UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number  

811-23445

Nuveen Enhanced High Yield Municipal Bond Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

 

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 257-8787

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

 

Item 1.

Reports to Stockholders.

Nuveen
Interval
Funds
Interval
Funds
March
31,
2026
Annual
Report
Fund
Name
Class
A1
Class
A2
Class
I
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
NHYEX
NHYAX
NMSSX
2
Table
of
Contents
Discussion
of
Fund
Performance
3
Common
Share
Information
5
About
the
Fund’s
Benchmark
6
Fund
Performance,
Expense
Ratios,
Leverage
and
Holdings
Summaries
7
Expense
Examples
11
Report
of
Independent
Registered
Public
Accounting
Firm
12
Portfolio
of
Investments
13
Statement
of
Assets
and
Liabilities
40
Statement
of
Operations
42
Statement
of
Changes
in
Net
Assets
43
Statement
of
Cash
Flows
44
Financial
Highlights
45
Notes
to
Financial
Statements
48
Important
Tax
Information
59
Additional
Fund
Information
60
Glossary
of
Terms
Used
in
this
Report
61
Board
Members
&
Officers
62
Discussion
of
Fund
Performance
3
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(HYIF)
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
is
the
investment
adviser
for
the
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(HYIF).
The
portfolio
managers
for
HYIF
are
Daniel
Close,
CFA,
Steven
Hlavin,
and
Stephen
Candido,
CFA.
Below
is
a
discussion
of
the
Fund’s
performance
and
the
factors
that
contributed
and
detracted
during
the
12-month
reporting
period
ended
March
31,
2026.
For
more
information
on
the
Fund’s
investment
objectives
and
policies,
please
refer
to
the
Shareholder
Update
section
at
the
end
of
the
report
.
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(HYIF)
What
factors
affected
markets
during
the
reporting
period?
Municipal
bond
yields
fell
across
much
of
the
maturity
spectrum
but
rose
for
the
longest
maturities,
steepening
the
municipal
yield
curve
over
the
reporting
period.
Yields
saw
elevated
volatility
during
the
reporting
period.
This
volatility
was
in
response
to
uncertainties
related
to
U.S.
fiscal
and
trade
policy
under
the
Trump
administration,
federal
debt
sustainability,
the
path
of
monetary
policy
and
Federal
Reserve
independence,
and
intensifying
geopolitical
risks
that
drove
energy
prices
sharply
higher
and
increased
inflation
pressures
at
period
end.
While
credit
fundamentals
remained
strong,
unprecedented
supply
pressure
weighed
on
the
municipal
market
during
the
reporting
period.
Demand
for
municipal
debt
increased
during
the
reporting
period
but
was
less
robust
when
compared
to
the
elevated
level
of
supply.
What
key
strategies
were
used
to
manage
the
Fund
during
the
reporting
period?
The
Fund’s
trading
activity
remained
focused
on
pursuing
its
investment
objectives.
During
the
reporting
period,
the
Fund
continued
to
emphasize
a
long-term
view
of
investing
in
non-investment-grade
and
unrated
bonds,
as
well
as
special
situations
municipal
securities
(including
distressed
and
defaulted
securities),
where
taking
advantage
of
market
inefficiencies
can
result
in
enhanced
yield
and
capital
appreciation
potential.
The
portfolio
management
team
actively
worked
to
invest
in
new
issues
offering
high
tax-exempt
income
and
attractive
spreads
and
in
secondary
market
opportunities
where
pricing
dislocations
presented
attractive
relative
value.
Selling
activity
prioritized
low
book
yield,
lower
coupon
positions,
consistent
with
our
strategy
to
position
the
Fund
for
higher
yield
returns
going
forward.
How
did
the
Fund
perform
and
what
factors
affected
relative
performance?
For
the
12-month
reporting
period
ended
March
31,
2026,
the
Class
I
Shares
of
the
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
returned
–2.26%.
The
Fund
underperformed
the
S&P
Municipal
Yield
Index,
which
returned
3.63%.
Top
contributors
to
relative
performance
Underweight
to
bonds
with
durations
of
four
to
six
years
and
overweight
to
bonds
with
durations
of
eight
to
12
years.
Overweight
to
tax-supported
bonds.
Underweight
to
tobacco
settlement
bonds.
Discussion
of
Fund
Performance
(continued)
4
Top
detractors
from
relative
performance
The
Fund’s
use
of
leverage
through
investment
in
inverse
floating
rate
securities
and
the
issuance
of
preferred
shares.
Underweight
allocations
to
bonds
rated
A
and
BBB.
Overweight
to
non-rated
bonds.
Exposure
to
the
bonds
of
high-speed
passenger
rail
Brightline.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements,
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Fund
disclaims
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
lowest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc.
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings,
while
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Common
Share
Information
5
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding
the
Fund's
distributions
is
current
as
of
March
31,
2026. 
The
Fund's
distribution
levels
may
vary
over
time
based
on
the
Fund's
investment
activity
and
portfolio
investments
value
changes.
During
the
current fiscal
period,
the
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
The
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
the
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to the
Notes
to
Financial
Statements for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
the
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
from
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
per
share
amounts
of
the
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
the
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
the
Notes
to
Financial
Statements
of
this
report.
REPURCHASE
OFFER
In
order
to
provide
liquidity
to
common
shareholders,
the
Fund
has
adopted
a
fundamental
investment
policy,
which
may
only
be
changed
by
a
majority
vote
of
shareholders,
to
make
quarterly
offers
to
repurchase
between
5%
and
25%
of
its
outstanding
Common
Shares
at
NAV,
reduced
by
any
applicable
repurchase
fee.
Subject
to
approval
of
the
Board,
for
each
quarterly
repurchase
offer,
the
Fund
currently
expects
to
offer
to
repurchase
7.5%
of
the
outstanding
Common
Shares
at
NAV.
The
Fund
does
not
currently
expect
to
charge
a
repurchase
fee.
Refer
to
the
Notes
to
Financial
Statements
for
further
details
on
the
Fund’s
repurchase
offer.
Monthly
Distributions
(Ex-Dividend
Date)
Class
A1
Class
A2
Class
I
April
2025
$
0.0320
$
0.0340
$
0.0370
May
2025
0.0320
0.0340
0.0370
June
2025
0.0320
0.0340
0.0370
July
2025
0.0320
0.0340
0.0370
August
2025
0.0325
0.0340
0.0370
September
2025
0.0325
0.0340
0.0370
October
2025
0.0325
0.0340
0.0370
November
2025
0.0325
0.0340
0.0370
December
2025
0.0325
0.0340
0.0370
January
2026
0.0325
0.0340
0.0370
February
2026
0.0325
0.0340
0.0370
March
2026
0.0325
0.0340
0.0370
Total
Distributions
from
Net
Investment
Income
$
0.3880
$
0.4080
$
0.4440
Class
A1
Class
A2
Class
I
Distribution
Rate
on
NAV*
5.55%
5.80%
6.32%
*Distribution
rate
represents
the
latest
declared
distribution,
annualized,
divided
by
the
Fund's
current
net
asset
value
(NAV)
as
of
the
end
of
the
reporting
period.
6
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
7
The
Fund
Performance,
Expense
Ratios,
Leverage
and
Holdings
Summaries
for
the
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
repurchased,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
NAV
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
repurchase
of
Fund
shares.
Income
is
generally
exempt
from
regular
federal
income
taxes.
Some
income
may
be
subject
to
state
and
local
income
taxes
and
to
the
federal
alternative
minimum
tax.
Capital
gains,
if
any,
are
subject
to
tax.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A1
Shares
at
NAV
only.
Impact
of
Leverage
One
important
factor
impacting
the
returns
of
the
Fund’s
common
shares
relative
to
its
comparative
benchmarks
was
the
Fund’s
use
of
leverage
through
its
issuance
of
preferred
shares
and
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Fund
uses
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
the
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
securities
that
it
has
bought
with
the
proceeds
of
that
leverage.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
the
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
higher
than
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
Leverage
Ratios
The
Fund’s
Effective
Leverage
and
Regulatory
Leverage
Ratios
are
set
forth
below.
“Effective
Leverage”
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
“Regulatory
Leverage”
consists
of
preferred
shares
or
borrowings
of
a
Fund.
Regulatory
Leverage
is
a
part
of
a
Fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
A
Fund,
however,
may
from
time
to
time
borrow
for
temporary
purposes,
typically
on
a
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
temporary
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
Effective
Leverage
and
Regulatory
Leverage
ratios. 
Fund
Performance,
Expense
Ratios,
Leverage
and
Holdings
Summaries
8
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
the
Fund's
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund's
Portfolio
of
Investments
for
individual
security
information.
The
ratings
disclosed
are
the
lowest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Leverage
and
Holdings
Summaries
March
31,
2026
9
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Yield
Index.
**
Class
A1
Shares
have
a
maximum
2.50%
sales
charge
(Offering
Price).
Class
A1
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1.50%
if
repur-
chased
before
the
first
day
of
the
month
in
which
the
one-year
anniversary
of
the
purchase
falls.
Class
A2
and
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
Fund
expenses
through
July
31,
2028
so
that
total
annual
Fund
operating
expenses
(excluding
distribution
and/or
service
fees
that
may
be
applicable
to
a
particular
class
of
shares,
issuance
and
dividend
costs
of
preferred
shares
that
may
be
issued
by
the
Fund,
interest
expense,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities,
litigation
expenses
and
extraordinary
expenses)
do
not
exceed
1.05%
of
the
average
daily
managed
assets
of
any
class
of
Fund
shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of March
31,
2026
 -
Class A1 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
Total
Returns
as
of
March
31,
2026**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
Since
Inception
Gross
Net
Class
A1
at
NAV
6/30/21
(3.02)%
(2.58)%
3.54%
3.52%
Class
A1
at
maximum
Offering
Price
6/30/21
(5.44)%
(3.10)%
—
—
S&P
Municipal
Yield
Index
—
3.63%
1.03%
—
—
Class
A2
7/29/22
(2.75)%
1.83%
3.29%
3.27%
Class
I
6/30/21
(2.26)%
(1.86)%
2.79%
2.77%
10
Fund
Performance,
Expense
Ratios,
Leverage
and
Holdings
Summaries
March
31,
2026
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
29.52%
Regulatory
Leverage
28.04%
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
138.7‌%
Warrants
0.0‌%
Variable
Rate
Senior
Loan
Interests
0.0‌%
Other
Assets
&
Liabilities,
Net
3.6%
Borrowings
(0.6)%
Floating
Rate
Obligations
(2.9)%
MFP
Shares,
Net
(38.8‌)%
Net
Assets
100‌%
Portfolio
Credit
Quality
(%
of
total
investments)
AA
0.4%
BBB
2.7%
BB
or
Lower
6.7%
N/R
(not
rated)
90.2%
N/A
(not
applicable)
0.0%
Total
100‌%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
49.3%
Education
and
Civic
Organizations
20.5%
Long-Term
Care
6.3%
Housing/Multifamily
6.1%
Consumer
Discretionary
5.7%
Transportation
4.1%
Consumer
Staples
3.3%
Other
4.7%
Variable
Rate
Senior
Loan
Interests
0.0%
Total
100%
Expense
Examples
11
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
examples
below
include
the
interest
and
related
expenses
from
inverse
floaters
that
are
reflected
in
the
financial
statements
later
within
this
report,
when
applicable.
The
examples
are
based
on
an
investment
of
$10,000
invested
at
the
beginning and
held
for
the
entire
reporting
period.
The
examples
are
also
based
on
the
Fund's
actual
expenses,
which
may
vary
from
the
expense
rates
shown
in
the
Fund's
prospectus.
What
were
the
Fund's
costs
for
the
last
year?
(based
on
a
hypothetical
$10,000
investment)
Cost
of
a
$10,000
investment
Cost
paid
as
a
percentage
of
$10,000
investment
Class
A1
Shares
$367
3.73%
Class
A2
Shares
$343
3.48%
Class
I
Shares
$295
2.98%
12
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
and
Shareholders
of
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(the
"Fund")
as
of
March
31,
2026,
the
related
statements
of
operations
and
cash
flows
for
the
year
ended
March
31,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
March
31,
2026,
the
results
of
its
operations
and
its
cash
flows
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2026
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2026
by
correspondence
with
the
custodian,
agent
banks
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
May 28,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
13
Portfolio
of
Investments
March
31,
2026
Enhanced
High
Yield
Municipal
Bond
See
Notes
to
Financial
Statements
/
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
138.7%
(100.0%
of
Total
Investments)
977227406
MUNICIPAL
BONDS
-
138.7%
(100.0%
of
Total
Investments)
977227406
ALABAMA
-
0.4%
$
425,000
(a)
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
(UB)
5.500
%
10/01/53
$
442,209
500,000
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2024
6.500
11/01/44
491,104
550,000
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2024
6.750
11/01/53
522,306
2,220,000
(b)
Montgomery
Medical
Clinic
Board,
Alabama,
Health
Care
Facility
Revenue
Bonds,
Jackson
Hospital
&
Clinic,
Series
2015
5.000
03/01/33
177,600
1,000,000
(c)
University
Beach
Improvement
District,
Alabama,
Special
Assessments
Revenue
Bonds,
Series
2026
7.500
11/01/55
961,430
TOTAL
ALABAMA
2,594,649
ARIZONA
-
3.8%
2,000,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Series
2021B
5.000
07/01/51
1,713,597
1,800,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Taxable
Series
2021A
5.000
07/01/51
1,538,136
3,530,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
San
Tab
Charter
Schools
Project,
Series
2025
6.875
02/01/65
3,493,550
2,500,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1
4.000
12/01/41
1,672,318
1,000,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1
4.000
12/01/51
589,293
110,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1
4.150
12/01/57
63,674
100,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Subordinate
Series
2022B
5.750
12/15/57
68,340
1,625,000
(c)
Arizona
Industrial
Development
Authority,
Development
First
Lien
Revenue
Bonds,
Montanero
Project,
Alternative
Minimum
Tax
Series
2025,
(AMT)
6.750
12/01/55
1,652,255
148,000
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
Special
Assessment
Revenue
Bonds,
Montecito
Assessment
District
3,
Series
2021
3.750
07/01/46
110,043
1,055,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Charter
School
Revenue
Bonds,
Paradise
Schools
Project,
Series
2025
5.875
07/01/60
1,038,636
3,100,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Sun
Valley
Academy,
Series
2024A
6.625
07/01/59
3,161,881
1,000,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Sun
Valley
Academy,
Series
2024A
6.750
07/01/63
1,023,247
1,655,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Villa
Montessori,
Inc
Project,
Series
2023A
5.500
07/01/53
1,591,155
985,000
Phoenix
Industrial
Development
Authority,
Arizona,
Multi-
Family
Housing
Revenue
Bonds,
3rd
and
Indian
Road
Assisted
Living
Project,
Series
2016
5.400
10/01/36
792,735
1,450,000
(c)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A
5.375
10/01/56
1,183,892
1,500,000
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2022A
7.000
10/01/56
1,508,433
500,000
(c)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Taxable
Series
2021B
6.250
10/01/36
434,225
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
14
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
3,000,000
(c)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Flagstaff
Junior
Academy
Project,
Series
2025
7.000
%
06/01/65
$
3,025,306
1,000,000
(c)
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
6.125
10/01/47
800,398
1,400,000
(c)
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
6.125
10/01/52
1,093,984
TOTAL
ARIZONA
26,555,098
ARKANSAS
-
0.6%
4,500,000
(c)
Arkansas
Development
Finance
Authority,
Charter
School
Revenue
Bonds,
Academy
of
Math
and
Science
-
Little
Rock
Project
Series
2024A
7.000
07/01/59
4,245,448
TOTAL
ARKANSAS
4,245,448
CALIFORNIA
-
7.3%
2,000,000
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4.000
02/01/56
1,272,283
4,725,000
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5.000
02/01/50
3,737,475
12,300,000
(c)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5.000
04/01/49
9,938,284
250,000
(c)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021
4.000
07/01/61
180,379
550,000
(c)
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.
AMDA
Inc
Project,
Taxable
Series
2023B
9.500
07/01/30
558,302
1,255,000
(c)
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7.250
07/01/53
1,272,701
1,470,000
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
The
James,
Senior
Series
2024A
6.500
06/01/54
1,373,327
7,300,000
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
The
James,
Senior
Series
2024A
6.375
06/01/59
6,643,454
1,750,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
5.875
06/01/54
1,620,166
1,925,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
6.000
06/01/64
1,776,652
250,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A
4.000
06/01/51
180,176
1,360,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6.000
06/15/54
1,244,808
2,765,000
(c)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6.125
06/15/64
2,504,194
5,000,000
(c)
California
School
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Pathways
to
College
Project,
Series
2023A
7.500
06/15/63
5,023,609
500,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5.000
06/01/59
400,030
250,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Citizens
of
the
World
Charter,
Series
2022A
6.250
04/01/52
248,437
100,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Refunding
Social
Series
2023
5.500
08/01/47
100,520
250,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Academy
Obligated
Group,
Series
2021A
4.000
06/01/51
185,547
15
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
500,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2023A
6.000
%
06/01/63
$
481,196
1,000,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Vibrant
Minds
Charter
School
Project,
Series
2025
6.750
04/15/45
1,017,512
1,000,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Vibrant
Minds
Charter
School
Project,
Series
2025
7.000
04/15/55
1,003,323
500,000
(c)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B
8.000
04/01/56
393,043
1,000,000
(c)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-2
4.000
12/01/45
760,998
290,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-
Anaheim,
Mezzanine
Lien
Series
2021B
4.000
04/01/57
211,320
250,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B
4.000
10/01/46
203,121
305,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A
4.000
10/01/56
247,281
3,000,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5.000
01/01/54
2,591,902
630,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Mezzanine
Lien
Series
2021B
4.000
07/01/58
332,636
250,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B
4.000
07/01/58
148,335
250,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Mezzanine
Lien
Series
2021B
4.000
06/01/57
51,287
10,000,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0.000
06/01/66
1,002,158
1,100,000
(b)
Oroville,
California,
Revenue
Bonds,
Oroville
Hospital
Series
2019
5.250
04/01/54
759,000
15,000,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
First
Subordinate
CABs,
Series
2006B
0.000
06/01/46
3,644,637
TOTAL
CALIFORNIA
51,108,093
COLORADO
-
33.6%
5,725,000
(c)
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2024
5.750
12/01/54
5,649,476
1,220,000
Andrews
Farm
Metropolitan
District
1,
Hudson,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2025A
6.375
12/01/55
1,239,183
533,000
Andrews
Farm
Metropolitan
District
1,
Hudson,
Colorado,
