N-CSR

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, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code:    (312) 917-7700                        

Date of fiscal year end:    March 31                                

Date of reporting period:    March 31, 2022                   

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Interval

Fund

Interval

Funds

Nuveen

Municipal

March

31,

2022

Annual

Report

Fund

Name

Class

A

Class

I

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

NHYEX

NMSSX

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the

Securities

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NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Fund

Leverage

7

Common

Share

Information

8

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

9

Expense

Examples

12

Report

of

Independent

Registered

Public

Accounting

Firm

13

Portfolio

of

Investments

14

Statement

of

Assets

and

Liabilities

26

Statement

of

Operations

27

Statement

of

Changes

in

Net

Assets

28

Statement

of

Cash

Flows

29

Financial

Highlights

30

Notes

to

Financial

Statements

32

Important

Tax

Information

41

Risk

Considerations

42

Additional

Fund

Information

43

Glossary

of

Terms

Used

in

this

Report

44

Trustees

and

Officers

45

Annual

Investment

Management

Agreement

Approval

Process

51

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

Markets

have

had

a

turbulent

start

to

2022.

Global

economic

activity

has

been

moderating

from

post-pandemic

peaks,

and

crisis-era

monetary

and

fiscal

support

programs

are

being

phased

out.

Inflation

has

surged

partially

due

to

supply

chain

bottlenecks,

which

were

initially

caused

by

the

pandemic

and

now

have

been

exacerbated

by

Russia’s

war

in

Ukraine

and

recent

lockdowns

across

China

to

contain

a

large-scale

COVID-19

outbreak.

We

are

now

almost

three

months

into

the

Eastern

European

conflict

and

are

witnessing

the

scale

of

the

humanitarian

crisis

and

the

economic

impact

caused

by

this

event.

Market

uncertainty

is

currently

elevated,

as

the

situations

in

Russia/Ukraine

and

China

have

increased

inflation

and

recession

risks.

The

U.S.

Federal

Reserve

(Fed)

and

other

central

banks

now

face

an

even

more

difficult

task

of

slowing

inflation

without

pulling

the

economy

into

recession.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago

and

followed

it

with

an

increase

of

0.5%

in

May

2022.

Additional

rate

hikes

are

expected

at

all

of

the

remaining

Fed

meetings

this

year.

Forecasting

was

made

difficult

given

the

wide

range

of

potential

outcomes

with

regard

to

the

Russia-Ukraine

war,

the

resilience

of

China’s

economy,

the

reopening

of

supply

chains,

the

impact

of

inflation

on

economic

growth,

and

the

Fed’s

response

to

inflation.

Accordingly,

markets

are

struggling

with

pricing

these

risks.

In

the

meantime,

while

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

I

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Sincerely,

Terence

J.

Toth

Chairman

of

the

Board

May

19,

2022

Portfolio

Managers’

Comments

5

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

This

Fund

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

Portfolio

managers

include

John

V.

Miller,

CFA

and

Steven

M.

Hlavin.

Here

the

Fund’s

portfolio

managers

review

U.S.

and

municipal

market

conditions,

key

investment

strategies

and

the

performance

of

the

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund.

For

more

information

on

the

Fund’s

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

What

factors

affected

the

U.S.

economy

and

the

municipal

markets

during

the

abbreviated

reporting

period

since

the

Fund’s

commencement

of

operations

on

June

30,

2021

through

March

31,

2022?

After

making

a

full

recovery

from

the

pandemic

in

2021,

the

U.S.

economy

unexpectedly

weakened

at

the

start

of

2022.

In

2021

overall,

GDP

grew

by

5.7%,

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

the

low

borrowing

rates

for

businesses

and

individuals

maintained

by

the

Federal

Reserve

(Fed),

increasing

COVID-19

vaccinations

and

improved

treatments.

Then,

in

the

first

quarter

of

2022,

lingering

supply

chain

disruptions,

exacerbated

by

the

Russia-Ukraine

war,

offset

strong

domestic

consumer

demand.

This

shrank

U.S.

gross

domestic

product

by

-1.4%

on

an

annualized

basis,

according

to

the

advance

estimate

from

the

Bureau

of

Economic

Analysis.

The

return

of

consumer

demand

in

early

2022

put

upward

pressure

on

inflation.

However,

as

supply

chains

remained

under

stress

and

labor

shortages

continued,

partly

due

to

COVID-19

resurgences

around

the

world

and

more

recently

the

war

in

Eastern

Europe,

inflation

appeared

to

be

more

durable

than

initially

expected.

The

Fed

responded

by

reducing

its

pandemic-era

support

programs

and

increased

its

target

interest

rate

by

0.25%

in

March

2022,

while

signaling

a

potentially

more

aggressive

than

expected

interest

rate

hiking

cycle

would

follow.

Interest

rate

and

stock

price

volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

pulling

the

economy

into

recession.

While

some

pandemic-related

risks

appeared

to

be

receding,

Russia’s

invasion

of

Ukraine

in

late

February

2022

brought

forth

another

large-scale

human

tragedy

with

significant

economic

consequences.

Inflation

pressures

rose

further

on

anticipated

supply

disruptions

in

energy,

metals

and

grains.

Downside

risks

to

global

economic

growth

increased,

and

economic

sanctions

from

Western

countries

sought

to

block

Russia’s

access

to

the

global

financial

system.

A

more

uncertain

inflation

and

economic

outlook

also

made

the

path

toward

monetary

policy

normalization

more

uncertain

for

the

Fed

and

other

central

banks,

contributing

to

elevated

market

volatility

toward

the

end

of

the

reporting

period.

The

broad

municipal

market

declined

over

the

reporting

period,

with

much

of

the

weakness

occurring

in

the

last

three

months

of

the

reporting

period.

Municipal

yields

rose

across

the

maturity

spectrum,

most

significantly

at

the

short

end

of

the

curve

as

markets

priced

in

a

more

aggressive

pace

of

monetary

tightening.

The

yield

curve

flattened

overall,

and

shorter

maturities

outperformed

longer

maturities.

Demand

for

municipal

debt

remained

remarkably

strong

throughout

2021,

but

outflows

followed

in

early

2022

as

dealers

reduced

their

inventories

and

investors

increased

redemptions

from

traditional

municipal

bond

funds

in

the

higher

volatility

environment.

Nevertheless,

credit

spreads

were

generally

stable

as

municipal

fundamentals

were

strong

and

the

municipal

market

remained

relatively

insulated

from

geopolitical

concerns

abroad.

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

annual

reporting

period

since

the

Fund’s

commencement

of

operations

on

June

30,

2021

through

March

31,

2022?

The

Fund

focuses

primarily

on

non-investment

grade

and

unrated

municipal

bonds,

as

well

as

special

situations

municipal

securities

(special

situations

include

stressed,

distressed

and

defaulted

securities).

The

investment

team

targets

municipal

bond

market

inefficiencies

to

capitalize

on

opportunities,

seeking

to

provide

investors

with

a

high

level

of

tax-exempt

income

and

the

potential

for

capital

appreciation.

Following

its

commencement

of

operations

on

June

30,

2021,

the

Fund

was

fully

invested

by

the

end

of

the

third

quarter

of

2021

in

a

portfolio

of

primarily

non-investment

grade

municipal

bonds

and

special

situations

municipal

securities.

As

a

closed-end

interval

fund,

the

Fund

wasn’t

subject

to

the

elevated

daily

redemptions

seen

in

traditional

mutual

funds

during

the

first

quarter

of

2022.

This

allowed

the

Fund

to

take

advantage

of

higher

yields

and

cheapening

municipal-to-Treasury

valuations

offered

in

the

market,

and

most

of

the

Fund’s

trading

was

driven

by

opportunities

to

improve

the

portfolio’s

overall

relative

value

and

book

higher

embedded

yields.

Portfolio

Managers’

Comments

(continued)

6

Tobacco

securitization

bonds

were

among

the

larger

underperformers

during

the

market

sell-off,

providing

an

attractive

entry

point

for

the

Fund.

While

the

Fund

held

a

significant

underweight

to

tobacco

bonds

during

the

invest-up

period,

the

portfolio

management

team

meaningfully

added

to

the

position

toward

the

end

of

the

reporting

period.

In

addition

to

the

higher

market

beta

names,

the

Fund

invested

in

idiosyncratic

stories,

such

as

several

high

yield

project

revenue

bonds

in

which

the

investment

team

had

strong

convictions.

The

Fund

also

increased

exposure

to

the

newly

restructured

Puerto

Rico

general

obligation

bonds,

which

saw

moderate

valuation

declines

in

the

broader

market

sell-off,

but

the

investment

team

believed

faced

little

risk

of

near-term

default.

How

did

the

Fund

perform

during

the

abbreviated

annual

reporting

period

since

the

Fund’s

commencement

of

operations

on

June

30,

2021

through

March

31,

2022?

For

the

abbreviated

annual

reporting

period

since

the

Fund’s

commencement

of

operations

on

June

30,

2021

through

March

31,

2022,

the

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

underperformed

the

S&P

Municipal

Yield

Index.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Yield

Index.

The

Fund’s

underperformance

was

driven

by

its

duration

and

market

beta

sensitivity,

which

detracted

in

this

market

environment.

Leverage

used

as

part

of

the

Fund’s

duration

management

strategy

negatively

impacted

relative

results.

The

Fund

invested

leverage

proceeds

in

longer

duration

bonds

because

their

incrementally

higher

yields

helped

support

the

Fund’s

income

earnings

capability.

Other

detractors

from

performance

included

the

Fund’s

overweight

to

below

investment

grade

and

non-rated

bonds,

where

spreads

generally

widened,

albeit

modestly.

