# EDGAR Filing Document

**Accession Number:** 0001777482
**File Stem:** 0001193125-25-307630
**Filing Date:** 2025-12
**Character Count:** 255916
**Document Hash:** c25c4bf72e7700d84919759304660ec8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307630.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307630

**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 Enhanced High Yield Municipal Bond Fund
- **CENTRAL INDEX KEY:** 0001777482

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23445
- **FILM NUMBER:** 251548532

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number <u>811-23445</u> 

Nuveen Enhanced High Yield Municipal Bond Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

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

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

------

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

------

Nuveen Interval Funds

Interval Funds

September 30,

2025

Semi-Annual

Report

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

Fund Name

Class A1

Class A2

Class I

Nuveen Enhanced High Yield Municipal Bond Fund

NHYEX

NHYAX

NMSSX

Table

of Contents

Important Notices

Common Share Information

About the Fund's Benchmark

Fund Performance, Expense Ratios, Leverage and Holdings Summaries

Expense Examples

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

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 Fund includes portfolio manager commentary in its 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 Fund's prospectus on the Fund's website at

www.

nuveen.com

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 Fund Performance,

Expense Ratios, Leverage 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 reporting period, the Fund's distributions to common shareholders were as shown in the accompanying table.

The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected

net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate

that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common

shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where

the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary

income. Refer to the Notes to Financial Statements for additional information regarding the amounts of undistributed net ordinary

income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the

period.

All monthly dividends paid by the Fund during the current reporting period were paid from net investment income. If a portion of

the Fund's monthly distributions is sourced from or comprised of elements other than net investment income, including capital gains

and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, per share amounts of the

Fund's distributions for the reporting period are presented in this report's Financial Highlights. For income tax purposes, distribution

information for the Fund as of its most recent tax year end is presented in the Notes to Financial Statements of this report.

REPURCHASE OFFER

In order to provide liquidity to common shareholders, the Fund has adopted a fundamental investment policy, which may only

be changed by a majority vote of shareholders, to make quarterly offers to repurchase between 5% and 25% of its outstanding

Common Shares at NAV, reduced by any applicable repurchase fee. Subject to approval of the Board, for each quarterly repurchase

offer, the Fund currently expects to offer to repurchase 7.5% of the outstanding Common Shares at NAV. The Fund does not

currently expect to charge a repurchase fee.

Refer to the Notes to Financial Statements for further details on the Fund's repurchase offer.

Monthly Distributions (Ex-Dividend Date)

Class A1

Class A2

Class I

April 2025

$

0.0320 $

0.0340 $

0.0370 May

2025

0.0320 0.0340 0.0370 June 2025

0.0320 0.0340 0.0370 July 2025

0.0320 0.0340 0.0370 August 2025

0.0325 0.0340 0.0370 September 2025

0.0325 0.0340 0.0370 Total Distributions from Net Investment Income

$

0.1930 $

0.2040 $

0.2220 Class A1

Class A2

Class I

Distribution Rate on NAV\*

5.42%

5.66%

6.17%

\*Distribution rate represents the latest declared distribution, annualized, divided by the Fund's current net asset value (NAV) as of the end of the reporting period.

About the Fund's Benchmark

S&P Municipal Yield Index

: An index that is structured so that 70% of the index consists of bonds that are either not rated

or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A. Index returns assume reinvestment of

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

Fund Performance, Expense Ratios,

Leverage and Holdings Summaries

The Fund Performance, Expense Ratios, Leverage and Holdings Summaries for the Fund are shown within this

section of the report.

Fund Performance

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

Investment returns

and principal value will fluctuate so that when shares are repurchased, they may be worth more or less than their original cost.

Current performance may be higher or lower than the performance shown.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for

share classes that have less than 10-years of performance. Returns at NAV would be lower if the sales charge were included. Returns

assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or

call (800) 257-8787.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchase of Fund shares.

Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to

the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such

waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements for

more information.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume

reinvestment of dividends and capital gains.

Comparative index and Lipper return information is provided for Class A1 Shares at NAV only.

Impact of Leverage

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

of leverage through its issuance of preferred shares and investments in inverse floating rate securities, which represent leveraged

investments in underlying bonds. The Fund uses leverage because our research has shown that, over time, leveraging provides

opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments

are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage.

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

common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage

increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through

leverage decline in value. All this will make the shares' total return performance more variable over time.

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

interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have

generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than prior year lows,

leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term

periods.

Leverage Ratios

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

economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a

Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse

floater holdings are included in effective leverage values, in addition to any regulatory leverage. "Regulatory Leverage" consists

of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Fund's capital structure. Regulatory leverage is

subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow

for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the

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

Regulatory Leverage ratios.

Expense Ratios

The expense ratios shown are as of the Fund's most recent prospectus. The expense ratios shown reflect total operating expenses

(before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and

expenses. Refer to the Financial Highlights later in this report for the Fund's expense ratios as of the end of the reporting period.

Holdings Summaries

The Holdings Summaries data relates to the securities held in the Fund's portfolio of investments as of the end of this reporting

period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the

Fund's Portfolio of Investments for individual security information.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's, Moody's

Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B,

CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Nuveen Enhanced High Yield Municipal Bond Fund

(continued)

Fund Performance, Expense Ratios, Leverage and Holdings Summaries

September 30, 2025

Fund Performance and Expense Ratios\*

\* For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.

\*\* Class A1 Shares have a maximum 2.50% sales charge (Offering Price). Class A1 Share purchases of $250,000 or more are sold at net

asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1.50% if repur-

chased before the first day of the month in which the one-year anniversary of the purchase falls. Class A2 and Class I Shares have no

sales charge and may be purchased under limited circumstances or by specified classes of investors.

\*\*\* The Fund's investment adviser has contractually agreed to waive fees and/or reimburse Fund expenses through July 31, 2027 so

that total annual Fund operating expenses (excluding distribution and/or service fees that may be applicable to a particular class of

shares, issuance and dividend costs of preferred shares that may be issued by the Fund, interest expense, taxes, acquired fund fees

and expenses, fees incurred in acquiring and disposing of portfolio securities, litigation expenses and extraordinary expenses) do

not exceed 1.05% of the average daily managed assets of any class of Fund shares. This expense limitation may be terminated or

modified prior to that date only with the approval of the Board of Trustees of the Fund.

Total Returns as of

September 30, 2025\*\*

Cumulative

Average Annual

Expense Ratios

\*\*\*

Inception

Date

6-Month

1-Year

Since

Inception

Gross

Net

Class A1 at NAV

6/30/21

(3.34)%

(4.34)%

(2.96)%

3.54%

3.52%

Class A1 at maximum Offering Price

6/30/21

(5.76)%

(6.74)%

(3.53)%

—

—

S&P Municipal Yield Index

—

1.57%

0.58%

0.68%

—

—

Class A2

7/29/22

(3.19)%

(4.05)%

1.97%

3.29%

3.27%

Class I

6/30/21

(2.95)%

(3.60)%

(2.24)%

2.79%

2.77%

Leverage and Holdings

Leverage

Effective Leverage

29.72%

Regulatory Leverage

28.23%

Fund Allocation

(% of net assets)

Municipal Bonds

141.0%

Variable Rate Senior Loan

Interests

0.0%

Other Assets & Liabilities, Net

2.2%

Borrowings

(1.1)%

Floating Rate Obligations

(2.9)%

MFP Shares, Net

(39.2)%

Net Assets

100%

Bond Credit Quality

(% of total investments)

AA

0.5%

BBB

2.9%

BB or Lower

8.3%

N/R (not rated)

88.3%

Total

100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited

44.3%

Education and Civic

Organizations

21.5%

Transportation

7.2%

Long-Term Care

7.0%

Housing/Multifamily

6.0%

Consumer Discretionary

5.0%

Consumer Staples

3.6%

Other

5.4%

Variable Rate Senior Loan

Interests

0.0%

Total

100%

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges

(loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1)

fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in

dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples

below include the interest and related expenses from inverse floaters that are reflected in the financial statements later within this

report, when applicable.

The examples are based on an investment of $10,000 invested at the beginning and held for the entire reporting period. The

examples are also based on the Fund's actual expenses, which may vary from the expense rates shown in the Fund's prospectus.

What were the Fund's costs for the last six months? (based on a hypothetical $10,000 investment)

Cost of a

$10,000 investment

Cost paid as a percentage

of $10,000 investment\*

Class A1 Shares

$188

3.82%

Class A2 Shares

$176

3.57%

Class I Shares

$151

3.07%

\*

Annualized for period less than one year.

Portfolio of Investments September 30, 2025

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 141.0% (100.0% of Total Investments)

983858079

MUNICIPAL BONDS - 141.0% (100.0% of Total Investments)

983858079

ALABAMA - 0.3%

$

425,000

(a) Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024, (UB)

5.500 %

10/01/53

$

445,349

250,000

MidCity Improvement District, Alabama, Special Assessment

Revenue Bonds, Series 2022

4.750 11/01/49

213,807

500,000

MidCity Improvement District, Alabama, Special Assessment

Revenue Bonds, Series 2024

6.500 11/01/44

475,712

550,000

MidCity Improvement District, Alabama, Special Assessment

Revenue Bonds, Series 2024

6.750 11/01/53

518,799

2,220,000

(b) Montgomery Medical Clinic Board, Alabama, Health Care

Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015

5.000 03/01/36

666,000

TOTAL ALABAMA

2,319,667

ARIZONA - 4.0%

2,000,000

(c) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Heritage Academy - Gateway and Laveen

Pojects, Series 2021B

5.000 07/01/51

1,705,504

1,800,000

(c) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Heritage Academy - Gateway and Laveen

Pojects, Taxable Series 2021A

5.000 07/01/51

1,534,953

2,000,000

(c) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Leman Academy of Excellence - Parker

Colorado Campus Project, Series 2019A

5.000 07/01/49

1,794,295

3,530,000

(c) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, San Tab Charter Schools Project, Series 2025

6.875 02/01/65

3,501,906

2,500,000

(c) Arizona Industrial Development Authority, Arizona, Hotel

Revenue Bonds, Provident Group Falcon Properties LLC,

Project, Senior Series 2022A-1

4.000 12/01/41

1,898,776

110,000

(c) Arizona Industrial Development Authority, Arizona, Hotel

Revenue Bonds, Provident Group Falcon Properties LLC,

Project, Senior Series 2022A-1

4.150 12/01/57

70,943

100,000

(c) Arizona Industrial Development Authority, Arizona, Hotel

Revenue Bonds, Provident Group Falcon Properties LLC,

Project, Subordinate Series 2022B

5.750 12/15/57

71,122

1,625,000

(c) Arizona Industrial Development Authority, Development First

Lien Revenue Bonds, Montanero Project, Alternative Minimum

Tax Series 2025, (AMT)

6.750 12/01/55

1,651,956

148,000

Estrella Mountain Ranch Community Facilities District,

Goodyear, Arizona, Special Assessment Revenue Bonds,

Montecito Assessment District 3, Series 2021

3.750 07/01/46

107,446

1,055,000

(c) Maricopa County Industrial Development Authority, Arizona,

Charter School Revenue Bonds, Paradise Schools Project,

Series 2025

5.875 07/01/60

1,044,351

3,100,000

(c) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Sun Valley Academy, Series 2024A

6.625 07/01/59

3,138,163

1,000,000

(c) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Sun Valley Academy, Series 2024A

6.750 07/01/63

1,015,849

1,655,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Villa Montessori, Inc Project, Series

2023A

5.500 07/01/53

1,637,902

985,000

Phoenix Industrial Development Authority, Arizona, Multi-

Family Housing Revenue Bonds, 3rd and Indian Road Assisted

Living Project, Series 2016

5.400 10/01/36

782,299

1,450,000

(c) Sierra Vista Industrial Development Authority, Arizona,

Economic Development Revenue Bonds, Convertible Capital

Appreciation Revenue Bonds, Series 2021A

5.375 10/01/56

1,175,958

1,500,000

Sierra Vista Industrial Development Authority, Arizona,

Economic Development Revenue Bonds, Convertible Capital

Appreciation Revenue Bonds, Series 2022A

7.000 10/01/56

1,505,477

500,000

(c) Sierra Vista Industrial Development Authority, Arizona,

Economic Development Revenue Bonds, Taxable Series 2021B

6.250 10/01/36

432,283

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

500,000

(c) Sierra Vista Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, American Leadership

Academy Project, Series 2024

5.000 %

06/15/64

$

434,882

3,000,000

(c) Sierra Vista Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Flagstaff Junior Academy

Project, Series 2025

7.000 06/01/65

3,029,967

1,000,000

(c) Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Mirabella at ASU Project, Series 2017A

6.125 10/01/47

662,902

1,400,000

(c) Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Mirabella at ASU Project, Series 2017A

6.125 10/01/52

900,699

TOTAL ARIZONA

28,097,633

ARKANSAS - 0.6%

4,500,000

(c) Arkansas Development Finance Authority, Charter School

Revenue Bonds, Academy of Math and Science - Little Rock

Project Series 2024A

7.000 07/01/59

4,066,101

TOTAL ARKANSAS

4,066,101

CALIFORNIA - 7.9%

2,000,000

(c) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Creekwood, Series 2021A

4.000 02/01/56

1,317,470

4,725,000

(c) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Serenity at Larkspur Apartments,

Series 2020A

5.000 02/01/50

3,070,498

12,300,000

(c) California Community Housing Agency, Workforce Housing

Revenue Bonds, Annadel Apartments, Series 2019A

5.000 04/01/49

9,966,467

250,000

(c) California Enterprise Development Authority, Charter School

Revenue Bonds, Norton Science & Language Academy Project,

Series 2021

4.000 07/01/61

181,180

4,560,000

(c) California Infrastructure and Economic Development Bank,

Revenue Bonds, Brightline West Passenger Rail Project, Green

Bond Series 2025A, (AMT), (Mandatory Put 1/01/35)

9.500 01/01/65

4,176,696

550,000

(c) California Municipal Finance Authority, Revenue Bonds,

American Musical and Dramatic Academy Inc. AMDA Inc

Project, Taxable Series 2023B

9.500 07/01/30

560,732

1,255,000

California Municipal Finance Authority, Revenue Bonds,

American Musical and Dramatic Academy Inc., Series 2023A

7.250 07/01/53

1,274,808

1,470,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

6.500 06/01/54

1,414,561

7,300,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

6.375 06/01/59

6,806,319

1,750,000

(c) California School Finance Authority, California, Charter School

Revenue Bonds, Alta Public Schools - Obligated Group, Series

2024

5.875 06/01/54

1,577,194

1,925,000

(c) California School Finance Authority, California, Charter School

Revenue Bonds, Alta Public Schools - Obligated Group, Series

2024

6.000 06/01/64

1,714,603

250,000

(c) California School Finance Authority, California, Charter School

Revenue Bonds, Girls Athletic Leadership School Los Angeles

Project, Series 2021A

4.000 06/01/51

178,939

1,360,000

(c) California School Finance Authority, California, Charter School

Revenue Bonds, Hayward Twin Oaks Montessori Charter

School Project, Series 2024A

6.000 06/15/54

1,245,597

2,765,000

(c) California School Finance Authority, California, Charter School

Revenue Bonds, Hayward Twin Oaks Montessori Charter

School Project, Series 2024A

6.125 06/15/64

2,516,625

5,000,000

(c) California School Finance Authority, Charter School Lease

Revenue Bonds, Pathways to College Project, Series 2023A

7.500 06/15/63

5,030,101

500,000

(c) California School Finance Authority, Charter School Revenue

Bonds, Arts in Action Charter Schools - Obligated Group,

Series 2020A

5.000 06/01/59

401,775

250,000

(c) California School Finance Authority, Charter School Revenue

Bonds, Citizens of the World Charter, Series 2022A

6.250 04/01/52

248,515

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

100,000

(c) California School Finance Authority, Charter School Revenue

Bonds, Partnerships to Uplift Communities Project, Refunding

Social Series 2023

5.500 %

08/01/47

$

100,099

250,000

(c) California School Finance Authority, Charter School Revenue

Bonds, Russell Westbrook Why Not Academy Obligated

Group, Series 2021A

4.000 06/01/51

184,831

500,000

(c) California School Finance Authority, Charter School Revenue

Bonds, Scholarship Prep Public Schools Obligated Group,

Series 2023A

6.000 06/01/63

483,794

1,000,000

(c) California School Finance Authority, Charter School Revenue

Bonds, Vibrant Minds Charter School Project, Series 2025

6.750 04/15/45

1,004,579

1,000,000

(c) California School Finance Authority, Charter School Revenue

Bonds, Vibrant Minds Charter School Project, Series 2025

7.000 04/15/55

1,005,572

245,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2021C

4.000 09/02/51

205,836

500,000

(c) CMFA Special Finance Agency I, California, Essential Housing

Revenue Bonds, The Mix at Center City, Subordinate Series

2021B

8.000 04/01/56

392,698

250,000

(c) CMFA Special Finance Agency, California, Essential Housing

Revenue Bonds, Latitude 33, Senior Series 2021A-2

4.000 12/01/45

194,814

290,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, 1818 Platinum Triangle-

Anaheim, Mezzanine Lien Series 2021B

4.000 04/01/57

209,522

325,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, 1818 Platinum Triangle-

Anaheim, Social Bond Series 2021A-2

3.250 04/01/57

228,744

250,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek,

Mezzanine Lien Series 2021B

4.000 10/01/46

198,422

305,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek,

Senior Lien Series 2021A

4.000 10/01/56

247,215

3,000,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Center City Anaheim, Series

