# EDGAR Filing Document

**Accession Number:** 0002035726
**File Stem:** 0001193125-25-269347
**Filing Date:** 2025-11
**Character Count:** 165103
**Document Hash:** 6c07d4b712e4e9bd4c037d834abc792d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269347.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269347

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Enhanced CLO Income Fund
- **CENTRAL INDEX KEY:** 0002035726

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23999
- **FILM NUMBER:** 251457909

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178146

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

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 <u>811-23999</u> 

Nuveen Enhanced CLO Income 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>August</u> <u>31</u>

Date of reporting period: <u>August</u> <u>31, 2025</u>

------

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

------

Interval Funds

Nuveen Interval Funds

August 31, 2025

Annual

Report

Fund Name

Class A1

Class A2

Class I

Nuveen Enhanced CLO Income Fund

NCLYX

NCLZX

NCLOX

Table

of Contents

Important Notices

Discussion of Fund Performance

Common Share Information

About the Fund's Benchmark

Fund Performance, Expense Ratios 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

Financial Highlights

Notes to Financial Statements

Important Tax Information

Additional Fund Information

Glossary of Terms Used in this Report

Board Members & Officers

Important Notices

Fund Reorganization:

Prior to commencement of the Fund's operations, all of the assets of a Cayman Islands exempted limited

partnership, Nuveen CLO Opportunities Master Fund LP (the "Master Fund"), through which Nuveen CLO Opportunities Fund LP, a

private fund relying on an exemption from registration under section 3(c)(7) of the 1940 Act (the "Predecessor Fund"), invested were

transferred to the Fund and the Predecessor Fund and the Master Fund ceased operations (the "Reorganization"). The Predecessor

Fund distributed Class I Common Shares of the Fund obtained in the Reorganization to limited partners ("LPs") in the Predecessor

Fund, with each LP receiving Class I Common Shares of the Fund equal in value to the value of their holdings in the Predecessor

Fund immediately prior to the Reorganization. Thereafter, the Predecessor Fund and the Master Fund ceased operations and were

dissolved under state law. The Predecessor Fund was originally organized as a Delaware limited partnership on August 15, 2022 and

commenced investment operations on September 30, 2022. The Predecessor Fund (through its investments in the Master Fund) had

investment policies, an investment objective, guidelines and restrictions that were, in all material respects, equivalent to those of

the Fund. The Predecessor Fund and the Master Fund were also managed by Nuveen Asset Management, LLC, who is the Fund's

sub-adviser and is responsible for investing the Fund's Managed Assets, and is a subsidiary of the Fund's investment adviser, Nuveen

Fund Advisors, LLC.

Discussion of

Fund Performance

Nuveen Enhanced CLO Income Fund (ECLO)

Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for the Nuveen

Enhanced CLO Income Fund (ECLO). The portfolio managers are Himani Trivedi and Joshua Grumer.

Below is a discussion of Fund performance and the factors that contributed and detracted during the reporting period ended

August 31, 2025. For more information on Fund investment objectives and policies, please refer to the Shareholder Update section

at the end of the report.

Nuveen Enhanced CLO Income Fund (ECLO)

What factors affected markets during the annual reporting period?

• During the reporting period, U.S. markets were driven by sticky but easing inflation, a restrictive Federal Reserve policy

and shifting interest rate-cut expectations. U.S. markets sold off in early 2025 but rebounded as inflation cooled and

earnings held up, while tariffs and higher borrowing costs pressured selected sectors.

• Collateralized loan obligation (CLO) issuance was strong during the reporting period overall, despite a brief slowdown

in early 2025 amid elevated market volatility. As conditions improved in the spring and summer of 2025, liability spreads

tightened, sparking a surge of resets and refinancings. By August, issuance had topped $220 billion year-to-date, with

equity tranches benefiting from elevated loan coupons and cheaper liabilities, while institutional demand and exchange-

traded fund (ETF) inflows kept the market resilient despite rising downgrades and tariff-related credit stress.

What key strategies were used to manage the Fund during the annual reporting period?

• During the reporting period, the Fund emphasized active positioning across the CLO capital stack, with strategies

focused on managing equity exposure through volatility and selectively adding to BB-rated credit during periods of

market dislocation. Equity tranches came under pressure during the April sell-off but rebounded as loan prices and

liability spreads tightened in May and June, supported by seasoned deals with strong collateral and stable cash flows.

The Fund added BB-rated positions as spreads widened, to enhance carry and relative value while managing downside

risk.

• Throughout the reporting period, security selection and manager rotation were central to performance, with a consistent

emphasis on quality and vigilance around potential liability management exercises and distressed exchanges as macro

uncertainty increased into the second half of the reporting period.

How did the Fund perform and what factors affected relative performance?

For the twelve-month reporting period ended August 31, 2025, ECLO returned 10.17%. The Fund outperformed the S&P UBS

Leveraged Loan Index, which returned 7.36%.\*

Top contributors to relative performance

• Exposure to BB-rated tranches

• Position in CLO equity

Top detractors from relative performance

• Exposure to single-A and higher rated tranches.

\*On January 10, 2025, all of the assets of a Cayman Islands exempted limited partnership through which a private fund invested (the

"Predecessor Fund") were transferred to the Nuveen Enhanced CLO Income Fund (the "Reorganization "). Information portrayed

prior to the date of the Reorganization reflects the Predecessor Fund. The Predecessor Fund commenced investment operations on

September 30, 2022. Prior to the date of the Reorganization, Nuveen Enhanced CLO Income Fund had not commenced investment

operations. The Predecessor Fund was not registered under the Investment Company Act of 1940, as amended (the "1940 Act"),

and therefore was not subject to certain investment restrictions imposed by the 1940 Act on registered investment companies. If the

Predecessor Fund had been registered under the 1940 Act, the Predecessor Fund's performance may have been adversely affected.

Please see important information on fees and expenses in Nuveen Enhanced CLO Income Fund's current prospectus.

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 Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest 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 August 31, 2025. The Fund's distribution levels may

vary over time based on the Fund's investment activity and portfolio investments value changes.

During the current reporting period, the Fund's distributions to common shareholders were as shown in the accompanying table.

The Fund intends to declare distributions daily and pay such distributions monthly 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.

