less

than

1%

of

Fund

shares.

9. Commitments

and

Contingencies

In

the

normal

course

of

business, the

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

current

fiscal

period,

the

Fund

did

not

have

any

unfunded

commitments

other

then

those

disclosed

in

the

Notes

to

Financial

Statements,

when

applicable.

From

time

to

time,

the

Fund

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Fund's

rights

under

contracts.

As

of

the

end

of

the

current

fiscal

period,

the Fund

is not

subject

to

any

material

legal

proceedings.

10. Borrowing

Arrangements

Line

of

Credit:

The

Fund,

along

with

certain

funds

managed

by

the

Adviser or

by

an

affiliate

of

the

Adviser

("Participating

Funds"),

have

established

a

364-day,

$2.7

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility's

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2026,

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a) OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b) the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

"Interest

expense

and

amortization

of

offering

costs"

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

"Interest

expense

and

amortization

of

offering

costs"

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility's

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

Fund

utilized

this

facility.

The

Fund's

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

Enhanced

High

Yield

Municipal

Bond

$

2,546,190

$

42,901,796

$

1,337,285

Fund

Commission

Advances

(Unaudited)

Enhanced

High

Yield

Municipal

Bond

$

766,338

Fund

CDSC

Retained

(Unaudited)

Enhanced

High

Yield

Municipal

Bond

$

154,998

Fund

Maximum

Outstanding

Balance

Enhanced

High

Yield

Municipal

Bond

$

34,100,000

Notes

to

Financial

Statements

(continued)

During

the

Fund's

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

current

fiscal

period,

if

any,

are

recognized

as

"Borrowings"

on

the

Statement

of

Assets

and

Liabilities.

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Enhanced

High

Yield

Municipal

Bond

$

13,289,816

5.32 %

Important

Tax

Information

(U

naudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end, the

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

Enhanced

High

Yield

Municipal

Bond

$

—

Additional

Fund

Information

(U

naudited)

Board

of

Trustees

Joseph

A. Boateng

Michael

A. Forrester

Thomas

J. Kenny

Amy

B.R.

Lancellotta

Joanne

T. Medero

Albin

F. Moschner

John

K. Nelson

Loren

M. Starr

Matthew

Thornton

III

Terence

J. Toth

Margaret

L. Wolff

Robert

L. Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

West

11th

Street

5th

Floor

Kansas

City,

MO

64105

(800) 257-8787

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC's

website

at

http://www.sec.gov.

Nuveen

Funds'

Proxy

Voting

Information

You

may

obtain

(i) information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800) 257-8787

or

on

Nuveen's

website

at

www.nuveen.com

and

(ii) a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800) 257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800) 289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return

:

This

is

a

commonly

used

method

to

express

an

investment's

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment's

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage:

Effective

leverage

is

a

fund's

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

leverage)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund's

portfolio.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

"inverse

floaters,"

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a) issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond's

par

amount

or

market

value,

and

(b) issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

"inverse

floater'')

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates'

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond's

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond's

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund's

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund's

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund's

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

in

the

Investment

Company

Act

of

1940. Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn't

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund's

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund's

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

heId

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust's

issuance

of

floating

rate

securities.

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

"interested"

persons

of

the

Funds

(referred

to

herein

as

"independent

board

members")

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Joseph

A. Boateng

1963

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2019

Class

II

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007);

formerly,

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006);

Board

Member,

Lumina

Foundation

(since

2019)

and

Waterside

School

(since

2021);

Board

Member

(2012–2019)

and

Emeritus

Board

Member

(since

2020),

Year-Up

Puget

Sound;

Former

Investment

Advisory

Committee

Member

and

Chair

(2007–

2024),

Seattle

City

Employees'

Retirement

System;

Investment

Committee

Member

(since

2019),

The

Seattle

Foundation;

Trustee

(2018–2023),

the

College

Retirement

Equities

Fund;

Manager

(2019–2023),

TIAA

Separate

Account

Michael

A. Forrester

1967

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2007

Class

I

Formerly,

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Director,

Aflac

Incorporated

(since

2025);

Trustee,

Dexter

Southfield

School

(since

2019);

Member

(since

2020),

Governing

Council

of

the

Independent

Directors

Council

(IDC);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

(2007–2023).