An

overweight

to

California

essential

housing

bonds,

which

underperformed

during

the

reporting

period

amid

heavy

issuance,

detracted

from

relative

performance

as

well.

Partially

offsetting

these

detractors

was

a

favorable

relative

contribution

from

the

Fund’s

underweight

to

the

tobacco

sector,

which

was

the

worst

performing

sector

during

the

reporting

period.

The

Fund

also

benefited

from

special

situations

bonds

whose

valuations

improved

for

credit-specific

reasons,

including

positions

in

proton

cancer

therapy,

Bronx

parking,

selected

senior

living

distressed

opportunities,

Puerto

Rico

general

obligations

and

Puerto

Rico

Electric

Power

Authority

(PREPA).

Additionally,

an

overweight

to

land

secured

bonds,

which

outperformed,

and

an

underweight

to

health

care,

which

underperformed,

were

favorable

to

relative

performance.

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

manager

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

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Leverage

7

IMPACT

OF

THE

FUND’S

LEVERAGE

STRATEGY

ON

PERFORMANCE

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

bank

borrowings

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.

This

has

been

particularly

true

in

the

recent

market

environment

where

short-term

rates

have

been

low

by

historical

standards.

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

somewhat

higher

than

their

recent

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

The

use

of

leverage

had

a

negative

impact

on

the

total

return

performance

of

the

Fund

over

the

reporting

period.

As

of

March

31,

2022,

the

Fund’s

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*

Effective

leverage

is

the

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of,

certain

derivative

and

other

investments

in

the

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

issued

or

borrowings

of

the

Fund.

Both

of

these

are

part

of

the

Fund’s

capital

structure.

The

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

the

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

THE

FUND’S

LEVERAGE

Bank

Borrowings

As

noted

previously,

the

Fund

employs

leverage

through

the

use

of

bank

borrowings.

The

Fund’s

bank

borrowings

are

as

shown

in

the

accompanying

table.

*

Commencement

of

operations.

**

For

the

period

September

29,

2021

(initial

draw

on

borrowings)

through

March

31,

2022.

Refer

to

Notes

to

Financial

Statements,

Note

9

–

Borrowing

Arrangements

for

further

details.

Effective

Leverage*

29.08%

Regulatory

Leverage*

24.89%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Outstanding

Balance

as

of

June

30,

2021*

Draws

Paydowns

Outstanding

Balance

as

of

March

31,

2022

Average

Balance

Outstanding**

Draws

Paydowns

Outstanding

Balance

as

of

May

19,

2022

$

-

$20,000,000

$-

$20,000,000

$17,122,826

$

-

$

-

$20,000,000

8

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

Fund's

distributions

is

current

as

of

March

31,

2022. 

The

Fund's

distribution

levels

may

vary

over

time

based

on

the

Fund's

investment

activity

and

portfolio

investments

value

changes.

During

the

current

reporting

period,

the

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

The

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

the

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

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

Note

6

–

Income

Tax

Information

within

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,

Note

5

–

Fund

Shares,

for

further

details

on

the

Fund’s

repurchase

offer.

Monthly

Distributions

(Ex-Dividend

Date)

*

Class

A

Class

I

September

2021

$

0.0245

$

0.0310

October

2021

0.0245

0.0310

November

2021

0.0245

0.0310

December

2021

0.0245

0.0310

January

2022

0.0265

0.0330

February

2022

0.0265

0.0330

March

2022

0.0265

0.0330

Total

Distributions

from

Net

Investment

Income

$

0.1775

$

0.2230

*

Initial

distribution

declared

by

the

Fund

in

September

2021.

Class

A

Class

I

Distribution

Rate

on

NAV**

3.72%

4.64%

**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.

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

9

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Returns

quoted

represent

past

performance,

which

is

no

guarantee

of

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,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

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

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund's

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Portfolio

of

Investments

for

individual

security

information.

The

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.

10

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

March

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Yield

Index.

**

Class

A

Shares

have

a

maximum

2.50%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$100,000

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

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,

2023

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

1.25%

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,

2022

 -

Class

A

Shares 

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,

2022**

Cumulative

Expense

Ratios***

Inception

Date

Since

Inception

Class

A

Shares

at

NAV

6/30/21

(13.00)%

2.63%

Class

A

Shares

at

maximum

Offering

Price

6/30/21

(15.18)%

—

S&P

Municipal

Yield

Index

—

(5.82)%

—

Class

I

Shares

6/30/21

(12.59)%

1.88%

11

Holdings

Summaries

as

of

March

31,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

141.4‌%

Corporate

Bonds

0.4‌%

Other

Assets

Less

Liabilities

(1.0)%

Net

Assets

Plus

Floating

Rate

Obligations

and

Borrowings  

140.8‌%

Borrowings

(33.0)%

Floating

Rate

Obligations

(7.8)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AA

4.1%

A

1.8%

BBB

0.4%

BB

or

Lower

4.5%

N/R

(not

rated)

89.2%

Total

100‌%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

38.2%

Long

Term

Care

13.3%

Education

and

Civic

Organizations

10.4%

Housing/Multifamily

9.2%

Transportation

8.4%

Industrials

6.5%

Utilities

5.0%

Other

8.7%

Corporate

Bonds

0.3%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Colorado

21.6%

Wisconsin

13.3%

Florida

12.9%

Texas

8.5%

Puerto

Rico

7.6%

California

7.3%

New

York

5.2%

Missouri

3.8%

Ohio

3.6%

Utah

2.2%

Other

14.0%

Total

100%

1

See

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

States

and

Territories

above.

12

Expense

Examples

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds. 

The

Examples

below

do

not

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

March

31,

2022.

The

beginning

of

the

period

is

October

1,

2021.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

Share

Class

Class

A

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

Ending

Account

Value

$870.43

$873.11

Expenses

Incurred

During

the

Period

$12.31

$9.15

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

Ending

Account

Value

$1,011.77

$1,015.16

Expenses

Incurred

During

the

Period

$13.24

$9.85

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

2.64%

and

1.96%

for

Classes

A

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/365

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

13

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,

2022,

and

the

related

statements

of

operations,

changes

in

net

assets,

and

cash

flows,

including

the

related

notes,

and

the

financial

highlights

for

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022

(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,

2022,

and

the

results

of

its

operations,

changes

in

its

net

assets,

its

cash

flows

and

the

financial

highlights

for

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2022

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/

PricewatehouseCoopers

LLP

Chicago,

Illinois

May

27,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

14

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

Portfolio

of

Investments

March

31,

2022

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

141.8%  (100.0%

of

Total

Investments)

MUNICIPAL

BONDS

-

141.4%

(99.7%

of

Total

Investments)

Alabama

-

0.4%

$

250

MidCity

Improvement

District,

Alabama,

Special

Assessment

Revenue

Bonds,

Series

2022,

4.750%,

11/01/49

11/32

at

100.00

N/R

$

221,283

Arizona

-

2.4%

110

Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

-

Falcon

Properties

LLC,

Project,

Senior

Series

2022A-1,

4.150%,

12/01/57,

144A

12/31

at

100.00

N/R

92,156

100

Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

-

Falcon

Properties

LLC,

Project,

Subordinate

Series

2022B,

5.750%,

12/15/57,

144A

12/31

at

100.00

N/R

86,587

150

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

Special

Assessment

Revenue

Bonds,

Montecito

Assessment

District

3,

Series

2021,

3.750%,

7/01/46

7/31

at

100.00

N/R

124,555

250

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A,

0.000%,

10/01/56

(4)

10/29

at

103.00

N/R

172,763

1,000

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017B,

5.350%,

10/01/25,

144A

5/22

at

100.00

N/R

1,000,480

1,610

Total

Arizona

1,476,541

California

-

10.3%

500

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Exchange

at

Bayfront

Apartments,

Junior

Series

2021A-

2,

4.000%,

8/01/51,

144A

8/32

at

100.00

N/R

408,895

750

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

K

Street

Flats,

Series

2021A-2,

4.000%,

8/01/50,

144A

8/32

at

100.00

N/R

612,525

500

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

2/31

at

100.00

N/R

430,780

300

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50,

144A

8/32

at

100.00

N/R

241,701

250

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

&

Language

Academy

Project,

Series

2021,

4.000%,

7/01/61,

144A

7/27

at

100.00

N/R

197,903

250

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Girls

Athletic

Leadership

School

Los

Angeles

Project,

Series

2021A,

4.000%,

6/01/51,

144A

6/31

at

100.00

N/R

213,193

250

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Why

Not?