2020A

5.000 01/01/54

2,696,760

630,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Millennium South Bay-

Hawthorne, Mezzanine Lien Series 2021B

4.000 07/01/58

344,722

250,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Monterrey Station

Apartments, Series 2021B

4.000 07/01/58

157,802

250,000

(c) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena

Apartments, Mezzanine Lien Series 2021B

4.000 06/01/57

74,428

1,000,000

Kaweah Delta Health Care District, California, Revenue Bonds,

Series 2015B

5.000 06/01/40

969,729

1,100,000

Oroville, California, Revenue Bonds, Oroville Hospital Series

2019

5.250 04/01/54

857,574

35,000

Palomar Health System, California, Revenue Bonds, Refunding

Series 2017

5.000 11/01/42

28,974

15,000,000

Tobacco Securitization Authority of Southern California,

Tobacco Settlement Asset-Backed Bonds, San Diego County

Tobacco Asset Securitization Corporation, First Subordinate

CABs, Series 2006B

0.000 06/01/46

3,611,517

TOTAL CALIFORNIA

54,879,712

COLORADO - 31.8%

2,725,000

(c) Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2024

5.750 12/01/54

2,692,555

1,220,000

Andrews Farm Metropolitan District 1, Hudson, Colorado,

General Obligation Bonds, Limited Tax Series 2025A

6.375 12/01/55

1,238,960

533,000

Andrews Farm Metropolitan District 1, Hudson, Colorado,

General Obligation Bonds, Subordinate Limited Tax Series

2025B

8.375 12/15/55

535,625

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

3,025,000

Arista Metropolitan District, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Refunding and

Improvement Series 2023B

8.250 %

12/15/39

$

3,050,581

4,500,000

Aurora Highlands Community Authority Board, Adams

County, Colorado, Special Tax Revenue Bonds, Refunding &

Improvement Series 2021A

5.750 12/01/51

4,255,149

1,200,000

Baseline Metropolitan District 1, In the City and County of

Broomfield, Colorado, Special Revenue Bonds, Subordinate

Series 2024B

6.750 12/15/54

1,217,410

4,775,000

(c) Bella Mesa Metropolitan District, Castle Rock, Colorado,

Limited Tax General Obligation Bonds, Subordinate Series

2024B

8.000 12/15/54

4,798,223

500,000

Berthoud-Heritage Metropolitan District 10, Larimer County,

Colorado, Limited Tax General Obligation Bonds, Senior Series

2022A

4.750 12/01/52

412,999

1,750,000

Bradley Heights Metropolitan District 2, Colorado Springs, El

Paso County, Colorado, General Obligation Limited Tax Bonds,

Series 2021A-3

4.750 12/01/51

1,361,489

500,000

Broadway Station Metropolitan District 2, Denver City and

County, Colorado, General Obligation Limited Tax Bonds,

Convertible to Unlimited Series 2019A

5.000 12/01/35

450,324

1,475,000

Broadway Station Metropolitan District 2, Denver City and

County, Colorado, General Obligation Limited Tax Bonds,

Convertible to Unlimited Series 2019A

5.125 12/01/48

1,175,903

4,675,000

Broadway Station Metropolitan District 3, Denver City and

County, Colorado, General Obligation Limited Tax Bonds,

Convertible to Unlimited Series 2019A

5.000 12/01/49

3,577,085

7,872,000

Broadway Station Metropolitan District 3, Denver County,

Colorado, Tax Increment Supported Revenue Bonds, Series

2023A

7.000 12/15/32

7,873,237

446,000

Buffalo Ridge Metropolitan District (In the City of Commerce

City), Adams County, Colorado, General Obligation Refunding

and Improvement Bonds, Series 2018B

7.375 12/15/47

447,519

500,000

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Improvement Bonds, Series 2022

6.500 12/01/53

522,298

1,000,000

Chambers Highpoint Metropolitan District No. 2, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Series 2021

5.000 12/01/51

790,123

140,000

(c) Cherry Hills City Metropolitan District, Arapahoe County,

Colorado, General Obligation Limited Tax Bonds, Subordinate

Series 2020B-3

8.000 12/15/47

140,649

500,000

Citadel on Colfax Business Improvement District, Aurora,

Colorado, Special Revenue and Tax Supported Bonds, Senior

Series 2020A

5.350 12/01/50

467,051

2,000,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Community Leadership Academy, Inc.

Second Campus Project, Series 2013

7.450 08/01/48

2,005,190

21,000,000

(c) Colorado Educational and Cultural Facilities Authority, Cultural

Facilities Revenue Bonds, Stanley Project, Senior Lien Series

2025A-1

6.875 02/01/59

21,819,974

1,170,000

(c) Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Rocky Mountain Classical Academy Project, Refunding

Series 2019

5.000 10/01/59

1,028,085

3,100,000

(b) Colorado Health Facilities Authority, Colorado, Revenue Bonds,

American Baptist Homes of the Midwest Obligated Group,

Series 2013

8.000 08/01/43

1,958,955

117,278

(b) Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Ralston Creek at Arvada Project, Series 2017A

5.250 11/01/32

2,181

349,229

(b) Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Ralston Creek at Arvada Project, Series 2017A

5.500 11/01/37

6,496

651,547

(b) Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Ralston Creek at Arvada Project, Series 2017A

5.750 11/01/47

12,119

435,233

(b) Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Ralston Creek at Arvada Project, Series 2017A

6.000 11/01/52

8,095

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

500,000

(b),(c)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sunny Vista Living Center Project, Refunding & Improvement

Series 2015A

5.500 %

12/01/30

$

390,592

500,000

(b),(c)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sunny Vista Living Center Project, Refunding & Improvement

Series 2015A

6.250 12/01/50

309,678

2,055,000

Conexus Metropolitan District No. 1, Monument, El Paso

County, Colorado, Limited Tax General Obligation and Special

Revenue Bonds, Series 2025A

6.250 12/01/55

2,056,851

1,800,000

Copperleaf Metropolitan District 5, Arapahoe County,

Colorado, Limited Tax General Obligation Bonds, Refunding

Limited Tax Convertible to Unlimited Tax Series 2025A

6.500 12/01/55

1,796,654

500,000

Copperleaf Metropolitan District 6, Arapahoe County,

Colorado, Limited Tax, General Obligation Bonds, Subordinate

Series 2022B

6.000 12/15/41

505,126

4,900,000

(c) Cottonwood Creek Metropolitan District 5, Arapahoe County

Colorado, Limited Tax General Obligation Bonds, Convertible

Capital Appreciation Series 2025

7.250 12/01/55

3,649,724

1,658,000

Crossroads Metropolitan District 1, El Paso County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Series 2022

6.500 12/01/51

1,608,684

5,000,000

(c) Dawson Trails Metropolitan District 1, Castle Rock, Colorado,

Limited Tax General Obligation Bonds, Subordinate Series

2025B

9.250 12/15/55

4,777,147

1,400,000

Dawson Trails Metropolitan District 1, Colorado, In The

Town of Castle Rock, Limited Tax General Obligation Capital

Appreciation Turbo Bonds, Series 2024

0.000 12/01/31

883,849

2,000,000

DC Metropolitan District, Denver County, Colorado, Limited

Tax General Obligation Bonds, Convertible to Unlimited Tax

Series 2024A

5.875 12/01/54

1,911,389

1,250,000

DC Metropolitan District, Denver County, Colorado, Limited

Tax General Obligation Bonds, Convertible to Unlimited Tax

Series 2024B

8.000 12/15/54

1,258,885

5,465,000

Elora Metropolitan District, Elbert County, Colorado, General

Obligation Bonds, Limited Tax Convertible to Unlimited Tax,

Series 2025A

6.000 12/01/55

5,560,675

600,000

(c) Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

6.750 12/01/34

601,897

500,000

(c) Glen Metropolitan District 3, El Paso County, Colorado, General

Obligation Limited Tax Bonds, Series 2021

4.250 12/01/51

400,701

1,277,000

Grand Avenue Metropolitan District, In the City of Aurora,

Arapahoe County, Colorado, Limited Tax General Obligation

Bonds, Series 2023

8.125 12/01/52

1,293,486

1,185,000

Haymeadow Metropolitan District 1, Eagle County, Colorado,

General Obligation Bonds, Limited Tax Subordinate Series

2025B

8.375 12/15/49

1,191,698

1,000,000

Haymeadow Metropolitan District 1, Eagle County, Colorado,

General Obligation Bonds, Subordinate Limited Tax Series

2025A

6.125 12/01/54

1,020,224

982,204

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 1,

Series 2024A-1

6.000 12/01/43

996,235

2,000,000

(c),(d)

Kinston Metropolitan District 5, Loveland, Larimer County,

Colorado, Limited Tax General Obligation Bonds, Subordinate

Refunding and Improvement Series 2025B

8.250 12/15/55

1,950,787

1,000,000

(c) Kremmling Memorial Hospital District, Colorado, Certificates of

Participation, Series 2024

6.625 12/01/56

965,665

2,000,000

Lakota Pointe Metropolitan District 1, Winter Park, Colorado,

Limited Tax General Obligation Bonds, Series 2025A

6.000 12/01/55

2,026,349

1,185,000

Lakota Pointe Metropolitan District 1, Winter Park, Colorado,

Limited Tax General Obligation Bonds, Subordinate Series

2025B

8.250 12/15/55

1,191,163

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

2,000,000

(c) Ledge Rock Center Commercial Metropolitan District (In the

Town of Johnstown, Weld County, Colorado), Limited Tax

General Obligation Bonds, Series 2022

7.375 %

11/01/52

$

2,088,365

1,000,000

(c) Ledge Rock Center Commercial Metropolitan District, In the

Town of Johnstown, Weld County, Colorado, Limited Tax

General Obligation Bonds, Series 2022A

7.000 11/01/52

1,014,306

500,000

Ledge Rock Center Residential Metropolitan District 1, Weld

County, Colorado, Limited Tax General Obligation Bonds,

Series 2024A

6.375 12/01/54

497,989

1,000,000

Legato Community Authority, Colorado, Commerce City

Colorado Limited Tax Supported Revenue Bonds District 12 3

& 7 Convertible Capital Appreciation Series 2021A-2

5.000 12/01/51

778,705

535,000

Lochbuie Station Metropolitan District, Colorado, General

Obligation Limited Tax Bonds, Subordinate General Obligation

Limited Tax Bonds, Series 2020B

6.250 12/15/44

540,061

2,000,000

(c) Mayberry Springs Community Authority, El Paso County,

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Series 2025

7.125 12/01/45

2,000,017

500,000

(c) Mineral Business Improvement District, Arapahoe County,

Colorado, General Obligation and Special Revenue Bonds,

Limited Tax Series 2024A

5.750 12/01/54

499,619

1,000,000

Mirabelle Metropolitan District 2, Douglas County, Colorado,

Limited Tax General Obligation Bonds, Subordinate Series

2025B

6.125 12/15/49

992,259

500,000

Mountain Brook Metropolitan District, Longmont, Boulder

County, Colorado, Limited Tax General Obligation Bonds,

Series 2021

4.750 12/01/51

393,072

1,000,000

Mulberry Metropolitan District 2, Fort Collins, Colorado,

Limited Tax General Obligation Bonds, Series 2022A

7.000 12/01/52

1,019,160

500,000

North Pine Vistas Metropolitan District 3, Castle Pines, Douglas

County, Colorado, Limited Tax General Obligation Bonds,

Subordinate Series 2021B - AGM Insured

4.625 12/15/51

434,586

2,175,000

(c) Old Towne Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding and Improvement

Limited Tax Series 2024

6.000 12/01/53

2,063,809

2,500,000

(c) Orchard Park Place South Metropolitan District, Adams County,

Colorado, General Obligation Bonds, Limited Tax Series 2024

6.000 12/01/54

2,467,622

1,500,000

(b) Painted Prairie Public Improvement Authority, Aurora,

Colorado, Special Revenue Bonds, Series 2019

5.000 12/01/49

1,331,810

2,005,000

(c) Palisade Metropolitan District 2, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Refunding Subordinate

Convertible Capital Appreciation Series 2024B

5.875 12/15/54

1,872,645

1,215,000

(c) Palisade Metropolitan District 2, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Second Subordinate

Series 2024C

8.000 12/15/37

1,233,322

1,150,000

Parterre Metropolitan District 5, Thornton, Adams County,

Colorado, General Obligation Limited Tax Bonds, Series 2025A

6.125 12/01/55

1,198,505

2,500,000

Peak Metropolitan District 3, Colorado Springs, El Paso County,

Colorado, Limited Tax General Obligation Bonds, Series

2022A-1

7.500 12/01/52

2,519,344

500,000

Pinery Commercial Metropolitan District 2, Douglas County,

Colorado, Special Revenue Bonds, Series 2025

5.750 12/01/54

497,518

500,000

Pinon Pines Metropolitan District No. 3, El Paso County,

Colorado, General Obligation Limited Tax Convertible Capital

Appreciation Bonds, Series 2025

5.875 12/01/54

443,741

2,486,000

Pioneer Community Authority Board (Weld County, Colorado),

Special Revenue Bonds, Series 2022

6.500 12/01/34

2,403,980

500,000

(c) Prairie Song Metropolitan District 4, Windsor, Colorado,

Limited Tax General Obligation Bonds, Series 2021

6.000 12/01/51

491,347

1,100,000

(c) Reagan Ranch Metropolitan District 1, Colorado Springs,

Colorado, General Obligation Bonds, Limited Tax & Special

Revenue, Series 2025

6.125 12/01/54

1,075,082

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,000,000

Reagan Ranch Metropolitan District 1, Colorado Springs,

Colorado, General Obligation Bonds, Limited Tax Series

2021-3

5.375 %

12/01/51

$

877,744

1,000,000

Red Barn Metropolitan District, Mead, Colorado, Weld County,

Colorado, General Obligation Bond, Limited Tax Convertible to

Unlimited Tax, Refunding and Improvement, Series 2025A

5.500 12/01/55

1,000,957

1,000,000

Redtail Ridge Metropolitan District, City of Louisville, Boulder

County, Colorado, General Obligation Limited Tax Capital

Appreciation Turbo Bonds, Series 2025

0.000 12/01/32

615,940

1,020,000

(c) Ridge at Johnstown Metropolitan District 8, Larimer County,

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Series 2024

5.875 12/01/44

955,165

657,000

Ritoro Metropolitan District In the Town of Elizabeth, Elbert

County, Colorado, Limited Tax General Obligation Bonds,

Subordinate Refunding Series 2025B

6.250 12/15/57

660,397

1,150,000

Riverpark Metropolitan District, Arapahoe County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Series 2024

6.375 12/01/54

1,159,513

1,250,000

Riverwalk Metropolitan District 2, Glendale, Arapahoe County,

Colorado, Special Revenue Bonds, Series 2022A

5.000 12/01/42

1,110,407

500,000

RRC Metropolitan District 2, Jefferson County, Colorado,

Limited Tax General Obligation Bonds, Series 2021

5.250 12/01/51

437,270

750,000

Sagebrush Farm Metropolitan District 1, Aurora, Adams

County, Colorado, General Obligation Limited Tax Bonds,

Series 2022A

6.375 12/01/42

777,396

2,545,000

Sagebrush Farm Metropolitan District 1, Aurora, Adams

County, Colorado, General Obligation Limited Tax Bonds,

Subordinate Series 2024

8.000 12/15/54

2,562,188

1,000,000

(c) Saint Vrain Lakes Metropolitan District 4, Weld County,

Colorado, General Obligation Bonds, Firestone Subordinate

Limited Tax Series 2024B

8.750 09/20/54

1,004,632

500,000

Senac South Metropolitan District No. 1, Aurora, Colorado,

General Obligation Bonds, Limited Tax Series 2021A(3)

5.250 12/01/51

468,877

500,000

Siena Lake Metropolitan District, Gypsum, Colorado, General

Obligation Limited Tax Bonds, Series 2021

4.000 12/01/51

358,829

2,245,000

(c) Sojourn at Idlewild Metropolitan District, Grand County,

Colorado, Limited Tax General Obligation Bonds, Winter Park

Series 2025A

6.125 12/01/55

2,293,147

7,370,000

South Aurora Regional Improvement Authority, Aurora,

Colorado, Special Revenue Bonds, Refunding Improvement

Series 2025

6.750 12/01/55

7,492,129

500,000

(c),(e)

St. Vrain Lakes Metropolitan District 4, Weld County, Colorado,

General Obligation Bonds, Firestone Convertible Capital

Appreciation Limited Tax Series 2024A

0.000 09/20/54

346,222

675,000

St. Vrain Lakes Metropolitan District No. 2, Weld County,

Colorado, Limited Tax General Obligation Bonds, Refunding

and Improvement Series 2024B

6.375 11/15/54

673,149

3,000,000

(c) STC Metropolitan District 2, Superior, Boulder County,

Colorado, Limited Tax General Obligation and Special Revenue

Bonds, Refunding Second Lien Series 2025A-2

6.250 12/01/55

3,050,167

4,925,000

(c) STC Metropolitan District 2, Superior, Boulder County,

Colorado, Subordinate Limited Tax General Obligation and

Special Revenue Bonds, Refunding & improvement Series

2025B

8.000 12/15/55

4,959,405

1,600,000

Sterling Ranch Community Authority Board, Douglas County,

Colorado, Limited Tax Supported and Special Revenue Bonds,

Special District 4, Series 2024A

6.500 12/01/54

1,645,488

975,000

Sterling Ranch Community Authority Board, Douglas County,

Colorado, Limited Tax Supported and Special Revenue Bonds,

Special District 4, Series 2024B

8.750 12/15/54

982,615

648,000

(c) Sunset Parks Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Subordinate Series