General
Obligation
Bonds,
Subordinate
Limited
Tax
Series
2025B
8.375
12/15/55
526,750
3,025,000
Arista
Metropolitan
District,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
and
Improvement
Series
2023B
8.250
12/15/39
3,037,427
4,735,000
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-3
6.125
12/01/55
4,631,887
4,500,000
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A
5.750
12/01/51
4,276,381
1,200,000
Baseline
Metropolitan
District
1,
In
the
City
and
County
of
Broomfield,
Colorado,
Special
Revenue
Bonds,
Subordinate
Series
2024B
6.750
12/15/54
1,198,669
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
16
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
4,775,000
(c)
Bella
Mesa
Metropolitan
District,
Castle
Rock,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2024B
8.000
%
12/15/54
$
4,721,780
500,000
Berthoud-Heritage
Metropolitan
District
10,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2022A
4.750
12/01/52
409,076
1,750,000
Bradley
Heights
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-3
4.750
12/01/51
1,370,695
5,000,000
Brickyard
Metropolitan
District
1,
Castle
Rock
Town,
Douglas
County,
Colorado,
General
Obligation
Limited
Tax
and
Special
Revenue
Bonds,
Series
2025
7.250
12/01/57
4,761,360
500,000
(b)
Broadway
Station
Metropolitan
District
2,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A
5.000
12/01/35
431,253
1,475,000
(b)
Broadway
Station
Metropolitan
District
2,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A
5.125
12/01/48
1,035,033
4,675,000
Broadway
Station
Metropolitan
District
3,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A
5.000
12/01/49
3,140,395
7,872,000
Broadway
Station
Metropolitan
District
3,
Denver
County,
Colorado,
Tax
Increment
Supported
Revenue
Bonds,
Series
2023A
7.000
12/15/32
7,825,278
446,000
Buffalo
Ridge
Metropolitan
District
(In
the
City
of
Commerce
City),
Adams
County,
Colorado,
General
Obligation
Refunding
and
Improvement
Bonds,
Series
2018B
7.375
12/15/47
445,937
500,000
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Improvement
Bonds,
Series
2022
6.500
12/01/53
522,808
140,000
(c)
Cherry
Hills
City
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Series
2020B-3
8.000
12/15/47
139,908
2,000,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Community
Leadership
Academy,
Inc.
Second
Campus
Project,
Series
2013
7.450
08/01/48
2,005,449
21,000,000
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Cultural
Facilities
Revenue
Bonds,
Stanley
Project,
Senior
Lien
Series
2025A-1
6.875
02/01/59
21,948,847
170,000
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Rocky
Mountain
Classical
Academy
Project,
Refunding
Series
2019
5.000
10/01/59
151,117
3,100,000
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
American
Baptist
Homes
of
the
Midwest
Obligated
Group,
Series
2013
8.000
08/01/43
1,951,591
117,279
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
5.250
11/01/32
3,518
349,229
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
5.500
11/01/37
10,477
651,547
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
5.750
11/01/47
19,547
435,233
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A
6.000
11/01/52
13,057
500,000
(b),(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sunny
Vista
Living
Center
Project,
Refunding
&
Improvement
Series
2015A
5.500
12/01/30
423,568
500,000
(b),(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sunny
Vista
Living
Center
Project,
Refunding
&
Improvement
Series
2015A
6.250
12/01/50
346,767
2,055,000
Conexus
Metropolitan
District
No.
1,
Monument,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2025A
6.250
12/01/55
2,058,646
1,800,000
Copperleaf
Metropolitan
District
5,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Limited
Tax
Convertible
to
Unlimited
Tax
Series
2025A
6.500
12/01/55
1,817,015
17
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
500,000
Copperleaf
Metropolitan
District
6,
Arapahoe
County,
Colorado,
Limited
Tax,
General
Obligation
Bonds,
Subordinate
Series
2022B
6.000
%
12/15/41
$
505,753
4,900,000
(c)
Cottonwood
Creek
Metropolitan
District
5,
Arapahoe
County
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
Capital
Appreciation
Series
2025
7.250
12/01/55
3,820,784
1,658,000
Crossroads
Metropolitan
District
1,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2022
6.500
12/01/51
1,616,161
5,000,000
(c)
Dawson
Trails
Metropolitan
District
1,
Castle
Rock,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
9.250
12/15/55
4,756,429
1,398,667
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0.000
12/01/31
912,963
2,000,000
DC
Metropolitan
District,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2024A
5.875
12/01/54
1,953,833
1,250,000
DC
Metropolitan
District,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2024B
8.000
12/15/54
1,235,192
5,465,000
Elora
Metropolitan
District,
Elbert
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2025A
6.000
12/01/55
5,560,788
600,000
(c)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6.750
12/01/34
599,179
500,000
(c)
Glen
Metropolitan
District
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021
4.250
12/01/51
403,615
1,277,000
Grand
Avenue
Metropolitan
District,
In
the
City
of
Aurora,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2023
8.125
12/01/52
1,294,319
1,185,000
Haymeadow
Metropolitan
District
1,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Subordinate
Series
2025B
8.375
12/15/49
1,178,274
1,000,000
Haymeadow
Metropolitan
District
1,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Subordinate
Limited
Tax
Series
2025A
6.125
12/01/54
1,020,253
948,717
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024A-1
6.000
12/01/43
976,176
2,000,000
(c)
Kinston
Metropolitan
District
5,
Loveland,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Refunding
and
Improvement
Series
2025B
8.250
12/15/55
1,941,316
1,000,000
(c)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024
6.625
12/01/56
959,935
2,000,000
Lakota
Pointe
Metropolitan
District
1,
Winter
Park,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6.000
12/01/55
2,026,843
1,185,000
Lakota
Pointe
Metropolitan
District
1,
Winter
Park,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
8.250
12/15/55
1,169,066
2,000,000
(c)
Ledge
Rock
Center
Commercial
Metropolitan
District
(In
the
Town
of
Johnstown,
Weld
County,
Colorado),
Limited
Tax
General
Obligation
Bonds,
Series
2022
7.375
11/01/52
2,086,651
1,000,000
(c)
Ledge
Rock
Center
Commercial
Metropolitan
District,
In
the
Town
of
Johnstown,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
7.000
11/01/52
1,011,476
500,000
Ledge
Rock
Center
Residential
Metropolitan
District
1,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2024A
6.375
12/01/54
505,017
3,125,000
Legacy
Community
Authority,
Wheat
Ridge,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2025A
6.750
12/01/55
3,173,645
1,000,000
Legato
Community
Authority,
Colorado,
Commerce
City
Colorado
Limited
Tax
Supported
Revenue
Bonds
District
12
3
&
7
Convertible
Capital
Appreciation
Series
2021A-2
5.000
12/01/51
774,407
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
18
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
535,000
Lochbuie
Station
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
General
Obligation
Limited
Tax
Bonds,
Series
2020B
6.250
%
12/15/44
$
538,724
2,000,000
(c)
Mayberry
Springs
Community
Authority,
El
Paso
County,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2025
7.125
12/01/45
2,022,974
500,000
(c)
Mineral
Business
Improvement
District,
Arapahoe
County,
Colorado,
General
Obligation
and
Special
Revenue
Bonds,
Limited
Tax
Series
2024A
5.750
12/01/54
492,038
1,000,000
Mirabelle
Metropolitan
District
2,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
6.125
12/15/49
983,868
500,000
Mountain
Brook
Metropolitan
District,
Longmont,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021
4.750
12/01/51
395,776
1,000,000
Mulberry
Metropolitan
District
2,
Fort
Collins,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
7.000
12/01/52
1,019,142
322,000
North
Pine
Vistas
Metropolitan
District
3,
Castle
Pines,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B
-
AGM
Insured
4.625
12/15/51
279,815
2,175,000
(c)
Old
Towne
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Refunding
and
Improvement
Limited
Tax
Series
2024
6.000
12/01/53
2,011,877
2,500,000
(c)
Orchard
Park
Place
South
Metropolitan
District,
Adams
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2024
6.000
12/01/54
2,444,662
1,500,000
(b)
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
5.000
12/01/49
1,297,600
2,005,000
(c),(d)
Palisade
Metropolitan
District
2,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Subordinate
Convertible
Capital
Appreciation
Series
2024B
0.000
12/15/54
1,940,190
1,215,000
(c)
Palisade
Metropolitan
District
2,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Second
Subordinate
Series
2024C
8.000
12/15/37
1,217,201
1,150,000
Parterre
Metropolitan
District
5,
Thornton,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2025A
6.125
12/01/55
1,197,028
2,500,000
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1
7.500
12/01/52
2,521,595
3,500,000
Pinery
Commercial
Metropolitan
District
2,
Douglas
County,
Colorado,
Special
Revenue
Bonds,
Series
2025
5.750
12/01/54
3,429,992
500,000
(d)
Pinon
Pines
Metropolitan
District
No.
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Convertible
Capital
Appreciation
Bonds,
Series
2025
0.000
12/01/54
457,149
2,474,000
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022
6.500
12/01/34
2,400,681
500,000
(c)
Prairie
Song
Metropolitan
District
4,
Windsor,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021
6.000
12/01/51
489,841
1,100,000
(c)
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
&
Special
Revenue,
Series
2025
6.125
12/01/54
1,078,101
1,000,000
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021-3
5.375
12/01/51
882,682
1,000,000
Red
Barn
Metropolitan
District,
Mead,
Colorado,
Weld
County,
Colorado,
General
Obligation
Bond,
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
and
Improvement,
Series
2025A
5.500
12/01/55
997,437
1,000,000
Redlands
360
Metropolitan
District
2,
Grand
Junction,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2025A
7.125
12/01/55
987,453
1,000,000
Redtail
Ridge
Metropolitan
District,
City
of
Louisville,
Boulder
County,
Colorado,
General
Obligation
Limited
Tax
Capital
Appreciation
Turbo
Bonds,
Series
2025
0.000
12/01/32
636,419
19
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
933,584
(c)
Ridge
at
Johnstown
Metropolitan
District
8,
Larimer
County,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024
5.875
%
12/01/44
$
912,571
590,000
Ritoro
Metropolitan
District
In
the
Town
of
Elizabeth,
Elbert
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Refunding
Series
2025B
6.250
12/15/57
579,337
1,150,000
Riverpark
Metropolitan
District,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2024
6.375
12/01/54
1,168,049
1,250,000
Riverwalk
Metropolitan
District
2,
Glendale,
Arapahoe
County,
Colorado,
Special
Revenue
Bonds,
Series
2022A
5.000
12/01/42
1,155,303
500,000
RRC
Metropolitan
District
2,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021
5.250
12/01/51
439,780
750,000
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022A
6.375
12/01/42
790,421
2,545,000
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Series
2024
8.000
12/15/54
2,511,075
1,000,000
(c)
Saint
Vrain
Lakes
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Bonds,
Firestone
Subordinate
Limited
Tax
Series
2024B
8.750
09/20/54
989,561
500,000
Senac
South
Metropolitan
District
No.
1,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021A(3)
5.250
12/01/51
471,386
500,000
Siena
Lake
Metropolitan
District,
Gypsum,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021
4.000
12/01/51
361,770
2,245,000
(c)
Sojourn
at
Idlewild
Metropolitan
District,
Grand
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Winter
Park
Series
2025A
6.125
12/01/55
2,288,774
7,370,000
South
Aurora
Regional
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Refunding
Improvement
Series
2025
6.750
12/01/55
7,490,343
500,000
(c),(d)
St.
Vrain
Lakes
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Bonds,
Firestone
Convertible
Capital
Appreciation
Limited
Tax
Series
2024A
0.000
09/20/54
366,589
675,000
St.
Vrain
Lakes
Metropolitan
District
No.
2,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2024B
6.375
11/15/54
663,479
3,000,000
(c)
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
Second
Lien
Series
2025A-2
6.250
12/01/55
3,000,179
4,925,000
(c)
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Subordinate
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
improvement
Series
2025B
8.000
12/15/55
4,890,168
1,200,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Special
District
4,
Series
2024A
6.500
12/01/54
1,235,726
975,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Special
District
4,
Series
2024B
8.750
12/15/54
962,687
840,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
District
2,
Refunding
&
Improvement
Subordinate
Series
2025A
-
BAM
Insured
6.875
12/15/55
838,279
2,805,000
(c)
Sterling
Ranch
Metropolitan
District
1,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Convertible
Capital
Appreciation
Bonds,
Series
2025
7.000
09/01/55
2,011,919
648,000
(c)
Sunset
Parks
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Subordinate
Series
2024B
7.625
12/15/54
637,285
500,000
(c)
Third
Creek
Metropolitan
District
1,
Commerce
City,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1
4.750
12/01/51
388,502
500,000
Trails
at
Crowfoot
Metropolitan
District
3,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024B
6.875
12/15/52
495,531
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
20
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,000,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
4.125
%
12/01/31
$
927,861
6,550,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
5.000
12/01/41
5,720,183
8,710,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
5.000
12/01/51
6,734,357
3,000,000
(c)
Tree
Farm
Metropolitan
District,
Eagle
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021
4.750
12/01/50
2,554,505
3,000,000
(c)
USAFA
Visitors
Center
Business
Improvement
District,
Colorado
Springs,
Colorado,
Special
Revenue
Bonds,
Series
2022A,
5.000
12/01/52
2,711,921
500,000
(d)
Verve
Metropolitan
District
1,
Jefferson
County
and
the
City
and
County
of
Broomfield,
Colorado,
General
Obligation
Bonds,
Convertible
Capital
Appreciation
Improvement
Series
2024A
0.000
12/01/54
380,098
500,000
Villages
at
Johnstown
Metropolitan
District
7,
Johnstown,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A(3)
6.250
12/01/52
485,156
1,500,000
(c)
Weems
Neighborhood
Metropolitan
District,
Lafayette,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax,
Series
2025A
5.875
12/01/55
1,521,550
500,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6.750
12/01/52
500,082
3,000,000
(c)
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2024A-2
8.000
12/01/54
1,971,423
2,496,000
Westgate
Metropolitan
District,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
5.125
12/01/51
2,140,097
1,146,000
(c)
Willow
Springs
Ranch
Metropolitan
District,
Monument,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2024B
6.500
10/15/54
1,128,942
32,685,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2021A-2
4.625
12/01/51
22,402,270
2,250,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.000
12/01/36
2,002,216
2,000,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.000
12/01/41
1,668,687
5,000,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.125
12/01/51
3,755,203
TOTAL
COLORADO
236,570,480
CONNECTICUT
-
0.2%
1,500,000
Stamford
Housing
Authority,
Connecticut,
Revenue
Bonds,
Mozaic
Concierge
Living
Project,
Series
2025A
6.250
10/01/60
1,480,922
100,000
(c)
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2024
6.000
04/01/52
105,254
TOTAL
CONNECTICUT
1,586,176
DELAWARE
-
0.1%
1,100,000
Delaware
Economic
Development
Authority,
Revenue
Bonds,
ASPIRA
of
Delaware
Charter
Operations,
Inc.
Project,
Series
2016A
5.000
06/01/51
970,016
TOTAL
DELAWARE
970,016
21
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT
OF
COLUMBIA
-
1.9%
$
300,000
District
of
Columbia
Revenue
Bonds,
Rocketship
Education
DC
Public
Charter
School
Inc.,
Obligated
Group
-Issue
3,
Series
2024A
5.750
%
06/01/54
$
277,278
54,000,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A
0.000
06/15/46
12,438,176
3,335,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006C
0.000
06/15/55
328,070
TOTAL
DISTRICT
OF
COLUMBIA
13,043,524
FLORIDA
-
10.9%
250,000
(c)
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Refunding
Series
2022A
5.000
11/15/61
208,504
2,500,000
(c)
Capital
Projects
Finance
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
School
at
North
Port,
Series
2025A
6.750
06/15/65
2,504,067
1,600,000
(c)
Capital
Projects
Finance
Authority,
Florida,
Senior
Living
Revenue
Bonds,
Millenia
Orlando
Project,
Series
2025A
7.250
01/01/55
1,670,694
2,715,000
(c)
Capital
Projects
Finance
Authority,
Florida,
Senior
Living
Revenue
Bonds,
Millenia
Orlando
Project,
Series
2025A
7.125
01/01/65
2,785,589
2,483,703
(c)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
LLT  Academy
South
Bay
Project,
Series
2020A
6.000
06/15/55
2,173,017
15,020,000
(c)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Educational
Growth
Fund,
LLC,
Charter
School
Portfolio
Projects,
Subordinate
Series
2021B
0.000
07/01/61
1,244,807
250,000
(c)
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017
5.375
08/01/32
245,296
175,000
(c)
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017
5.625
08/01/37
168,091
1,000,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Babcock
Neighborhood
School
Inc
Project,
Series
2024
6.000
08/15/63
960,964
500,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
School
at
West
Pasco
Project,
Series
2023A
6.500
12/15/53
455,256
4,100,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
School
at
West
Pasco
Project,
Series
2023A
6.500
12/15/58
3,692,596
1,750,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A
6.250
06/15/53
1,772,635
2,600,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A
6.375
06/15/58
2,639,206
2,800,000
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
LLT
Academy
South
Bay
Project,
Series
2025
7.250
06/15/55
2,844,351
1,890,000
(b)
Celebration
Pointe
Community
Development
District
1,
Alachua
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021
4.000
05/01/53
1,512,000
195,000
(c)
Curiosity
Creek
Community
Development
District,
Manatee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
1,
Series
2024
5.700
05/01/55
188,814
1,000,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Creative
Inspiration
Journey
School
of
St.
Cloud,
Series
2021A
5.000
06/15/51
850,284
4,600,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Creative
Inspiration
Journey
School
of
St.
Cloud,
Series
2021A
5.000
06/15/56
3,779,530
1,420,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Discovery
High
School
Project,
Series
2020A
5.000
06/01/40
1,100,859
100,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Dreamers
Academy
Project,
Series
2022A
6.000
01/15/57
88,430
625,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Global
Outreach
Charter
Academy,
Series
2021A
4.000
06/30/36
549,087
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
22
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
765,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Global
Outreach
Charter
Academy,
Series
2021A
4.000
%
06/30/41
$
621,537
1,000,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Pepin
Academies
of
Pasco
County
Inc.,
Series
2020A
5.000
01/01/50
791,631
500,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Southwest
Charter
Foundation
Inc
Projects,
Series
2017A
6.125
06/15/47
493,073
30,430,000
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT),
(Mandatory
Put
7/15/28)
12.000
07/15/32
6,310,263
3,500,000
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024A,
(AMT),
(Mandatory
Put
7/15/28)
10.000
07/15/59
804,678
12,250,000
(c),(e)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2025B,