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

February 2025\*

$

0.1710 $

0.1750 $

0.1835 March 2025

0.1710 0.1750 0.1835 April 2025

0.1710 0.1750 0.1835 May

2025

0.1710 0.1755 0.1835 June 2025

0.1710 0.1755 0.1835 July 2025

0.1710 0.1755 0.1835 August 2025

0.1710 0.1755 0.1835 Total Distributions from Net Investment Income

$

1.1970 $

1.2270 $

1.2845 \*Initial distribution declared by the Fund.

Class A1

Class A2

Class I

Distribution Rate on NAV\*

10.43%

10.71%

11.19%

\*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 UBS Leveraged Loan Index

: An index designed to measure the performance of the USD-denominated leveraged loan

market. The index includes issuers from developed countries; issuers from developing countries are excluded. Index returns assume

reinvestment of distributions, but do not reflect any applicable sales charges or management fees. On December 4, 2024, the Credit

Suisse Leveraged Loan Index was renamed the S&P UBS Leveraged Loan Index.

Fund Performance, Expense Ratios and

Holdings Summaries

The Fund Performance, Expense Ratios 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.

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 Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group, Moody's Investors Service, Inc.

and Fitch, Inc. If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower

rating is used; and if only one rating agency rates a security, that rating is used. 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 CLO Income Fund

(continued)

Fund Performance, Expense Ratios and Holdings Summaries

August 31, 2025

Fund Performance\* and Expense Ratios

\* Effective on the close of business on January 10, 2025, all of the assets of a Cayman Islands exempted limited partnership through

which a private fund invested (the "Predecessor Fund") were transferred to the Fund (the "Reorganization") and the Fund com-

menced investment operations. Performance portrayed prior to the date of the Reorganization reflects the Predecessor Fund which

commenced investment operations on September 30, 2022. The Predecessor Fund was not registered under the Investment Com-

pany Act of 1940, as amended (the "1940 Act"), and therefore was not subject to certain investment restrictions imposed by the

1940 Act on registered investment companies. If the Predecessor Fund had been registered under the 1940 Act, the Predecessor

Fund's performance may have been adversely affected. The performance for the Predecessor Fund has not been restated to reflect

the current expenses of the Fund. If the current expenses of the Fund had been reflected, the performance of the Predecessor

Fund would have been different because the Fund has different expenses than the Predecessor Fund. For purposes of Fund perfor-

mance, relative results are measured against the S&P UBS Leveraged Loan 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 expense ratios reflect the expenses of the Fund and not the Predecessor Fund. The Fund's investment adviser has contrac-

tually agreed to waive fees and/or reimburse Fund expenses through July 31, 2027 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 acquir-

ing and disposing of portfolio securities, litigation expenses and extraordinary expenses) do not exceed 1.50% 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.

\*\*\*\* The inception date for the performance information in the table is September 30, 2022, the date the Predecessor Fund com-

menced investment operations.

Total Returns as of

August 31, 2025\*\*

Expense

Ratios\*\*\*

Average Annual

Performance

Inception

Date\*\*\*\*

1-Year

Since

Inception\*\*\*\*

Class A1 at NAV

9/30/22

10.17%

13.99%

2.25%

Class A1 at maximum Offering Price

9/30/22

7.42%

13.00%

—

S&P UBS Leveraged Loan Index

—

7.36%

9.82%

—

Class A2

9/30/22

10.34%

14.05%

2.00%

Class I

9/30/22

10.71%

14.18%

1.50%

Fund Performance, Expense Ratios and Holdings Summaries August 31,

2025

(continued)

Growth of an Assumed $10,000 Investment as of August 31, 2025

- 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.

Holdings

Fund Allocation

(% of net assets)

Asset-Backed Securities

.3

%

Repurchase Agreements

.4

%

Other Assets & Liabilities, Net

(1.7)%

Net Assets

%

Portfolio Credit Quality

(% of total investments)

A

3.7%

BBB

11.1%

BB or Lower

58.3%

N/R (not rated)

23.5%

N/A (not applicable)

3.4%

Total

%

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 are based on an investment of $10,000 invested at January 10, 2025 (commencement of operations of the Fund) 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 period since inception? (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

$227

2.22%

Class A2 Shares

$203

1.98%

Class I Shares

$152

1.48%

\*

Annualized for period less than one year.

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees and Shareholders of Nuveen Enhanced CLO Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of

Nuveen Enhanced CLO Income Fund (the "Fund") as of August 31, 2025, and the related statements of operations

and changes in net assets, including the related notes, and the financial highlights for the period January 10, 2025

(commencement of operations) through August 31, 2025 (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 August

31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period January

10, 2025 (commencement of operations) through August 31, 2025 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 audit. 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 audit 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 audit 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 audit

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 August 31, 2025 by correspondence with the custodian and brokers; when replies were not received

from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our

opinion.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 29, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

Portfolio of Investments August 31, 2025

Enhanced CLO Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.3%

ASSET-BACKED SECURITIES - 98.3%

–

$

1,250,000

(a),(b)

Aimco CLO 14 Ltd, Series 2021 14A, (TSFR3M + 6.012%)

.337

%

04/20/34

$

1,253,804

6,000,000

(a),(b)

AIMCO CLO Series 2018-A, Series 2018 AA, (TSFR3M +

2.850%)

.172

10/17/37

6,038,502

1,000,000

(a),(b)

AIMCO CLO Series 2018-A, Series 2018 AA, (TSFR3M +

5.250%)

.572

10/17/37

1,009,642

3,000,000

(a),(b)

Allegany Park CLO Ltd, Series 2019 1A, (TSFR3M + 6.400%)

.675

01/20/35

3,015,000

2,500,000

(a),(b)

Allegro CLO XIII Ltd, Series 2021 1A, (TSFR3M + 6.300%)

.618

07/20/38

2,520,482

2,500,000

(a),(b)

Allegro CLO XV Ltd, Series 2022 1A, (TSFR3M + 5.500%)

.811

04/20/38

2,490,735

1,714,459

(a),(b),(c)

Anchorage Capital CLO 19 Ltd, Series 2021 19A

.455

10/15/34

1,225,665

2,000,000

(a),(b),(c)

ARES LX CLO LTD, Series 2021 60A

.541

07/18/34

943,074

750,000

(a),(b)

Ares LXIII CLO Ltd, Series 2022 63A, (TSFR3M + 6.000%)

.283

10/15/38

752,664

2,000,000

(a),(b),(c),(d)