2024B

7.625 12/15/54

655,460

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

500,000

(c) Third Creek Metropolitan District 1, Commerce City, Colorado,

Limited Tax General Obligation Bonds, Series 2022A-1

4.750 %

12/01/51

$

385,814

500,000

Trails at Crowfoot Metropolitan District 3, Parker, Colorado,

Limited Tax General Obligation Bonds, Refunding Series 2024B

6.875 12/15/52

505,061

1,000,000

Transport Metropolitan District 3, In the City of Aurora, Adams

County, Colorado, General Obligation Limited Bonds, Series

2021A-1

4.125 12/01/31

927,194

6,550,000

Transport Metropolitan District 3, In the City of Aurora, Adams

County, Colorado, General Obligation Limited Bonds, Series

2021A-1

5.000 12/01/41

5,549,268

8,710,000

Transport Metropolitan District 3, In the City of Aurora, Adams

County, Colorado, General Obligation Limited Bonds, Series

2021A-1

5.000 12/01/51

6,646,632

3,000,000

(c) Tree Farm Metropolitan District, Eagle County, Colorado,

General Obligation Limited Tax Bonds, Series 2021

4.750 12/01/50

2,528,612

3,000,000

(c) USAFA Visitors Center Business Improvement District,

Colorado Springs, Colorado, Special Revenue Bonds, Series

2022A,

5.000 12/01/52

2,694,640

500,000

(e) Verve Metropolitan District 1, Jefferson County and the City

and County of Broomfield, Colorado, General Obligation

Bonds, Convertible Capital Appreciation Improvement Series

2024A

0.000 12/01/54

361,947

2,250,000

Verve Metropolitan District 1, Jefferson County and the City

and County of Broomfield, Colorado, General Obligation

Bonds, Refunding and Improvement Limited Tax Series 2021

5.000 12/01/41

2,083,830

500,000

Villages at Johnstown Metropolitan District 7, Johnstown,

Colorado, Limited Tax General Obligation Bonds, Series

2022A(3)

6.250 12/01/52

482,620

1,500,000

(c) Weems Neighborhood Metropolitan District, Lafayette,

Boulder County, Colorado, Limited Tax General Obligation

Bonds, Convertible to Unlimited Tax, Series 2025A

5.875 12/01/55

1,524,987

500,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

6.750 12/01/52

497,844

3,000,000

(c) West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2024A-2

8.000 12/01/54

1,922,195

1,625,000

Westerly Metropolitan District 4, Weld County, Colorado,

General Obligation Limited Tax Bonds, Series 2021A-1

5.000 12/01/50

1,524,752

2,500,000

Westgate Metropolitan District, Colorado Springs, El Paso

County, Colorado, General Obligation Limited Tax Bonds,

Series 2022

5.125 12/01/51

2,130,449

500,000

(c) Westwood Metropolitan District, Thornton, Adams County,

Colorado, Limited Tax General Obligation Bonds, Senior Series

2021A

4.000 12/01/51

448,108

1,146,000

(c) Willow Springs Ranch Metropolitan District, Monument, El

Paso County, Colorado, Limited Tax General Obligation Bonds,

Subordinate Series 2024B

6.500 10/15/54

1,152,497

32,685,000

(c) Windler Public Improvement Authority, Aurora, Colorado,

Limited Tax Supported Revenue Bonds, Convertible Capital

Appreciation Series 2021A-2

4.625 12/01/51

22,081,449

2,250,000

(c) Windler Public Improvement Authority, Aurora, Colorado,

Limited Tax Supported Revenue Bonds, Series 2021A-1

4.000 12/01/36

2,009,041

2,000,000

(c) Windler Public Improvement Authority, Aurora, Colorado,

Limited Tax Supported Revenue Bonds, Series 2021A-1

4.000 12/01/41

1,654,076

6,500,000

(c) Windler Public Improvement Authority, Aurora, Colorado,

Limited Tax Supported Revenue Bonds, Series 2021A-1

4.125 12/01/51

4,969,325

TOTAL COLORADO

222,220,036

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONNECTICUT - 0.6%

$

3,000,000

(c) Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Mary Wade Home Issue, Series 2019A-1

5.000 %

10/01/54

$

2,312,960

1,500,000

Stamford Housing Authority, Connecticut, Revenue Bonds,

Mozaic Concierge Living Project, Series 2025A

6.250 10/01/60

1,478,349

100,000

(c) Steel Point Infrastructure Improvement District, Connecticut,

Special Obligation Revenue Bonds, Steelpointe Harbor Project,

Series 2024

6.000 04/01/52

105,677

TOTAL CONNECTICUT

3,896,986

DELAWARE - 0.1%

1,100,000

Delaware Economic Development Authority, Revenue Bonds,

ASPIRA of Delaware Charter Operations, Inc. Project, Series

2016A

5.000 06/01/51

985,378

TOTAL DELAWARE

985,378

DISTRICT OF COLUMBIA - 1.9%

300,000

District of Columbia Revenue Bonds, Rocketship Education DC

Public Charter School Inc., Obligated Group -Issue 3, Series

2024A

5.750 06/01/54

299,567

54,000,000

District of Columbia Tobacco Settlement Corporation, Tobacco

Settlement Asset-Backed Bonds, Series 2006A

0.000 06/15/46

12,334,739

3,335,000

District of Columbia Tobacco Settlement Corporation, Tobacco

Settlement Asset-Backed Bonds, Series 2006C

0.000 06/15/55

318,922

TOTAL DISTRICT OF COLUMBIA

12,953,228

FLORIDA - 14.3%

250,000

(c) Alachua County Health Facilities Authority, Florida, Health

Facilities Revenue Bonds, Terraces at Bonita Springs Project,

Refunding Series 2022A

5.000 11/15/61

182,483

2,500,000

(c) Capital Projects Finance Authority, Florida, Educational

Facilities Revenue Bonds, Imagine School at North Port, Series

2025A

6.750 06/15/65

2,513,299

1,600,000

(c) Capital Projects Finance Authority, Florida, Senior Living

Revenue Bonds, Millenia Orlando Project, Series 2025A

7.250 01/01/55

1,624,290

2,715,000

(c) Capital Projects Finance Authority, Florida, Senior Living

Revenue Bonds, Millenia Orlando Project, Series 2025A

7.125 01/01/65

2,697,453

2,483,703

(c) Capital Trust Agency, Florida, Educational Facilities Revenue

Bonds, LLT Academy South Bay Project, Series 2020A

6.000 06/15/55

2,180,020

15,020,000

(c) Capital Trust Agency, Florida, Revenue Bonds, Educational

Growth Fund, LLC, Charter School Portfolio Projects,

Subordinate Series 2021B

0.000 07/01/61

1,295,522

1,290,000

(b),(c)

Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens

of Palm Coast Project, Series 2017A

6.750 10/01/37

877,200

1,525,000

(b),(c)

Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens

of Palm Coast Project, Series 2017A

7.000 10/01/40

1,037,000

1,345,000

(c) Capital Trust Agency, Florida, Revenue Bonds, Viera Charter

School Project, Series 2019A

5.000 10/15/54

1,216,757

250,000

(c) Capital Trust Agency, Florida, Senior Living Facilities Revenue

Bonds, Elim Senior Housing, Inc. Project, Series 2017

5.375 08/01/32

240,747

175,000

(c) Capital Trust Agency, Florida, Senior Living Facilities Revenue

Bonds, Elim Senior Housing, Inc. Project, Series 2017

5.625 08/01/37

161,716

1,000,000

(c) Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, Babcock Neighborhood School Inc Project, Series 2024

6.000 08/15/63

915,064

500,000

(c) Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, Imagine School at West Pasco Project, Series 2023A

6.500 12/15/53

479,709

4,100,000

(c) Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, Imagine School at West Pasco Project, Series 2023A

6.500 12/15/58

3,895,289

1,750,000

(c) Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A

6.250 06/15/53

1,776,823

2,600,000

(c) Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A

6.375 06/15/58

2,647,331

2,800,000

Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, LLT Academy South Bay Project, Series 2025

7.250 06/15/55

2,852,174

1,890,000

(b) Celebration Pointe Community Development District 1,

Alachua County, Florida, Special Assessment Revenue Bonds,

Series 2021

4.000 05/01/53

1,512,000

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

250,000

(c) Curiosity Creek Community Development District, Manatee

County, Florida, Capital Improvement Revenue Bonds,

Assessment Area 1, Series 2024

5.700 %

05/01/55

$

245,809

1,000,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Creative Inspiration Journey School

of St. Cloud, Series 2021A

5.000 06/15/51

846,143

4,600,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Creative Inspiration Journey School

of St. Cloud, Series 2021A

5.000 06/15/56

3,795,286

1,420,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Discovery High School Project, Series

2020A

5.000 06/01/40

1,099,889

100,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Dreamers Academy Project, Series

2022A

6.000 01/15/57

88,816

625,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Global Outreach Charter Academy,

Series 2021A

4.000 06/30/36

534,158

765,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Global Outreach Charter Academy,

Series 2021A

4.000 06/30/41

585,466

1,000,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Pepin Academies of Pasco County

Inc., Series 2020A

5.000 01/01/50

811,142

500,000

(c) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Southwest Charter Foundation Inc

Projects, Series 2017A

6.125 06/15/47

488,562

30,430,000

(c) Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put

7/15/28)

12.000 07/15/32

18,980,713

3,500,000

(c) Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024A, (AMT), (Mandatory Put

7/15/28)

10.000 07/15/59

2,183,125

12,250,000

(c) Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Series

2025B, (AMT), (Mandatory Put 6/15/26)

10.000 07/01/57

10,436,684

3,040,000

(c) Florida Development Finance Corporation, Student Housing

Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series

2024B

6.500 06/01/59

3,013,671

1,965,000

Florida Housing Finance Corporation, Multifamily Mortgage

Revenue Bonds, Brookside Square Apartments, Series 2015J,

(Mandatory Put 6/01/32)

5.000 06/01/57

1,945,835

2,000,000

(c) Florida Local Government Finance Commission, Senior Living

Revenue Bonds, Fleet Landing at Nocatee Project Series 2025A

6.875 11/15/64

2,064,781

250,000

Hobe-Saint Lucie Conservancy District, Florida, Special

Assessment Revenue Bonds, Improvement Unit 1A, Series

2024

5.875 05/01/55

253,617

710,000

(c) Kelly Park Community Development District, Florida, Special

Assessment Revenue Bonds, Assessment Area One Project

Series 2023

6.250 11/01/53

729,707

1,210,000

Lake County, Florida Retirement Facility Revenue Bonds,

Lakeside at Waterman Village Project, Series 2020A

5.750 08/15/50

1,153,738

1,000,000

Lake County, Florida Retirement Facility Revenue Bonds,

Lakeside at Waterman Village Project, Series 2020A

5.750 08/15/55

938,791

825,000

(c) Lake County, Florida, Educational Facilities Revenue Bonds,

Imagine South Lake Charter School Project, Series 2019A

5.000 01/15/49

680,759

1,405,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Taylor Ranch Project, Series 2023

6.300 05/01/54

1,470,409

2,850,000

(c) Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2024A

6.250 06/15/42

2,835,530

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

85,000

(c) Mandarin Grove Community Development District, Manatee

County, Florida, Special Assessment Revenue Bonds, 2022

Project Series 2022

6.625 %

05/01/53

$

97,234

750,000

(c) Miami Dade County Industrial Development Authority, Florida,

Educational Facilities Revenue Bonds, Miami Community

Charter School Inc Project, Series 2025

6.375 06/01/65

756,954

1,000,000

(c) Miami-Dade County Industrial Development Authority, Florida,

Industrial Development Revenue Bonds, CFC-MB I, LLC Collins

Park Housing Project Series 2023

6.250 01/01/59

1,000,268

415,000

(c) Middleton Community Development District A, Florida, Special

Assessment Revenue Bonds, Series 2022

6.200 05/01/53

433,149

115,000

(c) Mirada Community Development District, Florida, Capital

Improvement Bonds, Assessment Area 3 Series 2024

6.000 05/01/55

115,536

70,000

(c) North Powerline Road Community Development District, Polk

County, Florida, Special Assessment Revenue Bonds, Series

2022

5.625 05/01/52

71,609

1,000,000

(c) Ocean and Highway Port Authority, Florida, Port Facilities

Revenue Bonds, Worldwide Terminals Fernandina, LLC Project,

Series 2019, (AMT)

5.500 12/01/49

782,476

1,500,000

(c) Palm Beach County, Florida, Revenue Bonds, Provident Group

- LU Properties LLC Lynn University Housing Project, Series

2021A

5.000 06/01/57

1,291,482

2,560,000

Palm Beach County, Florida, Revenue Bonds, Provident Group

- LU Properties LLC Lynn University Housing Project, Series

2024A

6.125 06/01/54

2,461,414

2,240,000

Palm Beach County, Florida, Revenue Bonds, Provident Group

- LU Properties LLC Lynn University Housing Project, Series

2024A

6.250 06/01/59

2,171,538

1,470,000

(c) Pioneer Ranch Community Development District, Marion

County, Florida, Special Assessment Bonds, Series 2024

5.300 05/01/55

1,390,529

1,000,000

(c) Rye Ranch Community Development District, Florida, Special

Assessment Revenue Bonds, Pod B - Assessment Area 1 Series

2023

6.000 11/01/53

1,025,417

1,000,000

(c) Saltleaf Community Development District, Florida, Capital

Improvement Revenue Bonds, Series 2024

6.000 05/01/56

1,015,794

1,500,000

(c) Solaeris Community Development District, St. Lucie County,

Florida, Special Assessment Bonds, Area 2 Project, Series 2025

6.300 05/01/56

1,532,071

465,000

(c) Three Rivers Community Development District, Florida, Special

Assessment Revenue Bonds, South Assessment Area Series

2021B

4.625 05/01/36

460,824

880,000

Tradition Community Development District 9, Port Saint Lucie,

Florida, Special Assessment Bonds, Series 2025

5.650 05/01/56

870,691

225,000

(c) Village Community Development District 15, Florida, Special

Assessment Revenue Bonds, Series 2023

5.250 05/01/54

225,002

665,000

West Villages Improvement District, Florida, Special

Assessment Revenue Bonds, Unit of Development 7 Villages

F-3 and G-1B Series 2023

6.250 05/01/54

700,170

TOTAL FLORIDA

99,689,666

GEORGIA - 1.3%

6,910,000

Atlanta Development Authority, Georgia, Economic

Development Certificates, Gulch Enterprise Zone Project,

Convertible Capital Appreciation Series 2024A-1 Class A

6.500 12/15/48

6,069,662

1,950,000

(b) Atlanta Development Authority, Georgia, Senior Health Care

Facilities Revenue Bonds, Georgia Proton Treatment Center

Project, Current Interest Series 2017A-1

7.000 01/01/40

1,111,500

1,750,000

(c) Bulloch County Development Authority, Georgia, Charter

School Revenue Bonds, Statesboro Steam Academy Project

Series 2024

6.750 06/15/64

1,699,945

500,000

Cobb County Development Authority, Georgia, Charter School

Revenue Bonds, Northwest Classical Academy, Inc. Project,

Series 2023A

6.375 06/15/58

486,021

TOTAL GEORGIA

9,367,128

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HAWAII - 0.1%

$

1,000,000

(c) Hawaii County, Hawaii, Special Tax Revenue Bonds, Community

Facilities District 1-2021, Kaloko Heights Project, Series 2023

7.250 %

05/15/52

$

1,005,809

TOTAL HAWAII

1,005,809

IDAHO - 0.9%

170,000

(c) Eagle Avimor Community Infrastructure District 1, Ada, Boise,

and Gem Counties, Idaho, Special Assessment Revenue Bonds,

Assessment Area 5 Series 2024

5.875 09/01/53

173,389

500,000

(c) Eagle Avimor Community Infrastructure District 1, Ada, Boise,

and Gem Counties, Idaho, Special Assessment Revenue Bonds,

Assessment Area 6 Series 2024B

5.500 09/01/53

500,423

730,000

(c) Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, Doral Academy of Idaho, Series 2021A

5.000 07/15/41

620,900

250,000

(c) Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, Doral Academy of Idaho, Series 2021A

5.000 07/15/56

189,067

250,000

(c) Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, Gem Prep Meridian South Charter School

Project, Series 2021

4.000 05/01/56

171,567

3,900,000

(c) Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Assessment Area Two, Series 2025

6.250 09/01/54

3,979,619

500,000

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Series 2024

6.250 09/01/53

508,884

TOTAL IDAHO

6,143,849

ILLINOIS - 2.7%

830,000

(c) Illinois Finance Authority, Charter School Revenue Bonds, Art in

Motion AIM Project, Series 2021A

4.000 07/01/31

742,193

1,500,000

(c) Illinois Finance Authority, Charter School Revenue Bonds, Art in

Motion AIM Project, Series 2021A

5.000 07/01/51

1,057,286

2,750,000

(c) Illinois Finance Authority, Charter School Revenue Bonds, Art in

Motion AIM Project, Series 2021A

5.000 07/01/56

1,883,816

250,000

Illinois Finance Authority, Revenue Bonds, Admiral at the Lake

Project, Refunding Series 2017

5.500 05/15/54

192,863

410,649

(b) Illinois Finance Authority, Revenue Bonds, Christian Homes Inc.

Obligated Group, Refunding Series 2016

5.000 05/15/31

20,532

898,295

(b) Illinois Finance Authority, Revenue Bonds, Christian Homes Inc.