(AMT),
(Mandatory
Put
6/15/26)
1.000
07/01/57
8,452,500
3,040,000
(c)
Florida
Development
Finance
Corporation,
Student
Housing
Revenue
Bonds,
SPP
-
Tampa
I
-
LLC
The
Henry
Project,
Series
2024B
6.500
06/01/59
2,829,485
2,000,000
(c)
Florida
Local
Government
Finance
Commission,
Senior
Living
Revenue
Bonds,
Fleet
Landing
at
Nocatee
Project
Series
2025A
6.875
11/15/64
2,074,363
250,000
Hobe-Saint
Lucie
Conservancy
District,
Florida,
Special
Assessment
Revenue
Bonds,
Improvement
Unit
1A,
Series
2024
5.875
05/01/55
252,470
710,000
(c)
Kelly
Park
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Project
Series
2023
6.250
11/01/53
724,073
825,000
(c)
Lake
County,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
South
Lake
Charter
School
Project,
Series
2019A
5.000
01/15/49
712,757
1,405,000
Lakewood
Ranch
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Taylor
Ranch
Project,
Series
2023
6.300
05/01/54
1,470,311
2,850,000
(c)
Lee
County
Industrial
Development
Authority,
Florida,
Charter
School
Revenue
Bonds,
Lee
County
Community
Charter
Schools,
Series
2024A
6.250
06/15/42
2,892,377
85,000
(c)
Mandarin
Grove
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Revenue
Bonds,
2022
Project
Series
2022
6.625
05/01/53
95,961
750,000
(c)
Miami
Dade
County
Industrial
Development
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Miami
Community
Charter
School
Inc
Project,
Series
2025
6.375
06/01/65
756,738
1,000,000
(c)
Miami-Dade
County
Industrial
Development
Authority,
Florida,
Industrial
Development
Revenue
Bonds,
CFC-MB
I,
LLC
Collins
Park
Housing
Project
Series
2023
6.250
01/01/59
1,022,981
6,000,000
(c),(d)
Miami-Dade
County
Industrial
Development
Authority,
Florida,
Student
Housing
Revenue
Bonds,
PRG
-
Casa
Properties
LLC
Project,
Subordinate
Series
2026B
0.000
07/01/65
3,253,135
415,000
(c)
Middleton
Community
Development
District
A,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022
6.200
05/01/53
428,749
110,000
(c)
Mirada
Community
Development
District,
Florida,
Capital
Improvement
Bonds,  Assessment
Area
3
Series
2024
6.000
05/01/55
109,398
70,000
(c)
North
Powerline
Road
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022
5.625
05/01/52
71,162
1,000,000
(c)
Ocean
and
Highway
Port
Authority,
Florida,
Port
Facilities
Revenue
Bonds,
Worldwide
Terminals
Fernandina,
LLC
Project,
Series
2019,
(AMT)
5.500
12/01/49
790,767
2,560,000
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
LU
Properties
LLC
Lynn
University
Housing
Project,
Series
2024A
6.125
06/01/54
2,504,711
23
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,240,000
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
LU
Properties
LLC
Lynn
University
Housing
Project,
Series
2024A
6.250
%
06/01/59
$
2,211,592
1,000,000
(c)
Rye
Ranch
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Pod
B
-
Assessment
Area
1
Series
2023
6.000
11/01/53
1,017,545
1,000,000
(c)
Saltleaf
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2024
6.000
05/01/56
1,002,396
1,500,000
(c)
Solaeris
Community
Development
District,
St.
Lucie
County,
Florida,
Special
Assessment
Bonds,
Area
2
Project,
Series
2025
6.300
05/01/56
1,518,042
265,000
(c)
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
South
Assessment
Area
Series
2021B
4.625
05/01/36
261,911
880,000
Tradition
Community
Development
District
9,
Port
Saint
Lucie,
Florida,
Special
Assessment
Bonds,
Series
2025
5.650
05/01/56
859,892
220,000
(c)
Village
Community
Development
District
15,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2023
5.250
05/01/54
215,627
665,000
West
Villages
Improvement
District,
Florida,
Special
Assessment
Revenue
Bonds,
Unit
of
Development
7
Villages
F-3
and
G-1B
Series
2023
6.250
05/01/54
693,730
TOTAL
FLORIDA
76,677,932
GEORGIA
-
0.9%
3,910,000
Atlanta
Development
Authority,
Georgia,
Economic
Development
Certificates,
Gulch
Enterprise
Zone
Project,
Convertible
Capital
Appreciation
Series
2024A-1
Class
A
6.500
12/15/48
3,531,810
1,950,000
(b)
Atlanta
Development
Authority,
Georgia,
Senior
Health
Care
Facilities
Revenue
Bonds,
Georgia
Proton
Treatment
Center
Project,
Current
Interest
Series
2017A-1
7.000
01/01/40
877,500
1,750,000
(c)
Bulloch
County
Development
Authority,
Georgia,
Charter
School
Revenue
Bonds,
Statesboro
Steam
Academy
Project
Series
2024
6.750
06/15/64
1,691,486
500,000
Cobb
County
Development
Authority,
Georgia,
Charter
School
Revenue
Bonds,
Northwest
Classical
Academy,
Inc.
Project,
Series
2023A
6.375
06/15/58
483,624
TOTAL
GEORGIA
6,584,420
HAWAII
-
0.1%
1,000,000
(c)
Hawaii
County,
Hawaii,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
1-2021,
Kaloko
Heights
Project,
Series
2023
7.250
05/15/52
1,006,935
TOTAL
HAWAII
1,006,935
IDAHO
-
0.9%
121,000
(c)
Eagle
Avimor
Community
Infrastructure
District
1,
Ada,
Boise,
and
Gem
Counties,
Idaho,
Special
Assessment
Revenue
Bonds,
Assessment
Area
5
Series
2024
5.875
09/01/53
122,526
500,000
(c)
Eagle
Avimor
Community
Infrastructure
District
1,
Ada,
Boise,
and
Gem
Counties,
Idaho,
Special
Assessment
Revenue
Bonds,
Assessment
Area
6
Series
2024B
5.500
09/01/53
490,379
730,000
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Doral
Academy
of
Idaho,
Series
2021A
5.000
07/15/41
638,775
250,000
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Doral
Academy
of
Idaho,
Series
2021A
5.000
07/15/56
188,908
250,000
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
South
Charter
School
Project,
Series
2021
4.000
05/01/56
171,046
3,900,000
(c)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Assessment
Area
Two,
Series
2025
6.250
09/01/54
3,994,486
500,000
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024
6.250
09/01/53
510,144
TOTAL
IDAHO
6,116,264
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
24
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
-
2.6%
$
2,135,000
(c)
Burbank,
Cook
County,
Illinois,
Educational
Facility
Revenue
Bonds,
Intercultural
Montessori
Language
School
Project,
Series
2026
6.250
%
02/01/56
$
2,132,139
830,000
(c)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A
4.000
07/01/31
746,305
1,500,000
(c)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A
5.000
07/01/51
1,063,365
2,750,000
(c)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A
5.000
07/01/56
1,878,455
250,000
Illinois
Finance
Authority,
Revenue
Bonds,
Admiral
at
the
Lake
Project,
Refunding
Series
2017
5.500
05/15/54
210,887
386,043
(b)
Illinois
Finance
Authority,
Revenue
Bonds,
Christian
Homes
Inc.
Obligated
Group,
Refunding
Series
2016
5.000
05/15/31
3,860
844,469
(b)
Illinois
Finance
Authority,
Revenue
Bonds,
Christian
Homes
Inc.
Obligated
Group,
Refunding
Series
2016
5.000
05/15/36
8,445
150,798
(b)
Illinois
Finance
Authority,
Revenue
Bonds,
Christian
Horizons
Obligated
Group,
Series
2021A
4.000
05/15/41
1,508
215,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Goodman
Theatre
Project,
Refunding
Series
2025A
6.125
10/01/50
215,392
7,375,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Roosevelt
University,
Series
2019A
6.125
04/01/58
7,157,623
2,000,000
(c),(e)
Illinois
Finance
Authority,
Solid
Waste
Revenue
Bonds,
LRS
Holdings
LLC
Project,
Series
2023B,
(Mandatory
Put
9/01/33)
7.375
09/01/42
2,262,916
3,000,000
Palos
Heights,
Illinois,
Revenue
Bonds,
Trinity
Christian
College
Association,
Series
2024A
7.000
01/01/50
2,700,000
TOTAL
ILLINOIS
18,380,895
INDIANA
-
0.8%
85,000
(c)
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Circle
City
Preparatory
Inc.
Project,
Series
2021A
5.000
12/01/30
85,578
1,325,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Seven
Oaks
Classical
School
Project,
Series
2021A
5.000
06/01/51
1,112,208
775,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
University
of
Evansville
Project,
Series
2022A
5.250
09/01/57
711,446
1,250,000
Indiana
Housing
and
Community
Development
Authority,
Multifamily
Housing
Revenue
Bonds,
Vita
of
New
Whiteland
Project,
Series
2022
6.750
01/01/43
1,172,762
1,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1
7.750
03/01/67
1,087,135
1,500,000
(c)
Valparaiso,
Indiana,
Revenue
Bonds,
Valparaiso
University
Project,
Series
2025A
6.250
10/01/50
1,489,957
TOTAL
INDIANA
5,659,086
IOWA
-
0.1%
1,000,000
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021
5.000
09/01/51
726,162
TOTAL
IOWA
726,162
KANSAS
-
0.7%
1,725,000
Kansas
Development
Finance
Authority
Revenue
Bonds,
Village
Shalom
Project,
Series
2018A
5.250
11/15/53
1,218,466
100,000
Overland
Park
Development
Corporation,
Kansas,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
&
improvement
Series
2019
5.000
03/01/49
95,674
6,250,000
(b)
Overland
Park,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Prairiefire
at
Lionsgate
Project,
Series
2012
5.250
12/15/29
2,875,000
1,000,000
Wichita,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Presbyterian
Manors,
Series
2024VIII
6.000
05/15/54
960,835
TOTAL
KANSAS
5,149,975
25
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
-
2.5%
$
420,000
Juban
Crossing
Economic
Development
District,
Louisiana,
Revenue
Bonds,
Drainage
Projects,
Subordinate
Lien
Series
2025B
6.250
%
09/15/55
$
415,596
485,000
Juban
Crossing
Economic
Development
District,
Louisiana,
Revenue
Bonds,
Road
Projects,
Subordinate
Lien
Series
2025A
6.250
09/15/55
479,915
300,000
(c)
Lakeshore
Villages
Master
Community
Development
District,
St.
Tammany
Parish,
Louisiana,
Special
Assessment
Revenue
Bonds,
Series
2025
6.000
06/01/54
306,785
1,500,000
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2021A
5.250
06/01/60
1,111,854
2,635,000
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5.000
04/01/49
2,255,290
1,000,000
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5.000
04/01/57
826,009
480,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Rise
Charter
School
Project,
Series
2022A
6.000
06/01/37
490,959
1,000,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Rise
Charter
School
Project,
Series
2022A
6.250
06/01/52
986,831
950,000
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2022A
6.375
06/01/52
850,670
10,000,000
(a)
Louisiana
Publics
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT),
(UB)
5.000
09/01/66
9,436,556
500,000
(c)
Plaquemines
Port,
Louisiana,
Harbor
and
Terminal
District
Facilities
Revenue
Bonds
NOLA
Terminal
LLC
Project
Dock
and
Wharf
Series
2024A
9.000
12/01/44
434,025
TOTAL
LOUISIANA
17,594,490
MAINE
-
0.3%
2,000,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5.000
07/01/46
1,831,563
TOTAL
MAINE
1,831,563
MARYLAND
-
0.0%
135,000
(c)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Imagine
Andrews
Public
Charter
School,
Series
2022A
5.500
05/01/52
123,972
TOTAL
MARYLAND
123,972
MICHIGAN
-
1.1%
5,306,799
(b)
Detroit
City
&
General
Retirement
System
Service
Corporation,
Michigan,
Certificates
of
Participation,
Taxable
Series
2005A
-
FGIC
Insured
3.000
06/15/26
5,956,882
330,000
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Holly
Academy
Project,
Refunding
Series
2021
4.000
12/01/51
250,941
290,000
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Madison
Academy
Project,
Refunding
Series
2021
5.000
12/01/46
254,622
40,000,000
Michigan
Tobacco
Settlement
Finance
Authority,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Capital
Appreciation
Turbo
Term
Series
2008C
0.000
06/01/58
879,604
185,000
Trillium
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019
5.750
11/01/40
181,004
TOTAL
MICHIGAN
7,523,053
MINNESOTA
-
1.1%
500,000
Bethel,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Level
Up
Academy,
Series
2021A
5.000
06/15/56
351,701
1,000,000
(c)
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Seven
Hills
Preparatory
Academy
Project,
Series
2024A
6.125
06/15/61
907,430
770,000
(c)
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Spero
Academy
Project,
Series
2017A
6.500
07/01/48
771,354
2,000,000
Rochester,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Rochester
Math
&
Science
Academy
Project,
Series
2018A
5.125
09/01/38
1,703,761
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
26
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
1,000,000
(b),(c)
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Academy,
Series
2022A
5.875
%
06/01/57
$
740,000
1,000,000
(c)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023
5.250
03/01/43
997,307
660,000
(c)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Metro
Deaf
School
Project,
Series
2026
6.375
06/15/61
651,146
2,015,000
(c)
Woodbury,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Math
and
Science
Academy
Building
Company,
Refunding
Series
2025A
5.500
06/01/63
1,837,521
TOTAL
MINNESOTA
7,960,220
MISSOURI
-
1.0%
2,000,000
Independence
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Tax
Increment
and
Special
Districts,
Hub
Drive
Redevelopment
Project
Series
2023
6.750
11/01/53
2,005,292
250,000
(c)
Kansas
City
Industrial
Development
Authority,
Missouri,
Economic
Activity
Tax
Revenue
Bonds,
Historic
Northeast
Redevelopment
Plan
Series
2024A-1
5.000
06/01/54
238,414
1,000,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5.250
05/15/50
930,029
1,005,000
(c)
Missouri
Development
Finance
Board,
Tax
Increment
and
Special
District
Revenue
Bonds,
Lakeport
Village
Project,
Series
2025A
6.750
06/15/55
971,198
2,500,000
(c)
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Missouri
Baptist
University,
Series
2025
6.250
10/01/55
2,500,817
468,982
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Christian
Homes
Inc.,
Senior
Living
Facilities
Series
2018
5.000
05/15/32
4,690
687,639
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Christian
Homes
Inc.,
Senior
Living
Facilities
Series
2018
5.000
05/15/36
6,876
595,652
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Christian
Homes
Inc.,
Senior
Living
Facilities
Series
2018
5.000
05/15/40
5,957
100,000
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021
4.000
10/01/34
97,240
100,000
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021
4.000
10/01/44
88,597
232,598
(c)
North
Outer
Forty
Transportation
Development
District,
Chesterfield,
Missouri,
Transportation
Development
Revenue
Notes,
Refunding
Series
2021A
4.000
12/01/46
189,555
TOTAL
MISSOURI
7,038,665
NEVADA
-
0.0%
895,855
(b),(c)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2018,
(AMT)
6.950
02/15/38
9
305,000
Neveda
State
Director
of
the
Department
of
Business
and
Industry,
Charter
School
Revenue
Bonds,
Doral
Academy
of
Nevada,
Series
2017A
5.000
07/15/47
276,486
TOTAL
NEVADA
276,495
NEW
HAMPSHIRE
-
2.1%
550,000
(c)
National
Finance
Authority
Special
Revenue
Capital
Appreciation
Bonds,New
Hampshire,
The
Astro
Sunterra
Projects,
Waller
County,
Texas
Municipal
Utility
Districts,
Series
2026.
0.000
12/15/34
311,372
1,500,000
(c)
National
Finance
Authority,
New
Hampshire
,Class
A
Certificates,
Avenue
One
Project
Series
2025-2.
6.375
03/15/46
1,571,604
5,600,000
(c)
National
Finance
Authority,
New
Hampshire,
Special
Revenue
Bonds,
Aldeana,
Azalea
and
Serenada
Project,
Capital
Appreciation
Series
2026
0.000
12/01/40
1,920,557
27
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
HAMPSHIRE
(continued)
$
3,000,000
(c)
National
Finance
Authority,
New
Hampshire,
Special
Revenue
Bonds,
Forestar
Group
Houston
Area
Projects,
Fort
Bend,
Galveston,
Montgomery,
and
Walker
Counties,
Texas,
Series
2026
6.500
%
12/01/34
$
3,002,377
7,662,000
(c)
National
Finance
Authority,
New
Hampshire,
Special
Revenue
Bonds,
The
Chambers
Creek
Project,
Montgomery
County,
Texas
Municipal
Utility
Districts,
Capital
Appreciation
Series
2025
0.000
12/15/32
4,915,153
5,000,000
(c)
New
Hampshire
National
Finance
Authority,
Travis
and
Burnet
Counties,
Special
Revenue
Bonds,
Thomas
Ranch
Project
Capital
Appreciation
Improvement
Districts
Series
2024
0.000
12/01/34
2,720,072
TOTAL
NEW
HAMPSHIRE
14,441,135
NEW
JERSEY
-
1.6%
11,000,000
(c)
New
Jersey
Economic
Development
Authority,
New
Jersey,
Dock
and
Wharf
Facility
Revenue
Bonds,
Repauno
Port
&
Rail
Terminal
Project,
Series
2025,
(AMT)
6.625
01/01/45
11,496,828
TOTAL
NEW
JERSEY
11,496,828
NEW
YORK
-
7.1%
1,000,000
(c)
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Riverspring
Health
Senior
Living
Inc
Project,
Series
2026A
7.000
12/15/55
1,006,768
3,000,000
(c)
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Riverspring
Health
Senior
Living
Inc
Project,
Series
2026A
7.000
12/15/65
2,991,071
6,550,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7.250
07/01/53
6,642,384
10,000,000
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
1st
Subordinate
Series
2005B
0.000
06/01/47
2,047,535
4,760,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016B
0.000
01/01/45
1,430,152
8,500,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C
5.625
01/01/55
7,581,310
2,000,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Anns
Community
Project,
Series
2019
5.000
01/01/50
1,744,681
750,000
(b)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
5.875
10/01/46
472,500
2,500,000
(c)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
3
Series
2014
7.250
11/15/44
2,502,103
12,235,000
(a)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
New
Terminal
1
Project,
Green
Series
2024
-
AGM
Insured,
(AMT),
(UB)
5.250
06/30/60
12,298,949
750,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/28
650,076
1,450,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/29
1,208,121
150,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/30
121,627
4,135,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/31
3,288,919
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
28
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
1,010,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
%
01/01/32
$
790,677
3,050,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/33
2,359,047
630,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/34
482,524
2,200,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/35
1,671,359
650,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/36
490,437
250,000
(c)
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bond,
Purchase
Senior
Learning
Community,
Inc.
Project,
Accd
Inv
Series
2021A
5.000
07/01/56
220,603
TOTAL
NEW
YORK
50,000,843
NORTH
DAKOTA
-
0.5%
3,725,000
(a)
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
(UB)
4.700
07/01/49
3,672,355
TOTAL
NORTH
DAKOTA
3,672,355
OHIO
-
2.1%
240,000
(c)
Brecksville,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Valor
Acres
Project,
Series
2022
5.625
12/01/53
229,709
141,000,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2
0.000
06/01/57
10,312,514
1,250,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5.000
06/01/55
1,009,375
135,000
(c)
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Senior
Series
2021A
4.000
12/01/55
102,061
95,000
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Subordinate
Series
2021B
4.500
12/01/55
75,167
1,000,000
Ohio
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Green
Oaks
of
Holland
Project,
Series
2025A
6.300
01/01/45
1,018,309
1,360,000
(c)
Ohio
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Silver
Birch
Bedford
Heights,
Series
2025
6.375
01/01/45
1,414,523
250,000
(c)
Ohio
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Silver
Birch
of
Mansfield
Project,
Series
2024
6.000
01/01/45
252,392
200,000
(c)
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Multifamily
Housing
Revenue
Bonds,
Vivera
Northbrook
Project,
Series
2025A
6.500
01/01/45
208,335
TOTAL
OHIO
14,622,385
OKLAHOMA
-
0.2%
1,000,000
Osage
County
Industrial
Authority,
Oklahoma,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
Series
2023
5.750
09/01/53
986,594
215,000
(c)
Tulsa
Authority
for
Economic
Opportunity,
Tulsa
County,
Oklahoma,
Tax
Apportionment
Revenue
Bonds,
Vast
Bank
Project,
Series
2021
4.000
12/01/43
192,747
TOTAL
OKLAHOMA
1,179,341
OREGON
-
1.4%
4,250,000
(c)
Oregon
Facilities
Authority
Charter
School
Revenue
Bonds,
Oregon,
Portland
Village
School
Project,
Series
2024
7.000
12/15/60
4,007,285
5,805,000
(c)
Oregon
Facilities
Authority,
Oregon,
Charter
School
Revenue
Bonds,
Valley
Inquiry
Charter
School
Project,
Series
2025A
6.750
06/15/55
5,773,914
TOTAL
OREGON
9,781,199
29
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
-
3.0%
$
1,610,000
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Neuweiler
Lofts
Project,
Series
2023
6.250
%
05/01/42
$
1,627,854