Thomas

J. Kenny

1963

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2011

Class

I

Formerly,

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Chairman

of

the

Board

(since

2025),

Apeel

Sciences;

Director

(since

2015)

and

Chair

of

the

Finance

and

Investment

Committee

(since

2018),

Aflac

Incorporated;

Director

(since

2018),

ParentSquare;

formerly,

Director

(2021–2022)

and

Finance

Committee

Chair

(2016–2022),

Sansum

Clinic;

formerly,

Advisory

Board

Member

(2017–2019),

B'Box;

formerly,

Member

(2011–2012),

the

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council;

formerly,

Investment

Committee

Member

(2012–2020),

Cottage

Health

System;

formerly,

Board

member

(2009–2019)

and

President

of

the

Board

(2014–2018),

Crane

Country

Day

School;

Trustee

(2011–2023)

and

Chairman

(2017–2023),

the

College

Retirement

Equities

Fund;

Manager

(2011–2023)

and

Chairman

(2017–2023),

TIAA

Separate

Account

Amy

B. R. Lancellotta

1959

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

IDC

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006–2019);

formerly,

various

positions

with

ICI

(1989-2006);

Formerly

President

(2023–2025)

and

Member

(2020–2025)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Joanne

T. Medero

1954

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-

2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

Albin

F. Moschner

1952

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

John

K. Nelson

1962

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Formerly,

Member

of

Board

of

Directors

of

Core12

LLC

(2008–

2023)

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients);

formerly,

Member

of

The

President's

Council

of

Fordham

University

(2010–2019);

formerly,

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009–2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012–2014);

formerly,

Trustee

and

Chairman

of

the

Board

of

Trustees

of

Marian

University

(2010–2013);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007–2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007. 209

Board

Members

&

Officers

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Loren

M. Starr

1961

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2022

Class

III

Independent

Consultant/Advisor

(since

2021);

formerly,

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director

(since

2023)

and

Chair

of

the

Board

(since

2025),

formerly,

Chair

of

the

Audit

Committee

(2024-2025),

AMG;

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2014–2021),

Georgia

Leadership

Institute

for

School

Improvement

(GLISI);

formerly,

Chair

and

Member

of

the

Board

of

Trustees

(2014–2018),

Georgia

Council

on

Economic

Education

(GCEE);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

(2022–2023).

Matthew

Thornton

III

1958

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx.

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure);

Member

of

the

Executive

Leadership

Council

(ELC)

(since

2014).

Terence

J. Toth

1959

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2008

Class

II

Formerly,

a

Co–Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008–2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012–2021);

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2021–2024),

Kehrein

Center

for

the

Arts

(philanthropy);

Member

of

the

Board

of

Directors

(since

2008),

Catalyst

Schools

of

Chicago

(philanthropy);

Member

of

the

Board

of

Directors

(since

2012),

formerly,

Investment

Committee

Chair

(2017–2022),

Mather

Foundation

Board

(philanthropy);

formerly,

Member

(2005–2016),

Chicago

Fellowship

Board

(philanthropy);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010–2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012–2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008–2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004–2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000–2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005–2007),

Northern

Trust

Global

Investments

Board

(2004–2007),

Northern

Trust

Japan

Board

(2004–2007),

Northern

Trust

Securities

Inc.

Board

(2003–2007)

and

Northern

Trust

Hong

Kong

Board

(1997–2004).

Margaret

L. Wolff

1955

W. Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

of

the

Board

of

Trustees

(since

2004)

formerly,

Chair

(2015-2022)

of

The

John

A. Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-

2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Robert

L. Young

1963

W. Wacker

Drive

Chicago,

IL

60606

Chair

and

Board

Member

2017

Class

I

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

Board

Members

&

Officers

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Officers

of

the

Funds:

David

J. Lamb

1963

W. Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

(Principal

Executive

Officer)

2015

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Nuveen

Securities,

LLC

and

Nuveen;

has

previously

held

various

positions

with

Nuveen.