ARES XLV CLO Ltd, Series 2017 45A

.000

10/15/30

252,353

1,500,000

(a),(b)

Ares XXXIV CLO Ltd, Series 2015 2A, (TSFR3M + 7.112%)

.434

04/17/33

1,500,075

3,000,000

(a),(b),(e)

Ares XXXIV CLO Ltd, Series 2015 2A, (TSFR3M + 5.500%)

.115

07/17/38

3,015,000

750,000

(a),(b)

Barings CLO Ltd 2019-III, Series 2019 3A, (TSFR3M + 5.850%)

.175

01/20/36

753,668

1,000,000

(a),(b),(e)

Barings CLO Ltd 2023-II, Series 2023 2A, (TSFR3M + 5.100%)

.000

10/20/38

1,005,000

3,000,000

(a),(b)

Basswood Park CLO Ltd, Series 2021 1A, (I/O)

.893

04/20/34

48,741

3,000,000

(a),(b),(c)

Basswood Park CLO Ltd, Series 2021 1A

.511

04/20/34

1,607,784

3,000,000

(a),(b)

Basswood Park CLO Ltd, Series 2021 1A, (I/O)

.627

04/20/34

20,976

1,000,000

(a),(b)

Battalion CLO XI Ltd, Series 2017 11A, (TSFR3M + 7.112%)

.034

04/24/34

924,872

2,500,000

(a),(b)

Benefit Street Partners CLO IX Ltd, Series 2016 9A, (TSFR3M +

5.900%)

.225

10/20/37

2,523,265

1,500,000

(a),(b)

Benefit Street Partners CLO X Ltd, Series 2016 10A, (TSFR3M +

5.000%)

.325

07/20/38

1,503,783

2,000,000

(a),(b)

Benefit Street Partners CLO XXXVIII Ltd, Series 2024 38A,

(TSFR3M + 4.000%)

.318

01/25/38

2,015,262

1,000,000

(a),(b)

Boyce Park CLO Ltd, Series 2022 1A, (TSFR3M + 6.250%)

.575

04/21/35

999,794

32,150,000

(a),(b),(c)

Buttermilk Park CLO Ltd, Series 2018 1A

.158

10/15/31

9,469,011

1,778,000

(a),(b),(c),(d)

CARLYLE US CLO 2018-2 Ltd, Series 2018 2A

.000

10/15/31

102,928

1,500,000

(a),(b)

Carlyle US CLO 2022-3 Ltd, Series 2022 3A, (TSFR3M +

6.690%)

.015

04/20/37

1,513,980

962,000

(a),(b)

Carlyle US CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +

6.750%)

.376

07/25/36

976,040

1,500,000

(a),(b)

Cayuga Park CLO Ltd, Series 2020 1A, (TSFR3M + 6.262%)

.000

07/17/34

1,511,641

1,500,000

(a),(b),(c)

CIFC Funding 2017-III Ltd, Series 2017 3A

.997

04/20/37

472,077

6,825,000

(a),(b),(c)

CIFC Funding 2018-II Ltd, Series 2018 2A

.393

10/20/37

2,894,455

4,250,000

(a),(b)

CIFC Funding 2019-I Ltd, Series 2019 1A, (TSFR3M + 5.750%)

.075

10/20/37

4,308,187

2,775,000

(a),(b)

CIFC Funding 2020-I Ltd, Series 2020 1A, (TSFR3M + 6.512%)

.829

07/15/36

2,796,934

555,000

(a),(b)

CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 2.312%)

.637

10/20/34

557,022

1,540,000

(a),(b)

CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 6.762%)

.087

10/20/34

1,548,669

2,000,000

(a),(b)

CIFC Funding 2020-III Ltd, Series 2020 3A, (TSFR3M + 6.762%)

.087

10/20/34

2,012,196

2,500,000

(a),(b)

CIFC Funding 2021-I Ltd, Series 2021 1A, (TSFR3M + 6.000%)

.318

07/25/37

2,518,477

750,000

(a),(b),(c)

CIFC Funding 2021-II, Series 2021 2A

.976

04/15/34

404,604

2,250,000

(a),(b)

CIFC Funding 2021-IV Ltd, Series 2021 4A, (TSFR3M + 6.200%)

.519

07/23/37

2,279,191

1,675,000

(a),(b)

CIFC Funding 2021-VI Ltd, Series 2021 6A, (TSFR3M + 6.512%)

.829

10/15/34

1,687,033

925,000

(a),(b)

CIFC Funding 2022-II Ltd, Series 2022 2A, (TSFR3M + 4.750%)

.075

04/19/35

929,027

2,000,000

(a),(b)

CIFC Funding 2024-V Ltd, Series 2024 5A, (TSFR3M + 2.850%)

.182

01/22/38

2,015,720

1,500,000

(a),(b)

Elmwood CLO 14 Ltd, Series 2022 1A, (TSFR3M + 5.500%)

.779

10/20/38

1,507,459

2,000,000

(a),(b)

Elmwood CLO 19 Ltd, Series 2022 6A, (TSFR3M + 7.000%)

.322

10/17/36

2,017,072

670,000

(a),(b)

Elmwood CLO 20 Ltd, Series 2022 7A, (TSFR3M + 6.000%)

.322

01/17/37

672,139

2,000,000

(a),(b)

Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 6.450%)

.779

04/18/37

2,031,748

2,000,000

(a),(b),(c)

Elmwood CLO I Ltd, Series 2019 1A

.476

04/20/37

1,046,968

750,000

(a),(b)

Elmwood CLO VI Ltd, Series 2020 3A, (TSFR3M + 5.900%)

.229

07/18/37

753,535

5,000,000

(a),(b)

Elmwood CLO VII Ltd, Series 2020 4A, (TSFR3M + 5.900%)

.222

10/17/37

5,033,895

3,000,000

(a),(b)

Elmwood CLO VIII Ltd, Series 2021 1A, (TSFR3M + 6.250%)

.575

04/20/37

3,014,997

1,000,000

(a),(b)

Galaxy XXV CLO Ltd, Series 2018 25A, (TSFR3M + 5.750%)

.010

04/25/36

1,005,000

1,000,000

(a),(b)

Goldentree Loan Management US CLO 1 Ltd, Series 2021 11A,

(TSFR3M + 7.762%)

.087

10/20/34

972,644

1,500,000

(a),(b)

