# EDGAR Filing Document

**Accession Number:** 0001478888
**File Stem:** 0001193125-25-307645
**Filing Date:** 2025-12
**Character Count:** 170202
**Document Hash:** db78e92edf2d9ce39e5a56df86ac90b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307645.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307645

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Taxable Municipal Income Fund
- **CENTRAL INDEX KEY:** 0001478888

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22391
- **FILM NUMBER:** 251548552

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Build America Bond Fund
- **DATE OF NAME CHANGE:** 20100326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Build America Bond Term Fund
- **DATE OF NAME CHANGE:** 20091216

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number 811-22391

Nuveen Taxable Municipal 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>March</u> <u>31</u>

Date of reporting period: <u>September</u> <u>30, 2025</u>

------

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

------

Closed-End Funds

Closed-End Funds

Nuveen Municipal

September 30,

2025

Semi-Annual

Report

This semi-annual report contains the Fund's unaudited financial statements.

Nuveen Taxable Municipal Income Fund

NBB

Table

of Contents

Important Notices

Common Share Information

About the Fund's Benchmark

Fund Performance, Leverage and Holdings Summaries

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Statement of Cash Flows

Financial Highlights

Notes to Financial Statements

Shareholder Meeting Report

Additional Fund Information

Glossary of Terms Used in this Report

Statement Regarding Basis for Approval of Investment Advisory Contract

Important Notices

Portfolio manager commentaries:

The Funds include portfolio manager commentary in their annual shareholder reports. For your

Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers' Comments section of the Fund's

annual shareholder report.

Fund changes:

For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to

Financial Statements section of this report.

Fund principal investment policies and principal risks:

Refer to the Shareholder Update section of your Fund's annual shareholder

report for information on the Fund's principal investment policies and principal risks.

Fund performance:

For current information on your Fund's average annual total returns please refer to the Fund's website at

www.

nuveen.com

. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and

Holding Summaries section within this report.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Fund's distributions is current as of September 30, 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 fiscal period, the Fund's distributions to common shareholders were as shown in the accompanying table.

The Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its

common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).

The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution

and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common

share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the

Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains

and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If a distribution

includes anything other than net investment income, the Fund provides a notice of the best estimate of its distribution sources at

the time of the distribution which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax

characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com

and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-

closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,

shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current fiscal period, the Fund was authorized by the Securities and Exchange Commission to issue additional common

shares through an equity shelf program (Shelf Offering). Under these programs, the Fund, subject to market conditions, may

raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per

common share. The maximum aggregate offering under these Shelf Offerings are as shown in the accompanying table.

During the current fiscal period, the Fund did not sell any common shares through its shelf offering.

Refer to Notes to Financial Statements, for further details of Shelf Offerings and the Fund's transactions.

COMMON SHARE REPURCHASES

The Fund's Board of Trustees authorized an open-market share repurchase program, allowing the Fund to repurchase and retire an

aggregate of up to approximately 10% of its outstanding common shares.

Per Common

Share

Amounts

Monthly Distributions (Ex-Dividend Date)

NBB

April

$0.0965

May

0.0965 June

0.0965 July

0.0965 August

0.0965 September

0.0965 Total Distributions from Net Investment Income

$0.5790

Yields

NBB

Market Yield

\*

7.14%

\*

Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the fiscal period.

NBB

Maximum aggregate offering

$120,480,111

During the current fiscal period, the Fund did not repurchase any of its outstanding common shares. As of September 30, 2025, (and

since the inception of the Fund's repurchase programs), the Fund has cumulatively repurchased and retired its outstanding common

shares as shown in the accompanying table.

NBB

Common shares cumulatively repurchased and retired

Common shares authorized for repurchase

2,935,000

About the Fund's Benchmark

Bloomberg Taxable Municipal Long Bond Index:

A rules-based index engineered for the long-term taxable municipal

bond market. Bonds in the index have effective maturities of 10+ years. Index returns assume reinvestment of

distributions, but do not reflect any applicable sales charges or management fees.

Fund Performance, Leverage and Holdings

Summaries

The Fund Performance, Leverage and Holdings Summaries for the Fund are shown below within this section of the report.

Fund Performance

Performance data shown represents past performance and does not predict or guarantee future results.

Current performance may be higher or

lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of

Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided

for the Fund's shares at NAV only. Indexes are not available for direct investment.

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. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Fund's common shares relative to its comparative benchmarks was the Fund's use of leverage

through its issuance of reverse repurchase agreements and investments in inverse floating rate securities, which represent leveraged investments in

underlying bonds. The Fund uses leverage because our research has shown that, over time, leveraging provides opportunities for additional income.

The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its

portfolio of long-term bonds that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund's common shares

will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also

experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the

shares' total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase

and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement

of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the

opportunity for incremental common share income, particularly over longer-term periods.

Leverage Ratios

The Fund's Effective Leverage and Regulatory Leverage Ratios are set forth below. "Effective Leverage" is a Fund's effective economic leverage,

and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the

Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage

values, in addition to any regulatory leverage. "Regulatory Leverage" consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a

part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund,

however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily

in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund's Effective Leverage

and Regulatory Leverage ratios.

Holding 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.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &

Poor's, Moody's Investors Service, Inc. or Fitch, Inc. 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; 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 Taxable Municipal Income Fund

Fund Performance, Leverage and Holdings Summaries September 30,

2025

NBB

Performance\*

\* For purposes of Fund performance, relative results are measured against the NBB Linked Benchmark, which consists of the linked returns

between the Bloomberg Taxable Long Municipal Bond Index (effective November 17, 2018) and the Bloomberg Aggregate-Eligible Build America

Bond Index (through November 16, 2018).

Daily Common Share NAV and Share Price

Total Returns as of

September 30, 2025

Cumulative

Average Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NBB at Common Share NAV

4/27/10

3.52%

2.35%

0.36%

3.58%

NBB at Common Share Price

4/27/10

5.01%

5.01%

0.38%

4.52%

Bloomberg Taxable Municipal Long Bond Index

—

3.21%

1.44%

(1.18)%

3.17%

NBB Blended Benchmark

—

3.21%

1.44%

(1.18)%

3.15%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$16.46

$16.22

(1.46)%

(2.58)%

Leverage and Holdings

Leverage

Effective Leverage

39.88%

Regulatory Leverage

0.00%

Fund Allocation

(% of net assets)

Municipal Bonds

144.9%

Other Assets & Liabilities, Net

3.6%

Reverse Repurchase

Agreements, including accrued

interest

(40.9)%

Floating Rate Obligations

(7.6)%

Net Assets

100%

Portfolio Credit Quality

(% of total investments)

AAA

4.1%

AA

43.5%

A

26.0%

BBB

9.9%

BB or Lower

7.3%

N/R (not rated)

9.2%

Total

100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited

27.7%

Utilities

19.7%

Transportation

17.6%

Tax Obligation/General

9.2%

Health Care

8.7%

Education and Civic

Organizations

7.8%

Other

9.3%

Total

100%

Portfolio of Investments September 30, 2025

NBB

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 144.9% (100.0% of Total Investments)

701135537

MUNICIPAL BONDS - 144.9% (100.0% of Total Investments)

701135537

ALABAMA - 0.9% (0.6% of Total Investments)

$

4,000,000

Homewood Educational Building Authority, Alabama, Revenue

Bonds, CHF-Horizons II, LLC Student Housing and Parking

Project at Samford University Taxable Series 2024D

7.423 %

10/01/44

$

4,204,636

TOTAL ALABAMA

4,204,636

ALASKA - 0.7% (0.4% of Total Investments)

3,025,000

Port Lions, Alaska, Revenue Bonds, Kodiak Area Native

Association Project, Taxable Series 2022

7.500 10/01/52

3,166,164

TOTAL ALASKA

3,166,164

ARIZONA - 0.4% (0.3% of Total Investments)

2,000,000

(a) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Grand Canyon University Project,

Taxable Series 2024

7.375 10/01/29

2,099,072

TOTAL ARIZONA

2,099,072

CALIFORNIA - 30.9% (21.3% of Total Investments)

1,290,000

ABAG Finance Authority for Non-Profit Corporations,

California, Special Tax Bonds, Community Facilities District

2004-1 Seismic Safety Improvements 690 & 942 Market Street

Project, Taxable Refunding Series 2018

5.100 09/01/28

1,281,307

6,125,000

ABAG Finance Authority for Non-Profit Corporations,

California, Special Tax Bonds, Community Facilities District

2004-1 Seismic Safety Improvements 690 & 942 Market Street

Project, Taxable Refunding Series 2018

5.500 09/01/38

5,770,281

5,500,000

Alameda Corridor Transportation Authority, California,

Revenue Bonds, Taxable Refunding Subordinate Lien Series

2024 - AGM Insured

0.000 10/01/39

2,463,362

1,000,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, J. David Gladstone Institutes Project, Taxable