Academy;

Obligated

Group,

Series

2021A,

4.000%,

6/01/51,

144A

6/27

at

100.00

N/R

220,195

250

California

Statewide

Communities

Development

Authority,

Statewide

Infrastructure

Program

Revenue

Bonds,

Series

2021C,

4.000%,

9/02/51

9/31

at

100.00

N/R

242,845

500

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Subordinate

Series

2021B,

8.000%,

4/01/56,

144A

4/31

at

100.00

N/R

436,345

265

CMFA

Special

Finance

Agency

XII,

California,

Essential

Housing

Revenue

Bonds,

Allure

Apartments

Project,

Series

2022A-2,

4.375%,

8/01/49,

144A

2/32

at

100.00

N/R

222,099

15

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

250

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-2,

4.000%,

12/01/45,

144A

12/31

at

100.00

N/R

$

209,420

500

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Solana

at

Grand,

Junior

Series

2021A-2,

4.000%,

8/01/45,

144A

2/32

at

100.00

N/R

423,245

290

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

1818

Platinum

Triangle-Anaheim,

Mezzanine

Lien

Series

2021B,

4.000%,

4/01/57,

144A

4/32

at

100.00

N/R

226,426

325

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

1818

Platinum

Triangle-Anaheim,

Social

Bond

Series

2021A-2,

3.250%,

4/01/57,

144A

4/32

at

100.00

N/R

259,561

250

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46,

144A

10/31

at

100.00

N/R

212,092

305

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

287,838

630

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Mezzanine

Lien

Series

2021B,

4.000%,

7/01/58,

144A

7/32

at

100.00

N/R

501,178

250

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Series

2021B,

4.000%,

7/01/58,

144A

7/32

at

100.00

N/R

184,542

135

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

9/01/46,

144A

9/31

at

100.00

N/R

113,233

250

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

6/01/57,

144A

6/31

at

100.00

N/R

200,085

535

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

12/01/59

6/32

at

100.00

N/R

356,267

500

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2,

0.000%,

6/01/66

12/31

at

27.75

N/R

61,030

8,035

Total

California

6,261,398

Colorado

-

30.5%

500

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021,

4.375%,

12/01/52

12/26

at

103.00

N/R

436,955

2,500

Aurora

Highlands

Community

Authority

Board,

Adams

County,

Colorado,

Special

Tax

Revenue

Bonds,

Refunding

&

Improvement

Series

2021A,

5.750%,

12/01/51

12/28

at

103.00

N/R

2,351,875

500

Berthoud-Heritage

Metropolitan

District

10,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2022A,

4.750%,

12/01/52

12/26

at

103.00

N/R

460,640

1,500

Bradley

Heights

Metropolitan

District

2,

Colorado

Springs,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-3,

4.750%,

12/01/51

9/26

at

103.00

N/R

1,303,080

500

Canyons

Metropolitan

District

5,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Junior

Subordinate

Series

2016,

7.000%,

12/15/57

5/22

at

100.00

N/R

361,035

1,670

Chambers

Highpoint

Metropolitan

District

No.

2,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2021,

5.000%,

12/01/51

9/26

at

103.00

N/R

1,574,927

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2022

16

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

$

247

Cherry

Hills

City

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Subordinate

Series

2020B-3,

8.000%,

12/15/47,

144A

12/25

at

103.00

N/R

$

231,614

100

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Frasier

Project,

Refunding

Bonds

Series

2023A,

4.000%,

5/15/48

,

(WI/DD,

Settling

2/15/23)

5/28

at

103.00

N/R

90,532

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A:

225

5.250%,

11/01/32

11/25

at

102.00

N/R

164,207

670

5.500%,

11/01/37

11/25

at

102.00

N/R

484,672

1,000

5.750%,

11/01/47

11/25

at

102.00

N/R

687,880

835

6.000%,

11/01/52

11/25

at

102.00

N/R

578,939

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sunny

Vista

Living

Center

Project,

Refunding

&

Improvement

Series

2015A:

500

5.500%,

12/01/30,

144A

12/25

at

100.00

N/R

457,935

500

6.250%,

12/01/50,

144A

12/25

at

100.00

N/R

437,975

500

Copperleaf

Metropolitan

District

6,

Arapahoe

County,

Colorado,

Limited

Tax,

General

Obligation

Bonds,

Subordinate

Series

2022B,

6.000%,

12/15/41

3/27

at

103.00

N/R

508,870

500

Glen

Metropolitan

District

3,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021,

4.250%,

12/01/51

12/26

at

103.00

N/R

428,195

1,000

Legato

Community

Authority,

Commerce

City,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

District

1,

2,

3

&

7,

Convertible

Capital

Appreciation

Series

2021A-2,

0.000%,

12/01/51

(4)

6/26

at

100.67

N/R

765,410

500

Mountain

Brook

Metropolitan

District,

Longmont,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

4.750%,

12/01/51

12/26

at

103.00

N/R

439,475

500

North

Pine

Vistas

Metropolitan

District

3,

Castle

Pines,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2021B,

4.625%,

12/15/51

-

AGM

Insured

12/26

at

103.00

N/R

444,045

500

Prairie

Song

Metropolitan

District

4,

Windsor,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

6.000%,

12/01/51

12/28

at

103.00

N/R

471,245

1,000

Reagan

Ranch

Metropolitan

District

1,

Colorado

Springs,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2021-3,

5.375%,

12/01/51

12/26

at

103.00

N/R

906,340

500

RRC

Metropolitan

District

2,

Jefferson

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

5.250%,

12/01/51

12/26

at

103.00

N/R

452,875

500

Senac

South

Metropolitan

District

No.

1,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2021A(3),

5.250%,

12/01/51

12/26

at

103.00

N/R

467,945

500

Third

Creek

Metropolitan

District

1,

Commerce

City,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1,

4.750%,

12/01/51

3/27

at

103.00

N/R

441,075

500

Tree

Farm

Metropolitan

District,

Eagle

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021,

4.750%,

12/01/50,

144A

12/26

at

103.00

N/R

443,930

1,000

USAFA

Visitors

Center

Business

Improvement

District,

Colorado

Springs,

Colorado,

Special

Revenue

Bonds,

Series

2022A,,

5.000%,

12/01/52,

144A

12/26

at

103.00

N/R

940,380

500

Westgate

Metropolitan

District,

Colorado

Springs,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

5.125%,

12/01/51

3/27

at

103.00

N/R

468,255

500

Westwood

Metropolitan

District,

Thornton,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2021A,

4.000%,

12/01/51

9/26

at

103.00

N/R

425,485

17

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1:

$

500

4.000%,

12/01/36

9/26

at

103.00

N/R

$

455,260

1,000

4.125%,

12/01/51

9/26

at

103.00

N/R

837,610

21,247

Total

Colorado

18,518,661

Florida

-

18.3%

250

Alachua

County

Health

Facilities

Authority,

Florida,

Health

Facilities

Revenue

Bonds,

Terraces

at

Bonita

Springs

Project,

Refunding

Series

2022A,

5.000%,

11/15/61,

144A

11/29

at

103.00

N/R

211,992

250

Alachua

County

Health

Facilities

Authority,

Florida,

Health

Facilities

Revenue

Bonds,

Terraces

at

Bonita

Springs

Project,

Taxable

Refunding

Series

2022B,

6.500%,

11/15/33,

144A

No

Opt.

Call

N/R

236,433

15,020

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Educational

Growth

Fund,

LLC,

Charter

School

Portfolio

Projects,

Subordinate

Series

2021B,

0.000%,

7/01/61,

144A

No

Opt.

Call

N/R

982,909

Capital

Trust

Agency,

Florida,

Senior

Living

Facilities

Revenue

Bonds,

Elim

Senior

Housing,

Inc.

Project,

Series

2017:

250

5.375%,

8/01/32,

144A

8/24

at

103.00

N/R

220,123

175

5.625%,

8/01/37,

144A

8/24

at

103.00

N/R

150,811

100

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Dreamers

Academy

Project,

Series

2022A,

6.000%,

1/15/57,

144A

1/28

at

101.00

N/R

85,862

360

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Miami

Arts

Charter

School

Projects,

Series

2014,

5.625%,

6/15/29,

144A

6/24

at

100.00

N/R

342,277

3,710

Florida

Development

Finance

Corporation,

Florida,

Surface

Transportation

Facility

Revenue

Bonds,

Brightline

Passenger

Rail

Project,

Green

Series

2019B,

7.375%,

1/01/49,

(AMT),

144A

1/24

at

107.00

N/R

3,919,652

660

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Passenger

Rail

Expansion

Project,

Series

2021A-1,

6.750%,

12/01/56,

(AMT),

(Mandatory

Put

8/15/2023),

144A

5/22

at

102.50

N/R

640,827

1,000

Hillsborough

County,

Florida,

Utility

Revenue

Bonds,

Series

2021A,

2.500%,

8/01/51,

(UB)

(5)

8/31

at

100.00

AA+

787,910

1,000

Miami-Dade

County,

Florida,

Seaport

Revenue

Bonds,

Refunding

Subordinate

Series

2021B-1,

4.000%,

10/01/50,

(AMT),

(UB)

(5)

10/31

at

100.00

Aa3

1,022,020

580

Pinellas

County

Health

Facilities

Authority,

Florida,

Health

Care

Facilities

Revenue

Bonds,

Mease

Life,

Inc.

Project,

Refunding

Series

2021,

7.000%,

1/01/57,

144A

12/22

at

108.00

N/R

495,013

500

Sawyers

Landing

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021,

4.250%,

5/01/53

5/31

at

100.00

N/R

501,470

500

Seminole

County

Industrial

Development

Authority,

Florida,

Retirement

Facility

Revenue

Bonds,

Legacy

Pointe

At

UCF

Project,

Series

2019A,

5.750%,

11/15/54

11/26

at

103.00

N/R

516,125

295

Summit

View

Community

Development

District,

Dade

City,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021B,

5.000%,

5/01/41

No

Opt.