Brett

E. Black

1972

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Marc

Cardella

1984

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Vice

President

and

Controller

(Principal

Financial

Officer)

2024

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC,

Managing

Director

of

Teachers

Insurance

and

Annuity

Association

of

America

and

TIAA

SMA

Strategies

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

TIAA

Separate

Account

and

the

College

Retirement

Equities

Fund;

Senior

Managing

Director,

Brooklyn

Artificial

Intelligence,

Inc.

and

Brooklyn

Investment

Group,

LLC. Joseph

T. Castro

1964

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2025

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

formerly,

Senior

Managing

Director

and

Head

of

Compliance,

Nuveen;

Executive

Vice

President

and

Chief

Risk

and

Compliance

Officer,

formerly,

Senior

Managing

Director,

Nuveen

Securities,

LLC

and

Nuveen,

LLC;

formerly,

Senior

Managing

Director,

Nuveen

Fund

Advisors,

LLC. Mark

J. Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary,

Brooklyn

Artificial

Intelligence,

Inc.

and

Brooklyn

Investment

Group,

LLC. Jeremy

D. Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Managing

Director

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

and

College

Retirement

Equities

Fund.

Diana

R. Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T. Jones

1979

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2016

Senior

Managing

Director,

Head

of

Public

Product

of

Nuveen;

President.

formerly,

Senior

Managing

Director,

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H. Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Vice

President

and

Assistant

Secretary

2023

Director

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M. Lazar

1961

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

of

Nuveen

Securities,

LLC. 67

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Brian

J. Lockhart

1974

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M. McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Vice

President

and

Assistant

Secretary

2022

Senior

Managing

Director,

Division

General

Counsel

of

Nuveen;

Senior

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America

and

Nuveen

Alternative

Advisors

LLC;

Senior

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary,

Brooklyn

Artificial

Intelligence,

Inc.

and

Brooklyn

Investment

Group,

LLC;

has

previously held

various

positions

with

Nuveen/TIAA.

Kevin

J. McCarthy

1966

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

Executive

Vice

President,

Brooklyn

Artificial

Intelligence,

Inc.

and

Brooklyn

Investment

Group,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC. R. Tanner

Page

1985

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2025

Managing

Director,

formerly,

Vice

President

of

Nuveen;

has

previously

held

various

positions

with

Nuveen.

William

A. Siffermann

1975

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Senior

Managing

Director

of

Nuveen.

Mark

L. Winget

1968

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary,

Brooklyn

Artificial

Intelligence,

Inc.

and

Brooklyn

Investment

Group,

LLC. Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

(1) Board

Members

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2) Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

RAN-HYIF-0326P

5366794

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world's

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800) 257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

W. Wacker

Dr.,

Chicago,

IL

60606. Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/interval-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson and Loren M. Starr, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Nuveen Enhanced High Yield Municipal Bond Fund

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  March 31, 2026 | $59888 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  March 31, 2025 | $61078 | $5000 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Registrant's common shares and leverage.

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

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The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  March 31, 2026 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  March 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  March 31, 2026 | $0 | $0 | $11629068 | $11629068 |
|  March 31, 2025 | $0 | $0 | $0 | $0 |

---

"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

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**Item 5.** **Audit Committee of Listed Registrants.** <br>

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Terence J. Toth, Matthew Thorton III and Margaret L. Wolff.

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**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

[Nuveen Fund Advisors, LLC is the registrant's investment adviser (referred to herein as the "Adviser"). The Adviser is responsible for the on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC ("Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant's portfolio and related duties in accordance with the Sub-Adviser's policies and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser's proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.](d110187dex99proxyvote.htm)

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Nuveen Fund Advisors, LLC is the registrant's investment adviser (also referred to as the "Adviser"). The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC ("Nuveen Asset Management" or "Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the "Portfolio Managers") have primary responsibility for the day-to-day implementation of the registrant's investment strategies:

**Steven M. Hlavin** is a Managing Director and portfolio manager at Nuveen. As a member of the High Yield Municipal Portfolio Management Team, he is responsible for supporting all High Yield Municipal strategies and is specifically responsible for managing the Enhanced High Yield Municipal Bond, High Yield Municipal Opportunities LP, Municipal Opportunities and Short Duration High Yield Municipal Bond Strategies. He oversees a number of state-specific, tax-exempt portfolios including the Kansas Municipal Bond, Louisiana Municipal Bond and Wisconsin Municipal Bond Strategies. He is also responsible for the tender option bond/inverse floating rate program used by some of the firm's closed-end and open-end funds. Steven began his career with Nuveen in 2003, also working as a senior analyst responsible for risk management and performance measurement processes, developing yield curve strategies and portfolio optimization techniques. He received his B.A. in Finance and Accounting and an M.B.A. in Finance from Miami University.