Series 2019

3.550 10/01/34

874,058

1,500,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, J. David Gladstone Institutes Project, Taxable

Series 2019

4.000 10/01/39

1,218,051

8,260,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, J. David Gladstone Institutes Project, Taxable

Series 2019

4.658 10/01/59

5,984,303

1,000,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, University of California San Francisco

Neurosciences Building, Build America Taxable Bond Series

2010B

6.486 05/15/49

1,067,214

8,010,000

(a) California Municipal Finance Authority, Mobile Home Park

Revenue Bonds, Windsor Mobile Country Club, Taxable

Refunding Series 20202B

6.375 11/15/48

7,718,390

540,000

(a) California Public Finance Authority, University Housing

Revenue Bonds, National Campus Community Development -

Claremont Properties LLC Claremont Colleges Project, Taxable

Refunding Series 2023B

6.500 07/01/32

545,728

4,530,000

(b) California State Public Works Board, Lease Revenue Bonds,

Various Capital Projects, Build America Taxable Bond Series

2009G-2

8.361 10/01/34

5,387,417

7,010,000

California State University, Systemwide Revenue Bonds, Build

America Taxable Bond Series 2010B

6.484 11/01/41

7,554,195

2,000,000

California State, General Obligation Bonds, Build America

Federally Taxable Series 2009

7.550 04/01/39

2,442,874

4,110,000

(b) California State, General Obligation Bonds, Various Purpose,

Build America Taxable Bond Series 2010

7.600 11/01/40

5,059,967

2,000,000

(a) California Statewide Communities Development Authority,

Limited Obligation Improvement Bonds, 300 Lakeside

Drive Oakland Property Assessed Clean Energy, Taxable

Sustainability Green Series 2023

8.000 09/02/53

2,057,998

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

1,250,000

California Statewide Communities Development Authority,

Revenue Bonds, Front Porch Communities & Services, Taxable

Series 2021B

2.240 %

04/01/31

$

1,100,220

1,255,000

California Statewide Community Development Authority,

Health Revenue Bonds, Enloe Medical Center, Refunding

Series 2022B - AGM Insured

7.140 08/15/47

1,328,375

7,500,000

Los Angeles Community College District, California, General

Obligation Bonds, Build America Taxable Bonds, Series 2010

6.600 08/01/42

8,202,971

10,000,000

(b),(c)

Los Angeles Community College District, California, General

Obligation Bonds, Build America Taxable Bonds, Series 2010,

(UB)

6.600 08/01/42

10,937,295

2,000,000

(a),(c)

Los Angeles Community College District, Los Angeles County,

California, General Obligation Bonds, Tender Option Bond

Trust 2016-XTG002, Formerly Tender Option Bond Trust

TN027, (IF)

14.439 08/01/49

3,258,131

1,730,000

(b) Los Angeles County Public Works Financing Authority,

California, Lease Revenue Bonds, Mulitple Capital Projects I,

Build America Taxable Bond Series 2010B

7.488 08/01/33

1,901,124

11,380,000

(b) Los Angeles County Public Works Financing Authority,

California, Lease Revenue Bonds, Mulitple Capital Projects I,

Build America Taxable Bond Series 2010B

7.618 08/01/40

13,620,242

2,805,000

Los Angeles Department of Airports, California, Revenue

Bonds, Los Angeles International Airport, Build America

Taxable Bonds, Series 2009C

6.582 05/15/39

3,049,349

23,785,000

(b) Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Federally Taxable - Direct Payment -

Build America Bonds, Series 2010D

6.574 07/01/45

25,367,497

4,000,000

(a),(c)

Los Angeles Department of Water and Power, California, Water

System Revenue Bonds, Tender Option Bond Trust 2016-

XFT906, (IF)

12.205 07/01/50

5,310,656

4,105,000

(b) Sacramento Public Financing Authority, California, Lease

Revenue Bonds, Golden 1 Center, Series 2015

5.637 04/01/50

4,231,668

2,200,000

San Diego County Regional Transportation Commission,

California, Sales Tax Revenue Bonds, Build America Taxable

Bonds Series 2010A

5.911 04/01/48

2,254,079

1,500,000

San Francisco City and County Public Utilities Commission,

California, Water Revenue Bonds, Taxable Build America Bond

Series 2010G

6.950 11/01/50

1,693,458

1,000,000

San Francisco City and County Redevelopment Financing

Authority, California, Tax Allocation Revenue Bonds, San

Francisco Redevelopment Projects, Taxable Series 2009E

8.406 08/01/39

1,207,829

4,000,000

(a),(c)

San Francisco City and County, California, Certificates of

Participation, 525 Golden Gate Avenue, San Francisco Public

Utilities Commission Office Project, Tender Option Bond 2016-

XFT901, Formerly Tender Option Bond Trust B001, (IF)

12.196 11/01/41

5,650,106

2,000,000

(a),(c)

San Francisco City and County, California, Certificates of

Participation, 525 Golden Gate Avenue, San Francisco Public

Utilities Commission Office Project, Tender Option Bond 2016-

XFT901, Formerly Tender Option Bond Trust B001, (IF)

12.196 11/01/41

2,825,053

1,080,000

(a) San Francisco City and County, California, Development

Special Tax Bonds, Mission Rock Facilities and Services Special

Tax District 2020-1, Taxable Series 2021B

4.000 09/01/31

1,051,369

2,000,000

(b) University of California Regents, Medical Center Pooled

Revenue Bonds, Taxable Build America Bond Series 2010H

6.548 05/15/48

2,158,597

4,095,000

Vernon, California, Electric System Revenue Bonds, Series

2008A

8.590 07/01/38

4,905,849

TOTAL CALIFORNIA

149,479,013

Portfolio of Investments September 30, 2025

(continued)

NBB

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO - 2.2% (1.5% of Total Investments)

$

6,250,000

(a) Colorado Educational and Cultural Facilities Authority, Cultural

Facilities Revenue Bonds, Stanley Project, Taxable Senior Lien

Series 2025A-2

10.000 %

02/01/45

$

6,409,417

3,030,000

(b) Denver School District 1, Colorado, General Obligation Bonds,

Build America Taxable Bonds, Series 2009C

5.664 12/01/33

3,167,251

1,230,000

(b) Regional Transportation District, Colorado, Sales Tax Revenue

Bonds, Fastracks Project, Build America Series 2010B

5.844 11/01/50

1,258,427

TOTAL COLORADO

10,835,095

DISTRICT OF COLUMBIA - 3.8% (2.6% of Total Investments)

14,365,000

(b) Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Second Senior Lien, Build America

Bond Series 2009D

7.462 10/01/46

17,345,026

1,000,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Second Senior Lien, Build America

Bond Series 2009D - AGM Insured

7.462 10/01/46

1,221,261

TOTAL DISTRICT OF COLUMBIA

18,566,287

FLORIDA - 4.3% (3.0% of Total Investments)

13,745,000

(a) Charlotte County Industrial Development Authority, Florida,

Utility System Revenue Bonds, Town & Country Utilities Project,

Taxable Series 2021B

5.000 10/01/36

12,662,565

1,400,000

(a) Miami, Florida, Special Obligation Revenue Bonds, Street &

Sidewalk Improvement Program, Taxable Refunding Series

2018B - AGM Insured

4.808 01/01/39

1,346,722

6,570,000

Miami-Dade County, Florida, Seaport Revenue Bonds, Taxable

Series 2023

6.224 11/01/55

6,802,192

TOTAL FLORIDA

20,811,479

GEORGIA - 7.4% (5.1% of Total Investments)

2,234,000

Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4

Project M Bonds, Taxable Build America Bonds Series 2010A

6.655 04/01/57

2,433,536

5,596,000

Georgia Municipal Electric Authority, Plant Vogtle Units 3 &

4 Project P Bonds, Refunding Taxable Build America Bonds

Series 2010A - AGM Insured

7.055 04/01/57

6,375,562

18,977,000

(b) Georgia Municipal Electric Authority, Plant Vogtle Units 3 &

4 Project P Bonds, Refunding Taxable Build America Bonds

Series 2010A

7.055 04/01/57

21,377,338

4,944,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project J Bonds, Taxable Build America Bonds Series 2010A

6.637 04/01/57

5,424,428

TOTAL GEORGIA

35,610,864

ILLINOIS - 14.3% (9.9% of Total Investments)

2,210,000

Bellwood Illinois, Tax Increment Revenue Bonds, Senior

Apartments Project, Series 2022

6.000 12/01/50

2,095,683

4,030,000

(b) Chicago Board of Education, Illinois, General Obligation

Bonds, Dedicated Revenues, Series 2010C - BAM Insured

6.319 11/01/29

4,187,583

12,715,000

(b) Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue

Bonds, Federally Taxable Build America Bonds, Series 2010B

6.200 12/01/40

13,402,408

355,000

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Third Lien, Taxable Build America Bond