Call

N/R

276,040

750

Three

Rivers

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

South

Assessment

Area

Series

2021B,

4.625%,

5/01/36,

144A

9/23

at

100.00

N/R

703,155

25,400

Total

Florida

11,092,619

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2022

18

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Idaho

-

1.2%

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Doral

Academy

of

Idaho,

Series

2021A:

$

250

5.000%,

7/15/41,

144A

7/26

at

103.00

N/R

$

227,485

250

5.000%,

7/15/56,

144A

7/26

at

103.00

N/R

212,845

250

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Gem

Prep

Meridian

South

Charter

School

Project,

Series

2021,

4.000%,

5/01/56,

144A

11/25

at

100.00

N/R

199,647

100

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2021,

3.750%,

9/01/51,

144A

12/26

at

103.00

N/R

83,419

850

Total

Idaho

723,396

Illinois

-

0.4%

250

Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Art

in

Motion

AIM

Project,

Series

2021A,

5.000%,

7/01/56,

144A

7/31

at

100.00

N/R

212,857

Iowa

-

1.8%

8,600

Iowa

Tobacco

Settlement

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Class

2

Capital

Appreciation

Senior

Lien

Series

2021B-2,

0.000%,

6/01/65

6/31

at

25.58

N/R

1,110,174

Louisiana

-

0.3%

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Encore

Academy

Project,

Series

2021A:

100

5.000%,

6/01/41,

144A

6/31

at

100.00

N/R

96,995

100

5.000%,

6/01/51,

144A

6/31

at

100.00

N/R

93,457

200

Total

Louisiana

190,452

Michigan

-

2.1%

330

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Holly

Academy

Project,

Refunding

Series

2021,

4.000%,

12/01/51

12/31

at

100.00

N/R

288,925

290

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Madison

Academy

Project,

Refunding

Series

2021,

5.000%,

12/01/46

12/27

at

100.00

N/R

272,017

3,500

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2007

Sold

Tobacco

Receipts,

Series

2020B2-CL2,

0.000%,

6/01/65

12/30

at

18.38

N/R

423,465

100

Summit

Academy

North,

Michigan,

Revenue

Bonds,

Public

School

Academy,

Refunding

Series

2021,

4.000%,

11/01/41

11/28

at

103.00

N/R

95,543

185

Trillium

Academy,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2019,

5.750%,

11/01/40

11/26

at

103.00

BB

186,456

4,405

Total

Michigan

1,266,406

Minnesota

-

0.7%

500

Bethel,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Level

Up

Academy,

Series

2021A,

5.000%,

6/15/56

6/29

at

102.00

N/R

423,220

Missouri

-

5.4%

Land

Clearance

for

Redevelopment

Authority

of

Kansas

City,

Missouri,

Project

Revenue

Bonds,

Convention

Center

Hotel

Project

-

TIF

Financing,

Series

2018B:

2,375

5.000%,

2/01/40,

144A

2/28

at

100.00

N/R

2,172,840

825

5.000%,

2/01/50,

144A

2/28

at

100.00

N/R

730,075

19

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Missouri

(continued)

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2021:

$

100

4.000%,

10/01/34

10/31

at

100.00

N/R

$

95,261

100

4.000%,

10/01/44

10/31

at

100.00

N/R

89,321

246

North

Outer

Forty

Transportation

Development

District,

Chesterfield,

Missouri,

Transportation

Development

Revenue

Notes,

Refunding

Series

2021A,

4.000%,

12/01/46

No

Opt.

Call

N/R

204,240

3,646

Total

Missouri

3,291,737

Nevada

-

1.7%

1,000

Director

of

Nevada

State

Department

of

Business

&

Industry,

Environmental

Improvement

Revenue

Bonds,

Fulcrum

Sierra

BioFuels

LLC

Project,

Green

Series

2018,

6.950%,

2/15/38,

(AMT),

144A

8/28

at

100.00

N/R

1,002,420

New

York

-

7.4%

1,000

New

York

City

Housing

Development

Corporation,

New

York,

Multifamily

Housing

Revenue

Bonds,

Sustainable

Neighborhood

Green

Series

2020D-1B,

2.400%,

11/01/50,

(UB)

(5)

5/28

at

100.00

Aa2

781,980

1,000

New

York

City

Housing

Development

Corporation,

New

York,

Multifamily

Housing

Revenue

Bonds,

Sustainable

Neighborhood

Green

Series

2021-1,

2.450%,

11/01/45,

(UB)

(5)

9/29

at

100.00

N/R

798,200

750

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007,

0.000%,

10/01/46

(6)

5/22

at

100.00

N/R

600,000

625

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

4

World

Trade

Center

Project,

Refunding

Green

Series

2021A,

3.000%,

11/15/51

11/31

at

100.00

A-

540,750

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A:

1,000

5.000%,

1/01/31,

(AMT)

1/26

at

100.00

CC

871,760

550

5.000%,

1/01/34,

(AMT)

1/26

at

100.00

CC

457,572

250

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bond,

Purchase

Senior

Learning

Community,

Inc.

Project,

Accd

Inv

Series

2021A,

4.500%,

7/01/56,

144A

7/27

at

104.00

N/R

222,860

250

Western

Regional

Off-Track

Betting

Corporation,

New

York,

Tax

Exempt

Revenue

Bonds,

Additional

Secured

General

Obligation

Series

2021,

4.125%,

12/01/41,

144A

6/31

at

100.00

N/R

223,673

5,425

Total

New

York

4,496,795

Ohio

-

5.1%

150

Cleveland-Cuyahoga

County

Port

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Flats

East

Bank

Project,

Refunding

Senior

Series

2021A,

4.000%,

12/01/55,

144A

12/29

at

100.00

BB

138,517

100

Cleveland-Cuyahoga

County

Port

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Flats

East

Bank

Project,

Refunding

Subordinate

Series

2021B,

4.500%,

12/01/55

12/29

at

100.00

N/R

95,653

250

Jefferson

County

Port

Authority,

Ohio,

Economic

Development

Revenue

Bonds,

JSW

Steel

USA

Ohio,

Inc.

Project,

Series

2021,

3.500%,

12/01/51,

(AMT)

12/31

at

100.00

Ba2

208,913

250

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Refunding

Series

2009D,

3.375%,

8/01/29,

(Mandatory

Put

9/15/2021)

No

Opt.

Call

N/R

233,195

1,420

Southern

Ohio

Port

Authority,

Ohio,

Facility

Revenue

Bonds,

Purecycle

Project,

Series

2020A,

7.000%,

12/01/42,

(AMT),

144A

12/27

at

103.00

N/R

1,393,986

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2022

20

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Ohio

(continued)

$

1,000

Southern

Ohio

Port

Authority,

Ohio,

Facility

Revenue

Bonds,

Purecycle

Project,

Series

2020B,

10.000%,

12/01/27,

(AMT),

144A

12/26

at

105.00

N/R

$

1,051,800

3,170

Total

Ohio

3,122,064

Oklahoma

-

0.5%

100

Tulsa

Authority

for

Economic

Opportunity,

Tulsa

County,

Oklahoma,

Tax

Apportionment

Revenue

Bonds,

Santa

Fe

Square

Project,

Series

2021,

4.375%,

12/01/41,

144A

12/31

at

100.00

N/R

85,611

250

Tulsa

Authority

for

Economic

Opportunity,

Tulsa

County,

Oklahoma,

Tax

Apportionment

Revenue

Bonds,

Vast

Bank

Project,

Series

2021,

4.000%,

12/01/43,

144A

12/31

at

100.00

N/R

207,227

350

Total

Oklahoma

292,838

Oregon

-

0.8%

500

Yamhill

County

Hospital

Authority,

Oregon,

Revenue

Bonds,

Friendsview

Retirement

Community,

Refunding

Series

2021A,

5.000%,

11/15/46

11/28

at

103.00

N/R

506,060

Pennsylvania

-

1.5%

500

Allegheny

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

Hills

Charter

School

of

Entrepreneurship,

Series

2021A,

4.000%,

6/15/51

6/31

at

100.00

N/R

464,940

500

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2021A,

10.000%,

12/01/31

No

Opt.

Call

N/R

470,225

1,000

Total

Pennsylvania

935,165

Puerto

Rico

-

10.7%

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2012A:

105

3.957%,

7/01/29

(6)

7/22

at

100.00

N/R

98,700

100

3.957%,

7/01/42

(6)

7/22

at

100.00

D

95,750

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007TT:

450

3.957%,

7/01/17

(6)

No

Opt.

Call

N/R

421,875

190

3.957%,

7/01/32

(6)

5/22

at

100.00

D

181,925

250

3.957%,

7/01/37

(6)

5/22

at

100.00

D

239,375

160

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA,

3.998%,

7/01/27

(6)

5/22

at

100.00

D

154,000

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ:

329

3.957%,

7/01/24

(6)

5/22

at

100.00

D

309,260

115

3.978%,

7/01/26

(6)

5/22

at

100.00

D

108,675

115

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

WW,

3.999%,

7/01/18

(6)

No

Opt.

Call

N/R

108,819

1,000

Puerto

Rico

Highway

and

Transportation

Authority,

Highway

Revenue

Bonds,

Series

2005L,

5.250%,

7/01/38

-

AMBAC

Insured

No

Opt.

Call

N/R

1,017,830

Puerto

Rico

Highway

and

Transportation

Authority,

Highway

Revenue

Bonds,

Series

2007N:

155

5.250%,

7/01/32

-

NPFG

Insured

No

Opt.

Call

Baa2

160,224

150

5.250%,

7/01/33

-

NPFG

Insured

No

Opt.

Call

Baa2

154,897

Puerto

Rico

Infrastructure

Financing

Authority:

130

5.500%,

7/01/25

4/22

at

100.00

N/R

129,874

200

5.500%,

7/01/26

4/22

at

100.00

N/R

199,746

555

0.000%,

7/01/29

4/22

at

72.21

N/R

395,832

21

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Puerto

Rico

(continued)

$

1,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

0.000%,

7/01/51

7/28

at

30.01

N/R

$

222,630

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

83

5.250%,

7/01/23

No

Opt.

Call

N/R

84,756

38

0.000%,

7/01/24

No

Opt.