**Daniel J. Close**, CFA, Managing Director at Nuveen Asset Management, serves as chief investment officer and head of Nuveen's municipal fixed income department – the largest and most experienced team of investment professionals in the industry. He is the lead portfolio manager for high yield municipal strategies, as well as tax-exempt and taxable municipal strategies across open-end funds, closed-end funds and customized institutional portfolios. Prior to his current role, Dan was a long-serving portfolio manager for several municipal mutual funds and played a key role in establishing and expanding Nuveen's institutional platform as head of Taxable Municipals. He also chairs the Municipal Investment Oversight Committee, helping to set the strategic direction of all municipal strategies managed by Nuveen. As a leading expert in the municipal market, Dan is a trusted voice on the complexities of state and local government debt. Dan joined Nuveen in 2000 as a municipal fixed income research analyst, covering the corporate-backed, energy, transportation, and utility sectors. He began his investment career in 1998 as an analyst at Banc of America Securities. He holds a B.S. in Business from Miami University and an M.B.A. from Northwestern University's J. L. Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

**Stephen J. Candido**, CFA, Managing Director at Nuveen Asset Management, is a portfolio manager for high yield municipal strategies at Nuveen, managing high yield funds and institutional accounts. He also has responsibility for tax-exempt open-end funds and closed-end funds that allocate to both investment grade and high yield municipals. Stephen started working in the investment industry in 1996 when he joined Nuveen in the Unit Trust Division. Prior to his current role, he was a vice president and senior research analyst specializing in high yield sectors including land secured credits, project finance and housing. Stephen was also an assistant vice president for Nuveen's Global Structured Products team beginning in 2005. He also served as the manager of the Fixed Income Unit Trust Product Management and Pricing Group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Stephen graduated with a B.S. in Finance from Miami University and an M.B.A. in Finance from the University of Illinois at Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

(a)(2) Other Accounts Managed by Portfolio Managers

*Other Accounts Managed*. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

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---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Type of Account<br>Managed** | **Number of<br>Accounts** | **Assets\*** |
|  Steven M. Hlavin | Registered Investment Company | 16 | $34.98 billion |
|  | Other Pooled Investment Vehicles | 1 | $295.28 million |
|  | Other Accounts | 0 | $0 |
|  Daniel J. Close | Registered Investment Company | 18 | $29.66 billion |
|  | Other Pooled Investment Vehicles | 2 | $389.46 million |
|  | Other Accounts | 41 | $16.57 billion |
|  Stephen J. Candido | Registered Investment Company | 30 | $55.64 billion |
|  | Other Pooled Investment Vehicles | 2 | $389.46 million |
|  | Other Accounts | 3 | $183.98 million |

---

\* Assets are as of March 31, 2026. None of the assets in these accounts are subject to an advisory fee based on performance.

**Potential Material Conflicts of Interest** 

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients' accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer's capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act

------

in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account's investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(a)(3) Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Managers' compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

*Base salary*. A portfolio manager's base salary is determined based upon an analysis of the portfolio manager's general performance, experience and market levels of base pay for such position.

*Cash bonus*. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), and management and peer reviews.

*Long-term performance award*. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

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*Profits interest plan*. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms' annual profits. Profits interests are allocated to each portfolio manager based on such person's overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

(a)(4) Beneficial Ownership of HYIF Securities

As of March 31, 2026, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name of Portfolio Manager** | **None** | **$1-**<br> **$10000** | **$10001-**<br> **$50000** | **$50001-**<br> **$100000** | **$100001-**<br> **$500000** | **$500001-**<br> **$1000000** | **Over**<br> **$1,000,000** |
| &nbsp;&nbsp;&nbsp; Steven M. Hlavin | X |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Daniel J. Close | X |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Stephen J. Candido | X |  |  |  |  |  |  |

---

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

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**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17
CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d110187dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d110187dex99906cert.htm) |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Nuveen Enhanced High Yield Municipal Bond Fund</u> 