Series 2010B

6.395 01/01/40

397,294

1,000,000

Chicago, Illinois, General Obligation Bonds, Taxable Project,

Build America Bonds - Direct Payment, Series 2010B - BAM

Insured

7.517 01/01/40

1,184,115

1,935,000

Chicago, Illinois, Wastewater Transmission Revenue Bonds,

Build America Taxable Bond Series 2010B

6.900 01/01/40

2,147,353

4,450,000

Chicago, Illinois, Water Revenue Bonds, Taxable Second Lien

Series 2010B

6.742 11/01/40

4,860,715

1,950,000

Cook County, Illinois, General Obligation Bonds, Build America

Taxable Bonds, Series 2010D

6.229 11/15/34

2,077,759

7,500,000

(a) Illinois Finance Authority, Revenue Bonds, Illinois Institute of

Technology, Taxable Series 2025B

8.250 09/01/39

7,530,963

2,770,000

(a) Illinois International Port District, Revenue Bonds, Taxable

Refunding Series 2020

5.000 01/01/35

2,577,388

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

1,428,571

Illinois State, General Obligation Bonds, Build America Taxable

Bonds, Series 2010-5

7.350 %

07/01/35

$

1,558,373

10,796,154

(b) Illinois State, General Obligation Bonds, Taxable Build America

Bonds, Series 2010-3

6.725 04/01/35

11,477,473

10,312,000

(b) Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Taxable Build America Bond Senior Lien Series 2009A

6.184 01/01/34

11,049,996

2,420,000

(b) Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Taxable Build America Bond Senior Lien Series 2009B

5.851 12/01/34

2,548,001

380,000

Northern Illinois Municipal Power Agency, Power Project

Revenue Bonds, Prairie State Project, Build America Bond

Series 2009C

6.859 01/01/39

410,855

1,375,000

Northern Illinois Municipal Power Agency, Power Project

Revenue Bonds, Prairie State Project, Build America Taxable

Bond Series 2010A

7.820 01/01/40

1,621,783

TOTAL ILLINOIS

69,127,742

INDIANA - 1.8% (1.2% of Total Investments)

3,500,000

Indiana Finance Authority, Revenue Bonds, Deaconess Health

System, Taxable Series 2021A

3.313 03/01/51

2,437,400

1,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Build America Taxable Bonds, Series 2010B-2

6.116 01/15/40

1,054,840

5,000,000

Knox County, Indiana, Economic Development Revenue Bonds,

Good Samaritan Hospital Project, Taxable Series 2012B

5.900 04/01/34

5,006,250

TOTAL INDIANA

8,498,490

KENTUCKY - 1.7% (1.2% of Total Investments)

5,000

Kentucky Municipal Power Agency, Power System Revenue

Bonds, Prairie State Project, Build America Bond Series 2010B

- AGM Insured

6.490 09/01/37

5,005

5,450,000

(b) Louisville and Jefferson County Metropolitan Sewer District,

Kentucky, Sewer and Drainage System Revenue Bonds, Build

America Taxable Bonds Series 2010A

6.250 05/15/43

5,751,000

1,250,000

Louisville/Jefferson County Metro Government, Kentucky,

Revenue Bonds, Louisville Medical Center, Inc. Steam and

Chilled Water Plant Project, Taxable Series 2020

4.394 05/01/50

872,995

1,890,000

Newport, Kentucky, Industrial Building Revenue Bonds, South

Beach 1, LLC Project, Taxable Refunding Series 2022

4.125 03/01/33

1,771,919

TOTAL KENTUCKY

8,400,919

LOUISIANA - 0.1% (0.0% of Total Investments)

500,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds,

Refunding Junior Lien Series 2020C

4.210 12/01/44

394,333

TOTAL LOUISIANA

394,333

MARYLAND - 2.7% (1.9% of Total Investments)

1,500,000

Maryland Economic Development Corporation, Parking

Facilities Revenue Bonds Baltimore City Project, Senior Parking

Facilities Revenue, Series 2018B

4.580 06/01/33

1,485,904

2,945,000

Maryland Economic Development Corporation, Parking

Facilities Revenue Bonds Baltimore City Project, Senior Parking

Facilities Revenue, Series 2018B

4.790 06/01/38

2,820,660

4,285,000

Maryland Economic Development Corporation, Parking

Facilities Revenue Bonds Baltimore City Project, Senior Parking

Facilities Revenue, Series 2018B

5.050 06/01/43

3,971,202

5,350,000

Maryland Economic Development Corporation, Parking

Facilities Revenue Bonds Baltimore City Project, Senior Parking

Facilities Revenue, Series 2018B

5.320 06/01/51

4,893,297

TOTAL MARYLAND

13,171,063

MASSACHUSETTS - 1.2% (0.8% of Total Investments)

1,000,000

Massachusetts Development Finance Agency Revenue Bonds,

Wellforce Issue, Series C&D (2020) - AGM Insured

3.520 10/01/46

699,849

4,000,000

(a),(c)

Massachusetts, Transporation Fund Revenue Bonds,

Accelerated Bridge Program, Tender Option Bond Trust 2016-

XFT907, (IF)

8.913 06/01/40

4,985,538

TOTAL MASSACHUSETTS

5,685,387

Portfolio of Investments September 30, 2025

(continued)

NBB

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA - 0.4% (0.3% of Total Investments)

$

1,855,000

Western Minnesota Municipal Power Agency, Minnesota,

Power Supply Revenue Bonds, Build America Taxable Bond

Series 2010C

6.770 %

01/01/46

$

2,055,548

TOTAL MINNESOTA

2,055,548

MISSISSIPPI - 0.5% (0.3% of Total Investments)

2,085,000

Mississippi State, General Obligation Bonds, Taxable Build

America Bond Series 2010F

5.245 11/01/34

2,147,566

TOTAL MISSISSIPPI

2,147,566

MISSOURI - 0.2% (0.2% of Total Investments)

1,000,000

Missouri Joint Municipal Electric Utility Commission, Power

Project Revenue Bonds, Pairie State Power Project, Federally

Taxable Build America Bonds - Direct Pay, Series 2009A

6.890 01/01/42

1,099,380

TOTAL MISSOURI

1,099,380

NEW HAMPSHIRE - 0.9% (0.6% of Total Investments)

4,350,000

(a) National Finance Authority, New Hampshire, Utility Revenue

Bonds, Wheeling Power Company Project, Taxable Refunding

Series 2024A

6.890 04/01/34

4,565,242

TOTAL NEW HAMPSHIRE

4,565,242

NEW JERSEY - 3.6% (2.5% of Total Investments)

3,000,000

New Jersey Turnpike Authority, Revenue Bonds, Build America

Taxable Bonds, Series 2009F

7.414 01/01/40

3,626,444

8,805,000

New Jersey Turnpike Authority, Revenue Bonds, Build America

Taxable Bonds, Series 2010A

7.102 01/01/41

10,210,212

2,000,000

Rutgers State University, New Jersey, Revenue Bonds, Taxable

Build America Bond Series 2010H

5.665 05/01/40

2,085,116

870,000

South Jersey Port Corporation, New Jersey, Marine Terminal

Revenue Bonds, Taxable Build America Bond Series 2009P-3

7.365 01/01/40

1,011,594

530,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Build America Bond

Series 2009A-5

7.000 11/01/38

587,930

TOTAL NEW JERSEY

17,521,296

NEW YORK - 22.3% (15.4% of Total Investments)

420,000

Babylon Local Development Corporation II, New York,

Education Revenue Bonds, The Academy Charter School

Project, Taxable Series 2023B

7.250 02/01/27

423,046

10,000,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Taxable Series 2018B

5.096 08/01/34

9,273,488

1,415,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Taxable Series 2018B - AGM

Insured

4.946 08/01/48

1,246,716

25,000,000

(c) Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, Build America Taxable Bonds,

Series 2010D, (UB)

5.600 03/15/40

25,780,437

2,000,000

(a),(c)

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, Tender Option Bond Trust 30020,

(IF)