Call

N/R

34,788

82

5.375%,

7/01/25

No

Opt.

Call

N/R

87,105

82

5.625%,

7/01/27

No

Opt.

Call

N/R

89,373

80

5.625%,

7/01/29

No

Opt.

Call

N/R

89,838

78

5.750%,

7/01/31

No

Opt.

Call

N/R

89,157

95

0.000%,

7/01/33

7/31

at

89.94

N/R

55,192

74

4.000%,

7/01/33

7/31

at

103.00

N/R

72,497

67

4.000%,

7/01/35

7/31

at

103.00

N/R

64,439

57

4.000%,

7/01/37

7/31

at

103.00

N/R

55,047

78

4.000%,

7/01/41

7/31

at

103.00

N/R

74,064

421

4.000%,

7/01/46

7/31

at

103.00

N/R

397,633

2,370

Puerto

Rico,

General

Obligation

Bonds,

Vintage

CW

NT

Claims

Taxable

Series

2022,

0.000%,

11/01/43

No

Opt.

Call

N/R

1,276,737

8,609

Total

Puerto

Rico

6,470,038

South

Carolina

-

2.6%

330

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2021A,

5.000%,

6/15/51,

144A

6/29

at

100.00

N/R

296,436

250

South

Carolina

Jobs-Economic

Development

Authority,

Retirement

Community

Revenue

Notes,

Kiawah

Life

Plan

Village,

Inc.

Project,

Series

2021A,

8.750%,

7/01/25

4/22

at

100.00

N/R

250,067

1,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Improvement

Series

2021B,

4.000%,

12/01/51,

(UB)

(5)

12/31

at

100.00

A-

1,046,520

1,580

Total

South

Carolina

1,593,023

Tennessee

-

0.9%

439

Knoxville

Industrial

Development

Board,

Tennessee,

Multifamily

Revenue

Bonds,

Pines

Apartments

Project,

Series

2008,

6.070%,

8/01/48,

(Mandatory

Put

9/1/2023)

6/22

at

101.00

N/R

440,021

100

Metropolitan

Government

of

Nashville-Davidson

County

Industrial

Development

Board,

Tennessee,

Special

Assessment

Revenue

Bonds,

South

Nashville

Central

Business

Improvement

District,

Series

2021A,

4.000%,

6/01/51,

144A

6/31

at

100.00

N/R

88,003

539

Total

Tennessee

528,024

Texas

-

12.1%

250

Abilene

Convention

Center

Hotel

Development

Corporation,

Texas,

Hotel

Revenue

Bonds,

Second-Lien

Series

2021B,

5.000%,

10/01/50,

144A

10/31

at

100.00

N/R

246,912

250

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2021A,

4.500%,

2/15/56

2/30

at

100.00

N/R

210,595

100

Bee

Cave,

Travis

County,

Texas,

Special

Assessment

Revenue

Bonds,

Backyard

Public

Improvement

District

Project,

Series

2021,

5.250%,

9/01/51,

144A

9/31

at

100.00

N/R

93,113

250

Celina,

Texas,

Special

Assessment

Revenue

Bonds,

The

Parks

at

Wilson

Creek

Public

Improvement

District

Initial

Major

Improvement

Project,

Series

2021,

4.500%,

9/01/51,

144A

9/31

at

100.00

N/R

233,170

150

Celina,

Texas,

Special

Assessment

Revenue

Bonds,

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

4

Project,

Series

2021,

4.000%,

9/01/51,

144A

9/31

at

100.00

N/R

139,611

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2022

22

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

275

Conroe

Local

Government

Corporation,

Texas,

Hotel

Revenue

Bonds,

Conroe

Convention

Center

Hotel,

Second-Lien

Series

2021B,

5.000%,

10/01/50

10/31

at

100.00

BB-

$

269,978

250

New

Braunfels,

Comal

and

Guadalupe

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Solms

Landing

Public

Improvement

District

Improvement

Area

1

Project,

Series

2021,

4.750%,

9/01/51,

144A

9/31

at

100.00

N/R

224,853

70

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

No

Opt.

Call

N/R

63,062

435

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

No

Opt.

Call

N/R

401,670

2,985

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckingham

Senior

Living

Community,

Inc.

Project,

Series

2021B,

2.000%,

11/15/61

11/26

at

105.00

N/R

1,594,557

1,190

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Senior

Living

Revenue

Bonds,

Sanctuary

LTC

LLC

Project,

Series

2021A-1,

5.500%,

1/01/57

1/28

at

103.00

N/R

1,065,443

500

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%,

7/01/30

7/25

at

100.00

CCC

431,250

North

Parkway

Municipal

Management

District

1,

Celina,

Texas,

Contract

Revenue

Bonds,

Legacy

Hills

Public

Improvement

District

Phase

1A-1B

Improvements,

Series

2021:

300

4.000%,

9/15/41,

144A

9/31

at

100.00

N/R

285,171

250

4.250%,

9/15/51,

144A

9/31

at

100.00

N/R

238,672

250

North

Parkway

Municipal

Management

District

1,

Celina,

Texas,

Special

Assessment

Revenue

Bonds,

Major

Improvements

Project,

Series

2021,

5.000%,

9/15/51,

144A

9/31

at

100.00

N/R

255,470

250

Plano,

Collin

and

Denton

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Collin

Creek

East

Public

Improvement

District

Project,

Series

2021,

4.375%,

9/15/51,

144A

9/31

at

100.00

N/R

229,353

Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012:

125

4.087%,

12/15/32

(6)

5/22

at

100.00

N/R

78,125

500

4.087%,

12/15/42

(6)

5/22

at

100.00

N/R

312,500

305

4.087%,

12/15/47

(6)

5/22

at

100.00

N/R

190,625

250

San

Marcos,

Hays,

Caldwell

and

Guadalupe

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Whisper

South

Public

Improvement

District,

Series

2020,

4.500%,

9/01/51,

144A

9/32

at

100.00

N/R

232,548

100

Sinton,

San

Patricio

County,

Texas,

Special

Assessment

Revenue

Bonds,

Somerset

Public

Improvement

District

1

Series

2022,

5.250%,

9/01/51,

144A

9/32

at

100.00

N/R

95,977

500

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

C.C.

Young

Memorial

Home

Project,

Series

2016A,

6.250%,

2/15/37

(6)

2/27

at

100.00

N/R

345,000

80

Viridian

Municipal

Management

District,

Texas,

Assessment

Revenue

Bonds,

Series

2017,

4.250%,

12/01/44

12/25

at

100.00

N/R

80,513

9,615

Total

Texas

7,318,168

Utah

-

3.1%

500

Black

Desert

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2021B,

7.375%,

9/15/51,

144A

9/26

at

103.00

N/R

444,805

23

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utah

(continued)

$

1,000

Gateway

at

Sand

Hollow,

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2021A,

5.500%,

3/01/51,

144A

12/26

at

103.00

N/R

$

869,470

375

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Bridge

Elementary

Project,

Series

2021A,

4.000%,

6/15/41

6/28

at

103.00

N/R

330,307

250

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Saint

George

Academy

Project,

Series

2021A,

5.000%,

6/15/56,

144A

12/30

at

101.00

N/R

206,070

2,125

Total

Utah

1,850,652

Virgin

Islands

-

0.8%

250

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Senior

Series

2021A,

6.750%,

7/01/26,

144A

No

Opt.

Call

N/R

242,245

250

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Taxable

Series

2021B,

8.500%,

7/01/26,

144A

No

Opt.

Call

N/R

240,495

500

Total

Virgin

Islands

482,740

West

Virginia

-

1.5%

South

Charleston,

West

Virginia,

Special

District

Excise

Tax

Revenue

Improvement

Bonds,

South

Charleston

Park

Place

Project,

Series

2022A:

185

4.250%,

6/01/42,

144A

6/31

at

100.00

N/R

163,409

250

4.500%,

6/01/50,

144A

6/31

at

100.00

N/R

216,315

600

West

Virginia

Economic

Development

Authority,

Dock

and

Wharf

Facilities

Revenue

Bonds,

Empire

Trimodal

Terminal,

LLC

Project,

Series

2020,

7.625%,

12/01/40,

144A

12/27

at

103.00

N/R

546,006

1,035

Total

West

Virginia

925,730

Wisconsin

-

18.9%

3,230

Ashwaubenon

Community

Development

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Brown

County

Expo

Center

Project,

Series

2019,

0.000%,

6/01/54,

(UB)

(5)

6/29

at

37.80

AA

939,801

250

Gillett,

Wisconsin,

Solid

Waste

Disposal

Revenue

Bonds,

WI

RNG

Hub

North

LLC

Renewable

Natural

Gas

Production

Plant

Project,

Series

2021A,

5.500%,

12/01/32,

144A

12/26

at

100.00

N/R

225,613

255

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Alamance

Community

School,

Series

2021A,

5.000%,

6/15/51,

144A

6/29

at

100.00

N/R

225,129

1,500

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A,

5.000%,

6/15/36,

144A

6/26

at

100.00

N/R

1,395,840

845

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

The

Foundation

of

the

University

of

North

Carolina

at

Charlotte

Inc.,

Series

2021A,

4.000%,

9/01/56

9/31

at

100.00

N/R

720,641

Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Casa

Esperanza

Montessori,

Series

2021A:

300

4.375%,

6/01/46,

144A

6/31

at

100.00

N/R

250,419

100

4.500%,

6/01/56,

144A

6/31

at

100.00

N/R

81,262

1,000

Public

Finance

Authority

of

Wisconsin,

First

Tier

Revenue

Bonds,

McLemore

Hotel

&

Conference

Center

Project,

Senior

Series

2021A,

4.500%,

6/01/56,

144A

6/28

at

103.00

N/R

870,370

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017:

500

6.500%,

12/01/37,

144A

12/27

at

100.00

N/R

495,585

2,500

7.000%,

12/01/50,

144A

12/27

at

100.00

N/R

2,533,350

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2022

24

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Wisconsin

(continued)

$

500

Public

Finance

Authority

of

Wisconsin,

Project

Revenue

Bonds,

Irving

Convention

Center

Hotel

Project,

First

Tier

Series

2017A-2,

7.000%,

1/01/50,

144A

1/32

at

100.00

N/R

$

536,325

1,700

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Procure

Proton

Therapy

Center,

Senior

Series

2018A,

7.000%,

7/01/48,

144A

7/28

at

100.00

N/R

1,454,894

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

SearStone

Retirement

Community,

Series

2023A:

250

5.000%,

6/01/37

,

(WI/DD,

Settling

3/03/23)

6/28

at

103.00

N/R

243,033

250

5.000%,

6/01/52

,

(WI/DD,

Settling

3/03/23)

6/28

at

103.00

N/R

222,612

250

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Senior

Revenue

Bonds,

Proton

International

Arkansas,

LLC,

Series

2021A,

6.850%,

1/01/51,

144A

1/32

at

100.00

N/R

214,088

100

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Viticus

Group

Project,

Series

2022A,

4.000%,

12/01/41,

144A

12/31

at

100.00

N/R

93,392

1,000

Public

Finance

Authority

of

Wisconsin,

Senior

Revenue

Bonds,

Maryland

Proton

Treatment

Center,

Series

2018A-1,

6.375%,

1/01/48,

144A

1/28

at

100.00

N/R

615,000

100

Saint

Croix

Chippewa

Indians

of

Wisconsin,

Revenue

Bonds,

Refunding

Senior

Series

2021,

5.000%,

9/30/41,

144A

9/28

at

100.00

N/R

85,724

290

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Covenant

Communities

Inc,

Second

Tier

Series

2018B,

4.375%,

7/01/38

7/23

at

103.00

N/R

230,947

14,920

Total

Wisconsin

11,434,025

$

125,361

Total

Municipal

Bonds

(cost

$94,860,820)

85,746,486

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(3)

Value

CORPORATE

BONDS

-

0.4%

(0.3%

of

Total

Investments)

Electric

Utilities

-

0.4%

1,000

Talen

Energy

Supply

LLC

6.500%

6/01/25

CCC

251,490

$

1,000

Total

Corporate

Bonds

(cost

$463,268)

251,490

Total

Long-Term

Investments

(cost

$95,324,088)

85,997,976

Borrowings

-

(33.0)%

(7),(8)

(20,000,000)

Floating

Rate

Obligations

-

(7.8)%

(4,757,000)

Other

Assets

Less

Liabilities

-

(1.0)%

(596,192)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

60,644,784

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

The

ratings

disclosed

are

the

lowest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

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

reporting

period.

(5)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(6)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(7)

Borrowings

as

a

percentage

of

Total

investments

is

23.3%.

(8)

The

fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

25

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

March

31,

2022

See

accompanying

notes

to

financial

statements.

26

Enhanced

High

Yield

Municipal

Bond

Assets

Long-term

investments,

at

value

†

$

85,997,976‌

Cash

collateral

at

broker

for

investments

in

inverse

floating

rate

transactions

(1)

131,000‌

Receivable

for

interest

1,513,992‌

Receivable

for

investments

sold

1,088,550‌

Receivable

for

shares

sold

250,000‌

Other

assets

47,812‌

Total

assets

89,029,330‌

Liabilities

Borrowings

20,000,000‌

Cash

overdraft

1,116,573‌

Floating

rate

obligations

4,757,000‌

Unrealized

depreciation

on

recourse

trusts

31,910‌

Payable

for

dividends

208,451‌

Payable

for

interest

27,595‌

Payable

for

investments

purchased

-

regular

settlement

1,451,031‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

620,589‌

Accrued

expenses:

Management

fees

70,848‌

Trustees

fees

351‌

Distribution

and

service

fees

(12b-1)

8,642‌

Other

91,556‌

Total

liabilities

28,384,546‌

Commitments

and

contingencies

(as

disclosed

in

Note

8)

Net

assets

applicable

to

common

shares

$

60,644,784‌

†

Long-term

investments,

cost

$

95,324,088‌

Enhanced

High

Yield

Municipal

Bond

Class

A

Shares

Net

Assets

$

13,849,302

Common

shares

outstanding

1,621,979

Net

asset

value

("NAV")

per

common

share

$

8.54

Maximum

sales

charge

2.50%

Offering

price

per

common

share

(NAV

per

common

share

plus

maximum

sales

charge)

$

8.76

Class

I

Shares

Net

Assets

$

46,795,482

Common

shares

outstanding

5,480,235

NAV

and

offering

price

per

common

share

$

8.54

Fund

level

net

assets

consist

of:

Capital

paid-in

$

70,845,291

Total

distributable

earnings

(loss)

(10,200,507)

Fund

level

net

assets

$

60,644,784

Authorized

shares

-

per

class

Unlimited

Par

value

per

common

share

$  

0.01

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

Statement

of

Operations

For

the

period

June

30,

2021

(commencement

of

opera-

tions)

through

March

31,

2022

See

accompanying

notes

to

financial

statements.

27

Enhanced

High

Yield

Municipal

Bond

Investment

Income

Interest

$

2,512,456‌

Total

Investment

Income

2,512,456‌

Expenses

Management

fees

523,127‌

Distribution

and

service

fees

(12b-1)

-

Class

A

Shares

33,717‌

Shareholder

servicing

agent

fees

40,890‌

Interest

expense

118,933‌

Custodian

expenses,

net

8,066‌

Trustees

fees

2,292‌

Professional

fees

166,626‌

Shareholder

reporting

expenses

31,732‌

Federal

and

state

registration

fees

3,464‌

Other

3,087‌

Total

expenses

before

fee

waiver/expense

reimbursement

931,934‌

Fee

waiver/expense

reimbursement

(

131,554‌

)

Net

expenses

800,380‌

Net

investment

income

(loss)

1,712,076‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(

1,272,962‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(

9,326,112‌

)

Net

realized

and

unrealized

gain

(loss)

(

10,599,074‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

(

8,886,998‌

)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

28

Enhanced

High

Yield

Municipal

Bond

For

the

Period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022

Operations

Net

investment

income

(loss)

$

1,712,076‌

Net

realized

gain

(loss)

from

investments

(

1,272,962‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(

9,326,112‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(

8,886,998‌

)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

147,964‌

)

Class

I

Shares

(

1,165,593‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

1,313,557‌

)

Fund

Share

Transactions

Proceeds

from

sale

of

common

shares

70,630,663‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

115,673‌

70,746,336‌

Cost

of

common

shares

redeemed

(

997‌

)

Net

increase

(decrease)

in

net

assets

from

applicable

to

common

shares

from

Fund

share

transactions

70,745,339‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

60,544,784‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

100,000‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

60,644,784‌

Statement

of

Cash

Flows

For

the

period

June

30,

2021

(commencement

of

opera-

tions)

through

March

31,

2022

See

accompanying

notes

to

financial

statements.

29

The

following

table

provides

a

reconciliation

of

cash

and

cash

collateral

at

brokers

to

the

statement

of

assets

and

liabilities: 

Enhanced

High

Yield

Municipal

Bond

Cash

Flows

from

Operating

Activities

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

$

(8,886,998‌)

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(159,139,963‌)

Proceeds

from

sale

and

maturities

of

investments

62,660,672‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(117,759‌)

(Increase)

Decrease

in:

Receivable

for

interest

(1,513,992‌)

Receivable

for

investments

sold

(1,088,550‌)

Other

assets

(47,812‌)

Increase

(Decrease)

in:

Unrealized

depreciation

on

recourse

trusts

31,910‌

Payable

for

interest

27,595‌

Payable

for

investments

purchased

-

regular

settlement

1,451,031‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

620,589‌

Accrued

management

fees

70,848‌

Accrued

distribution

and

service

fees

(12b-1)

8,642‌

Accrued

Trustees

fees

351‌

Accrued

other

expenses

91,556‌

Net

realized

(gain)

loss

from

investments

1,272,962‌

Change

in

net

unrealized

(appreciation)

depreciation

of

investments

9,326,112‌

Net

cash

from

operating

activities

(95,232,806‌)

Cash

Flows

from

Financing

Activities

Proceeds

from

borrowings

20,000,000‌

Proceeds

from

floating

rate

obligations

12,372,000‌

(Repayments

of)

floating

rate

obligations

(7,615,000‌)

Increase

(Decrease)

in

cash

overdraft

1,116,573‌

Cash

distributions

paid

to

common

shareholders

(989,433‌)

Proceeds

from

sales

of

shares

70,380,663‌

Cost

of

shares

redeemed

(997‌)

Net

cash

provided

by

(used

in)

financing

activities

95,263,806‌

Net

Increase

(Decrease)

in

Cash

and

Cash

Collateral

at

Brokers

31,000‌

Cash

at

the

beginning

of

period

100,000‌

Cash

and

cash

collateral

at

brokers

at

the

end

of

period

$

131,000‌

Supplemental

Disclosure

of

Cash

Flow

Information

Enhanced

High

Yield

Municipal

Bond

Cash

paid

for

interest

$

72,979‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

share

distributions

115,673‌

Enhanced

High

Yield

Municipal

Bond

Cash

collateral

at

brokers

for

investments

in

inverse

floating

rate

transactions

$

131,000‌

Total

cash

collateral

at

brokers

$

131,000‌

Financial

Highlights

30

Enhanced

High

Yield

Municipal

Bond

The

Fund's

fiscal

year

end

is

March

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

Common

Share

NAV

Class

A

2022(f)

$

10.00

$

0.31

$

(

1.59

)

$

(

1.28

)

$

(

0.18

)

$

—

$

(

0.18

)

$

8.54

Class

I

2022(f)

10.00

0.30

(

1.54

)

(

1.24

)

(

0.22

)

—

(

0.22

)

8.54

Borrowings

at

the

End

of

the

Period

Aggregate

Amount

Outstanding

(000)(i)

Asset

Coverage

Per

$1,000(j)

2022(f)

$

20,000

$

4,032

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

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

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

For

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022.