Goldentree Loan Management US CLO 12 Ltd, Series 2022

12A, (TSFR3M + 5.700%)

.025

07/20/37

1,509,562

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED SECURITIES

(continued)

$

2,500,000

(a),(b)

Goldentree Loan Management US CLO 6 Ltd, Series 2019 6A,

(TSFR3M + 4.500%)

.825

%

04/20/35

$

2,467,337

3,000,000

(a),(b)

Goldentree Loan Management US CLO 7 Ltd, Series 2020 7A,

(TSFR3M + 5.250%)

.575

04/20/34

3,014,277

18,900,000

(a),(b),(c)

Hamlin Park CLO Ltd, Series 2024 1A

.396

10/20/37

15,873,656

37,700,000

(a),(b),(c)

Hamlin Park CLO Ltd, Series 2024 1A

.037

10/20/37

278,226

2,000,000

(a),(b)

Invesco US CLO 2023-1 Ltd, Series 2023 1A, (TSFR3M +

6.900%)

.232

04/22/37

2,020,904

1,500,000

(a),(b)

KKR CLO 22 Ltd, Series 2018 22A, (TSFR3M + 6.262%)

.587

07/20/31

1,496,827

1,000,000

(a),(b)

KKR CLO 32 Ltd, Series 2024 32A, (TSFR3M + 5.300%)

.618

04/15/37

1,009,872

5,000,000

(a),(b),(c)

KKR CLO 32 Ltd, Series 2020 32A

.095

04/15/37

2,689,805

4,000,000

(a),(b)

KKR CLO 40 Ltd, Series E 40A, (TSFR3M + 7.250%)

.575

10/20/34

3,952,588

750,000

(a),(b)

Madison Park Funding XXVIII Ltd, Series 2018 28A, (TSFR3M +

6.350%)

.668

01/15/38

756,043

750,000

(a),(b)

Magnetite XIX Ltd, Series 2017 19A, (TSFR3M + 5.100%)

.422

04/17/34

754,698

1,500,000

(a),(b)

Magnetite Xli Ltd, Series 2024 41A, (TSFR3M + 1.780%)

.098

01/25/38

1,503,781

1,250,000

(a),(b)

Magnetite XXIII Ltd, Series 2019 23A, (TSFR3M + 2.312%)

.630

01/25/35

1,252,996

750,000

(a),(b)

Magnetite XXVII Ltd, Series 2020 27A, (TSFR3M + 6.262%)

.587

10/20/34

754,120

500,000

(a),(b)

Magnetite XXXI Ltd, Series 2021 31A, (TSFR3M + 3.262%)

.579

07/15/34

502,147

3,000,000

(a),(b)

Magnetite XXXV Ltd, Series 2022 35A, (TSFR3M + 7.250%)

.568

10/25/36

3,028,785

1,000,000

(a),(b)

Magnetite XXXVII Ltd, Series 2023 37A, (TSFR3M + 7.000%)

.325

10/20/36

1,009,096

750,000

(a),(b)

MidOcean Credit CLO XVI, Series 2024 16A, (TSFR3M +

2.000%)

.269

10/20/37

753,968

7,750,000

(a),(b)

Neuberger Berman CLO XXI Ltd, Series 2016 21A, (TSFR3M +

5.250%)

.575

01/20/39

7,767,422

4,135,000

(a),(b),(c)

Neuberger Berman CLO XXI Ltd, Series 2016 21A

.761

01/20/39

2,799,891

3,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 24 Ltd, Series 2017

24A, (TSFR3M + 7.000%)

.325

10/19/38

3,079,863

1,500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 34 Ltd, Series 2019

34A, (TSFR3M + 5.000%)

.329

07/20/39

1,506,576

1,500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021

40A, (TSFR3M + 5.150%)

.250

10/16/37

1,507,368

1,500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 41 Ltd, Series 2021

41A, (TSFR3M + 5.750%)

.049

04/15/34

1,507,445

1,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 42 Ltd, Series 2021

42A, (TSFR3M + 1.850%)

.168

07/16/36

1,005,337

750,000

(a),(b)

Neuberger Berman Loan Advisers CLO 42 Ltd, Series 2021

42A, (TSFR3M + 2.500%)

.818

07/16/36

750,914

1,250,000

(a),(b)

Neuberger Berman Loan Advisers CLO 51 Ltd, Series 2022

51A, (TSFR3M + 5.700%)

.019

10/23/36

1,253,230

2,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 55 Ltd, Series 2024

55A, (TSFR3M + 6.500%)

.832

04/22/38

2,030,598

2,300,000

(a),(b)

Neuberger Berman Loan Advisers CLO 61 Ltd, Series 2025

61A, (TSFR3M + 1.800%)

.122

07/17/39

2,303,206

1,500,000

(a),(b)

Neuberger Berman Loan Advisers LaSalle Street Lending CLO

II Ltd, Series 2024 2A, (TSFR3M + 7.500%)

.825

04/20/38

1,536,089

1,750,000

(a),(b)

Neuberger Berman Loan Advisers NBLA CLO 52 Ltd, Series

2022 52A, (TSFR3M + 6.000%)

.319

10/24/38

1,769,647

1,000,000

(a),(b)

Newark BSL CLO 1 Ltd, Series 2016 1A, (TSFR3M + 6.512%)

.825

12/21/29

995,875

2,000,000

(a),(b)

Octagon 52 Ltd, Series 2021 1A, (TSFR3M + 7.330%)

.649

07/23/37

2,025,054

2,500,000

(a),(b)

Octagon 58 Ltd, Series 2022 1A, (TSFR3M + 6.250%)

.568

04/15/38

2,560,173

1,000,000

(a),(b)

Octagon Investment Partners 43 Ltd, Series 2019 1A, (TSFR3M

+ 6.862%)

.180

10/25/32

1,001,880

750,000

(a),(b)

OHA Credit Funding 2 LTD, Series 2019 2A, (TSFR3M +

3.700%)

.025

01/21/38

752,854

1,000,000

(a),(b)

OHA Credit Funding 4 Ltd, Series 2019 4A, (TSFR3M + 2.700%)

.032

01/22/38

1,007,763

750,000

(a),(b)

OHA Credit Funding 8 Ltd, Series 2021 8A, (TSFR3M + 1.750%)

.075

01/20/38

751,686

1,000,000

(a),(b)

OHA Credit Funding 8 Ltd, Series 2021 8A, (TSFR3M + 2.650%)