26,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6.000
06/30/34
27,720
2,175,000
(d)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0.000
06/30/44
1,605,335
1,215,000
(c)
Erie
County,
Industrial
Development
Authority,
Pennsylvania,
Essential
Housing
Revenue
Bonds,
Senior-CFC-Erie
I
LLC
Erie
Apartments,
Series
2024A
6.750
09/01/61
1,179,748
11,500,000
(c)
Lehigh
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Provident
Group
-Lehigh
Valley
International
Airport
Hotel
Project
First
Tier
Series
2025A-2
5.750
01/01/65
10,804,261
1,065,000
(c)
Lehigh
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Provident
Group
-Lehigh
Valley
International
Airport
Hotel
Project
Second
Tier
Series
2025C
6.750
01/01/65
1,006,363
4,000,000
McCandless
IDA,
Pennsylvania,
University
Revenue
Bonds
Series
A
and
B
of
2022
La
Roche
University
6.750
12/01/46
3,663,106
370,000
Montgomery
County
Redevelopment
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
River
Pointe
Project
Series
2023
6.500
09/01/43
379,563
495,000
(b),(f)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A
10.000
12/01/31
50
1,100,000
(c)
Quakertown
General
Authority,
Pennsylvania,
Special
Assessment
Obligation
Bonds,
Milford
Village
Project,
Series
2025
6.500
03/01/55
1,120,936
TOTAL
PENNSYLVANIA
21,414,936
PUERTO
RICO
-
0.2%
20,000,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-
Backed
Bonds,
Series
2008B
0.000
05/15/57
589,780
450,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007TT
5.000
01/01/27
286,211
160,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/27
100,486
4,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5.000
07/01/24
2,544
325,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5.000
07/01/26
206,756
115,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5.250
07/01/26
72,994
105,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
5.000
07/01/29
66,798
250,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5.000
07/01/37
157,450
115,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5.500
01/01/27
72,810
100,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Taxable
Series
2010EEE
5.950
07/01/30
65,747
100,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Taxable
Series
2010EEE
6.250
07/01/40
65,710
TOTAL
PUERTO
RICO
1,687,286
SOUTH
CAROLINA
-
2.2%
5,000,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Palmera
Apartments
Project,
Series
2025A
6.750
12/01/60
4,880,937
3,000,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Libertas
Woodruff
Project,
Series
2025A
7.250
08/15/65
3,091,842
5,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Mountain
View
Preparatory
Project,
Series
2025A
7.125
06/01/60
5,018,844
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
30
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
(continued)
$
200,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A
4.000
%
06/15/31
$
187,865
1,840,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A
5.000
06/15/41
1,602,410
330,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A
5.000
06/15/51
254,283
250,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2023A
7.000
06/15/53
250,014
250,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2023A
7.125
06/15/58
251,186
TOTAL
SOUTH
CAROLINA
15,537,381
TENNESSEE
-
0.4%
2,985,000
(c)
Memphis-Shelby
County
Community
Redevelopment
Agency,
Tennessee,
Revenue
Notes
Series
2016
7.250
04/01/38
2,987,312
100,000
(c)
Metropolitan
Government
of
Nashville-Davidson
County
Industrial
Development
Board,
Tennessee,
Special
Assessment
Revenue
Bonds,
South
Nashville
Central
Business
Improvement
District,
Series
2021A
4.000
06/01/51
84,660
TOTAL
TENNESSEE
3,071,972
TEXAS
-
11.4%
1,295,000
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
First-Lien
Series
2021A
4.000
10/01/50
1,001,406
1,250,000
(c)
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
Second-Lien
Series
2021B
5.000
10/01/50
1,053,421
200,000
(c)
Anna,
Texas,
Special
Assessment
Revenue
Bonds,
Meadow
Vista
Public
Improvement
District
Area
1
Project,
Series
2024
5.750
09/15/54
201,039
1,190,000
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2021A
4.125
02/15/41
963,179
250,000
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2021A
4.500
02/15/56
175,691
3,330,000
(c)
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2022A
6.750
02/15/62
3,250,120
2,640,000
(c)
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Series
2022A
6.375
02/15/52
2,502,611
1,825,000
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Odyssey
Academy
Inc
Series
2023A
6.000
02/15/43
1,654,115
2,635,000
Baytown
Municipal
Development
District,
Texas,
Hotel
Revenue
Bonds,
Baytown
Convention
Center
Hotel,
First-Lien
Series
2021A
4.000
10/01/50
1,834,466
100,000
(c)
Bee
Cave,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Backyard
Public
Improvement
District
Project,
Series
2021
5.250
09/01/51
94,675
250,000
(c)
Buda,
Texas,
Special
Assessment
Revenue
Bonds,
Persimmon
Public
improvement
District
Major
Improvement
Area
Project,
Series
2025
6.750
09/01/55
243,630
1,600,000
(c)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Cross
Creek
Meadows
Public
Improvement
District,
Major
Improvement
Area
District
Series
2023
6.125
09/01/53
1,607,146
1,000,000
(c)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Parvin
Public
Improvement
District
Project,
Series
2023
6.750
09/01/53
995,184
3,000,000
(c)
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Valor
Education
Foundation,
Series
2023A
6.250
06/15/53
2,858,554
31
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
550,000
(c)
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Valor
Education
Foundation,
Series
2024A
6.000
%
06/15/54
$
506,022
2,050,000
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
First-Lien
Series
2021A
4.000
10/01/50
1,563,065
7,390,000
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
Second-Lien
Series
2021B
5.000
10/01/50
5,803,658
1,250,000
(c)
Corpus
Christi,
Nueces,
Aransas,
San
Patricio,
ad
Kleberg
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Whitecap
Public
Improvement
District
1
Improvement
Area
1
Project
Series
2024
6.125
09/15/44
1,257,471
1,000,000
(c)
Corpus
Christi,
Nueces,
Aransas,
San
Patricio,
ad
Kleberg
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Whitecap
Public
Improvement
District
1
Improvement
Area
1
Project
Series
2024
6.500
09/15/54
989,440
700,000
(c)
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2025
6.125
12/31/55
714,689
2,000,000
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tabor
Ranch
Public
Improvement
District
Improvement
Area
1
Project,
Junior
Lien
Series
2024B
6.125
12/31/54
1,988,864
2,150,000
(c)
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tabor
Ranch
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2024
6.000
12/31/44
2,182,320
1,320,000
(c)
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tabor
Ranch
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2024
6.250
12/31/54
1,291,291
1,070,000
(c)
Dorchester,
Texas,
Special
Assessment
Revenue
Bonds,
Cottonwood
Public
Improvement
District
Improvement
Area
1
Project
Series
2024
6.000
09/15/44
1,052,030
1,988,000
(c)
Forney,
Texas,
Special
Assessment
Revenue
Bonds,
Bellagio
Public
Improvement
District
1
Phase
I
Project
Series
2023
6.500
09/15/53
1,919,235
3,490,000
Friendswood,
Harris
and
Galveston
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
City
Center
Public
Improvement
District,
Initial
Major
Improvements
Project
Series
2024
7.000
09/15/54
3,480,322
1,650,000
(c)
Granbury,
Hood
County,
Texas,
Special
Assessment
Revenue
Bonds,
Lakeview
Landing
Public
Improvement
District
Project,
Series
2025
7.250
09/15/45
1,705,499
1,000,000
(c)
Granbury,
Hood
County,
Texas,
Special
Assessment
Revenue
Bonds,
Lakeview
Landing
Public
Improvement
District
Project,
Series
2025
7.500
09/15/55
1,020,647
2,205,000
(c)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
Porter
County
Public
Improvement
District
Improvement
Area
1
Project,
Series
2023
6.000
09/01/53
2,184,862
512,000
(c)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
Southwest
Kyle
Public
Improvement
District
1
Improvement
Area
2
Project,
Series
2023
6.750
09/01/48
531,962
1,625,000
(c)
Lewisville,
Denton
and
Dallas
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Lakeside
Crossing
Public
Improvement
District
Series
2023
8.000
09/01/53
1,678,020
3,932,000
(c)
Lockhart,
Texas,
Special
Assessment
Revenue
Bonds,
Seawillow
Public
Improvement
District
Major
Improvement
Area,
Series
2026
7.500
09/01/56
3,893,868
250,000
(c)
Manor,
Texas,
Special
Assessment
Revenue
Bonds,
Entradaglen
Public
Improvement
District
Improvement
Area
1
Project,
Series
2025
7.000
09/15/55
260,608
1,000,000
(c)
Marble
Falls,
Burnet
County,
Texas,
Special
Assessment
Revenue
Bonds,
Thunder
Rock
Public
Improvement
District
Remainder
Area
Project,
Series
2024
7.625
09/01/54
985,431
1,645,000
(c)
Mission
Economic
Development
Corporation,
Texas,
Utility
Revenue
Bonds,
Permian
Basin
Water
Resources
Project,
Series
2025A,
(AMT)
7.000
08/15/60
1,671,759
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
32
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
770,000
(c)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Beta
Academy,
Series
2019A
5.000
%
08/15/49
$
693,549
70,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-1
7.500
11/15/37
70,000
435,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-2
7.500
11/15/36
435,000
3,229,663
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021B,
(cash
2.000%,
PIK
2.000%)
0.000
11/15/61
1,486,812
135,933
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
08/01/25
133,214
650,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/27
637,000
500,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/30
492,522
1,000,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/35
978,757
2,500,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5.000
07/01/47
2,351,489
1,275,000
(c)
New
Hope
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School
Series
2023A
6.375
08/15/53
1,313,922
85,000
(c)
New
Hope
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School
Taxable
Series
2023A
8.000
08/15/30
86,705
500,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
6.375
09/15/55
511,031
250,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
6.375
09/15/55
255,515
250,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
7.125
09/15/55
255,510
215,000
(c)
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2025
7.125
09/15/55
219,738
465,000
(c)
Plano,
Collin
and
Denton
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Haggard
Farm
Public
Improvement
District
Project,
Area
1
Project
Series
2023
7.500
09/15/53
484,349
1,000,000
(c)
Plano,
Collin
and
Denton
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Haggard
Farm
Public
Improvement
District
Project,
Major
Improvement
Area
Project
Series
2023
8.500
09/15/53
1,040,155
4,000,000
(c)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
3.000
01/01/50
2,413,835
33
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
250,000
(c)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Sicily
Public
Improvement
District
Improvement
Area
1
Project,
Series
2023
7.000
%
09/01/53
$
253,169
500,000
(c)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Sicily
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2023
7.875
09/01/53
510,802
125,000
(b)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012
3.000
12/15/32
71,250
500,000
(b)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012
3.000
12/15/42
285,000
305,000
(b)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012
3.000
12/15/47
173,850
1,970,000
(c)
Rockdale,
Milam
County,
Texas,
Special
Assessment
Revenue
Bonds,
Cornerstone
Public
Improvement
District
Improvement
Area
1,
Series
2023
7.500
09/15/54
2,023,808
610,000
(c)
Sachse,
Texas,
Special
Assessment
Bonds,
Sachse
Public
Improvement
District
1
Improvement
Areas
2-3
Project,
Series
2022
7.000
09/15/52
661,210
720,000
Salado,
Bell
County,
Texas,
Special
Assessment
Revenue
Bonds,
Sanctuary
East
Public
Improvement
District
Improvement
Area
1
Project
Series
2024
6.250
09/01/44
728,949
1,500,000
(c)
San
Marcos
City,
Hays,
Caldwell
and
Guadalupe
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
San
Marcos
Trace
Public
Improvement
District
Series
2024
6.000
09/01/48
1,482,123
100,000
(c)
Sinton,
San
Patricio
County,
Texas,
Special
Assessment
Revenue
Bonds,
Somerset
Public
Improvement
District
1
Series
2022
5.250
09/01/51
97,170
500,000
(b)
Tarrant
County
Cultural
Education
Facilities
Finance
Corporaton,
Texas,
Retirement
Facility
Revenue
Bonds,
C.C.
Young
Memorial
Home
Project,
Series
2016A
3.750
02/15/37
406,250
3,000,000
(c)
Terrell,
Texas,
Special
Assessment
Revenue
Bonds,
Arboretum
Estates
Public
Improvement
District
6
Major
Improvement
Area
Project,
Series
2025
7.000
09/15/55
3,038,194
800,000
(c)
Venus,
Johnson
County,
Texas,
Special
Assessment
Revenue
Bonds,
Brahman
Ranch
Public
Improvement
District,
Series
2022
6.500
09/15/52
770,711
80,000
Viridian
Municipal
Management
District,
Texas,
Assessment
Revenue
Bonds,
Series
2017
4.250
12/01/44
72,792
900,000
(c)
Vista
Lago,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
#3
Project,
Series
2024
6.000
09/01/54
909,310
TOTAL
TEXAS
80,459,991
UTAH
-
12.1%
500,000
(c)
Black
Desert
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds
Subordinate
Series
2021B
7.375
09/15/51
450,829
1,615,000
(c)
Chelsey
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds
Series
2024
7.250
03/01/54
1,639,246
5,168,000
(c)
Chelsey
Public
Infrastructure
District
1,
Utah,
Special
Assessment
Bonds
Chelsey
Assessment
Area
1
Series
2024
7.000
12/01/42
5,393,183
500,000
(c)
Coral
Junction
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1
6.500
03/01/53
479,233
1,255,000
(c)
Courtyards
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-1
7.000
03/01/55
1,285,563
776,000
(c)
Courtyards
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
9.500
03/15/55
787,455
2,945,000
(c)
Courtyards
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Courtyards
at
Shurtz
Canyon
Assessment
Area,
Series
2025A-2
6.875
12/01/45
3,050,906
1,137,000
(c)
Desert
Edge
Public
Infrastructure
District
No.
1,
Grantsville,
Tooele
County,
Utah,
General
Obligation
Bonds,
Limited
Tax
Subordinate
Series
2025B
8.500
03/15/55
1,154,527
4,000,000
(c),(d)
Desert
Edge
Public
Infrastructure
District
No.
1,
Grantsville,
Tooele
County,
Utah,
Limited
Tax
General
Obligation
Convertible
Capital
Appreciation
Bonds,
Series
2025A
0.000
03/01/55
3,186,424
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
34
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
2,000,000
(c)
Downtown
East
Streetcar
Sewer
Public
Infrastructure
District,
South
Salt
Lake,
Salt
Lake
County,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
6.000
%
03/01/53
$
1,917,831
825,000
(c)
Fields
Estates
Public
Infrastructure
District,
Utah,
General
Obligation
Bonds,
Limited
Tax
Series
2024A-1
6.125
03/01/55
822,993
7,452,000
(c)
Fox
Hollow
Infrastructure
Financing
District,
Saratoga
Springs,
Utah
County,
Utah,
Special
Assessment
Bonds,
Fox
Hollow
Assessment
Area,
Series
2025
6.125
12/01/54
7,245,770
1,000,000
(c)
Gateway
at
Sand
Hollow,
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A
5.500
03/01/51
778,284
1,715,000
(c)
GLH
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025
6.875
03/01/55
1,804,166
4,130,000
(c)
High
Star
Ranch
Infrastructure
Financing
District,
Utah,
Special
Assessment
Bonds,
High
Star
Ranch
Assessment
Area,
Series
2026
6.250
12/01/55
4,130,469
1,595,000
(c)
Jordanelle
Ridge
Public
Infrastructure
District
2,
Utah,
General
Obligation
Bonds,
Limited
Tax
Series
2023A
7.750
03/01/54
1,654,783
2,143,000
(c)
Medical
School
Campus
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5.250
02/01/40
1,906,797
4,415,000
(c)
Medical
School
Campus
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5.500
02/01/50
3,546,475
500,000
(c)
Mida
Cormont
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-1
6.250
06/01/55
520,992
500,000
(c)
Mida
Cormont
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-2
6.750
06/01/55
428,734
3,747,000
(c)
Mida
Cormont
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
8.500
06/15/55
3,820,135
800,000
(c)
MIDA
Mountain
Village
Public
Infrastructure
District,
Utah,
Tax
Allocation
Revenue
Bonds,
Series
2025-1
5.750
06/01/60
806,090
660,000
(c)
Moonlight
Village,
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6.000
03/01/56
661,712
4,800,000
(c)
Nordic
Village
Public
Infrastructure
District
1,
Weber
County,
Utah,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2025
6.500
03/01/55
4,913,717
1,000,000
(c)
Northpoint
Infrastructure
Financing
District,
Salt
Lake
City,
Salt
Lake
County,
Utah,
Special
Assessment
Bonds
Northpoint
Assessment
Area,
Series
2026
6.625
12/01/55
985,210
750,000
(c)
Northwest
Quadrant
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6.125
03/01/56
750,361
1,329,000
Northwest
Quadrant
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025B
8.250
03/15/56
1,315,673
951,000
Olympia
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2024B
8.000
03/15/55
964,290
1,000,000
(c)
Panorama
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6.250
03/01/55
1,002,103
1,000,000
(c)
Ridges
Estates
Infrastructure
Financing
District,
Utah,
Special
Assessment
Bonds,
Alpine
Hollow
Assessment
Area,
Series
2025
6.250
12/01/53
1,024,820
865,000
(c)
Sienna
Hills
Public
Infrastructure
District
No.
1
Limited
Tax
General
Obligation
and
Sales
Tax
Revenue
Bonds,
Utah,
Series
2023A
6.750
07/01/35
908,857
1,005,000
(c)
Slate
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6.250
03/01/55
1,020,574
690,000
(c)
Soleil
Hills
Public
Infrastructure
District
No.
1,
Utah,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2025A
5.875
03/01/55
682,130
1,000,000
(c)
Sun
Stone
Infrastructure
Financing
District,
Utah,
Special
Assessment
Bonds,
Assessment
Area
1,
Series
2024
6.750
06/01/54
1,018,702
1,810,000
(c)
Trails
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-1
6.750
03/01/55
1,854,522
1,815,000
(c)
Trails
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2025B
9.000
03/15/55
1,842,382
3,995,000
(c)
Trails
at
Shurtz
Canyon
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Series
2025A-2
6.625
12/01/45
4,139,957
35
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
7,065,000
TV
Public
Infrastructure
District,
Utah,
Limited
Tax
and
Tax
Differential
Convertible
Capital
Appreciation
Bonds,
Series
2025
8.000
%
03/01/56
$
4,859,982
375,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Bridge
Elementary
Project,
Series
2021A
4.000
06/15/41
312,595
245,000
(c)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Saint
George
Academy
Project,
Series
2021A
5.000
06/15/56
184,194
7,000,000
(c)
Ventana
Resort
Village
Public
Infrastructure
District,
Utah,
General
Obligation
Bonds,
Limited
Tax
Series
2024
5.500
03/01/54
6,819,490
1,925,000
(c)
Verk
Industrial
Regional
Public
Infrastructure
District,
Utah,
Tax
Differential
Revenue
Bonds,
Series
2025
6.625
09/01/47
2,029,699
500,000
(c)
Wakara
Ridge
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Wakara
Ridge
Assessment
Area,
Series
2025
5.625
12/01/54
507,024
1,015,000
(c)
Wohali
Public
Infrastructure
District
1,
Utah,
Special
Assessment
Revenue
Bonds,
Assessment
Area
1
Series
2023
7.000
12/01/42
841,283
TOTAL
UTAH
85,450,162
VIRGIN
ISLANDS
-
1.4%
6,270,000
Virgin
Islands
Hotel
Development
Financing
Corporation,
Hotel
Revenue
Bonds
Frenchman's
Reef
Hotel
Acquisition
Project,
Senior
Lien
Series
2025A-1
6.000
12/01/55
6,101,267
200,000
(c)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Senior
Series
2021A
6.750
07/01/26
200,126
1,070,000
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B
5.000
07/01/26
1,062,461
2,745,000
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B
5.000
07/01/31
2,392,618
250,000
(c)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds
WICO
Financing
Series
2022B,
(AMT)
6.500
04/01/52
238,594
TOTAL
VIRGIN
ISLANDS
9,995,066
VIRGINIA
-
1.3%
300,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6.875
12/01/58
325,663
4,350,000
(c)
Powhatan
County
Economic
Development
Authority,
Virginia,
Grant
Revenue
Bonds,
Chesterfield
Hotel
Project,