(g)

Annualized.

(h)

The

Ratios

presented

above

are

based

upon

average

net

assets.  The

Ratios

of

Gross

Expenses

Including

and

Excluding

Interest

based

upon

average

managed

assets

for

Class

A

are

2.11%

and

1.89%,

respectively,

and

for

Class

I

1.56%

and

1.34%,

respectively.  The

Ratios

of

Net

Expenses

Including

and

Excluding

Interest

based

upon

average

managed

assets

for

Class

A

are

1.87%

and

1.65%,

respectively,

and

for

Class

I

1.32%

and

1.10%,

respectively.  The

Ratios

of

NII

based

upon

average

managed

assets

for

Class

A

and

Class

I

are

3.21%

and

3.19%,

respectively.

(i)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

as

of

the

end

of

the

relevant

fiscal

year

owed

by

the

Fund

to

lenders

under

arrangements

in

place

at

the

time.

(j)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

of

debt

is

calculated

by

subtracting

the

Fund's

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund's

total

assets,

dividing

the

results

by

the

aggregate

amount

of

the

Fund's

senior

securities

representing

indebtedness

then

outstanding,

and

multiplying

the

result

by

1,000.  The

Fund's

borrowings

constitute

"senior

securities"

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended.

See

accompanying

notes

to

financial

statements.

31

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Ratios

to

Average

Net

Assets

Common

Share

Total

Return(b)

Ending

Net

Assets

(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(e)

(

13

.00‌

)

%

$

13,849

2

.91‌

%

(g)

,(h)

2

.62‌

%

(g)

,(h)

2

.58‌

%

(g)

,(h)

2

.29‌

%

(g)

,(h)

4

.43‌

%

(g)

,(h)

88‌

%

(

12

.59‌

)

46,795

2

.05‌

(g)

,(h)

1

.76‌

(g)

,(h)

1

.72‌

(g)

,(h)

1

.43‌

(g)

,(h)

4

.18‌

(g)

,(h)

88‌

32

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

non-diversified,

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,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser

The

Fund’s

investment

adviser,

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Fund,

oversees

the

management

of

the

Fund’s

portfolio,

manages

the

Fund’s

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Fund.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$100,000

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

I

Shares

are

sold

without

an

upfront

sales

charge.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Fund’s

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

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

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

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

trustees

who

are

affiliated

with

the

Adviser

or

to

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

reporting

period,

the

Fund

did

not

receive any

custodian

fee  credits.

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.

33

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.

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

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.

The

Fund’s

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

Organizational

Expenses

Prior

to

the

commencement

of

operations

for

the

Fund

on

June

30,

2021,

the

Fund

had

no

operations

other

than

those

related

to

organizational

matters,

the

Fund’s

initial

contribution

of

$100,000,

by

the

Adviser,

and

the

recording

of

the

Fund’s

organizational

expenses

of

$16,000

and

their

reimbursement

by

the

Adviser.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Fund's

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Fund’s

financial

statements

and

various

filings.

Securities

and

Exchange

Commission

(“SEC”)

Adopts

New

Rules

to

Modernize

Fund

Valuation

Framework

In

December

2020,

the

SEC

voted

to

adopt

a

new

rule

governing

fund

valuation

practices.

New

Rule

2a-5

under

the

1940

Act

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

will

permit

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotation

are

not

readily

available.

The

SEC

also

adopted

new

Rule

31a-4

under

the

1940

Act,

which

sets

forth

the

recordkeeping

requirements

associated

with

fair

value determinations.

Finally,

the

SEC

is

rescinding

previously

issued

guidance

on

related

issues,

including

the

role

of

a

board

in

determining

fair

value

and

the

accounting

and

auditing

of

fund

investments.

Rule

2a-5

and

Rule

31a-4

became

effective

on

March

8,

2021,

with

a

compliance

date

of

September

8,

2022.

A

fund

may

voluntarily

comply

with

the

rules

after

the

effective

date,

and

in

advance

of

the

compliance

date,

under

certain

conditions.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Fund’s

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

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

34

Notes

to

Financial

Statements

(continued)

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

generally

provided

by

an

independent

pricing

service

(“pricing

service”)

approved

by

the

Board.

The

pricing

service

establishes

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,

the

pricing

service

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

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

of

the

fair

value

hierarchy;

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

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Fund

holds

liabilities

in

floating

rate

obligations,

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

Note

4

–

Portfolio

Securities

and

Investments

in

Derivatives.

4.

Portfolio

Securities

and

Investments

in

Derivatives

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.

Enhanced

High

Yield

Municipal

Bond

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

85,746,486

$

–

$

85,746,486

Corporate

Bonds

–

251,490

–

251,490

Total

$

–

$

85,997,976

$

–

$

85,997,976

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

state

and

or/industry

classifications,

where

applicable.

35

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.

The

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”

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

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

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

reporting

period,

the

Fund

had

outstanding

borrowings

under

such

facilities

in

the

amount

of

$71,485,

which

are

recognized

as

a

component

of

 "Floating

Rate

Obligations"

on

the

Statement

of

Assets

and

Liabilities.

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Enhanced

High

Yield

Municipal

Bond

$

4,757,000

$

—

$

4,757,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Enhanced

High

Yield

Municipal

Bond

$

4,218,375

0.53

%

36

Notes

to

Financial

Statements

(continued)

The Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period,

the

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities)

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.

The

Fund

has

earmarked

securities

in its

portfolio

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If the

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which

the

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes,

the

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments. 

The

Fund

records

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable. 

Even

though

the

Fund's

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Fund

is

authorized

to

invest

in

derivative

instruments

and

may

do

so

in

the

future,

it

did

not

make

any

such

investments

during

the

current

fiscal

period.

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

predetermined

threshold

amount.

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

$

4,757,000

$

—

$

4,757,000

Fund

Purchases

Sales

and

Maturities

Enhanced

High

Yield

Municipal

Bond

$

159,139,963

$

62,660,672

37

5.

Fund

Shares

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.

However,

the

Fund

may

charge

a

repurchase

fee

of

up

to

2.00%

of

the

repurchase

proceeds,

which

the

Fund

would

retain

to

help

offset

non-de

minimis

estimated

costs

related

to

the

repurchase

incurred

by

the

Fund,

directly

or

indirectly,

as

a

result

of

repurchasing

Common

Shares,

thus

allocating

estimated

transaction

costs

to

the

Common

Shareholder

whose

Common

Shares

are

being

repurchased.

During

the current

fiscal

period, the

Fund

engaged

in

repurchase

offers

as

follows:

Common

Share

Transactions

Transactions

in Common

shares

during

the

current

fiscal

period

were

as

follows:

6.

Income

Tax

Information

The

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

The

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

income

tax,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Fund.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Fund

is

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.

Repurchase

Request

Deadline

Repurchase

Offer

Amount

(as

a

percentage

of

outstanding

shares)

Number

of

Shares

Repurchased

Percentage

of

Outstanding

Shares

Repurchased

November

5,

2021

Class

A

7.50%

0

0.00%

Class

I

7.50%

0

0.00%

February

7,

2022

Class

A

7.50%

0

0.00%

Class

I

7.50%

100

0.00%

*

*

Rounds

to

less

than

0.01%.

For

the

Period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022

*

Enhanced

High

Yield

Municipal

Bond

Shares

Amount

Shares

sold:

Class

A

1,613,911

$15,737,729

Class

I

5,476,233

54,992,934

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

8,068

77,934

Class

I

4,102

37,739

7,102,314

70,846,336

Shares

redeemed:

Class

A

—

—

Class

I

(100)

(997)

(100)

(997)

Net

increase

(decrease)

7,102,214

$70,845,339

*

Prior

to

the

commencement

of

operations,

the

Adviser

owned

10,000

shares,

9,900

of

which

are

still

held

as

of

the

end

of

the

current

fiscal

period.

38

Notes

to

Financial

Statements

(continued)

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

taxable

market

discount.

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

was

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

were

as

follows:

As

of

year

end,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

The Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Fund

from

the

management

fees

paid

to

the

Adviser.

The Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within the

Fund,

and

a

complex-

level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables the

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

the

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly, is

calculated

according

to

the

following

schedule: 

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Enhanced

High

Yield

Municipal

Bond

$

90,633,185

$

162,157

$

(9,522,425)

$

(9,360,268)

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

$

471,531

$

57,252

$

—

$

(9,360,268)

$

(1,148,246)

$

—

$

(220,776)

$

(10,200,507)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

during

the

period

March

1,

2022

through

March

31,

2022

and

paid

on

April

1,

2022.

3/31/22

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Enhanced

High

Yield

Municipal

Bond

$

1,225,143

$

88,414

$

—

1

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

Enhanced

High

Yield

Municipal

Bond

$

1,148,246

$

—

$

1,148,246

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

39

The

annual

complex-level

fee,

payable

monthly,

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*  

 The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

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

March

31,

2022,

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,

2023,

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

1.25%

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.