.975

01/20/38

1,008,046

2,750,000

(a),(b),(c)

Palmer Square CLO 2015-1 Ltd, Series 2015 1A

.743

05/21/34

526,719

4,323,000

(a),(b),(c)

Palmer Square CLO 2021-4 Ltd, Series 2021 4A

.224

07/15/38

2,456,562

1,500,000

(a),(b)

Palmer Square CLO 2021-4 Ltd, Series 2021 4A, (TSFR3M +

5.750%)

.022

07/15/38

1,514,879

Portfolio of Investments August 31, 2025

(continued)

Enhanced CLO Income

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

ASSET-BACKED SECURITIES

(continued)

$

1,000,000

(a),(b)

Palmer Square CLO 2021-4 Ltd, Series 2021 4A, (TSFR3M +

8.000%)

.272

%

07/15/38

$

982,151

1,500,000

(a),(b)

Palmer Square CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +

5.500%)

.061

10/20/37

1,513,415

2,000,000

(a),(b)

Palmer Square CLO 2023-1 Ltd, Series 2023 1A, (TSFR3M +

3.750%)

.075

01/20/38

1,988,764

938,000

(a),(b)

Palmer Square CLO Ltd, Series 2022 1A, (TSFR3M + 6.350%)

.675

04/20/35

945,127

500,000

(a),(b)

Point Au Roche Park CLO Ltd, Series 2021 1A, (TSFR3M +

6.362%)

.687

07/20/34

503,351

2,500,000

(a),(b)

RAD CLO 24 Ltd, Series 2024 24A, (TSFR3M + 6.500%)

.825

07/20/37

2,525,893

1,500,000

(a),(b)

Rad CLO 6 Ltd, Series 2019 6A, (TSFR3M + 6.750%)

.075

10/20/37

1,509,920

1,000,000

(a),(b)

Rad CLO 9 Ltd, Series 2020 9A, (TSFR3M + 5.750%)

.068

01/15/38

989,590

1,350,000

(a),(b)

REESE PARK CLO LTD, Series 2020 1A, (TSFR3M + 6.000%)

.318

01/15/38

1,356,986

1,500,000

(a),(b)

Regatta XXIII Funding Ltd, Series 2021 4A, (TSFR3M + 6.962%)

.763

01/20/35

1,510,951

1,250,000

(a),(b)

Rockford Tower CLO 2017-3 Ltd, Series 2017 3A, (TSFR3M +

6.012%)

.813

10/20/30

1,234,909

1,850,000

(a),(b)

Rockford Tower CLO 2022-2 Ltd, Series 2022 2A, (TSFR3M +

5.150%)

.475

10/20/35

1,861,032

1,000,000

(a),(b)

Sixth Street CLO VIII Ltd, Series 2017 8A, (TSFR3M + 6.750%)

.075

10/20/34

999,990

1,000,000

(a),(b)

Sixth Street CLO XX Ltd, Series 2021 20A, (TSFR3M + 2.950%)

.213

07/17/38

1,005,672

3,000,000

(a),(b)

TCW CLO 2020-1 Ltd, Series 2020 1A, (TSFR3M + 3.400%)

.725

04/20/34

3,015,894

3,000,000

(a),(b)

TCW CLO 2024-1 Ltd, Series 2024 1A, (TSFR3M + 7.090%)

.408

01/16/37

3,019,191

2,000,000

(a),(b)

TCW CLO 2025-1 LTD, Series 2025 1A, (TSFR3M + 5.900%)

.225

04/20/38

2,009,544

1,500,000

(a),(b)

Thayer Park CLO Ltd, Series 2017 1A, (TSFR3M + 9.132%)

.457

04/20/34

1,379,551

1,000,000

(a),(b)

TICP CLO XI Ltd, Series 2018 11A, (TSFR3M + 6.700%)

.018

04/25/37

1,015,392

1,000,000

(a),(b)

Trinitas CLO Ltd, Series 2021 18A, (TSFR3M + 7.312%)

.637

01/20/35

988,948

3,000,000

(a),(b),(c)

Unity-Peace Park CLO Ltd, Series 2022 1A

.213

04/20/35

1,718,910

1,500,000

(a),(b)

Upland CLO Ltd, Series 2016 1A, (TSFR3M + 3.162%)

.487

04/20/31

1,504,799

TOTAL ASSET-BACKED SECURITIES

(Cost $217,405,971)

213,100,535

TOTAL LONG-TERM INVESTMENTS

(Cost $217,405,971)

213,100,535

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.4%

7,425,000

REPURCHASE AGREEMENTS - 3.4%

7,425,000

7,425,000

(f) Fixed Income Clearing Corporation

.260

09/02/25

7,425,000

TOTAL REPURCHASE AGREEMENTS

(Cost $7,425,000)

7,425,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $7,425,000)

7,425,000

TOTAL INVESTMENTS - 101.7%

(Cost $224,830,971)

220,525,535

OTHER ASSETS & LIABILITIES, NET - (1.7)%

(3,600,766)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

216,924,769

I/O

Interest only security

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(b) 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 reporting period, the aggregate value of these securities is $213,100,535 or 96.6% of Total Investments.

(c) CLO subordinate notes, income notes, Y notes and M notes are considered CLO equity positions. CLO equity positions are entitled

to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less

contractual payments to debt holders and fund expenses. The rate shown is the estimated yield based upon a current projection of

the amount and timing of these recurring distributions, and the estimated amount of repayment of principal upon termination. Such

projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(d) Security is in the process of liquidation.

See Notes to Financial Statements

(e) When-issued or delayed delivery security.

(f) Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $7,428,515 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 3.750% and maturity date 5/15/28, valued at $7,573,604.