8.066 03/15/40

2,312,175

5,100,000

(b) Long Island Power Authority, New York, Electric System

Revenue Bonds, Build America Taxable Bond Series 2010B

5.850 05/01/41

5,206,872

595,000

Metropolitan Transportation Authority, New York, Dedicated

Tax Fund Bonds, Build America Taxable Bonds, Series 2010C

7.336 11/15/39

711,585

6,500,000

(b) Metropolitan Transportation Authority, New York,

Transportation Revenue Bonds, Federally Taxable Build

America Bonds, Series 2010E

6.814 11/15/40

7,219,913

11,390,000

(b) Metropolitan Transportation Authority, New York,

Transportation Revenue Bonds, Federally Taxable Issuer

Subsidy Build America Bonds, Series 2010A

6.668 11/15/39

12,496,643

440,000

Metropolitan Transportation Authority, New York,

Transportation Revenue Bonds, Taxable Green Climate

Certified Series 2020C-2

5.175 11/15/49

406,572

3,675,000

Monroe County Industrial Development Corporation, New

York, Revenue Bonds, Rochester Regional Health Project,

Taxable Series 2020B

4.600 12/01/46

3,002,933

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

870,000

(a) New York City Industrial Development Agency, New York,

Installment Purchase and Lease Revenue Bonds, Queens

Baseball Stadium Project, Series 2006 - AMBAC Insured

6.027 %

01/01/46

$

861,682

1,900,000

New York City Industrial Development Agency, New York,

Installment Purchase and Lease Revenue Bonds, Queens

Baseball Stadium Project, Series 2006 - AGM Insured

6.027 01/01/46

1,914,696

400,000

(a) New York City Industrial Development Authority, New York,

Rental Revenue Bonds, Yankee Stadium Project, Taxable Series

2009 - AGM Insured

11.000 03/01/29

447,001

1,500,000

(b) New York City Municipal Water Finance Authority, New York,

Water and Sewer System Revenue Bonds, Second Generation

Resolution, Build America Taxable Bonds, Fiscal 2011 Series

AA

5.440 06/15/43

1,501,227

2,595,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Revenue Bonds, Second Generation

Resolution, Build America Taxable Bonds, Series 2010DD

5.952 06/15/42

2,707,503

2,025,000

(c) New York City Municipal Water Finance Authority, New York,

Water and Sewer System Revenue Bonds, Second Generation

Resolution, Build America Taxable Bonds, Series 2010DD, (UB)

5.952 06/15/42

2,112,791

3,595,000

(a),(c)

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Revenue Bonds, Second Generation

Resolution, Taxable Tender Option Bonds Trust T30001-2, (IF)

9.764 06/15/44

4,289,547

10,040,000

(b) New York City Transitional Finance Authority, New York,

Building Aid Revenue Bonds, Fiscal 2011 Taxable Build

America Bond Series 2010S-1B

6.828 07/15/40

11,093,423

3,000,000

New York City, New York, General Obligation Bonds, Taxable

Fiscal 2025 Series D-1

5.114 10/01/54

2,870,703

5,495,000

Westchester County Health Care Corporation, New York,

Senior Lien Revenue Bonds, Refunding Series 2010A

8.572 11/01/40

5,235,790

3,450,000

Westchester County Health Care Corporation, New York,

Senior Lien Revenue Bonds, Refunding Series 2010A

8.572 11/01/40

3,287,377

2,970,000

Westchester County Health Care Corporation, New York,

Senior Lien Revenue Bonds, Series 2010-C1 - AGM Insured

8.572 11/01/40

3,380,168

TOTAL NEW YORK

107,782,288

OHIO - 5.7% (4.0% of Total Investments)

6,350,000

(b) American Municipal Power Inc., Ohio, Combined Hydroelectric

Projects Revenue Bonds, Build America Bond Series 2010B

7.834 02/15/41

7,637,673

1,000,000

American Municipal Power Inc., Ohio, Combined Hydroelectric

Projects Revenue Bonds, Build America Bond Series 2010B

8.084 02/15/50

1,285,512

1,450,000

American Municipal Power Inc., Ohio, Meldahl Hydroelectric

Projects Revenue Bonds, Build America Bond Series 2010B

7.499 02/15/50

1,703,904

7,040,000

American Municipal Power Ohio Inc., Prairie State Energy

Campus Project Revenue Bonds, Build America Bond Series

2009C

6.053 02/15/43

7,329,574

10,575,000

Port of Greater Cincinnati Development Authority, Ohio,

Special Obligation Tax Increment Financing Revenue Bonds,

Cooperative Township Public Parking Project, Kenwood

Collection Redevelopment, Refunding Senior Lien Series

2016A

6.600 01/01/39

9,802,177

TOTAL OHIO

27,758,840

OKLAHOMA - 3.9% (2.7% of Total Investments)

19,200,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Taxable Series 2018D

5.450 08/15/28

18,949,569

TOTAL OKLAHOMA

18,949,569

Portfolio of Investments September 30, 2025

(continued)

NBB

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OREGON - 1.1% (0.8% of Total Investments)

$

1,590,000

Hillsboro Economic Development Council, Oregon, Tax

Increment Revenue Bonds, North Hillsboro Industrial Renew

Area, Taxable Series 2024 - AGM Insured

5.815 %

06/01/38

$

1,678,849

1,600,000

Hillsboro Economic Development Council, Oregon, Tax

Increment Revenue Bonds, North Hillsboro Industrial Renew

Area, Taxable Series 2024 - AGM Insured

5.865 06/01/39

1,684,344

2,450,000

Port of Portland, Oregon, Portland International Airport

Customer Facility Charge Revenue Bonds, Taxable Series 2019

4.237 07/01/49

2,064,355

TOTAL OREGON

5,427,548

PENNSYLVANIA - 1.4% (1.0% of Total Investments)

1,820,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Build America Taxable Bonds,

Series 2009D

6.218 06/01/39

1,926,504

215,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Taxable Series 2024C

5.362 11/01/37

222,018

1,640,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Build America Taxable Bonds, Series 2009A

6.105 12/01/39

1,783,865

2,715,000

(b) Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Build America Taxable Bonds, Series 2010B

5.511 12/01/45

2,706,003

305,000

Philadelphia Redevelopment Authority, Pennsylvania, City

Service Agreement Revenue Bonds, City of Philadelphia

Neighborhood Preservation Initiative, Taxable Social Series

2024A

5.226 09/01/40

308,654

TOTAL PENNSYLVANIA

6,947,044

SOUTH CAROLINA - 3.4% (2.3% of Total Investments)

1,550,000

South Carolina Public Service Authority, Electric System

Revenue Bonds, Santee Cooper, Federally Taxable Build

America Series 2010C

6.454 01/01/50

1,667,600

2,000,000

South Carolina Public Service Authority, Electric System

Revenue Bonds, Santee Cooper, Federally Taxable Build

America Series 2010C - AGM Insured

6.454 01/01/50

2,162,094

8,985,000

South Carolina Public Service Authority, Electric System

Revenue Bonds, Santee Cooper, Federally Taxable Build

America Series 2010C, (UB)

6.454 01/01/50

9,666,703

205,000

(a),(c)

South Carolina Public Service Authority, Electric System

Revenue Bonds, Santee Cooper, Federally Taxable Build

America Tender Option Bond Trust T30002, (IF)

11.840 01/01/50

282,768

2,585,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2013C - AGM Insured

5.784 12/01/41

2,681,030

TOTAL SOUTH CAROLINA

16,460,195

TENNESSEE - 4.8% (3.3% of Total Investments)

1,500,000

Jackson, Tennessee, Hospital Revenue Bonds, Jackson-

Madison County General Hospital Project, Series 2018B

5.308 04/01/48

1,359,910

280,000

Memphis/Shelby County Economic Development Growth

Engine Industrial Development Board, Tennessee, Tax

Increment Revenue Bonds, Graceland Project, Senior Taxable

Series 2017B

4.700 07/01/27

263,280

7,915,000

Memphis/Shelby County Economic Development Growth

Engine Industrial Development Board, Tennessee, Tax

Increment Revenue Bonds, Graceland Project, Senior Taxable

Series 2017B

5.200 07/01/37

6,635,389

1,515,000

Memphis/Shelby County Economic Development Growth

Engine Industrial Development Board, Tennessee, Tax

Increment Revenue Bonds, Graceland Project, Senior Taxable

Series 2017B

5.450 07/01/45

1,136,175

5,010,000

(b) Metropolitan Government Nashville & Davidson County

Convention Center Authority, Tennessee, Tourism Tax Revenue

Bonds, Build America Taxable Bonds, Series 2010A-2

7.431 07/01/43

5,695,039

7,350,000

(b) Metropolitan Government Nashville & Davidson County

Convention Center Authority, Tennessee, Tourism Tax Revenue

Bonds, Build America Taxable Bonds, Subordinate Lien Series

2010B

6.731 07/01/43

7,923,159

TOTAL TENNESSEE

23,012,952

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS - 9.6% (6.6% of Total Investments)