Obligated Group, Refunding Series 2016

5.000 05/15/36

44,915

160,410

(b) Illinois Finance Authority, Revenue Bonds, Christian Horizons

Obligated Group, Series 2021A

4.000 05/15/41

8,020

215,000

(c) Illinois Finance Authority, Revenue Bonds, Goodman Theatre

Project, Refunding Series 2025A

6.125 10/01/50

217,752

2,720,000

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

Technology, Series 2025A

5.875 09/01/46

2,701,570

7,375,000

(c) Illinois Finance Authority, Revenue Bonds, Roosevelt University,

Series 2019A

6.125 04/01/58

7,115,320

2,000,000

(c) Illinois Finance Authority, Solid Waste Revenue Bonds, LRS

Holdings LLC Project, Series 2023B, (Mandatory Put 9/01/33)

7.375 09/01/42

2,220,348

3,000,000

Palos Heights, Illinois, Revenue Bonds, Trinity Christian College

Association, Series 2024A

7.000 01/01/50

2,615,548

TOTAL ILLINOIS

18,820,163

INDIANA - 0.7%

85,000

(c) Indiana Finance Authority, Educational Facilities Revenue

Bonds, Circle City Preparatory Inc. Project, Series 2021A

5.000 12/01/30

86,193

700,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, Seven Oaks Classical School Project, Series 2021A

5.000 06/01/51

587,728

775,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, University of Evansville Project, Series 2022A

5.250 09/01/57

734,474

1,250,000

Indiana Housing and Community Development Authority,

Multifamily Housing Revenue Bonds, Vita of New Whiteland

Project, Series 2022

6.750 01/01/43

1,180,352

1,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Subordinate Series

2023F-1

7.750 03/01/67

1,099,483

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIANA

(continued)

$

1,500,000

(c) Valparaiso, Indiana, Revenue Bonds, Valparaiso University

Project, Series 2025A

6.250 %

10/01/50

$

1,506,701

TOTAL INDIANA

5,194,931

IOWA - 0.1%

1,000,000

Iowa Finance Authority Senior Living Facilities Revenue Bonds,

Sunrise Retirement Community Project, Refunding Series 2021

5.000 09/01/51

736,864

TOTAL IOWA

736,864

KANSAS - 0.8%

1,725,000

Kansas Development Finance Authority Revenue Bonds,

Village Shalom Project, Series 2018A

5.250 11/15/53

1,209,604

100,000

Overland Park Development Corporation, Kansas, Revenue

Bonds, Convention Center Hotel, Refunding & improvement

Series 2019

5.000 03/01/49

97,643

6,250,000

(b) Overland Park, Kansas, Sales Tax Special Obligation Revenue

Bonds, Prairiefire at Lionsgate Project, Series 2012

5.250 12/15/29

3,125,000

1,000,000

Wichita, Kansas, Health Care Facilities Revenue Bonds,

Presbyterian Manors, Series 2024VIII

6.000 05/15/54

941,574

TOTAL KANSAS

5,373,821

LOUISIANA - 2.8%

300,000

(c) Lakeshore Villages Master Community Development District,

St. Tammany Parish, Louisiana, Special Assessment Revenue

Bonds, Series 2025

6.000 06/01/54

306,597

1,500,000

(c) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Lincoln Preparatory School Project, Series 2021A

5.250 06/01/60

1,113,208

2,850,000

(c) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Young Audiences Charter School, Series 2019A

5.000 04/01/39

2,654,550

2,635,000

(c) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Young Audiences Charter School, Series 2019A

5.000 04/01/49

2,238,816

1,000,000

(c) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Young Audiences Charter School, Series 2019A

5.000 04/01/57

829,578

480,000

(c) Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Jefferson Rise Charter School Project, Series 2022A

6.000 06/01/37

489,352

1,000,000

(c) Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Jefferson Rise Charter School Project, Series 2022A

6.250 06/01/52

987,333

950,000

(c) Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Lincoln Preparatory School Project, Series 2022A

6.375 06/01/52

850,519

10,000,000

(a) Louisiana Publics Facilities Authority, Louisiana, Revenue

Bonds, I-10 Calcasieu River Bridge Public-Private Partnership

Project, Senior Lien Series 2024, (AMT), (UB)

5.000 09/01/66

9,510,841

500,000

(c) Plaquemines Port, Louisiana, Harbor and Terminal District

Facilities Revenue Bonds NOLA Terminal LLC Project Dock and

Wharf Series 2024A

9.000 12/01/44

429,167

TOTAL LOUISIANA

19,409,961

MAINE - 0.3%

2,000,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, Eastern Maine Medical Center Obligated

Group Issue, Series 2016A

5.000 07/01/46

1,842,860

TOTAL MAINE

1,842,860

MARYLAND - 0.2%

135,000

(c) Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Imagine Andrews Public Charter School,

Series 2022A

5.500 05/01/52

124,280

1,000,000

(c) Prince George's County, Maryland, Special Obligation Bonds,

Westphalia Town Center Project, Series 2018

5.250 07/01/48

1,001,237

TOTAL MARYLAND

1,125,517

MASSACHUSETTS - 0.1%

1,000,000

Massachusetts Development Finance Agency Revenue Bonds,

Lawrence General Hospital Issue, Series 2017

5.000 07/01/42

868,245

TOTAL MASSACHUSETTS

868,245

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN - 1.1%

$

5,525,000

Detroit City & General Retirement System Service Corporation,

Michigan, Certificates of Participation, Taxable Series 2005A -

FGIC Insured

4.813 %

06/15/26

$

5,925,562

330,000

Michigan Finance Authority, Public School Academy Limited

Obligation Revenue Bonds, Holly Academy Project, Refunding

Series 2021

4.000 12/01/51

249,692

290,000

Michigan Finance Authority, Public School Academy Limited

Obligation Revenue Bonds, Madison Academy Project,

Refunding Series 2021

5.000 12/01/46

243,193

40,000,000

Michigan Tobacco Settlement Finance Authority, Tobacco

Settlement Asset-Backed Revenue Bonds, Capital Appreciation

Turbo Term Series 2008C

0.000 06/01/58

989,000

185,000

Trillium Academy, Michigan, Public School Academy Revenue

Bonds, Refunding Series 2019

5.750 11/01/40

178,982

TOTAL MICHIGAN

7,586,429

MINNESOTA - 1.0%

500,000

Bethel, Minnesota, Charter School Lease Revenue Bonds, Level

Up Academy, Series 2021A

5.000 06/15/56

352,767

1,000,000

(c) Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Seven Hills Preparatory Academy Project, Series 2024A

6.125 06/15/61

911,798

770,000

(c) Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Spero Academy Project, Series 2017A

6.500 07/01/48

771,311

2,000,000

Rochester, Minnesota, Charter School Lease Revenue Bonds,

Rochester Math & Science Academy Project, Series 2018A

5.125 09/01/38

1,712,382

1,000,000

(b),(c)

Saint Cloud, Minnesota, Charter School Lease Revenue Bonds,

Athlos Academy, Series 2022A

5.875 06/01/57

725,000

1,000,000

(c) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community School of

Excellence, Series 2023

5.250 03/01/43

966,864

2,015,000

(c) Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Math and Science Academy Building Company, Refunding

Series 2025A

5.500 06/01/63

1,850,129

TOTAL MINNESOTA

7,290,251

MISSOURI - 1.2%

2,000,000

Independence Industrial Development Authority, Missouri,

Revenue Bonds, Tax Increment and Special Districts, Hub Drive

Redevelopment Project Series 2023

6.750 11/01/53

2,000,457

250,000

(c) Kansas City Industrial Development Authority, Missouri,

Economic Activity Tax Revenue Bonds, Historic Northeast

Redevelopment Plan Series 2024A-1

5.000 06/01/54

230,710

2,000,000

Kirkwood Industrial Development Authority, Missouri,

Retirement Community Revenue Bonds, Aberdeen Heights

Project, Refunding Series 2017A

5.250 05/15/42

1,861,955

1,000,000

Kirkwood Industrial Development Authority, Missouri,

Retirement Community Revenue Bonds, Aberdeen Heights

Project, Refunding Series 2017A

5.250 05/15/50

869,684

250,000

(c) Land Clearance for Redevelopment Authority of Kansas City,

Missouri, Project Revenue Bonds, Convention Center Hotel

Project - TIF Financing, Series 2018B

5.000 02/01/40

249,069

2,500,000

(c) Missouri Health and Educational Facilities Authority,

Educational Facilities Revenue Bonds, Missouri Baptist

University, Series 2025

6.250 10/01/55

2,501,145

498,874

(b) Missouri Health and Educational Facilities Authority, Revenue

Bonds, Christian Homes Inc., Senior Living Facilities Series

2018

5.000 05/15/32

24,944

731,469

(b) Missouri Health and Educational Facilities Authority, Revenue

Bonds, Christian Homes Inc., Senior Living Facilities Series

2018

5.000 05/15/36

36,573

633,619

(b) Missouri Health and Educational Facilities Authority, Revenue

Bonds, Christian Homes Inc., Senior Living Facilities Series

2018

5.000 05/15/40

31,681

100,000

Missouri Southern State University, Auxiliary Enterprise System

Revenue Bonds, Series 2021

4.000 10/01/34

95,809

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

100,000

Missouri Southern State University, Auxiliary Enterprise System

Revenue Bonds, Series 2021

4.000 %

10/01/44

$

83,501

234,199

(c) North Outer Forty Transportation Development District,

Chesterfield, Missouri, Transportation Development Revenue

Notes, Refunding Series 2021A

4.000 12/01/46

187,013

TOTAL MISSOURI

8,172,541

NEVADA - 0.4%

895,855

(b),(c)

Director of Nevada State Department of Business & Industry,

Environmental Improvement Revenue Bonds, Fulcrum Sierra

BioFuels LLC Project, Green Series 2018, (AMT)

6.950 02/15/38

2,600,000

(c) Director of Nevada State Department of Business and Industry,

Revenue Bonds, Brightline West Passenger Rail Project, Series

2025A, (AMT), (Mandatory Put 1/01/33)

9.500 01/01/65

2,377,231

305,000

Neveda State Director of the Department of Business and

Industry, Charter School Revenue Bonds, Doral Academy of

Nevada, Series 2017A

5.000 07/15/47

279,658

TOTAL NEVADA

2,656,898

NEW HAMPSHIRE - 1.5%

11,980,000

(c) National Finance Authority, New Hampshire, Special Revenue

Bonds, The Chambers Creek Project, Montgomery County,

Texas Municipal Utility Districts, Capital Appreciation Series

2025

0.000 12/15/32

7,548,271

5,000,000

(c) New Hampshire National Finance Authority, Travis and Burnet

Counties, Special Revenue Bonds, Thomas Ranch Project

Capital Appreciation Improvement Districts Series 2024

0.000 12/01/34

2,784,848

TOTAL NEW HAMPSHIRE

10,333,119

NEW JERSEY - 1.6%

11,000,000

(c) New Jersey Economic Development Authority, New Jersey,

Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail

Terminal Project, Series 2025, (AMT)

6.625 01/01/45

11,375,129

TOTAL NEW JERSEY

11,375,129

NEW YORK - 6.9%

6,550,000

(c) Dormitory Authority of the State of New York, General Revenue

Bonds, American Musical and Dramatic Academy Inc., Series

2023A

7.250 07/01/53

6,653,379

1,500,000

(c) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series

2017

5.000 12/01/37

1,431,433

10,000,000

Erie County Tobacco Asset Securitization Corporation, New

York, Tobacco Settlement Asset-Backed Bonds, 1st Subordinate

Series 2005B

0.000 06/01/47

2,039,242

4,760,000

Glen Cove Local Economic Assistance Corporation, New York,

Revenue Bonds, Garvies Point Public Improvement Project,

Capital Appreciation Series 2016B

0.000 01/01/45

1,321,116

8,500,000

Glen Cove Local Economic Assistance Corporation, New York,

Revenue Bonds, Garvies Point Public Improvement Project,

Capital Appreciation Series 2016C

5.625 01/01/55

7,555,606

2,000,000

Monroe County Industrial Development Corporation, New

York, Revenue Bonds, Saint Anns Community Project, Series

2019

5.000 01/01/50

1,699,357

1,000,000

New York City Housing Development Corporation, New

York, Multifamily Housing Revenue Bonds, Sustainable

Neighborhood Green Series 2020D-1B

2.400 11/01/50

637,195

750,000

(b) New York City Industrial Development Agency, New York, Civic

Facility Revenue Bonds, Bronx Parking Development Company,

LLC Project, Series 2007

2.350 10/01/46

480,000

2,500,000

(c) New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 3 Series

2014

7.250 11/15/44

2,501,970

12,235,000

(a) New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024 - AGM

Insured, (AMT), (UB)

5.250 06/30/60

12,394,559

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

750,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 %

01/01/28

$

626,984

1,450,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/29

1,175,778

150,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/30

119,131

4,135,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/31

3,237,206

1,010,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/32

781,170

3,050,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/33

2,337,923

630,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/34

479,444

2,200,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/35

1,664,351

650,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5.000 01/01/36

489,310

250,000

(c) Westchester County Local Development Corporation, New

York, Revenue Bond, Purchase Senior Learning Community, Inc.

Project, Accd Inv Series 2021A

5.000 07/01/56

215,597

TOTAL NEW YORK

47,840,751

NORTH DAKOTA - 0.7%

3,725,000

(a) North Dakota Housing Finance Agency, Home Mortgage

Finance Program Bonds, Social Series 2024A, (UB)

4.700 07/01/49

3,720,754

1,000,000

Ward County Health Care, North Dakota, Revenue Bonds,

Trinity Obligated Group, Series 2017C

5.000 06/01/53

918,271

TOTAL NORTH DAKOTA

4,639,025

OHIO - 2.8%

245,000

(c) Brecksville, Ohio, Tax Increment Financing Revenue Bonds,

Valor Acres Project, Series 2022

5.625 12/01/53

233,692

138,000,000

Buckeye Tobacco Settlement Financing Authority, Ohio,

Tobacco Settlement Asset-Backed Revenue Bonds, Refunding

Senior Lien Capital Appreciation Series 2020B-3 Class 2

0.000 06/01/57

12,942,937

2,500,000

Buckeye Tobacco Settlement Financing Authority, Ohio,

Tobacco Settlement Asset-Backed Revenue Bonds, Refunding

Senior Lien Series 2020B-2 Class 2

5.000 06/01/55

2,136,918

2,000,000

(c) Cleveland-Cuyahoga County Port Authority, Ohio, Lease

Revenue Bonds, Constellation Schools Project, Refunding &

improvement Series 2024A

5.875 01/01/49

1,968,551

140,000

(c) Cleveland-Cuyahoga County Port Authority, Ohio, Tax

Increment Financing Revenue Bonds, Flats East Bank Project,

Refunding Senior Series 2021A

4.000 12/01/55

109,871

95,000

Cleveland-Cuyahoga County Port Authority, Ohio, Tax

Increment Financing Revenue Bonds, Flats East Bank Project,

Refunding Subordinate Series 2021B

4.500 12/01/55

78,507

665,000

Franklin County Convention Facilities Authority, Ohio, Hotel

Project Revenue Bonds, Greater Columbus Convention Center

Hotel Expansion Project, Series 2019

5.000 12/01/51

609,426

1,360,000

(c) Ohio Housing Finance Agency, Multifamily Housing Revenue

Bonds, Silver Birch Bedford Heights, Series 2025

6.375 01/01/45

1,387,959

250,000

(c) Ohio Housing Finance Agency, Multifamily Housing Revenue

Bonds, Silver Birch of Mansfield Project, Series 2024

6.000 01/01/45

246,033

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

200,000

(c) Port of Greater Cincinnati Development Authority, Ohio,

Multifamily Housing Revenue Bonds, Vivera Northbrook

Project, Series 2025A

6.500 %

01/01/45

$

204,601

TOTAL OHIO

19,918,495

OKLAHOMA - 0.2%

1,000,000

Osage County Industrial Authority, Oklahoma, Sales and Use

Tax Revenue Bonds, Refunding Series 2023

5.750 09/01/53

983,290

100,000

(c) Tulsa Authority for Economic Opportunity, Tulsa County,

Oklahoma, Tax Apportionment Revenue Bonds, Santa Fe

Square Project, Series 2021

4.375 12/01/41

90,795

230,000

(c) Tulsa Authority for Economic Opportunity, Tulsa County,

Oklahoma, Tax Apportionment Revenue Bonds, Vast Bank

Project, Series 2021

4.000 12/01/43

198,781

TOTAL OKLAHOMA

1,272,866

OREGON - 1.8%

4,250,000

(c) Oregon Facilities Authority Charter School Revenue Bonds,

Oregon, Portland Village School Project, Series 2024

7.000 12/15/60

4,025,631

5,805,000

(c) Oregon Facilities Authority, Oregon, Charter School Revenue

Bonds, Valley Inquiry Charter School Project, Series 2025A

6.750 06/15/55

5,796,581

2,830,000

Yamhill County Hospital Authority, Oregon, Revenue Bonds,

Friendsview Retirement Community, Refunding Series 2021A

5.000 11/15/46

2,477,842

TOTAL OREGON

12,300,054

PENNSYLVANIA - 3.1%

500,000

Allegheny County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Penn Hills Charter School of

Entrepreneurship, Series 2021A

4.000 06/15/51

378,604

1,610,000

(c) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts

Project, Series 2023

6.250 05/01/42

1,591,674

26,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024A-2

6.000 06/30/34

27,204

2,175,000

(e) Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024B-1

0.000 06/30/44

1,539,342

1,215,000

(c) Erie County, Industrial Development Authority, Pennsylvania,

Essential Housing Revenue Bonds, Senior-CFC-Erie I LLC Erie

Apartments, Series 2024A

6.750 09/01/61

1,179,318

11,500,000

(c) Lehigh County Industrial Development Authority, Pennsylvania,

Revenue Bonds, Provident Group -Lehigh Valley International

Airport Hotel Project First Tier Series 2025A-2

5.750 01/01/65

10,994,620

1,065,000

(c) Lehigh County Industrial Development Authority, Pennsylvania,

Revenue Bonds, Provident Group -Lehigh Valley International

Airport Hotel Project Second Tier Series 2025C

6.750 01/01/65

1,022,067

4,000,000

McCandless IDA, Pennsylvania, University Revenue Bonds

Series A and B of 2022 La Roche University

6.750 12/01/46

3,616,334

370,000

Montgomery County Redevelopment Authority, Pennsylvania,

Special Obligation Revenue Bonds, River Pointe Project Series

2023

6.500 09/01/43

372,526

495,000

(b),(f)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless

Hills LLC Project, Series 2021A

10.000 12/01/31

1,100,000

(c) Quakertown General Authority, Pennsylvania, Special

Assessment Obligation Bonds, Milford Village Project, Series

2025

6.500 03/01/55

1,120,269

TOTAL PENNSYLVANIA

21,842,008

PUERTO RICO - 0.3%

20,000,000

Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-

Backed Bonds, Series 2008B

0.000 05/15/57

586,430

450,000

(b) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2007TT

5.000 01/01/26

290,711

160,000

(b) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2010AAA

5.250 07/01/27

102,486

4,000

(b) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2010ZZ

5.000 07/01/24

2,585

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PUERTO RICO

(continued)