Statement of Assets and Liabilities

See Notes to Financial Statements

August 31, 2025

Enhanced CLO

Income

ASSETS

Long-term investments, at value

†

$

213,100,535

Short-term investments, at value

◊

7,425,000

Cash

277,451

Receivables:

Interest

1,986,190

Investments sold

500,000

Reimbursement from Adviser

47,648

Other

25,868

Total assets

223,362,692

LIABILITIES

Payables:

Management fees

247,865

Dividends

2,022,863

Interest

Investments purchased - when-issued/delayed-delivery settlement

4,000,000

Accrued expenses:

Custodian fees

43,222

Trustees fees

1,836

Professional fees

74,700

Shareholder reporting expenses

7,169

Shareholder servicing agent fees

6,633

Distribution and service fees (12b-1)

Other

33,601

Total liabilities

6,437,923

Net assets applicable to common shares

$

216,924,769

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Paid-in capital

$

220,474,213

Total distributable earnings (loss)

(3,549,444)

Net assets applicable to common shares

$

216,924,769

†

&nbsp;&nbsp;&nbsp;&nbsp; Long-term investments, cost

$

217,405,971

◊

&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, cost

$

7,425,000

Enhanced CLO

Income

CLASS A1:

Net assets

$

24,588

Common Shares outstanding

1,250

Net asset value ("NAV") per common share

$

19.67 Maximum sales charge

2.50%

Offering price per common share (NAV per common share plus maximum sales charge)

$

20.17 CLASS A2:

Net assets

$

24,590

Common Shares outstanding

1,250

NAV and offering price per common share

$

19.67 CLASS I:

Net assets

$

216,875,591

Common Shares outstanding

11,021,413

NAV and offering price per common share

$

19.68 Authorized shares - per class

Unlimited

Par value per common share

$

0.01 Statement of Operations

See Notes to Financial Statements

``

For the period January 10, 2025 (commencement of operations) through August 31, 2025

Enhanced CLO

Income

INVESTMENT INCOME

Interest

$

17,021,673

Total investment income

17,021,673

EXPENSES

–

Management fees

1,841,765

Distribution and service fees (12b-1) - Class A1

Distribution and service fees (12b-1) - Class A2

Shareholder servicing agent fees - Class A1

Shareholder servicing agent fees - Class A2

Shareholder servicing agent fees - Class I

64,994

Interest expense

Trustees fees

5,108

Custodian expenses

43,222

Registration fees

69,476

Professional fees

98,316

Shareholder reporting expenses

11,699

Other

4,507

Total expenses before fee waiver/expense reimbursement

2,139,328

Fee waiver/expense reimbursement

(84,253)

Net expenses

2,055,075

Net investment income (loss)

14,966,598

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(54,684)

Net realized gain (loss)

(54,684)

Change in unrealized appreciation (depreciation) on:

Investments

(4,305,436)

Net change in unrealized appreciation (depreciation)

(4,305,436)

Net realized and unrealized gain (loss)

(4,360,120)

Net increase (decrease) in net assets applicable to common shares from operations

$

10,606,478

Statement of Changes in Net Assets

See Notes to Financial Statements

Enhanced CLO Income

For the period

1/10/25

(commencement of

operations)

through

8/31/25

OPERATIONS

Net investment income (loss)

$

14,966,598

Net realized gain (loss)

(54,684)

Net change in unrealized appreciation (depreciation)

(4,305,436)

Net increase (decrease) in net assets applicable to common shares from operations

10,606,478

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends:

Class A1

(1,497)

Class A2

(1,534)

Class I

(14,153,086)

Total distributions

(14,156,117)

FUND SHARE TRANSACTIONS

Fund Reorganization

220,120,449

Subscriptions

300,000

Reinvestments of distributions

3,959

Net increase (decrease) applicable to common shares from Fund share transactions

220,424,408

Net increase (decrease) in net assets applicable to common shares

216,874,769

Net assets applicable to common shares at the beginning of period

50,000

Net assets applicable to common shares at the end of period

$

216,924,769

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 CLO Income

Class

A1

8/31/25

(d) $

20.00 $

1.26 $

(0.39)

$

0.87 $

(1.20)

$

—

$

(1.20)

$

19.67 Class

A2

8/31/25

(d) 20.00 1.30 (0.40)

0.90 (1.23)

—

(1.23)

19.67 Class

I

8/31/25

(d) 20.00 1.36 (0.40)

0.96 (1.28)

—

(1.28)

19.68 (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) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d) For the period January 10, 2025 (commencement of operations) through August 31, 2025.

(e) Annualized.

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

Net

Expenses

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

.51

%

$

.29

%

(e) 2

.23

%

(e) 10

.07

%

(e) 29

%

.66

.04

(e) 1

.98

(e) 10

.32

(e) 29

.02

216,876

.54

(e) 1

.48

(e) 10

.81

(e) 29

Notes to Financial Statements

1. General Information

Fund Information:

The fund covered in this report is Nuveen Enhanced CLO Income 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 August 29, 2024.

Current Fiscal Period:

The end of the reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Financial

Statements is the fiscal period January 10, 2025 (commencement of operations) through August 31, 2025 (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.

Fund Reorganization:

Prior to commencement of the Fund's operations, all of the assets of a Cayman Islands exempted limited partnership,

Nuveen CLO Opportunities Master Fund LP (the "Master Fund"), through which Nuveen CLO Opportunities Fund LP, a private fund relying on

an exemption from registration under section 3(c)(7) of the 1940 Act (the "Predecessor Fund"), invested were transferred to the Fund and the

Predecessor Fund and the Master Fund ceased operations (the "Reorganization"). The Predecessor Fund distributed 11,006,022 Class I Common

Shares of the Fund, valued at $220,120,449, obtained in the Reorganization to limited partners ("LPs") in the Predecessor Fund, with each LP

receiving Class I Common Shares equal in value to the value of their holdings in the Predecessor Fund immediately prior to the Reorganization.

Thereafter, the Predecessor Fund and the Master Fund ceased operations and were dissolved under state law. The Predecessor Fund was originally

organized as a Delaware limited partnership on August 15, 2022 and commenced investment operations on September 30, 2022. The Predecessor

Fund (through its investments in the Master Fund) had investment policies, an investment objective, guidelines and restrictions that were, in all

material respects, equivalent to those of the Fund. The Predecessor Fund and the Master Fund were also managed by the Sub-Adviser.

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.

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. Collateralized Loan Obligations ("CLOs") equity investments recognize investment income by utilizing an effective interest methodology

based upon an effective yield to maturity utilizing projected cash flow, as required by ASC Topic 325-40, Beneficial Interest in Securitized Financial

Assets. The Fund monitors the expected residual payments, and effective yield is determined and updated periodically, as needed. Accordingly,

investment income recognized on CLO equity tranches in the U.S. GAAP statement of operations differs from both the tax-basis investment income

and from the cash distributions actually received by the Fund during the quarterly period.

Notes to Financial Statements

(continued)

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.