$

2,520,000

Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,

Taxable Build America Bonds, Series 2009B

5.999 %

12/01/44

$

2,634,267

16,460,000

(b) Dallas Convention Center Hotel Development Corporation,

Texas, Hotel Revenue Bonds, Build America Taxable Bonds,

Series 09B

7.088 01/01/42

18,574,674

1,000,000

Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise

Counties, Texas, Special Tax Revenue Bonds, Taxable Series

2017B

4.238 03/01/47

858,294

1,500,000

Greater Texas Cultural Educational Facilities Finance

Corporation, Texas, Revenue Bonds, Biomedical Research

Institute Taxable Series 2024B

6.250 06/01/37

1,487,959

665,000

Harris County, Texas, Hotel Occupancy Tax Revenue Bonds,

Senior Lien Taxable Series 2024

5.363 08/15/49

647,714

10,285,000

(b) North Texas Tollway Authority, System Revenue Bonds, Taxble

Build America Bond Series 2009B

6.718 01/01/49

11,469,252

7,545,000

San Antonio, Texas, Customer Facility Charge Revenue Bonds,

Rental Car Special Facilities Project, Series 2015

5.671 07/01/35

7,547,497

2,000,000

San Antonio, Texas, Customer Facility Charge Revenue Bonds,

Rental Car Special Facilities Project, Series 2015

5.871 07/01/45

1,962,887

1,000,000

San Antonio, Texas, Electric and Gas System Revenue Bonds,

Junior Lien, Build America Taxable Bond Series 2010A

5.808 02/01/41

1,039,717

10,000

San Antonio, Texas, Electric and Gas System Revenue Bonds,

Series 2012

4.427 02/01/42

9,437

TOTAL TEXAS

46,231,698

UTAH - 1.5% (1.1% of Total Investments)

8,500,000

(a) Salt Lake County, Utah, Convention Hotel Revenue Bonds,

Taxable Series 2019

5.750 10/01/47

7,464,104

TOTAL UTAH

7,464,104

VIRGINIA - 3.0% (2.1% of Total Investments)

1,840,000

(a) Fredericksburg Economic Development Authority, Virginia,

Revenue Bonds, Fredericksburg Stadium Project, Taxable

Series 2019A

5.500 09/01/49

1,799,323

10,225,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset Backed Bonds, Refunding Senior Lien Series

2007A

6.706 06/01/46

7,807,412

4,820,000

(a) Virginia Small Business Finance Authority, Tourism

Development Financing Program Revenue Bonds, Downtown

Norfolk and Virginia Beach Oceanfront Hotel Projects, Series

2018B

12.000 04/01/48

4,841,583

TOTAL VIRGINIA

14,448,318

WASHINGTON - 6.0% (4.1% of Total Investments)

27,045,000

(b) Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Build America Taxable Bond

Series 2010B

6.790 07/01/40

28,833,397

TOTAL WASHINGTON

28,833,397

WEST VIRGINIA - 1.6% (1.1% of Total Investments)

10,800,000

Tobacco Settlement Finance Authority, West Virginia, Tobacco

Settlement Asset-Backed Bonds, Taxable Refunding Class 1

Senior Series 2020A

4.306 06/01/49

7,887,524

TOTAL WEST VIRGINIA

7,887,524

WISCONSIN - 2.6% (1.8% of Total Investments)

480,000

(a) Fond du Lac County, Wisconsin, Revenue Bonds, Bug Tussel 1

LLC Project, Taxable Social Series 2022A - BAM Insured

5.569 11/01/51

450,092

2,360,000

(a) Fond du Lac County, Wisconsin, Revenue Bonds, Bug Tussel 1

LLC Project, Taxable Social Series 2023 - BAM Insured

6.434 11/01/52

2,411,759

400,000

Fond du Lac County, Wisconsin, Revenue Bonds, Bug Tussel 2

LLC Project, Taxable Series 2024 - BAM Insured

6.201 05/01/54

403,084

4,935,000

Public Finance Authority of Wisconsin, Wisconsin, Revenue

Bonds, E-470 Public Highway Authority Service Areas Project,

Taxable Senior Lien Series 2025

7.087 07/01/60

5,003,359

1,500,000

Public Finance Authority, Wisconsin, Revenue Bonds, Peddie

School, Series 2020

3.127 07/01/50

1,062,517

Portfolio of Investments September 30, 2025

(continued)

NBB

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.

Investments in Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

2,500,000

Public Finance Authority, Wisconsin, Revenue Bonds, Texas

Biomedical Research Institute Project, Taxable Series 2021B

3.625 %

06/01/51

$

1,373,442

2,000,000

Wisconsin Center District, Dedicated Tax Revenue Bonds,

Supported by State Moral Obligation Taxable Senior Series

2020A - AGM Insured

4.473 12/15/47

1,788,231

TOTAL WISCONSIN

12,492,484

TOTAL MUNICIPAL BONDS

(Cost $711,692,440)

701,135,537

TOTAL LONG-TERM INVESTMENTS

(Cost $711,692,440)

701,135,537

FLOATING RATE OBLIGATIONS - (7.6)%

(36,810,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (40.9)%(d)

(198,108,996)

OTHER ASSETS & LIABILITIES, NET - 3.6%

17,690,945

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

483,907,486

IF

Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the

Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is

reduced by the expenses related to the TOB trust.

UB

Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust

unless otherwise noted.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $95,754,372 or 13.7% of Total Investments.

(b) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $237,926,682 have been pledged as

collateral for reverse repurchase agreements.

(c) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse

floating rate transactions.

(d) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 28.3%.

Futures Contracts - Short

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury Ultra Bond

(796) 12/25

$

(92,956,219)

$

(95,569,750)

$

(2,613,531)

Statement of Assets and Liabilities

See Notes to Financial Statements

September 30, 2025 (Unaudited)

NBB

ASSETS

Long-term investments, at value

†

$

701,135,537

Cash collateral at broker for investments in futures contracts

(1) 4,509,344

Receivables:

Interest

13,520,283

Investments sold

3,337,437

Variation margin on futures contracts

447,750

Deferred offering costs

189,339

Other

42,617

Total assets

723,182,307

LIABILITIES

Cash overdraft

794,409

Reverse repurchase agreements, including accrued interest

198,108,996

Floating rate obligations

36,810,000

Payables:

Management fees

384,861

Dividends

2,755,095

Interest

270,841

Accrued expenses:

Custodian fees

49,203

Investor relations fees

4,972

Trustees fees

46,442

Professional fees

18,991

Shareholder reporting expenses

28,379

Shareholder servicing agent fees

Other

2,591

Total liabilities

239,274,821

Commitments and contingencies

(2) Net assets applicable to common shares

$

483,907,486

Common shares outstanding

29,394,752

Net asset value ("NAV") per common share outstanding

$

.46

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Common shares, $0.01 par value per share

$

293,948

Paid-in capital

532,476,017

Total distributable earnings (loss)

(48,862,479)

Net assets applicable to common shares

$

483,907,486

Authorized shares:

Common

Unlimited

†

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

$

711,692,440

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives.

(2) As disclosed in Notes to Financial Statements.

Statement of Operations

See Notes to Financial Statements

Six Months Ended September 30, 2025 (Unaudited)

NBB

INVESTMENT INCOME

Interest

$

20,909,596

Total investment income

20,909,596

EXPENSES

–

Management fees

2,348,714

Shareholder servicing agent fees

Interest expense

5,509,403

Trustees fees

12,779

Custodian expenses

32,673

Investor relations expenses

55,849

Professional fees

37,733

Shareholder reporting expenses

44,928

Stock exchange listing fees

4,658

Total expenses

8,046,869

Net investment income (loss)

12,862,727

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(1,946,926)

Futures contracts

2,173,282

Net realized gain (loss)

226,356

Change in unrealized appreciation (depreciation) on:

Investments

3,223,686

Futures contracts

128,374

Net change in unrealized appreciation (depreciation)

3,352,060

Net realized and unrealized gain (loss)

3,578,416

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

$

16,441,143

Statement of Changes in Net Assets

See Notes to Financial Statements

NBB

Unaudited

Six Months Ended

9/30/25

Year Ended

3/31/25

OPERATIONS

Net investment income (loss)

$

12,862,727

$

22,499,794

Net realized gain (loss)

226,356

(3,024,684)

Net change in unrealized appreciation (depreciation)

3,352,060

3,717,120

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

16,441,143

23,192,230

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends

(17,019,561)

(26,015,873)

Return of Capital

–

(6,671,091)

Total distributions

(17,019,561)

(32,686,964)

CAPITAL SHARE TRANSACTIONS

Common shares:

Proceeds from shelf offering, net of offering costs

—

1,761

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

—

1,761

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

(578,418)

(9,492,973)

Net assets applicable to common shares at the beginning of period

484,485,904

493,978,877

Net assets applicable to common shares at the end of period

$

483,907,486

$

484,485,904

Statement of Cash Flows

See Notes to Financial Statements

Six Months Ended September 30, 2025 (Unaudited)