$

325,000

(b) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2010ZZ

5.000 %

07/01/26

$

210,006

115,000

(b) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2010ZZ

5.250 07/01/26

74,431

105,000

(b) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2013A

5.000 07/01/29

68,110

190,000

(b) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2007TT

5.000 07/01/32

122,037

250,000

(b) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2007TT

5.000 07/01/37

160,574

115,000

(b) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2008WW

5.500 01/01/26

73,960

100,000

(b) Puerto Rico Electric Power Authority, Revenue Bonds, Taxable

Series 2010EEE

5.950 07/01/30

66,997

100,000

(b) Puerto Rico Electric Power Authority, Revenue Bonds, Taxable

Series 2010EEE

6.250 07/01/40

66,960

81,740

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

5.625 07/01/27

84,630

78,106

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

5.750 07/01/31

86,605

74,065

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

4.000 07/01/33

73,288

57,138

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

4.000 07/01/37

54,279

247,059

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

4.000 07/01/46

213,528

TOTAL PUERTO RICO

2,337,617

SOUTH CAROLINA - 2.5%

2,920,000

(c) South Carolina Jobs-Economic Development Authority,

Economic Development Revenue Bonds, Hilton Head Christian

Academy, Series 2020

5.000 01/01/40

2,688,449

5,000,000

(c) South Carolina Jobs-Economic Development Authority,

Economic Development Revenue Bonds, Palmera Apartments

Project, Series 2025A

6.750 12/01/60

5,245,439

500,000

(c) South Carolina Jobs-Economic Development Authority,

Economic Development Revenue Bonds, Palmetto Scholars

Academy Project, Series 2015A

5.125 08/15/35

482,789

2,000,000

(c) South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Lowcountry Leadership

Charter School Project, Series 2019A

5.000 12/01/49

1,755,934

5,000,000

South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Mountain View

Preparatory Project, Series 2025A

7.125 06/01/60

5,031,922

200,000

(c) South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Virtus Academy Project,

Series 2021A

4.000 06/15/31

187,530

1,840,000

(c) South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Virtus Academy Project,

Series 2021A

5.000 06/15/41

1,559,831

330,000

(c) South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Virtus Academy Project,

Series 2021A

5.000 06/15/51

253,546

250,000

(c) South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Virtus Academy Project,

Series 2023A

7.000 06/15/53

250,314

250,000

(c) South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Virtus Academy Project,

Series 2023A

7.125 06/15/58

251,491

TOTAL SOUTH CAROLINA

17,707,245

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TENNESSEE - 0.4%

$

3,000,000

(c) Memphis-Shelby County Community Redevelopment Agency,

Tennessee, Revenue Notes Series 2016

7.250 %

04/01/38

$

3,001,862

100,000

(c) Metropolitan Government of Nashville-Davidson County

Industrial Development Board, Tennessee, Special

Assessment Revenue Bonds, South Nashville Central Business

Improvement District, Series 2021A

4.000 06/01/51

84,303

TOTAL TENNESSEE

3,086,165

TEXAS - 12.0%

1,295,000

Abilene Convention Center Hotel Development Corporation,

Texas, Hotel Revenue Bonds, First-Lien Series 2021A

4.000 10/01/50

999,328

1,250,000

(c) Abilene Convention Center Hotel Development Corporation,

Texas, Hotel Revenue Bonds, Second-Lien Series 2021B

5.000 10/01/50

1,103,972

200,000

(c) Anna, Texas, Special Assessment Revenue Bonds, Meadow

Vista Public Improvement District Area 1 Project, Series 2024

5.750 09/15/54

199,081

1,190,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Refunding Series 2021A

4.125 02/15/41

947,760

250,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Refunding Series 2021A

4.500 02/15/56

178,406

3,330,000

(c) Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Refunding Series 2022A

6.750 02/15/62

3,292,586

2,640,000

(c) Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Series 2022A

6.375 02/15/52

2,523,240

1,825,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Odyssey Academy Inc Series

2023A

6.000 02/15/43

1,650,646

250,000

Austin Convention Enterprises Inc., Texas, Convention Center

Hotel Revenue Bonds, Refunding Second Tier Series 2017B

5.000 01/01/34

250,864

2,635,000

Baytown Municipal Development District, Texas, Hotel Revenue

Bonds, Baytown Convention Center Hotel, First-Lien Series

2021A

4.000 10/01/50

2,095,582

100,000

(c) Bee Cave, Travis County, Texas, Special Assessment Revenue

Bonds, Backyard Public Improvement District Project, Series

2021

5.250 09/01/51

93,955

250,000

(c) Buda, Texas, Special Assessment Revenue Bonds, Persimmon

Public improvement District Major Improvement Area Project,

Series 2025

6.750 09/01/55

243,030

1,600,000

(c) Celina, Texas, Special Assessment Revenue Bonds, Cross Creek

Meadows Public Improvement District, Major Improvement

Area District Series 2023

6.125 09/01/53

1,594,161

1,000,000

(c) Celina, Texas, Special Assessment Revenue Bonds, Parvin

Public Improvement District Project, Series 2023

6.750 09/01/53

999,668

3,000,000

(c) Clifton Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Valor Education Foundation, Series

2023A

6.250 06/15/53

2,859,628

300,000

(c) Clifton Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Valor Education Foundation, Series

2024A

6.000 06/15/54

276,196

2,050,000

Conroe Local Government Corporation, Texas, Hotel Revenue

Bonds, Conroe Convention Center Hotel, First-Lien Series

2021A

4.000 10/01/50

1,570,725

7,390,000

Conroe Local Government Corporation, Texas, Hotel Revenue

Bonds, Conroe Convention Center Hotel, Second-Lien Series

2021B

5.000 10/01/50

5,621,685

1,250,000

(c) Corpus Christi, Nueces, Aransas, San Patricio, ad Kleberg

Counties, Texas, Special Assessment Revenue Bonds, Whitecap

Public Improvement District 1 Improvement Area 1 Project

Series 2024

6.125 09/15/44

1,225,138

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

1,000,000

(c) Corpus Christi, Nueces, Aransas, San Patricio, ad Kleberg

Counties, Texas, Special Assessment Revenue Bonds, Whitecap

Public Improvement District 1 Improvement Area 1 Project

Series 2024

6.500 %

09/15/54

$

986,781

700,000

(c) Denton County, Texas, Special Assessment Revenue

Bonds, Green Meadows Public Improvement District Major

Improvement Area Project, Series 2025

6.125 12/31/55

716,052

1,500,000

Denton County, Texas, Special Assessment Revenue Bonds,

Tabor Ranch Public Improvement District Improvement Area 1

Project, Junior Lien Series 2024B

5.750 12/31/44

1,465,627

2,000,000

Denton County, Texas, Special Assessment Revenue Bonds,

Tabor Ranch Public Improvement District Improvement Area 1

Project, Junior Lien Series 2024B

6.125 12/31/54

1,970,172

2,150,000

(c) Denton County, Texas, Special Assessment Revenue Bonds,

Tabor Ranch Public Improvement District Major Improvement

Area Project, Series 2024

6.000 12/31/44

2,125,448

1,320,000

(c) Denton County, Texas, Special Assessment Revenue Bonds,

Tabor Ranch Public Improvement District Major Improvement

Area Project, Series 2024

6.250 12/31/54

1,279,294

1,070,000

(c) Dorchester, Texas, Special Assessment Revenue Bonds,

Cottonwood Public Improvement District Improvement Area 1

Project Series 2024

6.000 09/15/44

1,020,418

1,988,000

(c) Forney, Texas, Special Assessment Revenue Bonds, Bellagio

Public Improvement District 1 Phase I Project Series 2023

6.500 09/15/53

1,913,136

3,490,000

Friendswood, Harris and Galveston Counties, Texas, Special

Assessment Revenue Bonds, City Center Public Improvement

District, Initial Major Improvements Project Series 2024

7.000 09/15/54

3,471,543

1,650,000

(c) Granbury, Hood County, Texas, Special Assessment Revenue

Bonds, Lakeview Landing Public Improvement District Project,

Series 2025

7.250 09/15/45

1,682,397

1,000,000

(c) Granbury, Hood County, Texas, Special Assessment Revenue

Bonds, Lakeview Landing Public Improvement District Project,

Series 2025

7.500 09/15/55

1,020,094

4,005,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, Continental Airlines Inc. - Terminal Improvement

Project, Refunding Series 2011, (AMT)

6.500 07/15/30

4,016,977

500,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, Continental Airlines Inc. - Terminal Improvement

Project, Refunding Series 2011, (AMT)

6.625 07/15/38

501,305

2,205,000

(c) Kyle, Texas, Special Assessment Revenue Bonds, Porter County

Public Improvement District Improvement Area 1 Project,

Series 2023

6.000 09/01/53

2,177,788

512,000

(c) Kyle, Texas, Special Assessment Revenue Bonds, Southwest

Kyle Public Improvement District 1 Improvement Area 2

Project, Series 2023

6.750 09/01/48

530,921

1,625,000

(c) Lewisville, Denton and Dallas Counties, Texas, Special

Assessment Revenue Bonds, Lakeside Crossing Public

Improvement District Series 2023

8.000 09/01/53

1,678,350

250,000

(c) Manor, Texas, Special Assessment Revenue Bonds, Entradaglen

Public Improvement District Improvement Area 1 Project,

Series 2025

7.000 09/15/55

254,959

1,000,000

(c) Marble Falls, Burnet County, Texas, Special Assessment

Revenue Bonds, Thunder Rock Public Improvement District

Remainder Area Project, Series 2024

7.625 09/01/54

983,045

1,645,000

(c) Mission Economic Development Corporation, Texas, Utility

Revenue Bonds, Permian Basin Water Resources Project, Series

2025A, (AMT)

7.000 08/15/60

1,685,622

770,000

(c) New Hope Cultural Education Facilities Finance Corporation,

Texas, Education Revenue Bonds, Beta Academy, Series 2019A

5.000 08/15/49

691,269

70,000

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Retirement Facility Revenue Bonds, Buckingham Senior

Living Community, Inc. Project, Series 2021A-1

7.500 11/15/37

55,518

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

435,000

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Retirement Facility Revenue Bonds, Buckingham Senior

Living Community, Inc. Project, Series 2021A-2

7.500 %

11/15/36

$

359,491

3,197,706

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Retirement Facility Revenue Bonds, Buckingham Senior

Living Community, Inc. Project, Series 2021B

5.625 11/15/61

831,070

4,310,000

New Hope Cultural Education Facilities Finance Corporation,

Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project,

Series 2021A-1

5.500 01/01/57

3,871,569

135,933

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, NCCD - College

Station Properties LLC - Texas A&M University Project, Series

2015A

5.000 08/01/25

133,214

650,000

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, NCCD - College

Station Properties LLC - Texas A&M University Project, Series

2015A

5.000 07/01/27

637,000

500,000

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, NCCD - College

Station Properties LLC - Texas A&M University Project, Series

2015A

5.000 07/01/30

494,777

1,000,000

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, NCCD - College

Station Properties LLC - Texas A&M University Project, Series

2015A

5.000 07/01/35

972,762

2,500,000

(b) New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, NCCD - College

Station Properties LLC - Texas A&M University Project, Series

2015A

5.000 07/01/47

2,321,271

1,275,000

(c) New Hope Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Southwest Preparatory School

Series 2023A

6.375 08/15/53

1,318,134

85,000

(c) New Hope Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Southwest Preparatory School

Taxable Series 2023A

8.000 08/15/30

87,178

500,000

(c) Pilot Point, Denton, Grayson, and Cooke Counties, Texas,

Special Assessment Revenue Bonds, Bryson Ranch Public

Improvement District Zone A Improvement Area 1 Project,

Series 2025

6.375 09/15/55

510,770

250,000

(c) Pilot Point, Denton, Grayson, and Cooke Counties, Texas,

Special Assessment Revenue Bonds, Bryson Ranch Public

Improvement District Zone A Improvement Area 1 Project,

Series 2025

6.375 09/15/55

255,385

250,000

(c) Pilot Point, Denton, Grayson, and Cooke Counties, Texas,

Special Assessment Revenue Bonds, Bryson Ranch Public

Improvement District Zone A Improvement Area 1 Project,

Series 2025

7.125 09/15/55

255,382

215,000

(c) Pilot Point, Denton, Grayson, and Cooke Counties, Texas,

Special Assessment Revenue Bonds, Bryson Ranch Public

Improvement District Zone A Improvement Area 1 Project,

Series 2025

7.125 09/15/55

219,628

465,000

(c) Plano, Collin and Denton Counties, Texas, Special Assessment

Revenue Bonds, Haggard Farm Public Improvement District

Project, Area 1 Project Series 2023

7.500 09/15/53

484,653

1,000,000

(c) Plano, Collin and Denton Counties, Texas, Special Assessment

Revenue Bonds, Haggard Farm Public Improvement District

Project, Major Improvement Area Project Series 2023

8.500 09/15/53

1,040,705

1,000,000

(c) Port Beaumont Navigation District, Jefferson County, Texas,

Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast

Energy Project, Series 2021A, (AMT)

3.000 01/01/50

661,665

250,000

(c) Princeton, Texas, Special Assessment Revenue Bonds, Sicily

Public Improvement District Improvement Area 1 Project,

Series 2023

7.000 09/01/53

252,971

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

500,000

(c) Princeton, Texas, Special Assessment Revenue Bonds, Sicily

Public Improvement District Major Improvement Area Project,

Series 2023

7.875 %

09/01/53

$

510,633

125,000

(b) Red River Health Facilities Development Corporation, Texas,

First Mortgage Revenue Bonds, Eden Home Inc., Series 2012

3.000 12/15/32

57,500

500,000

(b) Red River Health Facilities Development Corporation, Texas,

First Mortgage Revenue Bonds, Eden Home Inc., Series 2012

3.000 12/15/42

230,000

305,000

(b) Red River Health Facilities Development Corporation, Texas,

First Mortgage Revenue Bonds, Eden Home Inc., Series 2012

3.000 12/15/47

140,300

1,970,000

(c) Rockdale, Milam County, Texas, Special Assessment Revenue

Bonds, Cornerstone Public Improvement District Improvement

Area 1, Series 2023

7.500 09/15/54

2,024,066

610,000

(c) Sachse, Texas, Special Assessment Bonds, Sachse Public

Improvement District 1 Improvement Areas 2-3 Project, Series

2022

7.000 09/15/52

660,383

720,000

Salado, Bell County, Texas, Special Assessment Revenue

Bonds, Sanctuary East Public Improvement District

Improvement Area 1 Project Series 2024

6.250 09/01/44

713,454

1,500,000

(c) San Marcos City, Hays, Caldwell and Guadalupe Counties,

Texas, Special Assessment Revenue Bonds, San Marcos Trace

Public Improvement District Series 2024

6.000 09/01/48

1,470,253

100,000

(c) Sinton, San Patricio County, Texas, Special Assessment Revenue

Bonds, Somerset Public Improvement District 1 Series 2022

5.250 09/01/51

96,445

500,000

(b) Tarrant County Cultural Education Facilities Finance

Corporaton, Texas, Retirement Facility Revenue Bonds, C.C.