Senior
Series
2025A
6.125
09/01/60
4,272,430
4,145,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7.000
09/01/59
4,503,757
TOTAL
VIRGINIA
9,101,850
WASHINGTON
-
1.5%
4,445,000
Washington
State
Housing
Finance
Commission,
Nonprofit
Housing
Revenue
Bonds,
Horizon
House
Project,
Refunding
Series
2025A
6.250
01/01/61
4,406,307
6,000,000
(c)
Washington
State
Housing
Finance
Commission,
Nonprofit
Revenue
Bonds,
Provident
Group
SH
II
Properties
LLC,
Blakeley
&
Laurel
Villages
Portfolio,
Series
2025A
7.000
07/01/64
6,171,186
TOTAL
WASHINGTON
10,577,493
WEST
VIRGINIA
-
0.4%
480,000
Huntington,
West
Virginia,
Tax
Increment
Revenue
Bonds,
Kinetic
Park
Project
3,
Refunding
Series
2024
5.625
05/01/50
472,203
935,000
(c),(d)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Subordinate
Improvement
and
Refunding
Series
2023B
0.000
06/01/53
205,841
440,000
(c)
Monongalia
County,
West
Virginia,
Tax
Increment
Revenue
Bonds,
University
Town
Centre
Development
District
4,
Senior
Refunding
and
Improvement
Series
2023A
6.000
06/01/53
458,804
185,000
(c)
South
Charleston,
West
Virginia,
Special
District
Excise
Tax
Revenue
Improvement
Bonds,
South
Charleston
Park
Place
Project,
Series
2022A
4.250
06/01/42
154,617
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
36
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST
VIRGINIA
(continued)
$
250,000
(c)
South
Charleston,
West
Virginia,
Special
District
Excise
Tax
Revenue
Improvement
Bonds,
South
Charleston
Park
Place
Project,
Series
2022A
4.500
%
06/01/50
$
199,145
2,285,000
(b),(c)
West
Virginia
Economic
Development
Authority,
Dock
and
Wharf
Facilities
Revenue
Bonds,
Empire
Trimodal
Terminal,
LLC
Project,
Series
2020
7.625
12/01/40
1,142,500
TOTAL
WEST
VIRGINIA
2,633,110
WISCONSIN
-
18.9%
3,020,000
(a)
Ashwaubenon
Community
Development
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Brown
County
Expo
Center
Project,
Series
2019
0.000
06/01/54
717,795
2,980,000
Public
Finance
Authority
of
Wisconsin,
Capital
Appreciation
Bonds,
Texas
Infrastructure
Program,
Capital
Creek
Ranch
Project,
Revenue
Anticipation
Series
2025
0.000
12/15/39
1,148,064
255,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Alamance
Community
School,
Series
2021A
5.000
06/15/51
218,268
1,100,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Cherokee
Classical
Academy,
Series
2025A
7.000
06/15/65
1,100,378
2,775,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School
Bonds,
North
Carolina,
Series
2019A
5.000
06/15/49
2,293,390
900,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Discovery
Charter
School
Project,
Series
2022A
6.625
06/01/52
857,258
1,425,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Discovery
Charter
School
Project,
Series
2022A
6.750
06/01/62
1,351,156
600,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Founders
Academy
of
Las
Vegas,
Series
2023A
6.625
07/01/53
617,258
550,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Founders
Academy
of
Las
Vegas,
Series
2023A
6.750
07/01/58
567,746
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Freedom
Classical
Academy
Inc.,
Series
2020A
5.000
01/01/56
822,912
2,385,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Hapeville
Charter
Project,
Series
2025A
6.875
06/15/54
2,354,170
2,495,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
5.000
06/15/36
2,296,382
415,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
5.000
06/15/46
333,182
1,110,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Quality
Education
Academy
Project,
Series
2023A
6.250
07/15/53
1,132,858
1,175,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Quality
Education
Academy
Project,
Series
2023A
6.500
07/15/63
1,206,963
7,125,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Vegas
Vista
Academy,
Series
2024A
7.000
06/01/59
6,465,466
1,520,000
(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2025
6.250
01/01/65
1,490,194
1,250,000
(c)
Public
Finance
Authority
of
Wisconsin,
Contract
Revenue
Bonds,
Mercer
Crossing
Public
Improvement
District
Project,
Series
2017
7.000
03/01/47
1,265,361
300,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Casa
Esperanza
Montessori,
Series
2021A
4.375
06/01/46
239,066
100,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Casa
Esperanza
Montessori,
Series
2021A
4.500
06/01/56
73,991
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A
6.250
06/15/53
957,701
500,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Mater
Academy
of
Nevada,
-
East
Las
Vegas
Campus
Project,
Series
2024A
5.000
12/15/54
451,750
750,000
Public
Finance
Authority
of
Wisconsin,
Educational
Facilities
Revenue
Bonds,
Cincinnati
Classical
Academy,
Series
2024A
5.875
06/15/54
731,346
37
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Educational
Facility
Revenue
Bonds,
Dreamhouse
Refunding
Series
2025A
7.375
%
06/15/60
$
984,362
1,185,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A
6.250
08/01/27
865,050
500,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017B
5.625
08/01/27
450,000
2,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
5.000
12/01/27
1,560,000
4,500,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
6.750
12/01/42
3,510,000
55,800,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
7.000
12/01/50
43,524,000
5,935,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
Meadowlands
Project,
Series
2017
6.500
12/01/37
4,629,300
4,690,000
(c)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024
6.250
02/01/39
4,764,361
1,000,000
(c)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Renaissance
Hall
at
Old
Course
LLC
Project,
Subordinate
Series
2024
8.000
06/01/67
928,934
250,000
(c)
Public
Finance
Authority
of
Wisconsin,
Retirement
Facility
Revenue
Bonds,
Penick
Village,
Series
2019
5.000
09/01/54
226,095
2,045,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Anticipation
Capital
Appreciation
Bonds,
Creekhaven,
Wildrye,
and
Furst
Ranch
Projects,
Texas
Infrastructure
Program,
Series
2026
0.000
12/15/36
1,042,171
13,650,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Anticipation
Capital
Appreciation
Bonds,
Texas
Infrastructure
Authority
Program,
Myrtle
Creek
Project,
Series
2025
0.000
12/15/41
5,088,128
2,700,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Procure
Proton
Therapy
Center,
Senior
Series
2018A
7.000
07/01/48
1,890,000
700,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Revolution
Academy,
Refunding
Series
2023A
6.250
10/01/58
707,078
250,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Senior
Revenue
Bonds,
Proton
International
Arkansas,
LLC,
Series
2021A
6.850
01/01/51
169,321
3,350,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Viticus
Group
Project,
Series
2025A
6.750
12/01/65
3,413,034
1,000,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Senior
Revenue
Bonds,
Maryland
Proton
Treatment
Center,
Series
2018A-1
6.375
01/01/48
450,000
100,000
(b),(f)
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B
15.000
12/31/26
10
15,165,000
(c)
Public
Finance
Authority,
Wisconsin,
Anticipation
Capital
Appreciation
Bonds,
Milo
Farms
Project,
Series
2025
0.000
12/15/39
5,507,423
1,730,000
(c)
Public
Finance
Authority,
Wisconsin,
Revenue
Bonds,
Two
Step
Project,
Series
2024
0.000
12/15/34
1,024,193
7,635,000
(c)
Public
Finance
Authority,
Wisconsin,
Tax
Increment
Revenue
Subordinate
Bonds,
World
Center
Project
Series
2024B
8.000
06/15/42
7,662,116
100,000
(c)
Saint
Croix
Chippewa
Indians
of
Wisconsin,
Revenue
Bonds,
Refunding
Senior
Series
2021
5.000
09/30/41
90,805
290,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Covenant
Communities
Inc,
Second
Tier
Series
2018B
4.375
07/01/38
274,800
250,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Phase
2
Project,
Series
2024
6.125
10/01/59
257,228
1,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021
4.000
01/01/57
766,350
Portfolio
of
Investments
March
31,
2026
(continued)
Enhanced
High
Yield
Municipal
Bond
38
See
Notes
to
Financial
Statements
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
6,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Senior
Living
Revenue
Bonds,
Chiara
Housing
and
Services,
Inc.
Project,
Series
2024
5.875
%
07/01/55
$
5,968,771
6,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Senior
Living
Revenue
Bonds,
Chiara
Housing
and
Services,
Inc.
Project,
Series
2024
6.000
07/01/60
6,014,323
2,500,000
(c)
Wisconsin
Housing
and
Economic
Development
Authority,
Multifamily
Housing
Bonds,
Meadow
Village
Project
Series
2020A
5.000
07/01/37
2,319,954
TOTAL
WISCONSIN
132,780,462
TOTAL
MUNICIPAL
BONDS
(Cost
$1,046,245,968)
977,227,406
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
8642
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0.0%
(0.0%
of
Total
Investments)
8642
CAPITAL
GOODS
-
0.0%
128,676
(b),(f)
KDC
Agribusiness
Fairless
Hills
LLC
12.000
09/17/26
13
TOTAL
CAPITAL
GOODS
13
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
45,154
(b),(f)
Jackson
Hospital
13.000
04/30/26
3,612
62,714
(b),(f)
Jackson
Hospital,
Inc.
and
Jackson
Hospital
Financing,
LLC
13.000
04/30/26
5,017
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
8,629
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$236,347)
8,642
SHARES
DESCRIPTION
MATURITY
VALUE
51,825
WARRANTS
-
0.0%
(0.0%
of
Total
Investments)
51,825
TRANSPORTATION
-
0.0%
41,460
(f)
BL
TRAIN
HOLDINGS
WEST
LLC
11/26/35
51,825
TOTAL
TRANSPORTATION
51,825
TOTAL
WARRANTS
(Cost
$0)
51,825
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,046,482,315)
977,287,873
BORROWINGS
-
(0.6)%
(g)
(4,137,692)
FLOATING
RATE
OBLIGATIONS
-
(2.9)%
(20,580,000)
MFP
SHARES,
NET
-
(38.8)%(h)
(273,432,035)
OTHER
ASSETS
&
LIABILITIES,
NET
-   3.6%
25,430,945
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
704,569,091
AMT
Alternative
Minimum
Tax
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
(a)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(b)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
fiscal
period,
the
aggregate
value
of
these
securities
is
$629,651,008
or
64.4%
of
Total
Investments.
(d)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
fiscal
period.
(e)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
when
applicable.  For
mortgage-backed
or
asset-backed
securities
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
39
See
Notes
to
Financial
Statements
(g)
Borrowings
as
a
percentage
of
Total
Investments
is
0.4%.
(h)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
28.0%.
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
40
March
31,
2026
Enhanced
High
Yield
Municipal
Bond
ASSETS
Long-term
investments,
at
value
†
$
977,287,873‌
Receivables:
Interest
28,011,684‌
Investments
sold
60,000‌
Reimbursement
from
Adviser
2,700‌
Shares
sold
1,493,708‌
Other
69,790‌
Total
assets
1,006,925,755‌
LIABILITIES
Cash
overdraft
323,720‌
Borrowings
4,137,692‌
Floating
rate
obligations
20,580,000‌
MFP
Shares,
Net
**
273,432,035‌
Payables:
Management
fees
788,266‌
Dividends
1,447,739‌
Interest
109,126‌
Investments
purchased
-
regular
settlement
983,950‌
Accrued
expenses:
Custodian
fees
139,631‌
Trustees
fees
18,490‌
Professional
fees
58,451‌
Shareholder
reporting
expenses
24,913‌
Shareholder
servicing
agent
fees
63,979‌
Distribution
and
service
fees
(12b-1)
244,070‌
Other
4,602‌
Total
liabilities
302,356,664‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
704,569,091‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Paid-in
capital
$
766,100,714‌
Total
distributable
earnings
(loss)
(61,531,623‌)
Net
assets
applicable
to
common
shares
$
704,569,091‌
†
Long-term
investments,
cost
$
1,046,482,315‌
**
MFP
Shares,
liquidation
preference
$
274,500,000‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
41
Enhanced
High
Yield
Municipal
Bond
CLASS
A1:
Net
assets
$
248,194,849
Common
Shares
outstanding
35,315,767
Net
asset
value
("NAV")
per
common
share
$
7.03
Maximum
sales
charge
2.50%
Offering
price
per
common
share
(NAV
per
common
share
plus
maximum
sales
charge)
$
7.21
CLASS
A2:
Net
assets
$
201,864,857
Common
Shares
outstanding
28,686,051
NAV
and
offering
price
per
common
share
$
7.04
CLASS
I:
Net
assets
$
254,509,385
Common
Shares
outstanding
36,221,420
NAV
and
offering
price
per
common
share
$
7.03
Authorized
shares
-
per
class
Unlimited
Par
value
per
common
share
$  
0.01
Statement
of
Operations
See
Notes
to
Financial
Statements
42
``
Year
Ended
March
31,
2026
Enhanced
High
Yield
Municipal
Bond
INVESTMENT
INCOME
Interest
$
72,593,472‌
Total
investment
income
72,593,472‌
EXPENSES
–
Management
fees
9,269,726‌
Distribution
and
service
fees
(12b-1)
-
Class
A1
1,797,546‌
Distribution
and
service
fees
(12b-1)
-
Class
A2
1,051,714‌
Shareholder
servicing
agent
fees
-
Class
A1
92,050‌
Shareholder
servicing
agent
fees
-
Class
A2
80,952‌
Shareholder
servicing
agent
fees
-
Class
I
96,675‌
Interest
expense
and
amortization
of
offering
costs
10,826,901‌
Trustees
fees
48,125‌
Custodian
expenses,
net
119,400‌
Excise
tax
liability
expense
53,322‌
Registration
fees
131,313‌
Professional
fees
264,703‌
Shareholder
reporting
expenses
62,352‌
Other
43,272‌
Total
expenses
before
fee
waiver/expense
reimbursement
23,938,051‌
Fee
waiver/expense
reimbursement
(
185,464‌
)
Net
expenses
23,752,587‌
Net
investment
income
(loss)
48,840,885‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
749,295‌
)
Net
realized
gain
(loss)
(
749,295‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
68,679,478‌
)
Net
change
in
unrealized
appreciation
(depreciation)
(
68,679,478‌
)
Net
realized
and
unrealized
gain
(loss)
(
69,428,773‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
(
20,587,888‌
)
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
43
Enhanced
High
Yield
Municipal
Bond
Year
Ended
3/31/26
Year
Ended
3/31/25
OPERATIONS
Net
investment
income
(loss)
$
48,840,885‌
$
32,290,773‌
Net
realized
gain
(loss)
(749,295‌)
5,671,191‌
Net
change
in
unrealized
appreciation
(depreciation)
(68,679,478‌)
(2,954,918‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(20,587,888‌)
35,007,046‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends:
Class
A1
(12,919,597‌)
(10,205,584‌)
Class
A2
(11,908,864‌)
(8,448,860‌)
Class
I
(15,542,559‌)
(12,308,575‌)
Total
distributions
(40,371,020‌)
(30,963,019‌)
FUND
SHARE
TRANSACTIONS
Subscriptions
183,532,694‌
378,764,023‌
Reinvestments
of
distributions
22,963,529‌
17,235,803‌
Repurchases
and
redemptions
(159,790,167‌)
(76,605,470‌)
Net
increase
(decrease)
applicable
to
common
shares
from
Fund
share
transactions
46,706,056‌
319,394,356‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(14,252,852‌)
323,438,383‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
period
718,821,943‌
395,383,560‌
Net
assets
applicable
to
common
shares
at
the
end
of
period
$
704,569,091‌
$
718,821,943‌
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements
44
Year
Ended
March
31,
2026
Enhanced
High
Yield
Municipal
Bond
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
(20,587,888‌)
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(451,610,631‌)
Proceeds
from
sale
and
maturities
of
investments
427,515,993‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
(11,870,406‌)
Amortization
of
deferred
offering
costs
(331,785‌)
(Increase)
Decrease
in:
Receivable
for
interest
(9,381,383‌)
Receivable
for
investments
sold
1,538,156‌
Receivable
for
reimbursement
from
Adviser
(2,700‌)
Other
assets
8,345‌
Increase
(Decrease)
in:
Payable
for
interest
(3,844‌)
Payable
for
investments
purchased
-
regular
settlement
(2,701,050‌)
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
(2,406,835‌)
Payable
for
management
fees
(5,355‌)
Accrued
custodian
fees
54,917‌
Accrued
distribution
and
service
fees
(12b-1)
(4,042‌)
Accrued
Trustees
fees
5,602‌
Accrued
professional
fees
54,893‌
Accrued
shareholder
reporting
expenses
12,945‌
Accrued
shareholder
servicing
agent
fees
30,270‌
Accrued
shelf
offering
costs
(3,000‌)
Accrued
other
expenses
(145,911‌)
Net
realized
(gain)
loss
from
investments
749,295‌
Net
realized
(gain)
loss
from
paydowns
264,814‌
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
68,679,478‌
Net
cash
provided
by
(used
in)
operating
activities
(140,122‌)
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
126,612,157‌
(Repayments)
of
borrowings
(140,479,164‌)
Proceeds
from
floating
rate
obligations
17,285,000‌
(Repayments
of)
floating
rate
obligations
(10,270,000‌)
Increase
(Decrease)
in:
Cash
overdraft
323,720‌
Cash
distributions
paid
to
common
shareholders
(17,251,364‌)
Subscriptions
183,434,940‌
Repurchases
(159,790,167‌)
Net
cash
provided
by
(used
in)
financing
activities
(134,878‌)
Net
increase
(decrease)
in
cash
(275,000‌)
Cash
at
the
beginning
of
period
275,000‌
Cash
at
the
end
of
period
$
—‌
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
Enhanced
High
Yield
Municipal
Bond
Cash
paid
for
interest
$
10,672,093‌
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
common
share
distributions
22,963,529‌
Financial
Highlights
45
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Common
Share
Net
Asset
Value,
End
of
Period
Enhanced
High
Yield
Municipal
Bond
Class
A1
3/31/26
$
7.65
$
0.48
$
(0.71)
$
(0.23)
$
(0.39)
$
—
$
(0.39)
$
7.03
3/31/25
7.50
0.41
0.14
0.55
(0.39)
(0.01)
(0.40)
7.65
3/31/24
7.25
0.38
0.26
0.64
(0.39)
—
(0.39)
7.50
3/31/23
8.54
0.41
(1.32)
(0.91)
(0.38)
—
(0.38)
7.25
3/31/22
(e)
10.00
0.31
(1.59)
(1.28)
(0.18)
—
(0.18)
8.54
Class
A2
3/31/26
7.66
0.49
(0.70)
(0.21)
(0.41)
—
(0.41)
7.04
3/31/25
7.51
0.44
0.13
0.57
(0.41)
(0.01)
(0.42)
7.66
3/31/24
7.26
0.41
0.25
0.66
(0.41)
—
(0.41)
7.51
3/31/23
(g)
8.08
0.29
(0.84)
(0.55)
(0.27)
—
(0.27)
7.26
Class
I
3/31/26
7.65
0.53
(0.71)
(0.18)
(0.44)
—
(0.44)
7.03
3/31/25
7.50
0.47
0.13
0.60
(0.44)
(0.01)
(0.45)
7.65
3/31/24
7.25
0.43
0.26
0.69
(0.44)
—
(0.44)
7.50
3/31/23
8.54
0.47
(1.32)
(0.85)
(0.44)
—
(0.44)
7.25
3/31/22
(e)
10.00
0.30
(1.54)
(1.24)
(0.22)
—
(0.22)
8.54
(a)
Based
on
average
common
shares
outstanding.
(b)
Total
returns
are
at
NAV
and
do
not
include
any
sales
charge.
Total
returns
are
not
annualized.  
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Notes
to
Financial
Statements
and
the
interest
expense
and
fees
paid
on
preferred
shares
and
borrowings,
as
described
in
Notes
to
Financial
Statements.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(e)
For
the
period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022.
(f)
Annualized.
(g)
For
the
period
July
29,
2022
(commencement
of
operations)
through
March
31,
2023.
See
Notes
to
Financial
Statements
46
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Ratios
to
Average
Net
Assets
Common
Share
Total
Return
(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Including
Interest
(c)
Gross
Expenses
Excluding
Interest
Net
Expenses
Including
Interest
(c),(d)
Net
Expenses
Excluding
Interest
(d)
NII
(Loss)
(d)
Portfolio
Turnover
Rate
(3.02‌)
%
$
248,195
3.75‌
%
2.21‌
%
3.73‌
%
2.19‌
%
6.62‌
%
43‌
%
7.32‌
245,749
3.79‌
2.16‌
3.75‌
2.12‌
5.32‌
20‌
9.21‌
139,764
4.09‌
2.34‌
3.89‌
2.14‌
5.35‌
41‌
(10.70‌)
48,252
3.98‌
2.76‌
3.48‌
2.26‌
5.49‌
46‌
(13.00‌)
13,849
2.91‌
(f)
2.62‌
(f)
2.58‌
(f)
2.29‌
(f)
4.43‌
(f)
88‌
(2.75‌)
201,865
3.50‌
1.96‌
3.48‌
1.94‌
6.86‌
43‌
7.60‌
218,073
3.55‌
1.92‌
3.51‌
1.88‌
5.63‌
20‌
9.47‌
85,656
3.84‌
2.09‌
3.64‌
1.89‌
5.64‌
41‌
(6.71‌)
26,007
3.43‌
(f)
2.21‌
(f)
3.03‌
(f)
1.81‌
(f)
5.94‌
(f)
46‌
(2.26‌)
254,509
3.00‌
1.46‌
2.98‌
1.44‌
7.37‌
43‌
8.11‌
255,000
3.04‌
1.41‌
3.00‌
1.37‌
6.07‌
20‌
10.03‌
169,964
3.34‌
1.59‌
3.14‌
1.39‌
6.05‌
41‌
(9.99‌)
54,680
3.25‌
2.03‌
2.77‌
1.55‌
6.28‌
46‌
(12.59‌)
46,795
2.05‌
(f)
1.76‌
(f)
1.72‌
(f)
1.43‌
(f)
4.18‌
(f)
88‌
Financial
Highlights
(continued)
47
The
following
table
sets
forth
information
regarding
the
Fund's
outstanding
securities
as
of
the
end
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
Borrowings
MFP
Shares
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$1,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(c)
Enhanced
High
Yield
Municipal
Bond
3/31/26
$
—
$
—
$
274,500
$
356,674
3/31/25
—
—
274,500
361,866
3/31/24
—
—
139,500
383,429
3/31/23
—
—
27,500
568,873
3/31/22
(d)
20,000
4,032
—
—
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
principal
amount
outstanding
or
liquidation
preference,
if
applicable,
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
borrowings
(excluding
temporary
borrowings)
then
outstanding  and
multiplying