Organizational Expenses:

Prior to the commencement of operations on January 10, 2025, the Fund had no operations other than those related to

organizational matters and the Fund's initial contribution of $50,000 by the Adviser.

Segment Reporting:

In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280)

Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a

single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic

280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024. The Fund adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Fund's financial positions or the results of their operations.

The Fund represents a single operating segment. The officers of the Fund act as the chief operating decision maker ("CODM"). 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:

In December 2023, the FASB issued 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 Fund adopted the new guidance and there was

no material impact to the Fund. For the current fiscal period, the Fund did not pay any federal, state and local income taxes or any income taxes in

foreign jurisdictions.

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 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – 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:

The prices of CLOs 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, spreads 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.

For certain securities that are less liquid and of lower quality, such as CLO equity tranches, pricing services may incorporate information regarding

the security, its issuer, or relevant market activity as provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending

on the availability of observable market information.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. 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:

4. Portfolio Securities

Collateralized Loan Obligations:

CLOs are asset-backed securities that are typically collateralized principally by a pool of loans, which may include,

among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be

rated below investment grade (commonly known as "high yield" or "junk" bonds). The special purpose entity typically issues one or more classes

(sometimes referred to as "tranches") of rated debt securities, one or more unrated classes of debt securities that are generally treated as equity

interests, and a residual equity interest. The tranches of CLOs typically have different interest rates, projected weighted average lives and ratings,

with the higher rated tranches paying lower interest rates. One or more forms of credit enhancement are almost always necessary in a CLO structure

to obtain the desired credit ratings for the most highly rated debt securities issued by a CLO. The types of credit enhancement used include

"internal" credit enhancement provided by the underlying assets themselves, such as subordination, excess spread and cash collateral accounts. The

key feature of the CLO structure is the prioritization of the cash flows from a pool of securities among the several tranches of the CLO. As interest

payments are received, the CLO makes contractual interest payments to each tranche of debt based on its seniority. If there are funds remaining

after each tranche of debt receives its contractual interest rate and the CLO meets or exceeds required collateral coverage levels (or other similar

covenants), the remaining funds may be paid to the subordinated tranche (often referred to as the "residual" or "equity" tranche). The contractual

provisions setting out this order of payments are set out in detail in the relevant CLO's indenture. These provisions are referred to as the "priority of

payments" or the "waterfall" and determine the terms of payment of any other obligations that may be required to be paid ahead of payments of

interest and principal on the securities issued by a CLO. In addition, for payments to be made to each tranche, after the most senior tranche of debt,

there are various tests that must be complied with, which are different for each CLO. If a coverage test is failing, proceeds will be diverted to repay

principal on the senior tranches until the test passes.

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the

underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all

times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Fund that are subject to netting agreements as of the end of the current fiscal

period, and the collateral delivered related to those repurchase agreements.

Enhanced CLO Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

213,100,535

$

–

$

213,100,535

Short-Term Investments:

Repurchase Agreements

–

7,425,000

–

7,425,000

Total

$

–

$

220,525,535

$

–

$

220,525,535

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

ECLO

Fixed Income Clearing Corporation

$

7,425,000

$

(7,573,604)

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.

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,

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 did not engage in any repurchase offers.

Common Share Transactions

Transactions in common shares during the current fiscal period were as follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

Enhanced CLO Income

$

72,153,153

$

62,073,612

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.

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 bond premium amortization adjustments and nondeductible expenses.

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:

For the period 1/10/25

(commencement of operations)

through 8/31/25

\*

Enhanced CLO Income

Shares

Value

Shares issued in the Reorganization:

Class I

11,006,022

$220,120,449

Total Reorganization

11,006,022

220,120,449

Subscriptions:

Class I

15,189

300,000

Total subscriptions

15,189

300,000

Reinvestments of distributions:

Class I

3,959

Total reinvestments of distributions

3,959

Net increase (decrease)

11,021,413

$220,424,408

\*

Prior to the commencement of operations, the Adviser owned 1,250 of Class A1 and 1,250 of Class A2 shares, which are still held as of the end of the current

fiscal period.

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Enhanced CLO Income

$

227,148,114

$

807,100

$

(7,429,679)

$

(6,622,579)

Fund

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 CLO Income

$

5,157,861

$

—

$

(6,622,579)

$

(61,863)

$

—

$

(2,022,863)

$

(3,549,444)

For the period 1/10/25

(commencement of operations)

through 8/31/25

Fund

Ordinary

Income

Long-Term

Capital Gains

Enhanced CLO Income

$

14,156,117

$

—

Notes to Financial Statements

(continued)

As of year end, the Fund had capital loss carryforwards, which will not expire:

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.

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, 2027, 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 1.50% 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

Fund

Short-Term

Long-Term

Total

Enhanced CLO Income

$

61,863

$

—

$

61,863

Average Daily Managed Assets\*

Fund-Level Fee Rate

For the first $125 million

1.1900 %

For the next $125 million

1.1775 For the next $250 million

1.1650 For the next $500 million

1.1525 For the next $1 billion

1.1400 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 CLO Income

0.1568 %

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%.

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 did not engage in cross-trades pursuant to these procedures.

9. 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" on the

Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest

expense" 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 did not utilize this facility.

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:

Qualified Interest Income (QII)

The Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal

Revenue Code:

Fund

Net Long-Term

Capital Gains

Enhanced CLO Income

$

—

Fund

1/10/25

(commencement

of operations) to

Current

Year End

Percentage

Enhanced CLO Income

.1

%

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

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

One Congress Street

Suite 1

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)

333 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

(U

naudited)

Asset-Backed Securities (ABS)

: Securities whose value and income payments are derived from and collateralized by a

specific pool of underlying assets. The pool of assets typically is a group of small and/or illiquid assets that may be difficult to sell

individually. The underlying pools of asset-backed securities often include payments from credit cards, auto loans or mortgage

loans.

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.

Collateralized Loan Obligation (CLO)

: A security backed by a pool of debt, often low rated corporate loans. Collateralized loan

obligations (CLOs) are similar to collateralized mortgage obligations, except for the different type of underlying loan.

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.

Board Members & Officers

(U

naudited)

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 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

Independent Trustees:

Joseph A. Boateng

1963

333 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;

Investment Advisory Committee Member and Former Chair (since

2007), 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 VA-1.

Michael A. Forrester

1967

333 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

VA-1 (2007–2023).