Young Memorial Home Project, Series 2016A

3.750 02/15/37

390,000

3,000,000

(c) Terrell, Texas, Special Assessment Revenue Bonds, Arboretum

Estates Public Improvement District 6 Major Improvement Area

Project, Series 2025

7.000 09/15/55

3,035,649

800,000

(c) Venus, Johnson County, Texas, Special Assessment Revenue

Bonds, Brahman Ranch Public Improvement District, Series

2022

6.500 09/15/52

802,995

80,000

Viridian Municipal Management District, Texas, Assessment

Revenue Bonds, Series 2017

4.250 12/01/44

70,428

900,000

(c) Vista Lago, Travis County, Texas, Special Assessment Revenue

Bonds, Tessera on Lake Travis Public Improvement District

Improvement Area #3 Project, Series 2024

6.000 09/01/54

908,462

TOTAL TEXAS

83,770,560

UTAH - 9.3%

500,000

(c) Arrowhead Springs Public Infrastructure District, Utah, Special

Assessment Bonds, Arrowhead Springs Assessment Area,

Series 2025

5.625 12/01/54

500,280

500,000

(c) Black Desert Public Infrastructure District, Utah, Limited Tax

General Obligation Bonds Subordinate Series 2021B

7.375 09/15/51

453,209

1,615,000

(c) Chelsey Public Infrastructure District 1, Utah, Limited Tax

General Obligation Bonds Series 2024

7.250 03/01/54

1,638,692

5,550,000

(c) Chelsey Public Infrastructure District 1, Utah, Special

Assessment Bonds Chelsey Assessment Area 1 Series 2024

7.000 12/01/42

5,706,656

500,000

Coral Junction Public Infrastructure District 1, Utah, Limited Tax

General Obligation Bonds, Series 2022A-1

6.500 03/01/53

477,362

1,255,000

(c) Courtyards at Shurtz Canyon Public Infrastructure District, Utah,

Limited Tax General Obligation Bonds, Series 2025A-1

7.000 03/01/55

1,285,541

776,000

(c) Courtyards at Shurtz Canyon Public Infrastructure District, Utah,

Limited Tax General Obligation Bonds, Subordinate Series

2025B

9.500 03/15/55

786,957

2,945,000

(c) Courtyards at Shurtz Canyon Public Infrastructure District,

Utah, Special Assessment Bonds, Courtyards at Shurtz Canyon

Assessment Area, Series 2025A-2

6.875 12/01/45

3,020,644

1,137,000

(c) Desert Edge Public Infrastructure District No. 1, Grantsville,

Tooele County, Utah, General Obligation Bonds, Limited Tax

Subordinate Series 2025B

8.500 03/15/55

1,153,893

4,000,000

(c) Desert Edge Public Infrastructure District No. 1, Grantsville,

Tooele County, Utah, Limited Tax General Obligation

Convertible Capital Appreciation Bonds, Series 2025A

6.750 03/01/55

3,086,198

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH

(continued)

$

1,000,000

(c) Downtown East Streetcar Sewer Public Infrastructure District,

South Salt Lake, Salt Lake County, Utah, Limited Tax General

Obligation Bonds, Series 2022A

5.750 %

03/01/42

$

1,002,025

1,000,000

(c) Downtown East Streetcar Sewer Public Infrastructure District,

South Salt Lake, Salt Lake County, Utah, Limited Tax General

Obligation Bonds, Series 2022A

6.000 03/01/53

990,771

825,000

(c) Fields Estates Public Infrastructure District, Utah, General

Obligation Bonds, Limited Tax Series 2024A-1

6.125 03/01/55

826,144

1,000,000

(c) Gateway at Sand Hollow, Public Infrastructure District 1, Utah,

Limited Tax General Obligation Bonds, Series 2021A

5.500 03/01/51

771,760

1,715,000

(c) GLH Public Infrastructure District 1, Utah, Limited Tax General

Obligation Bonds, Series 2025

6.875 03/01/55

1,746,199

1,595,000

(c) Jordanelle Ridge Public Infrastructure District 2, Utah, General

Obligation Bonds, Limited Tax Series 2023A

7.750 03/01/54

1,657,726

2,180,000

(c) Medical School Campus Public Infrastructure District, Utah,

Limited Tax General Obligation Bonds, Series 2020A

5.250 02/01/40

1,913,427

4,415,000

(c) Medical School Campus Public Infrastructure District, Utah,

Limited Tax General Obligation Bonds, Series 2020A

5.500 02/01/50

3,569,305

500,000

(c) Mida Cormont Public Infrastructure District, Utah, Limited Tax

General Obligation Bonds, Series 2025A-1

6.250 06/01/55

521,514

500,000

(c) Mida Cormont Public Infrastructure District, Utah, Limited Tax

General Obligation Bonds, Series 2025A-2

6.750 06/01/55

416,030

3,747,000

(c) Mida Cormont Public Infrastructure District, Utah, Limited Tax

General Obligation Bonds, Subordinate Series 2025B

8.500 06/15/55

3,818,942

660,000

(c) Moonlight Village, Public Infrastructure District 1, Utah, Limited

Tax General Obligation Bonds, Series 2025A

6.000 03/01/56

661,204

4,800,000

(c) Nordic Village Public Infrastructure District 1, Weber County,

Utah, Limited Tax General Obligation and Special Revenue

Bonds, Series 2025

6.500 03/01/55

4,875,824

951,000

Olympia Public Infrastructure District 1, Utah, Limited Tax

General Obligation Bonds, Subordinate Series 2024B

8.000 03/15/55

963,967

1,000,000

(c) Ridges Estates Infrastructure Financing District, Utah, Special

Assessment Bonds, Alpine Hollow Assessment Area, Series

2025

6.250 12/01/53

1,024,703

865,000

(c) Sienna Hills Public Infrastructure District No. 1 Limited Tax

General Obligation and Sales Tax Revenue Bonds, Utah, Series

2023A

6.750 07/01/35

878,803

1,005,000

(c) Slate Canyon Public Infrastructure District, Utah, Limited Tax

General Obligation Bonds, Series 2025A

6.250 03/01/55

1,020,502

690,000

(c) Soleil Hills Public Infrastructure District No. 1, Utah, Limited Tax

General Obligation and Special Revenue Bonds, Series 2025A

5.875 03/01/55

680,042

1,000,000

(c) Sun Stone Infrastructure Financing District, Utah, Special

Assessment Bonds, Assessment Area 1, Series 2024

6.750 06/01/54

953,761

1,810,000

(c) Trails at Shurtz Canyon Public Infrastructure District, Utah,

Limited Tax General Obligation Bonds, Series 2025A-1

6.750 03/01/55

1,854,538

1,815,000

(c) Trails at Shurtz Canyon Public Infrastructure District, Utah,

Limited Tax General Obligation Bonds, Subordinate Series

2025B

9.000 03/15/55

1,841,294

3,995,000

(c) Trails at Shurtz Canyon Public Infrastructure District, Utah,

Special Assessment Bonds, Series 2025A-2

6.625 12/01/45

4,098,599

375,000

Utah Charter School Finance Authority, Charter School

Revenue Bonds, Bridge Elementary Project, Series 2021A

4.000 06/15/41

303,413

245,000

(c) Utah Charter School Finance Authority, Charter School

Revenue Bonds, Saint George Academy Project, Series 2021A

5.000 06/15/56

181,658

7,000,000

(c) Ventana Resort Village Public Infrastructure District, Utah,

General Obligation Bonds, Limited Tax Series 2024

5.500 03/01/54

6,795,795

1,925,000

(c) Verk Industrial Regional Public Infrastructure District, Utah, Tax

Differential Revenue Bonds, Series 2025

6.625 09/01/47

2,000,563

500,000

(c) Wakara Ridge Public Infrastructure District, Utah, Special

Assessment Bonds, Wakara Ridge Assessment Area, Series

2025

5.625 12/01/54

506,795

1,015,000

(c) Wohali Public Infrastructure District 1, Utah, Special Assessment

Revenue Bonds, Assessment Area 1 Series 2023

7.000 12/01/42

813,272

TOTAL UTAH

64,798,008

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGIN ISLANDS - 0.6%

$

200,000

(c) Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A

6.750 %

07/01/26

$

200,468

1,070,000

Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Series 2007B

5.000 07/01/26

1,049,601

2,745,000

Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Series 2007B

5.000 07/01/31

2,411,943

250,000

(c) West Indian Company Limited, Virgin Islands, Port Facilities

Revenue Bonds WICO Financing Series 2022B, (AMT)

6.500 04/01/52

241,250

TOTAL VIRGIN ISLANDS

3,903,262

VIRGINIA - 0.8%

300,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

6.875 12/01/58

322,239

1,000,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

5.000 01/01/49

900,789

4,145,000

Virginia Beach Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Westminster Canterbury on

Chesapeake Bay, Series 2023A

7.000 09/01/59

4,520,974

TOTAL VIRGINIA

5,744,002

WASHINGTON - 0.9%

6,000,000

(c) Washington State Housing Finance Commission, Nonprofit

Revenue Bonds, Provident Group SH II Properties LLC, Blakeley

& Laurel Villages Portfolio, Series 2025A

7.000 07/01/64

6,163,957

TOTAL WASHINGTON

6,163,957

WEST VIRGINIA - 0.4%

480,000

Huntington, West Virginia, Tax Increment Revenue Bonds,

Kinetic Park Project 3, Refunding Series 2024

5.625 05/01/50

469,864

935,000

(c) Monongalia County Commission, West Virginia, Special District

Excise Tax Revenue Bonds, University Town Centre Economic

Opportunity Development District, Subordinate Improvement

and Refunding Series 2023B

8.000 06/01/53

202,333

440,000

(c) Monongalia County, West Virginia, Tax Increment Revenue

Bonds, University Town Centre Development District 4, Senior

Refunding and Improvement Series 2023A

6.000 06/01/53

458,898

185,000

(c) South Charleston, West Virginia, Special District Excise Tax

Revenue Improvement Bonds, South Charleston Park Place

Project, Series 2022A

4.250 06/01/42

147,787

250,000

(c) South Charleston, West Virginia, Special District Excise Tax

Revenue Improvement Bonds, South Charleston Park Place

Project, Series 2022A

4.500 06/01/50

195,080

2,285,000

(b),(c)

West Virginia Economic Development Authority, Dock and

Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC

Project, Series 2020

0.000 12/01/40

1,143,310

TOTAL WEST VIRGINIA

2,617,272

WISCONSIN - 20.0%

3,020,000

(a) Ashwaubenon Community Development Authority, Wisconsin,

Lease Revenue Bonds, Brown County Expo Center Project,

Series 2019

0.000 06/01/54

720,304

255,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Alamance Community School, Series 2021A

5.000 06/15/51

206,833

1,100,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Cherokee Classical Academy, Series 2025A

7.000 06/15/65

1,102,867

2,775,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Corvian Community School Bonds, North Carolina,

Series 2019A

5.000 06/15/49

2,277,350

900,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Discovery Charter School Project, Series 2022A

6.625 06/01/52

859,548

1,425,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Discovery Charter School Project, Series 2022A

6.750 06/01/62

1,357,648

2,070,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Eno River Academy Project, Series 2020A

5.000 06/15/54

1,866,227

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

600,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Founders Academy of Las Vegas, Series 2023A

6.625 %

07/01/53

$

619,400

550,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Founders Academy of Las Vegas, Series 2023A

6.750 07/01/58

569,655

1,000,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Freedom Classical Academy Inc., Series 2020A

5.000 01/01/42

912,906

1,000,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Freedom Classical Academy Inc., Series 2020A

5.000 01/01/56

825,937

2,385,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Hapeville Charter Project, Series 2025A

6.875 06/15/54

2,362,511

1,255,000

(c),(g)

Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, North Carolina Charter Educational Foundation Project,

Series 2016A, (Pre-refunded 6/15/26)

5.000 06/15/36

1,274,312

2,495,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, North Carolina Charter Educational Foundation Project,

Series 2016A

5.000 06/15/36

2,273,515

210,000

(c),(g)

Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, North Carolina Charter Educational Foundation Project,

Series 2016A, (Pre-refunded 6/15/26)

5.000 06/15/46

213,232

415,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, North Carolina Charter Educational Foundation Project,

Series 2016A

5.000 06/15/46

325,989

1,110,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Quality Education Academy Project, Series 2023A

6.250 07/15/53

1,134,508

1,175,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Quality Education Academy Project, Series 2023A

6.500 07/15/63

1,210,017

7,125,000

(c) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Vegas Vista Academy, Series 2024A

7.000 06/01/59

6,477,352

1,250,000

(c) Public Finance Authority of Wisconsin, Contract Revenue

Bonds, Mercer Crossing Public Improvement District Project,

Series 2017

7.000 03/01/47

1,270,884

300,000

(c) Public Finance Authority of Wisconsin, Education Revenue

Bonds, Casa Esperanza Montessori, Series 2021A

4.375 06/01/46

234,054

100,000

(c) Public Finance Authority of Wisconsin, Education Revenue

Bonds, Casa Esperanza Montessori, Series 2021A

4.500 06/01/56

74,252

1,000,000

(c) Public Finance Authority of Wisconsin, Education Revenue

Bonds, Corvian Community School, North Carolina Series

2023A

6.250 06/15/53

958,094

500,000

(c) Public Finance Authority of Wisconsin, Education Revenue

Bonds, Mater Academy of Nevada, - East Las Vegas Campus

Project, Series 2024A

5.000 12/15/54

452,076

750,000

Public Finance Authority of Wisconsin, Educational Facilities

Revenue Bonds, Cincinnati Classical Academy, Series 2024A

5.875 06/15/54

732,135

1,000,000

(c) Public Finance Authority of Wisconsin, Educational Facility

Revenue Bonds, Dreamhouse Refunding Series 2025A

7.375 06/15/60

979,235

1,185,000

(b),(c)

Public Finance Authority of Wisconsin, Limited Obligation

Grant Revenue Bonds, American Dream @ Meadowlands

Project, Series 2017A

6.250 08/01/27

948,000

500,000

(b),(c)

Public Finance Authority of Wisconsin, Limited Obligation

Grant Revenue Bonds, American Dream @ Meadowlands

Project, Series 2017B

5.625 08/01/27

450,000

2,000,000

(c) Public Finance Authority of Wisconsin, Limited Obligation

PILOT Revenue Bonds, American Dream @ Meadowlands

Project, Series 2017

5.000 12/01/27

1,600,000

55,300,000

(c) Public Finance Authority of Wisconsin, Limited Obligation

PILOT Revenue Bonds, American Dream @ Meadowlands

Project, Series 2017

7.000 12/01/50

44,240,000

5,935,000

(c) Public Finance Authority of Wisconsin, Limited Obligation

PILOT Revenue Bonds, American Dream Meadowlands Project,

Series 2017

6.500 12/01/37

4,748,000

4,500,000

(c) Public Finance Authority of Wisconsin, Limited Obligation

PILOT Revenue Bonds, American Dream Meadowlands Project,

Series 2017

6.750 12/01/42

3,600,000

Portfolio of Investments September 30, 2025

(continued)

Enhanced High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

4,035,000

(c) Public Finance Authority of Wisconsin, Multifamily Housing

Revenue Bonds, Promenade Apartments Project, Series 2024

6.250 %

02/01/39

$

4,093,990

1,000,000

(c) Public Finance Authority of Wisconsin, Multifamily Housing

Revenue Bonds, Renaissance Hall at Old Course LLC Project,

Subordinate Series 2024

8.000 06/01/67

929,678

250,000

(c) Public Finance Authority of Wisconsin, Retirement Facility

Revenue Bonds, Penick Village, Series 2019

5.000 09/01/54

222,034

13,650,000

(c) Public Finance Authority of Wisconsin, Revenue Anticipation

Capital Appreciation Bonds, Texas Infrastructure Authority

Program, Myrtle Creek Project, Series 2025

0.000 12/15/41

4,903,689

2,700,000

(b),(c)

Public Finance Authority of Wisconsin, Revenue Bonds, Procure

Proton Therapy Center, Senior Series 2018A

7.000 07/01/48

1,890,000

700,000

(c) Public Finance Authority of Wisconsin, Revenue Bonds,

Revolution Academy, Refunding Series 2023A

6.250 10/01/58

708,946

250,000

Public Finance Authority of Wisconsin, Revenue Bonds,

SearStone Retirement Community, Series 2023A

5.000 06/01/37

251,795

250,000

(c) Public Finance Authority of Wisconsin, Revenue Bonds, Senior

Revenue Bonds, Proton International Arkansas, LLC, Series

2021A

6.850 01/01/51

171,044

2,655,000

Public Finance Authority of Wisconsin, Revenue Bonds, Sky

Harbour LLC Obligated Group Aviation Facilities Project, Series

2021, (AMT)

4.250 07/01/54

2,210,568

3,350,000

(c) Public Finance Authority of Wisconsin, Revenue Bonds, Viticus

Group Project, Series 2025A

6.750 12/01/65

3,399,081

1,000,000

(b),(c)

Public Finance Authority of Wisconsin, Senior Revenue Bonds,

Maryland Proton Treatment Center, Series 2018A-1

6.375 01/01/48

450,000

100,000

(b),(f)

Public Finance Authority of Wisconsin, Wisconsin Revenue

Note, KDC Agribusiness LLC Project, Series 2022B

15.000 12/31/25

15,165,000

(c) Public Finance Authority, Wisconsin, Anticipation Capital

Appreciation Bonds, Milo Farms Project, Series 2025

0.000 12/15/39

5,163,305

1,730,000

(c) Public Finance Authority, Wisconsin, Revenue Bonds, Two Step

Project, Series 2024

0.000 12/15/34

998,909

7,635,000

(c) Public Finance Authority, Wisconsin, Tax Increment Revenue

Subordinate Bonds, World Center Project Series 2024B

8.000 06/15/42

7,695,388

1,435,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

5.750 12/31/65

1,476,566

100,000

(c) Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds,

Refunding Senior Series 2021

5.000 09/30/41

88,941

290,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Covenant Communities Inc, Second Tier Series 2018B

4.375 07/01/38

260,320

250,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project,

Series 2024

6.125 10/01/59

255,226

1,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Oakwood Lutheran Senior

Ministries, Series 2021

4.000 01/01/57

744,647

8,500,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Senior Living Revenue Bonds, Chiara Housing and

Services, Inc. Project, Series 2024

5.875 07/01/55

8,421,506

6,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Senior Living Revenue Bonds, Chiara Housing and

Services, Inc. Project, Series 2024

6.000 07/01/60

6,002,054

2,500,000

(c) Wisconsin Housing and Economic Development Authority,

Multifamily Housing Bonds, Meadow Village Project Series

2020A

5.000 07/01/37

2,290,332

TOTAL WISCONSIN

139,504,870

TOTAL MUNICIPAL BONDS

(Cost $1,028,113,020)

983,858,079

See Notes to Financial Statements

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

107881

VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)

107881

CAPITAL GOODS - 0.0%

$

128,676

(b),(f)

KDC Agribusiness Fairless Hills LLC

12.000 %

09/17/26

$

TOTAL CAPITAL GOODS

HEALTH CARE EQUIPMENT & SERVICES - 0.0%

45,154

(f) Jackson Hospital

13.000 11/04/25

45,154

62,714

(f) Jackson Hospital, Inc. and Jackson Hospital Financing, LLC

13.000 12/16/25

62,714

TOTAL HEALTH CARE EQUIPMENT & SERVICES

107,868

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $236,227)

107,881

TOTAL LONG-TERM INVESTMENTS

(Cost $1,028,349,247)

983,965,960

BORROWINGS - (1.1)% (h)

(7,774,465)

FLOATING RATE OBLIGATIONS - (2.9)%

(20,580,000)

MFP SHARES, NET - (39.2)%(i)

(273,403,818)

OTHER ASSETS & LIABILITIES, NET - 2.2%

15,605,722

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

697,813,399

AMT

Alternative Minimum Tax

UB

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

unless otherwise noted.