NBB

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations

$

16,441,143

Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in)

operating activities:

Purchases of investments

(19,538,190)

Proceeds from sale and maturities of investments

18,247,949

Proceeds from (Purchase of) short-term investments, net

4,746,088

Amortization (Accretion) of premiums and discounts, net

871,131

(Increase) Decrease in:

Receivable for interest

(75,867)

Receivable for investments sold

(2,874,769)

Receivable for reverse repurchase agreements sold

123,000,000

Receivable for variation margin on futures contracts

(447,750)

Other assets

(9,747)

Increase (Decrease) in:

Payable for interest

724,125

Payable for forward reverse repurchase agreements

(123,420,250)

Payable for variation margin on futures contracts

(390,250)

Payable for management fees

(22,390)

Accrued custodian fees

21,811

Accrued investor relations fees

(7,588)

Accrued Trustees fees

3,782

Accrued professional fees

13,536

Accrued shareholder reporting expenses

(6,742)

Accrued shareholder servicing agent fees

(15) Accrued other expenses

2,302

Net realized (gain) loss from investments

1,946,926

Net change in unrealized (appreciation) depreciation of investments

(3,223,686)

Net cash provided by (used in) operating activities

16,001,549

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from reverse repurchase agreements

762,900,000

(Repayments of) reverse repurchase agreements

(762,900,000)

Increase (Decrease) in:

Cash overdraft

794,409

Cash distributions paid to common shareholders

(17,021,712)

Net cash provided by (used in) financing activities

(16,227,303)

Net increase (decrease) in cash collateral at brokers

(225,754)

Cash collateral at brokers at the beginning of period

4,735,098

Cash collateral at brokers at the end of period

$

4,509,344

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

NBB

Cash paid for interest

$

4,778,473

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

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

Return of

Capital

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Net Asset

Value,

End of

Period

Share

Price,

End of

Period

NBB

9/30/25

(d) $

16.48 $

0.44 $

0.12 $

0.56 $

(0.58)

$

—

$

—

$

(0.58)

$

—

$

—

$

16.46 $

16.22 3/31/25

16.81 0.77 0.01 0.78 (0.88)

—

(0.23)

(1.11)

—

—

16.48 16.02 3/31/24

17.04 0.73 0.36 1.09 (0.81)

(0.48)

(0.03)

(1.32)

—

—

16.81 15.32 3/31/23

20.00 0.95 (2.78)

(1.83)

(1.14)

—

—

(1.14)

—

0.01 17.04 16.12 3/31/22

22.11 1.23 (2.07)

(0.84)

(1.28)

—

—

(1.28)

—

(f) 0.01 20.00 19.99 3/31/21

19.89 1.18 2.16 3.34 (1.13)

—

—

(1.13)

—

(f) 0.01 22.11 22.59 (a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last

distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The

actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different

from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at

the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the

following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place

over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the

calculation. Total returns are not annualized.

See Notes to Financial Statements

Ratios of Interest

Expense to

Average Net Assets

Applicable

to Common Shares

NBB

9/30/25

(d) 2.33 %

(e)

3/31/25

2.53 3/31/24

2.58 3/31/23

1.57 3/31/22

0.32 3/31/21

0.39 Common Share Supplemental Data/

Ratios Applicable to Common Shares

Common Share

Total Returns

Ratios to Average

Net Assets

Based

on

Net Asset

Value

(b) Based

on

Share

Price

(b) Net

Assets,

End of

Period (000)

Expenses

(c) Net

Investment

Income

(Loss)

(c) Portfolio

Turnover

Rate

3.52 %

5.01 %

$

483,907

3.40 %

(e) 5.43 %

(e) 3

%

4.79 12.14 484,486

3.65 4.60 10

6.65 3.45 493,979

3.63 4.39 2

(8.98)

(13.68)

500,777

2.63 5.46 5

(4.26)

(6.31)

572,087

1.31 5.46 1

16.99 24.16 613,164

1.37 5.36 9

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements (as described in Notes

to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to reverse repurchase agreements (as described in Notes to Financial

Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-

deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

Notes to Financial Statements

(U

naudited)

1. General Information

Fund Information:

The fund covered in this report and its corresponding New York Stock Exchange ("NYSE") symbol is Nuveen Taxable Municipal

Income Fund (NBB) (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. The Fund was organized as a Massachusetts business trust on December 4, 2009.

Current Fiscal Period:

The end of the reporting period for the Fund is September 30, 2025, and the period covered by these Notes to Financial

Statements is the six months ended September 30, 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.

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 net asset value ("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.

The Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares

(stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). The Fund intends to distribute

all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least

annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less

than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period,

such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per

share may erode.

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.

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 Statements of Assets and Liabilities.

The Fund's investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

The Fund represents a single operating segment. The officers of the Fund act as the chief operating decision maker

("CODM"). 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 Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic

740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the

transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information.

The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the

implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 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:

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as

Level 1.

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:

NBB

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

701,135,537

$

–

$

701,135,537

Investments in Derivatives:

Futures Contracts\*

(2,613,531)

–

–

(2,613,531)

Total

$

(2,613,531)

$

701,135,537

$

–

$

698,522,006

\*

Represents net unrealized appreciation (depreciation).

Notes to Financial Statements

(continued)

The Fund holds liabilities in floating rate obligations and reverse repurchase agreements, which are not reflected in the table above. The fair values

of the Fund's liabilities for floating rate obligations and reverse repurchase agreements approximate their liquidation values. Floating rate obligations

and reverse repurchase agreements are generally classified as Level 2 and further described in these Notes to Financial Statements.

4. Portfolio Securities

Inverse Floating Rate Securities:

The Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created

by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option

rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b)

an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters

typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value,

which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity

Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as the Fund. The income received

by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater

holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation

of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is

dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the

Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by the Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly

more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust

to the Fund, thereby collapsing the TOB Trust.

or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse

Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse

Floater"). The Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first

owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").

An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited

Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of

an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the

Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB

Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in

"Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB

Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component

of "Interest expense" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of

the end of the current fiscal period are recognized as components of "Receivable for interest" and "Payable for interest" on the Statement of Assets

and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the

Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets

and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related

borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the

Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not

show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of

the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the fiscal period, the aggregate value of Floaters issued by the Fund's TOB Trust for self-deposited Inverse Floaters and externally-

deposited Inverse Floaters was as follows:

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average

annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

Fund

Floating Rate

Obligations: Self-

Deposited

Inverse Floaters

Floating Rate

Obligations:

Externally-Deposited

Inverse Floaters

Total

NBB

$

36,810,000

$

87,190,000

$

124,000,000

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that

Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the

terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of

Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire

the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated

to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus

any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made

by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be

effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater

than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the

Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of

the fiscal period, there were no loans outstanding under such facilities.

The Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving

such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters,

in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the

sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus

any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase

beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity

Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and

Liabilities.

As of the end of the fiscal period, the Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and

externally-deposited Inverse Floaters was as follows:

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.

Futures Contracts:

During the current fiscal period, the Fund managed the duration of its portfolio by shorting interest rate futures contracts.

Fund

Average Floating

Rate Obligations

Outstanding

Average Annual

Interest Rate

And Fees

NBB

$

36,810,000

3.11 %

Fund

Maximum Exposure

to Recourse Trusts:

Self-Deposited

Inverse Floaters

Maximum Exposure

to Recourse Trusts:

Externally-Deposited

Inverse Floaters

Total

NBB

$

36,810,000

$

87,190,000

$

124,000,000

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

NBB

$

19,538,190

$

18,247,949

Notes to Financial Statements

(continued)

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a

futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker

equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments

and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-

to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value

of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a

receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss

equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized

gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of

Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the

possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with

a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

As of the end of the fiscal period, the Fund invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

During the current fiscal period, the effect of derivative contracts on the Fund's Statement of Operations was as follows:

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

Common Shares Equity Shelf Programs and Offering Costs:

The Fund has filed a registration statement with the Securities and Exchange

Commission ("SEC") authorizing the Fund to issue additional common shares through one or more equity shelf programs ("Shelf Offering"), which

became effective with the SEC during current or prior fiscal periods.

Fund

Average Notional Amount of Futures

Contracts Outstanding

\*

NBB

$

100,663,811

\*

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period

and at the end of each fiscal quarter within the current fiscal period.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

NBB

Futures Contracts

Interest rate

-

$

–

Unrealized depreciation on

futures contracts

\*

$

(2,613,531)

\*

The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and

Liabilities is only the receivable or payable for variation margin on open futures contracts.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

NBB

Futures contracts

Interest rate

$

2,173,282

$

128,374

Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time

to time in varying amounts and by different offering methods at a net price at or above the Fund's NAV per common share. In the event the Fund's

Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the

registration statement has been filed with the SEC.

Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under the Fund's Shelf Offering during the Fund's

current and prior fiscal period were as follows:

Costs incurred by the Fund in connection with its initial shelf registration are recorded as a prepaid expense and recognized as "Deferred offering

costs" on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component

of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year

after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as

incurred and recognized as a component of "Other expenses" on the Statement of Operations.

Common Shares Transactions:

There were no transactions in common shares during the Fund's current and prior fiscal period.

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.

As of the end of the reporting period, 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 prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

As of prior fiscal period 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 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.

NBB

Six Months

Ended

9/30/25

Year Ended

3/31/25

Maximum aggregate offering

120,480,111

120,480,111

Common shares sold

–

–

Offering proceeds, net of offering costs

$–

$1,761

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NBB

$

685,837,236

$

20,232,755

$

(44,358,744)

$

(24,125,989)

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

NBB

$

—

$

—

$

(26,823,739)

$

(18,623,728)

$

—

$

(2,836,594)

$

(48,284,061)

Fund

Short-Term

Long-Term

Total

NBB

$

2,910,399

$

15,713,329

$

18,623,728

Notes to Financial Statements

(continued)

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 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:

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. Commitments and Contingencies

In the normal course of business, the Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include

recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising

from such agreements, while not quantifiable, is expected to be remote. As of the end of the current fiscal period, the Fund did not have any

unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable.

From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to

the enforcement of the Fund's rights under contracts. As of the end of the current fiscal period, the Fund is not subject to any material legal

proceedings.

10. Fund Leverage

Reverse Repurchase Agreements:

During the current fiscal period, the Fund utilized reverse repurchase agreements as a means of leverage.

Average Daily Managed Assets\*

Fund-Level Fee Rate

For the first $125 million

0.4500 %

For the next $125 million

0.4375 For the next $250 million

0.4250 For the next $500 million

0.4125 For the next $1 billion

0.4000 For the next $3 billion

0.3750 For managed assets over $5 billion

0.3625 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

NBB

0.1564 %

The Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by

the Adviser to be creditworthy. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous

agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It

may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to

be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to

counterparties are recognized as a component of "Interest expense" on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the

risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a

counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be

delayed.

As of the end of the current fiscal period, the Fund's outstanding balances on its reverse repurchase agreements were as follows:

During the current fiscal period, the average daily balance outstanding and average interest rate on the Fund's reverse repurchase agreements were

as follows:

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse

repurchase agreements.

11. Inter-Fund Borrowing and Lending

Inter-Fund Borrowing and Lending:

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds

to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary

purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund

Program"). The closed-end Nuveen funds, including the Fund covered by this shareholder report, will participate only as lenders, and not as

borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund

Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through

the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a

comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter- Fund Program unless the fund's outstanding borrowings

from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured

borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal

priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an

inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4)

no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets

at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-

fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund

loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund

may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and

investment policies. The Board is responsible for overseeing the Inter-Fund Program.

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value and Accrued

Interest

NBB

RBC Capital Markets, LLC

4.88%

$

(123,000,000)

10/02/25

$

(123,000,000)

$

(123,483,527)

NBB

TD Securities (USA), LLC

4.99%

(43,000,000)

10/15/25

(43,000,000)

(43,464,973)

NBB

Wells Fargo Securities, LLC

4.79%

(30,950,000)

11/07/25

(30,950,000)

(31,160,496)

Total

$(196,950,000)

$(196,950,000)

$(198,108,996)

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

NBB

$

(196,950,000)

4.99 %

Fund

Counterparty

Reverse

Repurchase

Agreements\*

Collateral

Pledged to

Counterparty

NBB

RBC Capital Markets, LLC

$

(123,483,527)

$

144,748,514

NBB

TD Securities (USA), LLC

(43,464,973)

52,540,786

NBB

Wells Fargo Securities, LLC

(31,160,496)

40,637,382

Total

$

(198,108,996)

$

237,926,682

\* Represents gross value and accrued interest for the counterparty as reported in the preceding table.

Notes to Financial Statements

(continued)

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize

the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without

risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case

the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another

fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current fiscal period, the Fund did not enter into any inter-fund loan activity.

Shareholder Meeting Report

(Unaudited)

The annual meeting of shareholders for NBB was held on August 14, 2025; at this meeting the shareholders were asked to elect Board Members.

The vote totals for NBB are set forth below:

NBB

Common

Shares

Approval of the Board Members was reached as follows:

Michael A. Forrester

For

20,366,047

Withhold

400,698

Total

20,766,745

Thomas J. Kenny

For

20,370,291

Withhold

396,454

Total

20,766,745

Margaret L. Wolff

For

20,385,688

Withhold

381,057

Total

20,766,745

Robert L. Young

For

20,363,460

Withhold

403,285

Total

20,766,745

Additional Fund Information

(U

naudited)

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.

CEO Certification Disclosure

The Fund's Chief Executive Officer (CEO) has submitted to the New York Stock

Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

The Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the

Sarbanes-Oxley Act.

Common Share Repurchases

The Fund intends to repurchase, through its open-market share repurchase program,

shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered

by this report, the Fund repurchased shares of its common stock as shown in the accompanying table. Any future

repurchases will be reported to shareholders in the next annual or semi-annual report.

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.

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 02114-2016

Legal Counsel

Chapman and Cutler

LLP

Chicago, IL 60606

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers

LLP

One North Wacker Drive

Chicago, IL 60606

Transfer Agent and

Shareholder Services

Computershare Trust Company,

N.A.

150 Royall Street

Canton, MA 02021

(800) 257-8787

NBB

Common shares repurchased

Glossary of Terms Used in this Report

(U

naudited)

Average Annual Total Return

: This is a commonly used method to express an investment's performance over a particular, usually

multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative

performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time

period being considered.

Effective Leverage:

Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see

leverage) and the leverage effects of certain derivative investments in a fund's portfolio. Currently, the leverage effects of Tender

Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

Inverse Floating Rate Securities:

Inverse floating rate securities are the residual interest in a tender option bond (TOB) trust,

a special purpose trust. This trust, in turn, (a)issues floating rate certificates typically paying short-term tax-exempt interest rates

to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse

floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment

exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-

term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially

all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately

from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the

underlying bond on a leveraged basis.

Leverage:

Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100%

of the investment capital.

Net Asset Value (NAV) Per Share:

A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and

receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

Pre-Refunded Bond/Pre-Refunding

: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings,

is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new

bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on

the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.

Regulatory Leverage:

Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part

of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

Tax Obligation/General Bonds:

Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the

ability to increase taxes by an unlimited amount to pay the bonds back.

Tax Obligation/Limited Bonds:

Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn't

have the ability to increase taxes by an unlimited amount to pay the bonds back

.

Total Investment Exposure:

Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial

leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the

residual interest certificates (also called inverse floating rate securities) in 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.

Statement Regarding Basis for Approval of

Investment Advisory Contract

(U

naudited)

Nuveen Taxable Municipal Income Fund

The Approval Process

At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Directors or Trustees (as the case may be) of the group of funds advised

by Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), including Nuveen Taxable Municipal Income Fund (the "Fund"), and the group of

funds advised by Teachers Advisors, LLC ("TAL" and all such funds, collectively, the "Nuveen funds" or the "funds") approved the renewal of the

investment management agreements (each, an "Investment Management Agreement") with NFAL and TAL, respectively. TAL and NFAL are affiliates

as NFAL is a subsidiary of Nuveen, LLC, the investment arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an

indirect wholly owned subsidiary of TIAA. The Board of Trustees of the Fund also approved the renewal of the sub-advisory agreement (the "Sub-

Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser"). The Sub-Adviser is also an affiliate of the Adviser.

The Boards of Directors or Trustees of the Nuveen funds are each a "Board" or collectively the "Board" (as the context may dictate) and the directors

or trustees (as the case may be) are each a "Board Member." The Board Members of each Board are not "interested persons" (as defined under

the Investment Company Act of 1940 (the "1940 Act")) and, therefore, each Board is deemed to be comprised of all disinterested Board Members.

References to a Board and the Board Members are interchangeable.

In accordance with applicable law, following up to an initial two-year period, the Board of each fund considers the renewal of each investment

management agreement and sub-advisory agreement on behalf of the fund on an annual basis. The Fund's Investment Management Agreement

and Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively the

"Fund Advisers" and each a "Fund Adviser." Below is a summary of the annual review process the Board undertook related to its most recent

renewal of the Advisory Agreements with respect to the Fund.

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board

Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members

on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment

advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and/or its committees meet regularly

throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics

pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment

performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant

organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund

expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to

the funds; the derivatives risk management program; management of distributions; valuation of securities; payments to financial intermediaries;

securities lending (as applicable); and closed-end fund market activity, capital management initiatives, institutional ownership, management of

leverage financing, the secondary market trading of the closed-end funds and any actions taken to address market discounts to net asset value.