---

| | |
|:---|:---|
| Date: June 5, 2026 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| Date: June 5, 2026 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer <br> (principal executive officer) |
| Date: June 5, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller <br> (principal financial officer) |

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## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Enhanced High Yield Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: June 5, 2026 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer<br> (principal executive officer) |

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------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Enhanced High Yield Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

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| | |
|:---|:---|
| Date: June 5, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller<br> (principal financial officer) |

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## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of the Nuveen Enhanced High Yield Municipal Bond Fund (the "Fund") on Form N-CSR for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

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| | |
|:---|:---|
| Date: June 5, 2026 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer <br> (principal executive officer) |
| Date: June 5, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller <br> (principal financial officer) |

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## Ex-99.Proxyvote

Nuveen Proxy Voting Policy

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|:---|:---|
| **Policy Purpose and Statement** | <br> Applicability |
| Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. In certain cases, the Advisers may engage with Portfolio Companies as part of their process to make informed vote decisions and generally consider various factors including insights gained through engagement where that occurs. While the Advisers may generally share their views on a particular topic, these are not for the purpose of changing control of the issuer.<br>When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Advisers, vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients. | &nbsp;&nbsp; <br> This Policy applies to Nuveen associates acting on behalf of Nuveen Asset Management, LLC, ("NAM"), Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), each an "Adviser" and collectively referred to as the "Advisers" |

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<br> Policy Statement<br>Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and articulating Nuveen's position on the Portfolio Company's behavior in an effort to enhance long-term shareholder value. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").<br>

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**Enforcement** 

As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

**Terms and Definitions** 

***Advisory Personnel*** includes the Adviser's portfolio managers and research analysts.

***Proxy Voting Guidelines*** *(the ''Guidelines'')* are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

***Portfolio Company*** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

**Policy Requirements** 

Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies. Portfolio Companies may obtain information on how many shares the Advisers hold through regulatory filings and in public reports.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under Roles and Responsibilities.

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

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**Roles and Responsibilities** 

Nuveen Proxy Voting Committee

The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee's voting members will be comprised from Research, the Advisers, and the Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of the CREF Funds and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

Advisers

&nbsp;&nbsp;&nbsp;&nbsp;1. Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless
otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser's clients to do so.
The rationale for all such contrary vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;2. When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective
client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential
material conflicts of interest

Nuveen Stewardship Group

&nbsp;&nbsp;&nbsp;&nbsp;1. Performs day-to-day administration of the
Advisers' proxy voting processes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the
best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Input from Advisory Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third party research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;3. Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.

&nbsp;&nbsp;&nbsp;&nbsp;4. Performs Form N-PX filings in accordance with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;5. Delivers copies of the Advisers' Policy to clients and prospective clients upon request in a timely manner, as
appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;6. Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable
regulations.

&nbsp;&nbsp;&nbsp;&nbsp;7. Prepares reports of proxies voted on behalf of the Advisers' investment company clients to their Boards or
committees thereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;8. Performs an annual vote reconciliation for review by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;9. Arranges the annual service provider due diligence of proxy voting vendors, including a review of the service
provider's potential conflicts of interests, and presents the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;10. Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

&nbsp;&nbsp;&nbsp;&nbsp;11. Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of
interest.

&nbsp;&nbsp;&nbsp;&nbsp;12. Creates and retains certain records in accordance with Nuveen's Record Management program.

&nbsp;&nbsp;&nbsp;&nbsp;13. Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain
records as required under applicable regulation.

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Nuveen Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Seeks to ensure proper disclosure of Advisers' Policy to clients as required by regulation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Assesses regulatory developments, pronouncements and guidance notes in coordination with Legal partners to determine
policy and process implications. Shares assessment results with the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to
Nuveen's Records Management program.

Nuveen Legal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provides legal guidance as requested.

**Governance** 

Review and Approval

This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

Implementation

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

Exceptions

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

**Related Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Conflicts of Interest Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Policy Statement on Responsible Investing

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Policy Adoption Date<br>| &nbsp;&nbsp; February 3, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Effective Date of Current<br> Policy/Last Date Reviewed | &nbsp;&nbsp; September 22, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Governance<br>| &nbsp;&nbsp; NEFI Compliance Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy Owner<br>| &nbsp;&nbsp; Nuveen Proxy Voting Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy Leader<br>| &nbsp;&nbsp; Nuveen Compliance |

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