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

floating rate transactions.

(b) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $630,682,729 or 64.1% of Total Investments.

(d) When-issued or delayed delivery security.

(e) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.

The rate shown is the coupon as of the end of the fiscal period.

(f) For fair value measurement disclosure purposes, investment classified as Level 3.

(g) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely

payment of principal and interest.

(h) Borrowings as a percentage of Total Investments is 0.8%.

(i) MFP Shares, Net as a percentage of Total Investments is 27.8%.

Statement of Assets and Liabilities

See Notes to Financial Statements

September 30, 2025 (Unaudited)

Enhanced High

Yield Municipal

Bond

ASSETS

Long-term investments, at value

†

$

983,965,960

Cash

150,732

Receivables:

Interest

20,853,570

Investments sold

20,000

Reimbursement from Adviser

120,854

Shares sold

632,143

Other

70,723

Total assets

1,005,813,982

LIABILITIES

Borrowings

7,774,465

Floating rate obligations

20,580,000

MFP Shares, Net

\*\*

273,403,818

Payables:

Management fees

747,531

Dividends

2,907,562

Interest

197,194

Investments purchased - when-issued/delayed-delivery settlement

1,945,140

Accrued expenses:

Custodian fees

83,826

Trustees fees

16,101

Professional fees

20,747

Shareholder reporting expenses

12,202

Shareholder servicing agent fees

55,422

Distribution and service fees (12b-1)

228,451

Shelf offering costs

3,000

Other

25,124

Total liabilities

308,000,583

Commitments and contingencies

(1) Net assets applicable to common shares

$

697,813,399

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Paid-in capital

$

742,550,615

Total distributable earnings (loss)

(44,737,216)

Net assets applicable to common shares

$

697,813,399

†

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

$

1,028,349,247

\*\*

&nbsp;&nbsp;&nbsp;&nbsp; MFP Shares, liquidation preference

$

274,500,000

(1) As disclosed in Notes to Financial Statements.

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

Enhanced High

Yield Municipal

Bond

CLASS A1:

Net assets

$

234,540,026

Common Shares outstanding

32,586,471

Net asset value ("NAV") per common share

$

7.20 Maximum sales charge

2.50%

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

$

7.38 CLASS A2:

Net assets

$

211,228,662

Common Shares outstanding

29,311,480

NAV and offering price per common share

$

7.21 CLASS I:

Net assets

$

252,044,711

Common Shares outstanding

35,024,424

NAV and offering price per common share

$

7.20 Authorized shares - per class

Unlimited

Par value per common share

$

0.01 Statement of Operations

See Notes to Financial Statements

``

Six Months Ended September 30, 2025 (Unaudited)

Enhanced High

Yield Municipal

Bond

INVESTMENT INCOME

Interest

$

32,928,318

Total investment income

32,928,318

EXPENSES

–

Management fees

4,624,662

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

898,383

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

525,704

Shareholder servicing agent fees - Class A1

50,480

Shareholder servicing agent fees - Class A2

44,402

Shareholder servicing agent fees - Class I

52,400

Interest expense and amortization of offering costs

5,655,587

Trustees fees

19,112

Custodian expenses, net

63,595

Excise tax liability expense

53,322

Registration fees

73,668

Professional fees

178,563

Shareholder reporting expenses

36,439

Other

17,266

Total expenses before fee waiver/expense reimbursement

12,293,583

Fee waiver/expense reimbursement

(160,358)

Net expenses

12,133,225

Net investment income (loss)

20,795,093

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(1,358,913)

Net realized gain (loss)

(1,358,913)

Change in unrealized appreciation (depreciation) on:

Investments

(43,868,323)

Net change in unrealized appreciation (depreciation)

(43,868,323)

Net realized and unrealized gain (loss)

(45,227,236)

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

$

(24,432,143)

Statement of Changes in Net Assets

See Notes to Financial Statements

Enhanced High Yield Municipal Bond

Unaudited

Six Months Ended

9/30/25

Year Ended

3/31/25

OPERATIONS

Net investment income (loss)

$

20,795,093

$

32,290,773

Net realized gain (loss)

(1,358,913)

5,671,191

Net change in unrealized appreciation (depreciation)

(43,868,323)

(2,954,918)

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

(24,432,143)

35,007,046

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends:

Class A1

(6,364,967)

(10,205,584)

Class A2

(5,905,186)

(8,448,860)

Class I

(7,597,719)

(12,308,575)

Total distributions

(19,867,872)

(30,963,019)

FUND SHARE TRANSACTIONS

Subscriptions

93,195,814

378,764,023

Reinvestments of distributions

9,722,786

17,235,803

Repurchases and redemptions

(79,627,129)

(76,605,470)

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

23,291,471

319,394,356

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

(21,008,544)

323,438,383

Net assets applicable to common shares at the beginning of period

718,821,943

395,383,560

Net assets applicable to common shares at the end of period

$

697,813,399

$

718,821,943

Statement of Cash Flows

See Notes to Financial Statements

Six Months Ended September 30, 2025 (Unaudited)

Enhanced High

Yield Municipal

Bond

CASH FLOWS FROM OPERATING ACTIVITIES

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

$

(24,432,143)

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

(333,941,631)

Proceeds from sale and maturities of investments

321,535,699

Amortization (Accretion) of premiums and discounts, net

(5,699,946)

Amortization of deferred offering costs

(360,002)

(Increase) Decrease in:

Receivable for interest

(2,223,269)

Receivable for investments sold

1,578,156

Receivable for reimbursement from Adviser

(120,854)

Other assets

7,412

Increase (Decrease) in:

Payable for interest

84,224

Payable for investments purchased - regular settlement

(3,685,000)

Payable for investments purchased - when-issued/delayed-delivery settlement

(461,695)

Payable for management fees

(46,090)

Accrued custodian fees

(888)

Accrued distribution and service fees (12b-1)

(19,661)

Accrued Trustees fees

3,213

Accrued professional fees

17,189

Accrued shareholder reporting expenses

Accrued shareholder servicing agent fees

21,713

Accrued other expenses

(125,389)

Net realized (gain) loss from investments

1,358,913

Net realized (gain) loss from paydowns

(70,902)

Net change in unrealized (appreciation) depreciation of investments

43,868,323

Net cash provided by (used in) operating activities

(2,712,394)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

76,274,465

(Repayments) of borrowings

(86,504,699)

Proceeds from floating rate obligations

17,285,000

(Repayments of) floating rate obligations

(10,270,000)

Cash distributions paid to common shareholders

(8,529,136)

Subscriptions

93,959,625

Repurchases

(79,627,129)

Net cash provided by (used in) financing activities

2,588,126

Net increase (decrease) in cash

(124,268)

Cash at the beginning of period

275,000

Cash at the end of period

$

150,732

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Enhanced High

Yield Municipal

Bond

Cash paid for interest

$

5,449,243

Non-cash financing activities not included herein consists of reinvestments of common share distributions

9,722,786

Financial Highlights

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions to

Common Shareholders

Common

Share

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Common

Share

Net Asset

Value,

End of

Period

Enhanced High Yield Municipal Bond

Class

A1

9/30/25

(e) $

7.65 $

0.20 $

(0.46)

$

(0.26)

$

(0.19)

$

—

$

(0.19)

$

7.20 3/31/25

7.50 0.41 0.14 0.55 (0.39)

(0.01)

(0.40)

7.65 3/31/24

7.25 0.38 0.26 0.64 (0.39)

—

(0.39)

7.50 3/31/23

8.54 0.41 (1.32)

(0.91)

(0.38)

—

(0.38)

7.25 3/31/22

(g) 10.00 0.31 (1.59)

(1.28)

(0.18)

—

(0.18)

8.54 Class

A2

9/30/25

(e) 7.66 0.21 (0.46)

(0.25)

(0.20)

—

(0.20)

7.21 3/31/25

7.51 0.44 0.13 0.57 (0.41)

(0.01)

(0.42)

7.66 3/31/24

7.26 0.41 0.25 0.66 (0.41)

—

(0.41)

7.51 3/31/23

(h) 8.08 0.29 (0.84)

(0.55)

(0.27)

—

(0.27)

7.26 Class

I

9/30/25

(e) 7.65 0.23 (0.46)

(0.23)

(0.22)

—

(0.22)

7.20 3/31/25

7.50 0.47 0.13 0.60 (0.44)

(0.01)

(0.45)

7.65 3/31/24

7.25 0.43 0.26 0.69 (0.44)

—

(0.44)

7.50 3/31/23

8.54 0.47 (1.32)

(0.85)

(0.44)

—

(0.44)

7.25 3/31/22

(g) 10.00 0.30 (1.54)

(1.24)

(0.22)

—

(0.22)

8.54 (a) Based on average common shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates

issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes

to Financial Statements and the interest expense and fees paid on preferred shares and borrowings, as described in Notes to Financial

Statements.

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

(e) Unaudited.

(f) Annualized.

(g) For the period June 30, 2021 (commencement of operations) through March 31, 2022.

(h) For the period July 29, 2022 (commencement of operations) through March 31, 2023.

See Notes to Financial Statements

Common Share Supplemental Data/

Ratios Applicable to Common Shares

Ratios to Average Net Assets

Common

Share

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

(3

.34)

%

$

234,540

.86

%

(f) 2

.24

%

(f) 3

.82

%

(f) 2

.20

%

(f) 5

.61

%

(f) 32

%

.32

245,749

.79

.16

.75

.12

.32

.21

139,764

.09

.34

.89

.14

.35

(10

.70)

48,252

.98

.76

.48

.26

.49

(13

.00)

13,849

.91

(f) 2

.62

(f) 2

.58

(f) 2

.29

(f) 4

.43

(f) 88

(3

.19)

211,229

.61

(f) 1

.99

(f) 3

.57

(f) 1

.95

(f) 5

.88

(f) 32

.60

218,073

.55

.92

.51

.88

.63

.47

85,656

.84

.09

.64

.89

.64

(6

.71)

26,007

.43

(f) 2

.21

(f) 3

.03

(f) 1

.81

(f) 5

.94

(f) 46

(2

.95)

252,045

.11

(f) 1

.49

(f) 3

.07

(f) 1

.45

(f) 6

.36

(f) 32

.11

255,000

.04

.41

.00

.37

.07

.03

169,964

.34

.59

.14

.39

.05

(9

.99)

54,680

.25

.03

.77

.55

.28

(12

.59)

46,795

.05

(f) 1

.76

(f) 1

.72

(f) 1

.43

(f) 4

.18

(f) 88

Financial Highlights (continued)

The following table sets forth information regarding the Fund's outstanding securities as of the end of the

Fund's last five fiscal periods, as applicable.

Borrowings

MFP Shares

Aggregate

Amount

Outstanding

(000) (a) Asset

Coverage

Per $1,000

(b) Aggregate

Amount

Outstanding

(000) (a) Asset

Coverage

Per

$100,000

(c) Enhanced High Yield Municipal Bond

9/30/25

(d) $

—

$

—

$

274,500

$

354,213

3/31/25

—

—

274,500

361,866

3/31/24

—

—

139,500

383,429

3/31/23

—

—

27,500

568,873

3/31/22

(e) 20,000

4,032

—

—

(a) Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if

applicable, as of the end of the relevant fiscal year.

(b) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented

by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's borrowings (excluding

temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities

consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the

economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments

were included, the asset coverage amounts presented would be lower.

(c) Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's liabilities and indebtedness not

represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities

representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the

outstanding preferred shares, if applicable, and multiplying the result by 100,000. For purpose of asset coverage above, senior securities

consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the

economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments

were included, the asset coverage amounts presented would be lower.

(d) Unaudited.

(e) For the period June 30, 2021 (commencement of operations) through March 31, 2022.

Notes to Financial Statements

(Unaudited)

1. General Information

Fund Information:

The fund covered in this report is Nuveen Enhanced High Yield Municipal Bond Fund (the "Fund"). The Fund is registered under

the Investment Company Act of 1940 (the "1940 Act"), as amended, as a closed-end management investment company that continually offers

its common shares of beneficial interest ("Common Shares") and is operated as an "interval fund." The Fund was organized as a Massachusetts

business trust on May 22, 2019.

Current Fiscal Period:

The end of the reporting period for the Fund is 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, Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC

("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall

responsibility for management of the Fund, oversees the management of the Fund's portfolio, manages the Fund's business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-

advisory agreement with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolio of the Fund.

Share Classes and Sales Charges:

Class A1 Shares are generally sold with an up-front sales charge. Class A1 Share purchases of $250,000 or more

are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1.50%

if repurchased before the first day of the month in which the one-year anniversary of the purchase falls. Class A2 Shares and Class I Shares are sold

without an upfront sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board ("FASB")

Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ from

the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share

transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.

The following is a summary of the significant accounting policies consistently followed by the Fund.

Compensation:

The Fund pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Fund

from the Adviser or its affiliates. The Fund's Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees

that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit:

As an alternative to overnight investments, the Fund has an arrangement with its custodian bank, State Street Bank and

Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on the Fund's cash on deposit

with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount

of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the

current fiscal period, the custodian fee credit earned by the Fund was as follows:

Distributions to Common Shareholders:

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and

timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications:

Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general

indemnifications to other parties. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects

the risk of loss to be remote.

Fund

Gross

Custodian Fee

Credits

Enhanced High Yield Municipal Bond

$

—

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.

Multiclass Operations and Allocations:

Income and expenses of the Fund that are not directly attributable to a specific class of shares are

prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the

specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.

Realized and unrealized capital gains and losses of the Fund are prorated among the classes based on the relative net assets of each class.

Netting Agreements:

In the ordinary course of business, the Fund may enter into transactions subject to enforceable master repurchase

agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").

Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific counterparty, when

applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages

its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting

agreements, collateral posted to the Fund is held in a segregated account by the Fund's custodian and/or with respect to those amounts which can

be sold or repledged, are presented in the Fund's Portfolio of Investments or Statement of Assets and Liabilities.

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

Financial Statements.

Segment Reporting:

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

("CODM"). 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:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price

or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade

on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to

U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when

the exchange on which they are traded closes and the time when the Fund's net assets are calculated, such securities will be valued at fair value in

accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no

valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price

or official closing price, these securities are generally classified as Level 2.

Notes to Financial Statements

(continued)

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

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

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

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

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

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

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Fund's investments as of the end of the current fiscal period, based on the inputs used to

value them:

The Fund holds liabilities in floating rate obligations and preferred shares, which are not reflected in the tables above. The fair values of the

Fund's liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and

further described in these Notes to Financial Statements. The fair values of the Fund's liabilities for preferred shares approximate their liquidation

preference. Preferred shares are generally classified as Level 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

Enhanced High Yield Municipal Bond

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

983,858,019

$

$

983,858,079

Variable Rate Senior Loan Interests

–

–

107,881

107,881

Unfunded Commitments\*

–

–

–\*\*

–\*\*

Total

$

–

$

983,858,019

$

107,941

$

983,965,960

\*

Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

\*\*

Value equals zero as of the end of the reporting period.

of "Interest expense and amortization of offering costs" on the Statement of Operations. Earnings due from the Underlying Bond and interest due

to the holders of the Floaters as of the end of the current fiscal period are recognized as components of "Receivable for interest" and "Payable for

interest" on the Statement of Assets and Liabilities, respectively.

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

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

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

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

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

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

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

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

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

externally-deposited Inverse Floaters was as follows:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

current fiscal period, there were no loans outstanding under any such facility.

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

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

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

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

shortfalls in interest cash flows (referred to herein as "Shortfall Payment"). Under these agreements, a Fund's potential exposure to losses related

to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to

holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse

Trusts" on the Statement of Assets and Liabilities.

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

and externally-deposited Inverse Floaters was as follows:

Fund

Floating Rate

Obligations: Self-

Deposited

Inverse Floaters

Floating Rate

Obligations:

Externally-Deposited

Inverse Floaters

Total

Enhanced High Yield Municipal Bond

$

20,580,000

$

—

$

20,580,000

Fund

Average Floating

Rate Obligations

Outstanding

Average Annual

Interest Rate

And Fees

Enhanced High Yield Municipal Bond

$

17,122,589

3.95 %

Fund

Maximum Exposure

to Recourse Trusts:

Self-Deposited

Inverse Floaters

Maximum Exposure

to Recourse Trusts:

Externally-Deposited

Inverse Floaters

Total

Enhanced High Yield Municipal Bond

$

20,580,000

$

—

$

20,580,000

Notes to Financial Statements

(continued)

Zero Coupon Securities:

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the

holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the

security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices

of securities that pay interest periodically.

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

during this period. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period,

such amounts are recognized on the Statement of Assets and Liabilities. The Fund has invested in an unfunded commitment, in which, the Fund

assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty,

the Fund's maximum amount of loss is the unrealized appreciation of the unsettled transaction. Any unrealized appreciation (depreciation) for an

unfunded commitment is separately presented on the Statement of Assets and Liabilities. An unfunded commitment is priced at its fair market value

and any unrealized appreciation (depreciation) is separately presented on the Statement of Assets and Liabilities.

Puerto Rico Electric Power Authority Bonds:

On March 28, 2025, the Financial Oversight and Management Board for Puerto Rico (the "FOMB")

filed the Fifth Amended Plan of Adjustment (the "Fifth Amended Plan") that would reduce PREPA debt from approximately $10 billion to the

equivalent of $2.6 billion of Base Consideration for creditors in cash or bonds, reflecting the projections and findings of a new PREPA fiscal plan that

was certified by the FOMB on February 6, 2025.