the
result
by
1,000.
For
purpose
of
asset
coverage
above,
senior
securities
consist
of
preferred
shares
or
borrowings
of
a
Fund
and
does
not
include
derivative
transactions
and
other
investments
that
have
the
economic
effect
of
leverage
such
as
reverse
repurchase
agreements
and
tender
option
bonds.
If
the
leverage
effects
of
such
investments
were
included,
the
asset
coverage
amounts
presented
would
be
lower.
(c)
Asset
Coverage
Per
$100,000:
Asset
coverage
per
$100,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares
and
multiplying
the
result
by
100,000.
For
purpose
of
asset
coverage
above,
senior
securities
consist
of
preferred
shares
or
borrowings
(excluding
temporary
borrowings)
of
a
Fund
and
does
not
include
derivative
transactions
and
other
investments
that
have
the
economic
effect
of
leverage
such
as
reverse
repurchase
agreements
and
tender
option
bonds.
If
the
leverage
effects
of
such
investments
were
included,
the
asset
coverage
amounts
presented
would
be
lower.
(d)
For
the
period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022.
48
Notes
to
Financial
Statements
1.
General
Information 
Fund
Information:
The
fund
covered
in
this
report
is
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(the
“Fund”).
The
Fund
is
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
a
closed-end
management
investment
company
that
continually
offers
its
common
shares
of
beneficial
interest
(“Common
Shares”)
and
is
operated
as
an
“interval
fund.”
The
Fund
was
organized
as
a
Massachusetts
business
trust
on
May
22,
2019.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Fund
is
March
31,
2026,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
March
31,
2026
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Fund’s
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
The
Adviser
has
overall
responsibility
for
management
of
the
Fund,
oversees
the
management
of
the
Fund’s
portfolio,
manages
the
Fund’s
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
a
sub-
advisory
agreement
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolio
of
the
Fund.
Share
Classes
and
Sales
Charges:
Class
A1
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A1
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1.50%
if
repurchased
before
the
first
day
of
the
month
in
which
the
one-year
anniversary
of
the
purchase
falls.
Class
A2
Shares
and
Class
I
Shares
are
sold
without
an
upfront
sales
charge.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. The
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
common
share
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Fund.
Compensation:
The Fund
pays
no compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to the Fund
from
the
Adviser
or
its
affiliates.
The
Fund’s
Board
of
Trustees (the
“Board”)
has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit:
As
an
alternative
to
overnight
investments,
the
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
the
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
fiscal
period,
the
custodian
fee
credit
earned
by
the
Fund
was
as
follows:  
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
Under
the
Fund’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the Fund
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
However,
the Fund
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Fund
Gross
Custodian
Fee
Credits
Enhanced
High
Yield
Municipal
Bond
$
—
49
Multiclass
Operations
and
Allocations:
Income
and
expenses
of
the
Fund
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Fund
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class. 
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Fund
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows the
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
the
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Fund
is
held
in
a
segregated
account
by
the
Fund's
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Fund's
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Fund’s
investments
subject
to
netting
agreements
as
of
the
end
of
the
current
fiscal
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
Segment
Reporting:
The
Fund
represents
a
single
operating
segment.
The
officers
of
the
Fund
act
as
the
chief
operating
decision
maker
(“CODM”),
as
defined
in
U.S.
GAAP. The
CODM
monitors
the
operating
results
of the
Fund
as
a
whole
and
is
responsible
for
the Fund’s
long-term
strategic
asset
allocation
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios
and
changes
in
net
assets
(i.e.,
changes
in
net
assets
resulting
from
operations,
subscriptions
and
redemptions),
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
revenues
and
expenses
are
listed
on
the
Statement
of
Operations.  
New
Accounting
Pronouncement
(ASU
No.
2023-09):
In
December
2023,
the
FASB
issued
Accounting
Standard
Update
("ASU")
No.
2023-09,
Income
Taxes
(Topic
740)
Improvements
to
Income
tax
disclosures
(“ASU
2023-09”).
The
primary
purpose
of
the
amendments
within
ASU
2023-09
is
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
the
rate
reconciliation
table
and
income
taxes
paid
information.
The
amendments
in
ASU
2023-09
are
effective
for
annual
periods
beginning
after
December
15,
2024. During
the
current
fiscal
period,
the
Funds
adopted
the
new
guidance.
See
Note
7
for
more
income
tax
information.
New
Accounting
Pronouncement
(ASU
No.
2025-11):
In
December
2025,
the
FASB
issued
ASU
No.
2025-11,
Interim
Reporting
(Topic
270)
Narrow
Scope
Improvements
(“ASU
2025-11”).
The
amendments
in
ASU
2025-11
provide
a
comprehensive
list
of
interim
disclosures
that
are
required
by
U.S.
GAAP.
ASU
2025-11
also
includes
a
disclosure
principle
that
requires
entities
to
disclose
events
since
the
end
of
the
last
annual
reporting
period
that
have
a
material
impact
on
the
entity.
The
amendments
in
ASU
2025-11
are
effective
for
interim
reporting
periods
within
annual
reporting
periods
beginning
after
December
15,
2027.
Early
adoption
is
permitted
for
all
entities.
Management
is
currently
evaluating
the
implications
of
these
changes
on
the
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Fund's
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
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.
50
Notes
to
Financial
Statements
(continued)
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
current
fiscal
period,
based
on
the
inputs
used
to
value
them:
The
Fund
holds
liabilities
in
floating
rate
obligations
and
preferred
shares, which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Fund’s
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
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
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
the
Fund.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by the
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
A Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
The
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
current
fiscal
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
Enhanced
High
Yield
Municipal
Bond
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
977,227,346
$
60
$
977,227,406
Variable
Rate
Senior
Loan
Interests
–
–
8,642
8,642
Warrants
–
–
51,825
51,825
Total
$
–
$
977,227,346
$
60,527
$
977,287,873
51
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
current
fiscal
period,
the
aggregate
value
of
Floaters
issued
by
the
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
current
fiscal
period,
there
were
no
loans
outstanding
under
any such
facility.
The Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows
(referred
to
herein
as
“Shortfall
Payment”).
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
current
fiscal
period, the
Fund's
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
Enhanced
High
Yield
Municipal
Bond
$
20,580,000
$
—
$
20,580,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
Enhanced
High
Yield
Municipal
Bond
$
20,620,479
3.17
%
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
Enhanced
High
Yield
Municipal
Bond
$
20,580,000
$
—
$
20,580,000
52
Notes
to
Financial
Statements
(continued)
Zero
Coupon
Securities:
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current fiscal
period
were
as
follows:
The
Fund
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
If
the
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
current
fiscal
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities. The
Fund
has
invested
in
an
unfunded
commitment,
in
which,
the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty,
the
Fund’s
maximum
amount
of
loss
is
the
unrealized
appreciation
of
the
unsettled
transaction.
Any
unrealized
appreciation
(depreciation)
for
an
unfunded
commitment
is
separately
presented
on
the
Statement
of
Assets
and
Liabilities.
An
unfunded
commitment
is
priced
at
its
fair
market
value
and
any
unrealized
appreciation
(depreciation)
is
separately
presented
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
reporting
period,
the
Fund
was
no
longer
invested
in
an
unfunded
commitment.
Puerto
Rico
Electric
Power
Authority
Bonds:
On
March
28,
2025,
the
Financial
Oversight
and
Management
Board
for
Puerto
Rico
(the
“FOMB”)
filed
the
Fifth
Amended
Plan
of
Adjustment
(the
“Fifth
Amended
Plan”)
that
would
reduce
PREPA
debt
from
approximately
$10
billion
to
the
equivalent
of
$2.6
billion
of
Base
Consideration
for
creditors
in
cash
or
bonds,
reflecting
the
projections
and
findings
of
a
new
PREPA
fiscal
plan
that
was
certified
by
the
FOMB
on
February
6,
2025.
The
Fund’s
holdings
in
Puerto
Rico
Electric
Power
Authority
bonds
experienced
notable
developments
during
the
reporting
period
related
to
the
utility's
bankruptcy
proceedings.
Specifically,
the
federal
government’s
decision
in
August
2025
to
remove
several
FOMB
members.
This
action
created
additional
uncertainty
regarding
the
composition
of
the
FOMB
as
well
as
the
proposed
plan's
vability.
In
response
to
these
evolving
circumstances,
the
Fund,
along
with
other
bondholders,
chose
to
allow
their
Bond
Purchase
Agreement
with
the
FOMB
to
expire
on
October
1,
2025.
Instead,
the
Fund
joined
the
amended
and
restated
cooperation
agreement
with
other
non-settling
bondholders
and
insurers.
This
coalition
now
represents
nearly
90%
of
PREPA's
outstanding
revenue
bonds.
This
unified
creditor
group
seeks
more
favorable
debt
recovery
terms
and
equitable
treatment
for
all
bondholders.
As
the
bankruptcy
court
awaits
appointment
of
new
FOMB
members
and
potential
mediation
proceedings
the
ultimate
resolution
timeline
and
terms
remain
subject
to
court
approval
and
continued
negotiation
among
stakeholders.
5.
Derivative
Investments
The Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
the
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose the
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
the
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
The Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of the
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when the
Fund
has
an
unrealized
loss,
the
Fund
has
instructed
the
custodian
to
pledge
assets
of
the
Fund
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Quarterly
Repurchase
Offer:
In
order
to
provide
liquidity
to
common
shareholders,
the
Fund
has
adopted
a
fundamental
policy,
which
may
only
be
changed
by
a
majority
vote
of
shareholders,
to
make
quarterly
offers
to
repurchase
between
5%
and
25%
of
its
outstanding
Common
Shares
at
NAV,
reduced
by
any
applicable
repurchase
fee.
Subject
to
approval
of
the
Board,
for
each
quarterly
repurchase
offer,
the
Fund
currently
expects
to
offer
to
repurchase
7.5%
of
the
outstanding
Common
Shares
at
NAV.
The
Fund
does
not
currently
expect
to
charge
a
repurchase
fee
and
no
amounts
were
charged
during
the
current
fiscal
period.
However,
the
Fund
may
charge
a
repurchase
fee
of
up
to
2.00%
of
the
repurchase
proceeds,
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
Enhanced
High
Yield
Municipal
Bond
$
451,610,631
$
427,515,993
53
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:
2
Preferred
Shares
MuniFund
Preferred
Shares:
The
Fund
has
issued
and
has
outstanding 
MuniFund
Preferred
(“MFP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
These MFP
Shares
were
issued
via
private
placement
and
are
not
publicly
available.
The Fund
is
obligated
to
redeem
its
MFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Fund.
MFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
MFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
Fund.
The
modes
within
MFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Fund
may
establish
additional
mode
structures
with
the
MFP
Share.
•
Variable
Rate
Remarketed
Mode
(“VRRM”)
–
Dividends
for
MFP
Shares
within
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
Shareholders
have
the
ability
to
request
a
best-efforts
tender
of
their
shares
upon
seven
days
notice.
If
the
remarketing
agent
is
unable
to
identify
an
alternative
purchaser,
the
shares
will
be
retained
by
the
shareholder
requesting
tender
and
the
subsequent
dividend
rate
will
increase
to
its
step-up
dividend
rate.
If
after
one
consecutive
year
of
unsuccessful
remarketing
attempts,
the
Fund
will
be
required
to
designate
an
alternative
mode
or
redeem
the
shares.
The
Fund
will
pay
a
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
Shares
while
designated
in
VRRM.
Payments
made
by
the
Fund
to
the
remarketing
agent
are
recognized
as
“Remarketing
fees”
on
the
Statement
of
Operations.
•
Variable
Rate
Mode
(“VRM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
are
based
upon
a
short-term
index
plus
an
additional
fixed
“spread”
amount
established
at
the
time
of
issuance
or
renewal
/
conversion
of
its
mode.
At
the
end
of
the
period
of
the
mode,
the
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
MFP
Shares.
Repurchase
Request
Deadline
Repurchase
Offer
Amount
(as
a
percentage
of
outstanding
shares)
Number
of
Shares
Repurchased
Percentage
of
Outstanding
Shares
Repurchased
06
May
2025
7.50%
3,684,295
3.78%
05
Aug
2025
7.50%
7,465,449
7.40%
05
Nov
2025
7.50%
4,783,904
4.79%
06
Feb
2026
7.50%
6,149,812
5.93%
Year
Ended
3/31/26
Year
Ended
3/31/25
Enhanced
High
Yield
Municipal
Bond
Shares
Value
Shares
Value
Subscriptions:
Class
A1
7,871,192
$56,637,306
14,053,734
$108,729,762
Class
A2
4,344,303
31,480,810
16,442,568
128,026,665
Class
I
13,011,285
93,699,988
18,294,557
142,007,596
Class
I
-
exchange
of
Class
A2
238,344
1,714,590
—
—
Total
subscriptions
25,465,124
183,532,694
48,790,859
378,764,023
Reinvestments
of
distributions:
Class
A1
1,140,376
8,191,470
860,836
6,670,923
Class
A2
1,362,392
9,805,608
899,925
6,994,250
Class
I
691,880
4,966,451
460,211
3,570,630
Total
reinvestments
of
distributions
3,194,648
22,963,529
2,220,972
17,235,803
Repurchases
and
redemptions:
Class
A1
(5,810,391)
(41,343,146)
(1,424,068)
(11,153,624)
Class
A2
(5,474,310)
(39,341,047)
(287,329)
(2,238,178)
Class
A2
-
exchange
to
Class
I
(238,344)
(1,714,590)
—
—
Class
I
(10,805,473)
(77,391,384)
(8,086,978)
(63,213,668)
Total
repurchases
and
redemptions
(22,328,518)
(159,790,167)
(9,798,375)
(76,605,470)
Net
increase
(decrease)
6,331,254
$46,706,056
41,213,456
$319,394,356
54
Notes
to
Financial
Statements
(continued)
The
fair
value
of
MFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread’
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
During
the
current
fiscal
period,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
approximated
their
liquidation
preference.
•
Variable
Rate
Demand
Mode
(“VRDM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
While
in
this
mode,
shares
will
have
an
unconditional
liquidity
feature
that
enable
its
shareholders
to
require
a
liquidity
provider,
which the
Fund
has
entered
into
a
contractual
agreement,
to
purchase
shares
in
the
event
that
the
shares
are
not
able
to
be
successfully
remarketed.
In
the
event
that
shares
within
this
mode
are
unable
to
be
successfully
remarketed
and
are
purchased
by
the
liquidity
provider,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
shares. The
Fund
is
required
to
redeem
any
shares
that
are
still
owned
by
a
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
The Fund
will
pay
a
liquidity
and
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
Shares
while
within
VRDM.
Payments
made
by
the
Fund
to
the
liquidity
provider
and
remarketing
agent
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees”,
respectively,
on
the
Statement
of
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
MFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
on
the
MFP
shares
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
MFP
shares
are
recognized
as
a
component
on
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
MFP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Subject
to
certain
conditions,
MFP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
the
Fund. The
Fund
may
also
be
required
to
redeem
certain
MFP
shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
in
all
circumstances
is
equal
to
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
Costs
incurred
by
the
Fund in
connection
with
its
offering
of
MFP
Shares,
which were
recorded
as
a
deferred
charge
and
are
being
amortized
over
the
life
of
the
shares.
These
offering
costs
are
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
As
of
the
end
of
the
current
fiscal
period,
the
Fund
had $273,432,035 MFP
Shares
at
liquidation
preference,
net of
deferred
offering costs.
Further details
of
the
Fund's
MFP
Shares
outstanding
as
of
the
end
of
the
current
fiscal
period, were
as
follows:
*
Subject
to
early
termination
by
either
the
Fund
or
the
holder.
The
average
liquidation
preference
of
MFP
Shares
outstanding
and
the
annualized
dividend
rate
during
the
current
fiscal
period
were
as
follows:
Preferred
Share
Transactions:
Transactions
in
preferred
shares
during
the
Fund's
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
table.
Transactions
in
MFP
Shares
for
the
Fund,
where
applicable,
were
as
follows:
7.
Income
Tax
Information
The
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption
Date
Mode
Mode
Termination
Date
A
1,295
$129,500,000
September
1,
2042
VRM
September
24,
2026
B
1,450
$145,000,000
July
1,
2043
VRM
July
1,
2043*
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
Enhanced
High
Yield
Municipal
Bond
$274,500,000
3.57%
Year
Ended
3/31/25
Series
Shares
Amount
MFP
Shares
Issued
A
750
$75,000,000
MFP
Shares
Issued
B
600
$60,000,000
55
The
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
income
tax,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Fund.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Fund
are
subject
to
federal
taxation.
The
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund’s
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
the
Fund’s
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund’s
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
adjustments
related
to
PREPA
bonds,
nondeductible
expenses,
paydowns,
taxable
market
discount,
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end
,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Fund
had
capital
loss
carryforwards,
which
will
not
expire:
As
of
year
end,
the
Fund
utilized
the
following
capital
loss
carryforwards:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
The Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Fund
from
the
management
fees
paid
to
the
Adviser.
The Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within the
Fund,
and
a
complex-
level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables the
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
the
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Enhanced
High
Yield
Municipal
Bond
$
1,022,157,106
$
24,069,671
$
(89,518,904)
$
(65,449,233)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Enhanced
High
Yield
Municipal
Bond
$
8,299,708
$
77,229
$
—
$
(65,449,233)
$
(1,026,799)
$
—
$
(3,432,528)
$
(61,531,623)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividends
declared
during
the
period
March
2,
2026
through
March
31,
2026
and
paid
on
April
1,
2026.
3/31/26
3/31/25
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Enhanced
High
Yield
Municipal
Bond
$
40,195,282
$
175,738
$
—
$
30,102,445
$
366,305
$
494,269
1
The
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