The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market

conditions, industry developments and any significant developments or strategic plans for the Fund Advisers, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of

investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February

25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to

evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of

new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and

received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked

with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of

the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited

to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and applicable investment

team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of

the fees and expense ratios of the Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee

and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager

compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their

relationships with the Nuveen funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an

independent provider of investment company data, comparing fee and expense levels of the Fund to those of a peer universe.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the

evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all

the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a

Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials

provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested,

directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these

follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together

with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and,

following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the

Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board

Members considered the responses, invited representatives of management to provide additional information and determined that the information

provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting

in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board

Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory

Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory

Agreements on behalf of the Fund for an additional one-year period. The Board did not identify any single factor as all-important or controlling,

but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees

throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements

may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Fund's

advisory arrangements and oversight of the Fund. Each Board Member may have attributed different levels of importance to the various factors and

information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to

year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the

factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and

quality of the Fund Advisers' services provided to the Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in

providing services to the Fund.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Fund. The

Board considered the Adviser and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement

and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an

increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior

meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise

the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered

the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the

asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit

of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources

and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession

planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of

successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to

operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry.

The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted

below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to

provide a high level of quality of services to the Fund.

In its review, the Board considered that the Fund operated in a highly regulated industry and the scope and complexity of the services and resources

that the Adviser and its affiliates must provide to manage and operate the Fund have expanded over the years due to regulatory, market and

other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs,

liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance,

Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters

undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides

investment advisory services. The Fund utilizes the Sub-Adviser to manage the Fund's portfolio subject to the supervision of the Adviser.

Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser

and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto;

oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board

also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Fund (including indirectly by overseeing the Sub-Adviser), the Board considered

the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and

operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement

distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing

and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services

providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory

proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the

year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials

provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided

by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade

allocation and execution.

Such services also include managing leverage; providing capital management and secondary market services (such as implementing common share

shelf offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board

considered that management actively monitors any discount from net asset value per share at which a fund's common stock trades and evaluates

potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make

investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to

support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in the

Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall

reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen

funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Fund, such as

investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its

investment personnel, as noted, generally are responsible for the management of the Fund's portfolio under the oversight of the Adviser and the

Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes

(if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub-Adviser over various periods

of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The

Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreement.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and

quality of services provided to the Fund under each Advisory Agreement.

B. The Investment Performance of the Fund and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the

Fund. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance (based

on net asset value net of fees) over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared

to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. Prior to the Meeting, the

Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis

and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board

considered the Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st

quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior

meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met

certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by

management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio

strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance

before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that

performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly

during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders

may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board

and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment

strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the Fund

necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of the Fund and its

benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating the Fund would contribute

to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has

ranked the relevancy of the Performance Peer Groups to the applicable funds (subject to certain exceptions) as low, medium or high.

The Board also considered that secondary market trading of shares of the closed-end funds also continues to be a priority for the Board given its

importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviews certain performance data reflecting, among

other things, the premiums and discounts at which the shares of the closed-end funds have traded as of specified dates at their quarterly meetings

with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered,

among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage

management; additional share offerings, share repurchases (if any) and similar capital market actions; and effective communications programs to

build greater awareness and deepen understanding of closed-end funds. As applicable, the Board considered, among other things, the impact of

leverage on a closed-end fund's common share earnings and total return.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-

specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted

by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect

performance. Further, the Board considered that market and economic conditions may significantly impact Fund performance, particularly over

shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill.

Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may

reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing

circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable

performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its

benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be

below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues,

the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider

whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review

the results of any steps undertaken.

With regard to the performance determinations, the Board considered that although the Fund ranked in the fourth quartile of its Performance Peer

Group for the one-, three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for such periods. In its review,

the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment

performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and

management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedule for the Fund. In addition

to the management fee arrangement, the Board Members considered the Fund's operating expense ratio as it more directly reflected a

shareholder's total costs in investing in the Fund.

In its review, the Board considered that the Fund's management fee was comprised of two components, a fund-level component and a

complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the

Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds

and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board

considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with

shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More

specifically, the Board Members generally reviewed, among other things, the Fund's management fee rates and net total expense ratio

in relation to similar data for a comparable universe of peers (the "Expense Universe"). In their review, the Board Members considered,

in particular, each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs

of leverage and taxes) meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and

management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered,

in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher

management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further

considered that differences between the Fund and its Expense Universe, as well as changes to the composition of the Expense Universe

from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to

compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board

Members took these limitations and differences into account when reviewing comparative peer data.

In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage

costs), as applicable, the Board considered that leverage expenses will vary across funds and peers because of differences in the forms

and terms of leverage employed by the respective fund and therefore generally considered each closed-end fund's net total expense

ratio and fees excluding investment-related costs and taxes. The Board also considered that the use of leverage may create a conflict of

interest for the respective Adviser and Sub-Adviser given the increase of assets from leverage upon which an advisory or sub-advisory fee

is based but also considered the impact of leverage on the fund's return. The Board Members considered, however, that the Adviser and

Sub-Adviser would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such

leverage when the respective Fund Adviser has determined that such action would be in the best interests of the respective fund and its

common shareholders and by periodically reviewing with the Board the fund's performance and the impact of the use of leverage on that

performance.

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in

light of the sub-advisory services provided to the Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser

is the responsibility of the Adviser, not the Fund.

With respect to the comparative fee data for the Fund, the Board considered that the Fund's contractual management fee rate and net total

expense ratio were each below the Expense Universe median, and the Fund's actual management fee rate was slightly above (within 5 basis

points) the Expense Universe median.

Based on its review of the information provided, the Board determined that the Fund's management fee to a Fund Adviser was reasonable

in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser, the Sub-Adviser and/or their affiliate(s) provide

investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail

managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment

trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared

to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences

in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the

data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and

its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating

and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements

applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner

of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates.

Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee

levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and

legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed

the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk

incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to

differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that

the Adviser incurs in sponsoring and managing the Fund. As a general matter, higher fee levels reflect higher levels of service provided

by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business

risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management

services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board

concluded that the varying levels of fees were reasonable given the foregoing.

3. Profitability of the Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the Sub-Adviser) from

its relationship with the Fund, the Board Members considered a variety of estimated profitability data from various perspectives including,

among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the

applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c)

certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types

of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and

(d) certain profitability data of both the Adviser and TAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from

equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per

fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is

not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the

various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop

the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation

methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and

loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data

given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types

of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate

expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different

business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the

calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements

of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency

reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered

the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also

considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser

received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review,

the Board was satisfied that the Adviser's (together with the Sub-Adviser) level of profitability from its relationship with the Fund was not

unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of

scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board

considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline

with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of

scale, including, among other things, through the use of breakpoints in the management fee schedule, the pricing of funds at scale at inception and

investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors

applicable to the Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Fund was comprised of a fund-level component and a

complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024

which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With

this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to

shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are

unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular

fund grows. The Board reviewed the fund-level and complex-level fee schedules.

Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited

ability to increase their assets to attain additional economies of scale because the growth of their assets will occur primarily from the appreciation of

their investment portfolios.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of

its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from

which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have

expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their

shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to

create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business

appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive

as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its

affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for

other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans,

and the Adviser and/or affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated

by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an

affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the

amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser (except as noted) may utilize soft dollar brokerage arrangements

attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered

with respect to the Nuveen funds advised by the Adviser, reimbursements of such costs by the Adviser and/or the Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds to the extent this relationship results in potential

investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source

for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information

regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were

reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the

terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to the

Fund and that the Advisory Agreements be renewed for an additional one-year period.

Nuveen Securities, LLC, member FINRA and SIPC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

ESA-B-0925P 4875773

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/closed-end-funds

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

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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>

Not applicable to this filing.

------

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

Not applicable to this filing.

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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 to this filing.

(a)(2) Not applicable to this filing.

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| | |
|:---|:---|
| (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.](d81477dex99cert.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.](d81477dex99906cert.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 Taxable Municipal Income Fund</u> 

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |

---

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

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## 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 Taxable Municipal
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;&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;&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;&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;&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;&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;&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.

------

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

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

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Taxable Municipal
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;&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;&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;&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;&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;&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;&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.

------

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## 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 semi-annual report of the Nuveen Taxable Municipal Income Fund (the "Fund") on Form N-CSR for the period ended September 30, 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: December 4, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: December 4, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---