The Funds holdings in Puerto Rico Electric Power Authority bonds experienced notable developments during the reporting period related to the

utility's bankruptcy proceedings. Specifically, the federal government's decision in August 2025 to remove several FOMB members. This action

created additional uncertainty regarding the composition of the FOMB as well as the proposed plan's vability.

In response to these evolving circumstances, the Fund, along with other bondholders, chose to allow their Bond Purchase Agreement with the FOMB

to expire on October 1, 2025. Instead, the Fund joined the amended and restated cooperation agreement with other non-settling bondholders and

insurers. This coalition now represents nearly 90% of PREPA's outstanding revenue bonds. This unified creditor group seeks more favorable debt

recovery terms and equitable treatment for all bondholders. As the bankruptcy court awaits appointment of new FOMB members and potential

mediation proceedings the ultimate resolution timeline and terms remain subject to court approval and continued negotiation among stakeholders.

Management is monitoring the bankruptcy proceedings and ongoing developments on the valuation of the unfunded commitment and the existing

PREPA bonds held by the Fund.

5. Derivative Investments

The Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Market and Counterparty Credit Risk:

In the normal course of business the Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of the Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties

may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately

equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

Enhanced High Yield Municipal Bond

$

333,941,631

$

321,535,699

Fund

Asset Class

Principal

Amount

Value

Unrealized

Appreciation

(Depreciation)

Enhanced High Yield Municipal Bond

Unfunded Commitments

$1,460,249

$-

$-

instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Quarterly Repurchase Offer:

In order to provide liquidity to common shareholders, the Fund has adopted a fundamental policy, which may only

be changed by a majority vote of shareholders, to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at

NAV, reduced by any applicable repurchase fee. Subject to approval of the Board, for each quarterly repurchase offer, the Fund currently expects

to offer to repurchase 7.5% of the outstanding Common Shares at NAV. The Fund does not currently expect to charge a repurchase fee and no

amounts were charged during the current fiscal period. However, the Fund may charge a repurchase fee of up to 2.00% of the repurchase proceeds,

which the Fund would retain to help offset non-de minimis estimated costs related to the repurchase incurred by the Fund, directly or indirectly, as

a result of repurchasing Common Shares, thus allocating estimated transaction costs to the Common Shareholder whose Common Shares are being

repurchased.

During the current fiscal period, the Fund engaged in quarterly repurchase offers as follows:

Common Share Transactions

Transactions in common shares during the Fund's current and prior fiscal period were as follows:

Preferred Shares

MuniFund Preferred Shares:

The Fund has issued and has outstanding MuniFund Preferred ("MFP") Shares, with a $100,000 liquidation preference

per share. These MFP Shares were issued via private placement and are not publicly available.

The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier

redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an

alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as

follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.

• Variable Rate Remarketed Mode ("VRRM") – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore,

the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts

tender of their shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained

by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of

unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

Repurchase

Request

Deadline

Repurchase Offer

Amount (as a

percentage of

outstanding shares)

Number of

Shares

Repurchased

Percentage of

Outstanding Shares

Repurchased

06 May 2025

7.50%

3,684,295

3.78%

05 Aug 2025

7.50%

7,465,449

7.40%

Six Months Ended

9/30/25

Year Ended

3/31/25

Enhanced High Yield Municipal Bond

Shares

Value

Shares

Value

Subscriptions:

Class A1

3,528,452

$25,611,439

14,053,734

$108,729,762

Class A2

2,430,770

17,698,700

16,442,568

128,026,665

Class I

6,882,155

49,885,675

18,294,557

142,007,596

Total subscriptions

12,841,377

93,195,814

48,790,859

378,764,023

Reinvestments of distributions:

Class A1

458,859

3,315,309

860,836

6,670,923

Class A2

564,047

4,081,258

899,925

6,994,250

Class I

322,564

2,326,219

460,211

3,570,630

Total reinvestments of distributions

1,345,470

9,722,786

2,220,972

17,235,803

Repurchases and redemptions:

Class A1

(3,515,430)

(24,849,393)

(1,424,068)

(11,153,624)

Class A2

(2,137,003)

(15,415,390)

(287,329)

(2,238,178)

Class I

(5,504,023)

(39,362,346)

(8,086,978)

(63,213,668)

Total repurchases and redemptions

(11,156,456)

(79,627,129)

(9,798,375)

(76,605,470)

Net increase (decrease)

3,030,391

$23,291,471

41,213,456

$319,394,356

Notes to Financial Statements

(continued)

The Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to

the remarketing agent are recognized as "Remarketing fees" on the Statement of Operations.

• Variable Rate Mode ("VRM") – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed

"spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be

required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares

remains roughly in line with the "spread' being demanded by investors on instruments having similar terms in the current market. During the current

fiscal period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.

• Variable Rate Demand Mode ("VRDM") – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore,

the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional

liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase

shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully

remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a

specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. The Fund is required to redeem any shares

that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the

Fund to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement of

Operations.

For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of "MFP

Shares, Net" on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting

purposes. Unpaid dividends on MFP shares are recognized as a component on "Payable for interest" on the Statement of Assets and Liabilities.

Dividends accrued on MFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of

Operations.

Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be

required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the

applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but

unpaid dividends.

Costs incurred by the Fund in connection with its offering of MFP Shares, which were recorded as a deferred charge and are being amortized over

the life of the shares. These offering costs are recognized as a component of "MFP Shares, Net" on the Statement of Assets and Liabilities and

"Interest expense and amortization of offering costs" on the Statement of Operations.

As of the end of the current fiscal period, the Fund had $273,403,818 MFP Shares at liquidation preference, net of deferred offering costs.

Further details of the Fund's MFP Shares outstanding as of the end of the current fiscal period, were as follows:

\* Subject to early termination by either the Fund or the holder.

The average liquidation preference of MFP Shares outstanding and the annualized dividend rate during the current fiscal period were as follows:

Preferred Share Transactions:

Transactions in preferred shares during the Fund's prior fiscal period, where applicable, are noted in the following

table.

Transactions in MFP Shares for the Fund, where applicable, were as follows:

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

Mode

Termination

Date

A

1,295

$129,500,000

September 1, 2042

VRM

September 24, 2026

B

1,450

$145,000,000

July 1, 2043

VRM

July 1, 2043\*

Fund

Average Liquidation Preference of

MFP Shares Outstanding

Annualized Dividend Rate

Enhanced High Yield Municipal Bond

$274,500,000

3.68%

Year Ended 3/31/25

Series

Shares

Amount

MFP Shares Issued

A

750

$75,000,000

MFP Shares Issued

B

600

$60,000,000

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 intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain

such tax-exempt status when distributed to shareholders of the Fund. Net realized capital gains and ordinary income distributions paid by the Fund

are subject to federal taxation.

The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject

to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period

of time depending on the jurisdiction. Management has analyzed the Fund's tax positions taken for all open tax years and has concluded that no

provision for income tax is required in the Fund's financial statements.

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, the Fund had capital loss carryforwards, which will not expire:

8. Management Fees and Other Transactions with Affiliates

Management Fees:

The Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Fund from the management fees paid to the Adviser.

The Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-

level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables the Fund's shareholders

to benefit from growth in the assets within the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, is calculated according to the following schedule:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Enhanced High Yield Municipal Bond

$

1,005,133,822

$

17,656,967

$

(59,349,186)

$

(41,692,219)

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Enhanced High

Yield Municipal

Bond

$

1,472,803

$

114,014

$

82,844

$

2,015,364

$

(951,904)

$

—

$

(3,170,322)

$

(437,201)

Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period March 3, 2025 through March 31, 2025

and paid on April 1, 2025.

Fund

Short-Term

Long-Term

Total

Enhanced High Yield Municipal Bond

$

951,904

$

—

$

951,904

A portion of Enhanced High Yield Municipal Bond's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

Average Daily Managed Assets\*

Fund-Level Fee Rate

For the first $125 million

0.8000 %

For the next $125 million

0.7875 For the next $250 million

0.7750 For the next $500 million

0.7625 For the next $1 billion

0.7500 For the next $3 billion

0.7250 For managed assets over $5 billion

0.7125 54

Notes to Financial Statements

(continued)

The annual complex-level fee, payable monthly, for the Fund is calculated according to the following schedule:

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual

Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments

in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively

financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in

certain circumstances.

As of the end of the current fiscal period, the complex-level fee rate for the Fund was as follows:

The Adviser has agreed to waive fees and/or reimburse expenses through July 31, 2027, so that the total annual operating expenses of the Fund

(excluding any distribution and/or service fees that may be applicable to a particular class of shares, issuance and dividend costs of preferred shares

that may be issued by the Fund, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio

securities, litigation expenses and extraordinary expenses) do not exceed 1.05% of the average daily managed assets of any class of Fund shares.

This expense limitation may be terminated or modified prior to that date only with the approval of the Board.

Distribution and Service Fees:

The Fund has adopted a Distribution and Servicing Plan for Class A1 Common Shares and Class A2 Common

Shares of the Fund. The Distribution and Servicing Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the

manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its Common Shares. Although the

Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under

the 1940 Act which permits it to, among other things, impose distribution and shareholder servicing fees. The Distribution and Servicing Plan permits

the Fund to compensate the Nuveen Securities, LLC (the "Distributor"), a wholly-owned subsidiary of Nuveen, for using reasonable efforts to secure

purchasers of the Fund's Common Shares, including by providing continuing information and investment services and/or by making payments to

certain authorized institutions in connection with the sale of Common Shares or servicing of shareholder accounts. Most or all of the distribution and/

or service fees are paid to financial firms through which Shareholders may purchase or hold Class A1 Common Shares and/or Class A2 Common

Shares. The maximum annual rates at which the distribution and/or servicing fees may be paid under the Distribution and Servicing Plan for Class

A1 Common Shares (calculated as a percentage of the Fund's average daily net assets attributable to the Class A1 Common Shares) is 0.75%. The

maximum annual rates at which the distribution and/or servicing fees may be paid under the Distribution and Servicing Plan for Class A2 Common

Shares (calculated as a percentage of the Fund's average daily net assets attributable to the Class A2 Common Shares) is 0.50%. During the current

fiscal period the annual rate paid by the Fund for Class A1 Shares and Class A2 Shares was 0.75% and 0.50%, respectively.

Other Transactions with Affiliates:

The Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the

Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board

("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by

virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7

under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring

broker commissions.

During the current fiscal period, the Fund engaged in cross-trades pursuant to these procedures as follows:

The Distributor also received 12b-1 service fees on Class A1 Shares and Class A2 Shares, substantially all of which were paid to compensate financial

intermediaries for providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as

follows:

Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 Fund

Complex-Level Fee

Enhanced High Yield Municipal Bond

0.1564 %

Fund

Purchases

Sales

Realized

Gain (Loss)

Enhanced High Yield Municipal Bond

$

2,546,190

$

31,879,086

$

426,609

The remaining 12b-1 fees charged to the Fund were paid to compensate financial intermediaries for providing services to shareholders relating to

their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

As of the end of the current fiscal period TIAA owned less than 1% of Fund shares.

9. Commitments and Contingencies

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

recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes

to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the

current fiscal period, the Fund did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when

applicable.

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

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

proceedings.

10. Borrowing Arrangements

Line of Credit:

The Fund, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established

a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other

than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its

associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the

size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to

those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating

Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a)

OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed.

Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense and amortization of

offering costs" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a

component of "Interest expense and amortization of offering costs" on the Statement of Operations, and along with commitment fees, have been

allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors

deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the Fund utilized this facility. The Fund's maximum outstanding balance during the utilization period was as follows:

During the Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the

Borrowings were as follows:

Borrowings outstanding as of the end of the current fiscal period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

Fund

Commission

Advances

Enhanced High Yield Municipal Bond

$

350,952

Fund

CDSC

Retained

Enhanced High Yield Municipal Bond

$

250,136

Fund

Maximum

Outstanding

Balance

Enhanced High Yield Municipal Bond

$

34,100,000

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Enhanced High Yield Municipal Bond

$

13,353,563

5.53 %

Additional Fund Information

(U

naudited)

Board of Trustees

Joseph A. Boateng

Michael A. Forrester

Thomas J. Kenny

Amy B.R. Lancellotta

Joanne T. Medero

Albin F. Moschner

John K. Nelson

Loren M. Starr

Matthew Thornton III

Terence J. Toth

Margaret L. Wolff

Robert L. Young

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

One Congress Street

Suite 1

Boston, MA 02111

Legal Counsel

Chapman and Cutler

LLP

Chicago, IL 60603

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers

LLP

One North Wacker Drive

Chicago, IL 60606

Transfer Agent and

Shareholder Services

DST Asset Manager Solutions,

Inc. (DST)

333 West 11th Street

5th Floor

Kansas City, MO 64105

(800) 257-8787

Portfolio of Investments Information

The Fund is required to file its complete schedule of portfolio holdings with

the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its

report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.

Nuveen Funds' Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies

relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge,

upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a

description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio

securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this

information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

FINRA BrokerCheck:

The Financial Industry Regulatory Authority (FINRA) provides information regarding the

disciplinary history of FINRA member firms and associated investment professionals. This information as well as an

investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline

number at (800) 289-9999 or by visiting www.FINRA.org.

Glossary of Terms Used in this Report

(U

naudited)

Average Annual Total Return

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

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

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

period being considered.

Effective Leverage:

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

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

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

Inverse Floating Rate Securities:

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

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

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

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

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

with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater

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

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

investment in the underlying bond on a leveraged basis.

Leverage:

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

of the investment capital.

Net Asset Value (NAV) Per Share:

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

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

Regulatory Leverage:

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

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

Tax Obligation/General Bonds:

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

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

Tax Obligation/Limited Bonds:

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

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

Total Investment Exposure:

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

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

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

floating rate securities) in tender option bond (TOB) trusts, including the portion of assets heId by a TOB trust that has been

effectively financed by the trust's issuance of floating rate securities.

Statement Regarding Basis for Approval of

Investment Advisory Contract

(U

naudited)

Nuveen Enhanced High Yield Municipal Bond 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 Enhanced High Yield Municipal Bond 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,

including expenses under a Distribution and Services Plan operating in a manner consistent with Rule 12b-1 under the 1940 Act; securities lending

(as applicable); and closed-end fund market activity, capital management initiatives and management of leverage financing. 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 review of temporary and/or

permanent expense caps and fee waivers applicable to the various classes for open-end funds and the Fund (as applicable); 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

repurchases); and maintaining a closed-end fund investor relations program.

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- and three-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. For the Fund, the performance

data was based on Class I shares but the performance of other share classes was expected to be substantially similar as they invest in the same

portfolio of securities and differences in performance among the classes of the Fund generally may be principally attributed to the variations in the

expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one- and three-

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 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 its performance determinations, the Board considered that although the Fund's performance was below the performance of its

benchmark for the three-year period ended December 31, 2024, the Fund outperformed its benchmark for the one-year period and ranked in the

first quartile of its Performance Peer Group for the one-year period and second quartile of its Performance Peer Group for the three-year period

ended December 31, 2024. 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 and the expense

reimbursement and/or fee waiver agreed to by the Adviser. 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"). With respect to the Broadridge comparative expense data, Broadridge

applied fee and expense data from the Class I shares for the Fund. 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.

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, actual management

fee rate and net total expense ratio were each below the Expense Universe median.

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

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, fee waivers and/or expense limitations, 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.

In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps

applicable to a fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be

shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of a fund decline.

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 Members considered

that an affiliate of the Adviser serves as principal underwriter providing distribution and shareholder services to the Fund for which it may be

compensated.

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

RSA-HYIF-0925P 4875775

Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable

investment solutions through continued adherence to proven, long-term investing principles. Today,

we offer a range of high quality solutions designed to be integral components of a well-diversified core

portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global

asset managers, with specialist knowledge across all major asset classes and particular strength

in solutions that provide income for investors and that draw on our expertise in alternatives and

responsible investing. Nuveen is driven not only by the independent investment processes across

the firm, but also the insights, risk management, analytics and other tools and resources that a truly

world-class platform provides. As a global asset manager, our mission is to work in partnership with

our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your

financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information

provided carefully before you invest. Investors should consider the investment objective and policies,

risk considerations, charges and expenses of any investment carefully. Where applicable, be sure

to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,

please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.

Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at:

www.nuveen.com/interval-funds

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

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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.

------

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

Not applicable to closed-end investment companies.

------

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

Not applicable to closed-end investment companies.

------

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

Not applicable to closed-end investment companies.

------

**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.

------

**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.

------

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

Not applicable.

------

**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.

------

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

(a) Not applicable.

(b) Not applicable.

------

**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.](d71206dex99cert.htm)  |

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(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.](d71206dex99906cert.htm)

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**SIGNATURES** 

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

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

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

---

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

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| | |
|:---|:---|
|  Date: December 4, 2025 | By: <u>/s/ David J. Lamb</u> <br> David J. Lamb <br> Chief Administrative Officer <br> (principal executive officer) |
|  Date: December 4, 2025 | By: <u>/s/ Marc Cardella</u> <br> Marc Cardella <br> Vice President and Controller <br> (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 Enhanced High Yield
Municipal Bond Fund;

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

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

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

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

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

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

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

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

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

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

------

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| | |
|:---|:---|
|  Date: December 4, 2025 | By: <u>/s/ David J. Lamb</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

------

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

I, Marc Cardella, certify that:

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

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

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

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

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

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

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

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

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

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

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

------

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| | | |
|:---|:---|:---|
| Date: 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 Enhanced High Yield Municipal Bond 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;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;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<br> David J. Lamb<br> Chief Administrative Officer<br> (principal executive officer) |
| Date: December 4, 2025 | By: | /s/ Marc Cardella<br> Marc Cardella<br> Vice President and Controller<br> (principal financial officer) |

---