Thomas J. Kenny

1963

333 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; 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 VA-1.

Amy B. R. Lancellotta

1959

333 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);

President (since 2023) and Member (since 2020) of the Board of

Directors, Jewish Coalition Against Domestic Abuse (JCADA).

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 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

Joanne T. Medero

1954

333 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

333 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

333 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.

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 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

Loren M. Starr

1961

333 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

VA-1 (2022–2023).

Matthew Thornton III

1958

333 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; formerly

Member of the Board of Directors (2012-2018), Safe Kids

Worldwide® (a non-profit organization dedicated to preventing

childhood injuries). 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).

Terence J. Toth

1959

333 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).

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 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

Margaret L. Wolff

1955

333 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.

Robert L. Young

1963

333 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).

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 5 Years

Officers of the Funds:

David J. Lamb

1963

333 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

333 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;&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 VA-1 and the College Retirement Equities Fund.

Joseph T. Castro

1964

333 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,

formerly, Senior Managing Director, Nuveen Securities, LLC; Senior Managing

Director, Nuveen Fund Advisors, LLC and Nuveen, 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.

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 5 Years

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 VA-1 and College Retirement Equities Fund.

Diana R. Gonzalez

1978

8500 Andrew Carnegie

Blvd.

Charlotte, NC 28262

Vice President

and Assistant

Secretary

2017

Vice President 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

333 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;&nbsp;&nbsp;&nbsp;&nbsp;

Vice President

and Assistant

Secretary

2023

Vice President 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

333 W. Wacker Drive

Chicago, IL 60606

Vice President

2002

Managing Director of Nuveen Securities, LLC.

Brian J. Lockhart

1974

333 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;&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; has previously held various

positions with Nuveen/TIAA.

Kevin J. McCarthy

1966

333 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; 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

333 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

333 W. Wacker Drive

Chicago, IL 60606

Vice President

2017

Senior Managing Director of Nuveen.

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 5 Years

Mark L. Winget

1968

333 W. Wacker Drive

Chicago, IL 60606

Vice President

and Secretary

2008

Vice President 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.

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;&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) The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding

annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or

appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual

shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed.

The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen

complex.

(2) Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year

first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex

.

Nuveen Securities, LLC, member FINRA and SIPC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

4786862 RAN_CLO_0825P

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, 333 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, Loren M. Starr and Robert L. Young, 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 Audit Committee 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).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.

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

Nuveen Enhanced CLO Income 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>** |
| August 31, 2025 | $60679 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| August 31, 2024<sup>5</sup> | $0 | $0 | $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".

5 Fund commenced operations on 1/10/2025.

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.

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-

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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** |
| August 31, 2025 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
| August 31, 2024 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

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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**<br> **Registrant)** | **Total Non-Audit Fees**<br> **Billed to Adviser and**<br> **Affiliated Fund Service**<br> **Providers (all other**<br> **engagements)** | **Total** |
|  August 31, 2025 | $0 | $0 | $11084014 | $11084014 |
|  August 31, 2024 | $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, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.

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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.

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

Not applicable to closed-end investment companies.

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**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>

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

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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.](d25452dex99proxyvote.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:

**Himani Trivedi** is head of structured credit at Nuveen. She is responsible for managing loans and investments in structured credit across Nuveen-managed CLOs and various fixed income strategies. Previously, Himani served as a co-head of investments and head of structured credit at Nuveen affiliate Symphony Asset Management. She started at Nuveen under Symphony affiliate in 2004 on the convertibles desk, launched the CLO platform in 2005 and became co-Portfolio Manager for all CLOs in 2008. Prior to joining Nuveen, Himani worked on model validation for securitized products at Washington Mutual Bank and started her career in finance at ICICI Bank in India. Himani graduated with a B.S. in Chemical Engineering and an M.B.A. in Finance from Gujarat University, India and a Masters in Financial Engineering (MFE) from the Haas School of Business at University of California, Berkeley.

**Joshua Grumer** is a Senior Director and associate portfolio manager on Nuveen's CLO team, where he has focused on CLO investments since 2017. His responsibilities span across investment grade, speculative grade and equity CLO tranche investing within Nuveen's CLO strategies. Prior to joining Nuveen, Josh was at Crescent Capital from 2011 to 2017, where he was a member of the CLO tranche investing platform. From 2005 to 2011, he worked for Trust Company of the West, focusing on CLO surveillance and bank loan analytics. He began his career at Loan Pricing Corporation, contributing to bank loan mark-to-market pricing service. Joshua holds a B.S. in Business Administration from the University of Delaware and a M.B.A. from New York University's Stern School of Business.

(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\*** |
|  Himani Trivedi | Registered Investment Company | 3 | $1.41 billion |
|  | Other Pooled Investment Vehicles | 3 | $15.22 billion |
|  | Other Accounts | 2 | $1.59 billion |
|  Joshua Grumer | Registered Investment Company | 1 | $79.85 million |
|  | Other Pooled Investment Vehicles | 0 | $0 |
|  | Other Accounts | 0 | $0 |

---

\* Assets are as of August 31, 2025. 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.

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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

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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.

*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 Nuveen Enhanced CLO Income Fund Securities

As of August 31, 2025, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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; Himani Trivedi | X |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Joshua Grumer | 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.](d25452dex99cert.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.](d25452dex99906cert.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 CLO Income Fund</u> 

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| | |
|:---|:---|
| Date: November 6, 2025 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |

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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: November 6, 2025 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date: November 6, 2025 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 CLO Income
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: November 6, 2025 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 CLO Income
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: November 6, 2025 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 CLO Income Fund (the "Fund") on Form N-CSR for the period ended August 31, 2025, 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.

---

| | |
|:---|:---|
| Date: November 6, 2025 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb <br> Chief Administrative Officer <br> (principal executive officer) |
| Date: November 6, 2025 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella <br> Vice President and Controller <br> (principal financial officer) |

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## Ex-99.Proxyvote

**Nuveen Proxy Voting Policy**<br>

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| | |
|:---|:---|
| **Policy Purpose and Statement**<br>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;&nbsp;&nbsp; <br> **Applicability**<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" |
| **Policy Statement**<br>Normal;Body Text;Proxy voting is a key component of a Pportfolio 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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;1. Performs day-to-day administration of the
Advisers' proxy voting processes.

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

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

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

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

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

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

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

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

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

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