Enhanced
High
Yield
Municipal
Bond
1
$
1,026,799
$
—
$
1,026,799
1
A
portion
of
Enhanced
High
Yield
Municipal
Bond's
capital
loss
carryforwards
is
subject
to
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
Fund
Utilized
Enhanced
High
Yield
Municipal
Bond
$
1,067,917
56
Notes
to
Financial
Statements
(continued)
The
annual
fund-level
fee,
payable
monthly, is
calculated
according
to
the
following
schedule: 
The
annual
complex-level
fee,
payable
monthly,
for
the
Fund
is
calculated
according
to
the
following
schedule:
*  
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
the
end
of
the
current
fiscal
period,
the complex-level
fee
rate
for
the
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2028,
so
that
the
total
annual
operating
expenses
of
the
Fund
(excluding
any
distribution
and/or
service
fees
that
may
be
applicable
to
a
particular
class
of
shares,
issuance
and
dividend
costs
of
preferred
shares
that
may
be
issued
by
the
Fund,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities,
litigation
expenses
and
extraordinary
expenses)
do
not
exceed
1.05%
of
the
average
daily
managed
assets
of
any
class
of
Fund
shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board.
Distribution
and
Service
Fees:
The
Fund
has
adopted
a
Distribution
and
Servicing
Plan
for
Class
A1
Common
Shares and
Class
A2 Common
Shares
of
the
Fund.
The
Distribution
and
Servicing
Plan
operates
in
a
manner
consistent
with
Rule
12b-1
under
the
1940
Act,
which
regulates
the
manner
in
which
an
open-end
investment
company
may
directly
or
indirectly
bear
the
expenses
of
distributing
its
Common
Shares.
Although
the
Fund
is
not
an
open-end
investment
company,
it
has
undertaken
to
comply
with
the
terms
of
Rule
12b-1
as
a
condition
of
an
exemptive
order
under
the
1940
Act
which
permits
it
to,
among
other
things,
impose
distribution
and
shareholder
servicing
fees.
The
Distribution
and
Servicing
Plan
permits
the
Fund
to
compensate
the
Nuveen
Securities,
LLC
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
using
reasonable
efforts
to
secure
purchasers
of
the
Fund’s
Common
Shares,
including
by
providing
continuing
information
and
investment
services
and/or
by
making
payments
to
certain
authorized
institutions
in
connection
with
the
sale
of
Common
Shares
or
servicing
of
shareholder
accounts.
Most
or
all
of
the
distribution
and/
or
service
fees
are
paid
to
financial
firms
through
which
Shareholders
may
purchase
or
hold
Class
A1
Common
Shares
and/or
Class
A2 Common
Shares.
The
maximum
annual
rates
at
which
the
distribution
and/or
servicing
fees
may
be
paid
under
the
Distribution
and
Servicing
Plan
for Class
A1
Common
Shares (calculated
as
a
percentage
of
the
Fund’s
average
daily
net
assets
attributable
to
the
Class
A1
Common
Shares)
is
0.75%.
The
maximum
annual
rates
at
which
the
distribution
and/or
servicing
fees
may
be
paid
under
the
Distribution
and
Servicing
Plan
for
Class
A2
Common
Shares
(calculated
as
a
percentage
of
the
Fund’s
average
daily
net
assets
attributable
to
the
Class
A2
Common
Shares)
is
0.50%.
During
the
current
fiscal
period
the
annual
rate
paid
by
the
Fund
for
Class
A1
Shares
and
Class
A2
Shares
was
0.75%
and
0.50%,
respectively. 
Other
Transactions
with
Affiliates:
The Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
or
by
an
affiliate
of
the
Adviser
(each
an
,
“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Fund
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows: 
Average
Daily
Managed
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
0.8000
%
For
the
next
$125
million
0.7875
For
the
next
$250
million
0.7750
For
the
next
$500
million
0.7625
For
the
next
$1
billion
0.7500
For
the
next
$3
billion
0.7250
For
managed
assets
over
$5
billion
0.7125
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Fund
Complex-Level
Fee
Enhanced
High
Yield
Municipal
Bond
0.1563
%
57
The
Distributor
also
received
12b-1
service
fees
on
Class
A1
Shares
and
Class
A2
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
The
remaining
12b-1
fees
charged
to the
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows: 
As
of
the
end
of
the
current
fiscal
period
TIAA
owned
less
than
1%
of
Fund
shares.
9.
Commitments
and
Contingencies
In
the
normal
course
of
business, the
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
current
fiscal
period,
the
Fund
did
not
have
any
unfunded
commitments
other
then
those
disclosed
in
the
Notes
to
Financial
Statements,
when
applicable.
From
time
to
time,
the
Fund
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Fund's
rights
under
contracts.
As
of
the
end
of
the
current
fiscal
period,
the Fund
is not
subject
to
any
material
legal
proceedings.
10.
Borrowing
Arrangements
Line
of
Credit:
The
Fund,
along
with
certain
funds
managed
by
the
Adviser or
by
an
affiliate
of
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.7
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2026,
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
Fund
utilized
this
facility.
The
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
Fund
Purchases
Sales
Realized
Gain
(Loss)
Enhanced
High
Yield
Municipal
Bond
$
2,546,190
$
42,901,796
$
1,337,285
Fund
Commission
Advances
(Unaudited)
Enhanced
High
Yield
Municipal
Bond
$
766,338
Fund
CDSC
Retained
(Unaudited)
Enhanced
High
Yield
Municipal
Bond
$
154,998
Fund
Maximum
Outstanding
Balance
Enhanced
High
Yield
Municipal
Bond
$
34,100,000
58
Notes
to
Financial
Statements
(continued)
During
the
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
current
fiscal
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Enhanced
High
Yield
Municipal
Bond
97
$
13,289,816
5.32
%
59
Important
Tax
Information
(U
naudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end, the
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Enhanced
High
Yield
Municipal
Bond
$
—
60
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
61
(Unaudited)
Average
Annual
Total
Return
:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
leverage)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters,”
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater’’)
to
an
investor
(such
as
a
Fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Regulatory
Leverage:
Regulatory
leverage
consists
of
preferred
shares
issued
by
or
borrowings
of
a
fund.
Both
of
these
are
part
of
a
fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
in
the
Investment
Company
Act
of
1940.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
heId
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
62
Board
Members
&
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of
Trustees
of
the
Funds.
None
of
the
trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“independent
board
members”)
has
ever
been
a
director
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the
trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
Trustee
oversees
and
other
directorships
they
hold
are
set
forth
below.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Independent
Trustees:
Joseph
A.
Boateng
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2019
Class
II
Chief
Investment
Officer,
Casey
Family
Programs
(since
2007);
formerly,
Director
of
U.S.
Pension
Plans,
Johnson
&
Johnson
(2002–2006);
Board
Member,
Lumina
Foundation
(since
2019)
and
Waterside
School
(since
2021);
Board
Member
(2012–2019)
and
Emeritus
Board
Member
(since
2020),
Year-Up
Puget
Sound;
Former
Investment
Advisory
Committee
Member
and
Chair
(2007–
2024),
Seattle
City
Employees’
Retirement
System;
Investment
Committee
Member
(since
2019),
The
Seattle
Foundation;
Trustee
(2018–2023),
the
College
Retirement
Equities
Fund;
Manager
(2019–2023),
TIAA
Separate
Account
VA-1.
209
Michael
A.
Forrester
1967
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2007
Class
I
Formerly,
Chief
Executive
Officer
(2014–2021)
and
Chief
Operating
Officer
(2007–2014),
Copper
Rock
Capital
Partners,
LLC;
Director,
Aflac
Incorporated
(since
2025);
Trustee,
Dexter
Southfield
School
(since
2019);
Member
(since
2020),
Governing
Council
of
the
Independent
Directors
Council
(IDC);
Trustee,
the
College
Retirement
Equities
Fund
and
Manager,
TIAA
Separate
Account
VA-1
(2007–2023).
209
Thomas
J.
Kenny
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2011
Class
I
Formerly,
Advisory
Director
(2010–2011),
Partner
(2004–2010),
Managing
Director
(1999–2004)
and
Co-Head
of
Global
Cash
and
Fixed
Income
Portfolio
Management
Team
(2002–2010),
Goldman
Sachs
Asset
Management;
Chairman
of
the
Board
(since
2025),
Apeel
Sciences;
Director
(since
2015)
and
Chair
of
the
Finance
and
Investment
Committee
(since
2018),
Aflac
Incorporated;
Director
(since
2018),
ParentSquare;
formerly,
Director
(2021–2022)
and
Finance
Committee
Chair
(2016–2022),
Sansum
Clinic;
formerly,
Advisory
Board
Member
(2017–2019),
B’Box;
formerly,
Member
(2011–2012),
the
University
of
California
at
Santa
Barbara
Arts
and
Lectures
Advisory
Council;
formerly,
Investment
Committee
Member
(2012–2020),
Cottage
Health
System;
formerly,
Board
member
(2009–2019)
and
President
of
the
Board
(2014–2018),
Crane
Country
Day
School;
Trustee
(2011–2023)
and
Chairman
(2017–2023),
the
College
Retirement
Equities
Fund;
Manager
(2011–2023)
and
Chairman
(2017–2023),
TIAA
Separate
Account
VA-1.
209
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
II
Formerly,
Managing
Director,
IDC
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006–2019);
formerly,
various
positions
with
ICI
(1989-2006);
Formerly
President
(2023–2025)
and
Member
(2020–2025)
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA).
209
63
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
III
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-
2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)
(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
209
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
III
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
209
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2013
Class
II
Formerly,
Member
of
Board
of
Directors
of
Core12
LLC
(2008–
2023)
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients);
formerly,
Member
of
The
President’s
Council
of
Fordham
University
(2010–2019);
formerly,
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009–2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012–2014);
formerly,
Trustee
and
Chairman
of
the
Board
of
Trustees
of
Marian
University
(2010–2013);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007–2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
209
64
Board
Members
&
Officers
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Loren
M.
Starr
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2022
Class
III
Independent
Consultant/Advisor
(since
2021);
formerly,
Vice
Chair,
Senior
Managing
Director
(2020–2021),
Chief
Financial
Officer,
Senior
Managing
Director
(2005–2020),
Invesco
Ltd.;
Director
(since
2023)
and
Chair
of
the
Board
(since
2025),
formerly,
Chair
of
the
Audit
Committee
(2024-2025),
AMG;
formerly,
Chair
and
Member
of
the
Board
of
Directors
(2014–2021),
Georgia
Leadership
Institute
for
School
Improvement
(GLISI);
formerly,
Chair
and
Member
of
the
Board
of
Trustees
(2014–2018),
Georgia
Council
on
Economic
Education
(GCEE);
Trustee,
the
College
Retirement
Equities
Fund
and
Manager,
TIAA
Separate
Account
VA-1
(2022–2023).
209
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2020
Class
III
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx.
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure);
Member
of
the
Executive
Leadership
Council
(ELC)
(since
2014).
209
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2008
Class
II
Formerly,
a
Co–Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008–2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012–2021);
formerly,
Chair
and
Member
of
the
Board
of
Directors
(2021–2024),
Kehrein
Center
for
the
Arts
(philanthropy);
Member
of
the
Board
of
Directors
(since
2008),
Catalyst
Schools
of
Chicago
(philanthropy);
Member
of
the
Board
of
Directors
(since
2012),
formerly,
Investment
Committee
Chair
(2017–2022),
Mather
Foundation
Board
(philanthropy);
formerly,
Member
(2005–2016),
Chicago
Fellowship
Board
(philanthropy);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010–2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012–2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008–2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004–2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000–2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005–2007),
Northern
Trust
Global
Investments
Board
(2004–2007),
Northern
Trust
Japan
Board
(2004–2007),
Northern
Trust
Securities
Inc.
Board
(2003–2007)
and
Northern
Trust
Hong
Kong
Board
(1997–2004).
209
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
I
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-
2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
of
the
Board
of
Trustees
(since
2004)
formerly,
Chair
(2015-2022)
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-
2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
209
65
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Board
Member
2017
Class
I
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
209
66
Board
Members
&
Officers
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
David
J.
Lamb
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
(Principal
Executive
Officer)
2015
Senior
Managing
Director
of
Nuveen
Fund
Advisors,
LLC,
Nuveen
Securities,
LLC
and
Nuveen;
has
previously
held
various
positions
with
Nuveen.
Brett
E.
Black
1972
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Managing
Director,
Chief
Compliance
Officer
of
Nuveen;
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
and
Anti-Money
Laundering
Compliance
Officer
(2017-2022)
of
BMO
Funds,
Inc.
Marc
Cardella
1984
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262                                                                
Vice
President
and
Controller
(Principal
Financial
Officer)
2024
Senior
Managing
Director,
Head
of
Public
Investment
Finance
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Fund
Advisors,
LLC,
Nuveen
Asset
Management,
LLC,
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC,
Managing
Director
of
Teachers
Insurance
and
Annuity
Association
of
America
and
TIAA
SMA
Strategies
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
of
TIAA
Separate
Account
VA-1
and
the
College
Retirement
Equities
Fund;
Senior
Managing
Director,
Brooklyn
Artificial
Intelligence,
Inc.
and
Brooklyn
Investment
Group,
LLC.
Joseph
T.
Castro
1964
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2025
Executive
Vice
President,
Chief
Risk
and
Compliance
Officer,
formerly,
Senior
Managing
Director
and
Head
of
Compliance,
Nuveen;
Executive
Vice
President
and
Chief
Risk
and
Compliance
Officer,
formerly,
Senior
Managing
Director,
Nuveen
Securities,
LLC
and
Nuveen,
LLC;
formerly,
Senior
Managing
Director,
Nuveen
Fund
Advisors,
LLC.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Assistant
Secretary
2013
Managing
Director
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
and
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
of
Nuveen;
Managing
Director,
Assistant
Secretary
and
Associate
General
Counsel
of
Nuveen
Asset
Management,
LLC;
has
previously
held
various
positions
with
Nuveen;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary,
Brooklyn
Artificial
Intelligence,
Inc.
and
Brooklyn
Investment
Group,
LLC.
Jeremy
D.
Franklin
1983
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2024
Managing
Director
and
Assistant
Secretary,
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary,
Nuveen
Asset
Management,
LLC,
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
and
Associate
General
Counsel,
Teachers
Insurance
and
Annuity
Association
of
America;
Vice
President
and
Assistant
Secretary,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Vice
President,
Associate
General
Counsel,
and
Assistant
Secretary,
TIAA
Separate
Account
VA-1
and
College
Retirement
Equities
Fund.
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC;
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC,
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
and
Associate
General
Counsel
of
Nuveen.
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2016
Senior
Managing
Director,
Head
of
Public
Product
of
Nuveen;
President.
formerly,
Senior
Managing
Director,
of
Nuveen
Fund
Advisors,
LLC;
has
previously
held
various
positions
with
Nuveen;
Chartered
Financial
Analyst.
Brian
H.
Lawrence
1982
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262                                                            
Vice
President
and
Assistant
Secretary
2023
Director
and
Associate
General
Counsel
of
Nuveen;
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
formerly
Corporate
Counsel
of
Franklin
Templeton
(2018-2022).
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
of
Nuveen
Securities,
LLC.
67
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Senior
Managing
Director
and
Head
of
Investment
Oversight
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Fund
Advisors,
LLC;
has
previously
held
various
positions
with
Nuveen;
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262                                                            
Vice
President
and
Assistant
Secretary
2022
Senior
Managing
Director,
Division
General
Counsel
of
Nuveen;
Senior
Managing
Director,
General
Counsel
and
Secretary
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
and
Assistant
Secretary
of
TIAA
SMA
Strategies
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-
CREF
Funds,
TIAA-CREF
Life
Funds,
Teachers
Insurance
and
Annuity
Association
of
America
and
Nuveen
Alternative
Advisors
LLC;
Senior
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary,
Brooklyn
Artificial
Intelligence,
Inc.
and
Brooklyn
Investment
Group,
LLC;
has
previously  held
various
positions
with
Nuveen/TIAA.
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Executive
Vice
President,
Secretary
and
General
Counsel
of
Nuveen
Investments,
Inc.;
Executive
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC  and
Nuveen
Fund
Advisors,
LLC;
Executive
Vice
President
and
Secretary
of
Nuveen
Asset
Management,
LLC,
Teachers
Advisors,
LLC,
TIAA-CREF
Investment
Management,
LLC
and
Nuveen
Alternative
Investments,
LLC;
Executive
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary  of
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
has
previously
held
various
positions
with
Nuveen;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC;
Executive
Vice
President,
Brooklyn
Artificial
Intelligence,
Inc.
and
Brooklyn
Investment
Group,
LLC;
formerly,
Vice
President
(2007-2021)
and
Secretary
(2016-2021)
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC.  
R.
Tanner
Page
1985
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2025
Managing
Director,
formerly,
Vice
President
of
Nuveen;
has
previously
held
various
positions
with
Nuveen.
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Senior
Managing
Director
of
Nuveen.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Secretary
2008
Director
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
and
Nuveen
Fund
Advisors,
LLC;
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
and
Nuveen
Asset
Management,
LLC;
Vice
President
and
Associate
General
Counsel
of
Nuveen;
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary,
Brooklyn
Artificial
Intelligence,
Inc.
and
Brooklyn
Investment
Group,
LLC.
Rachael
Zufall
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262                                                                
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
the
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teacher
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
of
Nuveen,
LLC
and
of
TIAA.
(1)
Board
Members
serve
an
indefinite
term
until
his/her
successor
is
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
director
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
(2)
Officers
serve
one
year
terms
through
August
of
each
year.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
RAN-HYIF-0326P
5366794
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/interval-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

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

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

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

Item 4.

Principal Accountant Fees and Services.

Nuveen Enhanced High Yield Municipal Bond Fund

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

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

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

 

Fiscal Year Ended   Audit Fees
Billed to Registrant1		     Audit-Related Fees
Billed to  Registrant2		     Tax Fees
Billed to Registrant3		     All Other Fees
Billed to Registrant4		  

March 31, 2026

     $59,888       $0       $0       $0  
       
Percentage approved pursuant to pre-approval exception     0%       0%       0%       0%  
       

March 31, 2025

     $61,078       $5,000       $0       $0  
       
Percentage approved pursuant to pre-approval exception     0%       0%       0%       0%  

 

1

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

2

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

3

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

4

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

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

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

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

 

Fiscal Year Ended        Audit-Related Fees
Billed to Adviser
and Affiliated Fund
Service Providers		     Tax Fees
Billed to Adviser
and Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  

March 31, 2026

       $0       $0       $0  
       

Percentage approved pursuant to pre-approval exception

       0%       0%       0%  
       

March 31, 2025

       $0       $0       $0  
       

Percentage approved pursuant to pre-approval exception

       0%       0%       0%  

NON-AUDIT SERVICES

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

 

Fiscal Year Ended   Total Non-Audit Fees
Billed to Registrant		     Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Registrant)		     Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements)		         Total      

March 31, 2026

     $0       $0       $11,629,068       $11,629,068  

March 31, 2025

     $0       $0       $0       $0  

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

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

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

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

Item 5.

Audit Committee of Listed Registrants.

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

Item 6.

Investments.

 

(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.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

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

(a)(1) Portfolio Manager Biographies

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

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

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

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

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

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

Portfolio Manager    Type of Account
Managed		    Number of
Accounts		    Assets*

Steven M. Hlavin

    Registered Investment Company    16    $34.98 billion       
   Other Pooled Investment Vehicles    1    $295.28 million   
   Other Accounts    0    $0   
           

Daniel J. Close

    Registered Investment Company    18    $29.66 billion   
   Other Pooled Investment Vehicles    2    $389.46 million   
   Other Accounts    41    $16.57 billion   
           

Stephen J. Candido

    Registered Investment Company    30    $55.64 billion   
   Other Pooled Investment Vehicles    2    $389.46 million   
   Other Accounts    3    $183.98 million   
*   Assets are as of March 31, 2026. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

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

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

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

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

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

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

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

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

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

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

(a)(3) Fund Manager Compensation

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

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

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

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

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

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

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

(a)(4) Beneficial Ownership of HYIF Securities

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

 

               
 Name of Portfolio Manager   None  

$1-

$10,000

  

$10,001-

$50,000

  

$50,001-

$100,000

  

$100,001-

$500,000

  

$500,001-

$1,000,000

  

Over

$1,000,000

 Steven M. Hlavin

   X                        

 Daniel J. Close

   X                        

 Stephen J. Candido

   X                        

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.

Submission of Matters to a Vote of Security Holders.

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.

Item 16.

Controls and Procedures.

 

(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.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

 

(a)   Not applicable.

 

(b)   Not applicable.

Item 19.

Exhibits.

 

(a)(1)  

Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2)   Not applicable.
(a)(3)  

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(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.

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.

Nuveen Enhanced High Yield Municipal Bond Fund

 

Date: June 5, 2026     By: /s/ David J. Lamb        
      David J. Lamb
      Chief Administrative Officer

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

 

Date: June 5, 2026     By: /s/ David J. Lamb        
      David J. Lamb
      Chief Administrative Officer
  (principal executive officer)
Date: June 5, 2026     By: /s/ Marc Cardella        
      Marc Cardella
      Vice President and Controller
  (principal financial officer)
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

PROXY VOTE