Distribution

and

Service

Fees 

The

Fund

has

adopted

a

Distribution

and

Servicing

Plan

for

Class

A

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

A

Common

Shares.

The

maximum

annual

rates

at

which

the

distribution

and/or

servicing

fees

may

be

paid

under

the

Distribution

and

Servicing

Plan

(calculated

as

a

percentage

of

the

Fund’s

average

daily

managed

assets

attributable

to

the

Class

A

Common

Shares)

is

0.75%.

During

the

current

reporting

period

the

annual

rate

paid

by

the

Fund

was

0.54%.

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

(“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:

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Enhanced

High

Yield

Municipal

Bond

0

.1547%

40

Notes

to

Financial

Statements

(continued)

The

Distributor

also

received

12b-1

service

fees

on

Class

A

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.

As

of

the

end

of

the

reporting

period,

Nuveen

and

TIAA

owned

less

than

0.01%

and

69.98%,

respectively,

of

Fund

shares.

8.

Commitments

and

Contingencies

In

the

normal

course

of

business, the

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Fund

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Fund's

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the

Fund

is

not

subject

to

any

material

legal

proceedings.

9.

Borrowing

Arrangements

Borrowings

During

the

current

fiscal

period,

the

Fund

entered

into

a

$30,000,000

($20,000,000

maximum

revolving

amount

plus

$10,000,000

maximum

term

amount)

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

the

outstanding

balance

on

these

Borrowings

was

$20,000,000.

Interest

is

charged

on

the

Borrowings

at

a

rate

per

annum

equal

to

1-Month

LIBOR

plus

0.75%.

The

Fund

also

accrues

a

0.125%

per

annum

commitment

fee

on

the

undrawn

portion

of

the

Borrowings.

The

Fund

also

incurred

a

0.10%

upfront

fee.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

(which

was

for

the

period

September

29,

2021

through

March

31,

2022)

and

average

annual

interest

rate

on

the

Fund’s

Borrowings

were

$17,122,826

and

0.91%,

respectively.

In

order

to

maintain

their

Borrowings,

the

Fund

must

meet

certain

collateral,

asset

coverage

and

other

requirements.

The

Fund’s

Borrowings

outstanding

is

fully

secured

by

eligible

securities

held

in

its

portfolio

of

investments.

The

Fund’s

Borrowings

outstanding

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

incurred

on

the

borrowed

amount

and

undrawn

balance

are

recognized

as

components

of

“Interest

expense”

on

the

Statement

of

Operations.

Fund

Purchases

Sales

Realized

Gain

(Loss)

Enhanced

High

Yield

Municipal

Bond

$

408,227

$

3,078,402

$

(147,489)

Fund

Commission

Advances

(Unaudited)

Enhanced

High

Yield

Municipal

Bond

$

214,745

41

Important

Tax

Information

(Unaudited)

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

$

—

42

Risk

Considerations

(Unaudited)

Risk

Considerations

Fund

shares

are

not

guaranteed

or

endorsed

by

any

bank

or

other

insured

depository

institution,

and

are

not

federally

insured

by

the

Federal

Deposit

Insurance

Corporation.

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

Investing

in

interval

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

tax

risk,

political

and

economic

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Credit

risk

refers

to

an

issuers

ability

to

make

interest

and

principal

payments

when

due.

The

Fund

concentrates

in

non-investment

grade

and

unrated

bonds,

as

well

as

special

situations

municipal

securities,

with

long

maturities

and

durations

which

carry

heightened

credit

risk,

liquidity

risk,

and

potential

for

default.

In

addition,

the

Fund

oftentimes

utilizes

a

significant

amount

of

leverage

and

in

doing

so,

assumes

a

high

level

of

risk

in

pursuit

of

its

objectives.

Leverage

involves

the

risk

that

the

Fund

could

lose

more

than

its

original

investment

and

also

increases

the

Fund’s

exposure

to

volatility,

interest

rate

risk

and

credit

risk.

These

and

other

risk

considerations

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/HYIF.

43

Additional

Fund

Information

(Unaudited)

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Judith

M.

Stockdale

Carole

E.

Stone

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

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Once

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.

44

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return

:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

leverage)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities,

also

known

as

inverse

floaters

or

tender

option

bonds

(TOBs),

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.

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.

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.

45

Trustees

and

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:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

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);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

and

chair

of

its

investment

committee;

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

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).

142

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

1999

Class

III

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

142

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2003

Class

I

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

142

46

Trustees

and

Officers

(Unaudited)

(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

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

Independent

Directors

Council

(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);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

142

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).

142

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).

142

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

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);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

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.

142

47

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

Judith

M.

Stockdale

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

1997

Class

I

Board

Member,

Land

Trust

Alliance

(national

public

charity

addressing

natural

land

and

water

conservation

in

the

U.S.)

(since

2013);

formerly,

Board

Member,

U.S.

Endowment

for

Forestry

and

Communities

(national

endowment

addressing

forest

health,

sustainable

forest

production

and

markets,

and

economic

health

of

forest-reliant

communities

in

the

U.S.)

(2013-2019);

formerly,

Executive

Director

(1994-2012),

Gaylord

and

Dorothy

Donnelley

Foundation

(private

foundation

endowed

to

support

both

natural

land

conservation

and

artistic

vitality);

prior

thereto,

Executive

Director,

Great

Lakes

Protection

Fund

(endowment

created

jointly

by

seven

of

the

eight

Great

Lakes

states’

Governors

to

take

a

regional

approach

to

improving

the

health

of

the

Great

Lakes)

(1990-1994).

142

Carole

E.

Stone

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2007

Class

I

Former

Director,

Chicago

Board

Options

Exchange

(2006-2017),

and

C2

Options

Exchange,

Incorporated

(2009-2017);

formerly,

Director,

Cboe

Global

Markets,

Inc.,

(2010-2020)

(formerly

named

CBOE

Holdings,

Inc.);

formerly,

Commissioner,

New

York

State

Commission

on

Public

Authority

Reform

(2005-2010).

142

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

142

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

(since

2004)

and

Chair

(since

2015)

of

the

Board

of

Trustees

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.

142

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2017

Class

II

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).

142

48

Trustees

and

Officers

(Unaudited)

(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

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019)

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2020-2021)

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

of

Nuveen

(2006-2017),

Vice

President

prior

to

2006.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2016)

and

Nuveen

Fund

Advisors,

LLC

(since

2017);

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(-2021)

and

Vice

President,

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC

(since

2018).

Diana

R.

Gonzalez

1978

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

Associate

General

Counsel

of

Jackson

National

Asset

Management,

LLC

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017),

formerly,

Vice

President

(2011-

2016)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

Jacques

M.

Longerstaey

1963

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2019

Senior

Managing

Director,

Chief

Risk

Officer,

Nuveen,

LLC

(since

May

2019);

Senior

Managing

Director

(since

May

2019)

of

Nuveen

Fund

Advisors,

LLC;

formerly,

Chief

Investment

and

Model

Risk

Officer,

Wealth

&

Investment

Management

Division,

Wells

Fargo

Bank

(NA)

(2013-2019).

John

M.

McCann

1975

8500

Andrew

CarnegieBlvd.

Charlotte,

NC

28262

Vice

President

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

of

TIAA

SMA

Strategies

LLC

(since

2021);

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

49

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

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Executive

Vice

President

(2016-2017)

and

Managing

Director

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017),

Managing

Director

(2008-2016)

and

Assistant

Secretary

(2007-2016);

Senior

Managing

Director

(since

2017),

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2011-2016);

formerly

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010).

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

at

Nuveen

(since

2017);

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Senior

Director

(since

2015)

Mutual

Fund

Taxation

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

Deann

D.

Morgan

1969

730

Third

Avenue

New

York,

NY

10017

Vice

President

2020

President,

Nuveen

Fund

Advisors,

LLC

(since

2020);

Executive

Vice

President,

Global

Head

of

Product

at

Nuveen

(since

2019);

Co-Chief

Executive

Officer

of

Nuveen

Securities,

LLC

(since

2020);

Managing

Member

of

MDR

Collaboratory

LLC

(since

2018);

Managing

Director,

Head

of

Wealth

Management

Product

Structuring

&

COO

Multi

Asset

Investing.

The

Blackstone

Group

(2013-2017).

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

and

Vice

President

(2011-2016)

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

formerly,

Senior

Director,

TIAA-CREF

Fund

Administration

(2014-2015);

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019),

formerly,

Assistant

General

Counsel

(2008-2016)

of

Nuveen.

Gifford

R.

Zimmerman

1956

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

1988

Formerly:

Managing

Director

(2002-2020)

and

Assistant

Secretary

(2002-2020)

of

Nuveen

Securities,

LLC;

formerly,

Managing

Director

(2002-2020),

Assistant

Secretary

(1997-2020)

and

Co-General

Counsel

(2011-2020)

of

Nuveen

Fund

Advisors,

LLC;

formerly,

Managing

Director

(2004-2020)

and

Assistant

Secretary

(1994-2020)

of

Nuveen

Investments,

Inc.;

formerly,

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC

(2011-2020);

formerly,

Vice

President

and

Assistant

Secretary

of

NWQ

Investment

Management

Company,

LLC

(2002-2020),

Santa

Barbara

Asset

Management,

LLC

(2006-2020)

and

Winslow

Capital

Management,

LLC

(2010-2020);

Chartered

Financial

Analyst.

50

Trustees

and

Officers

(Unaudited)

(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

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Annual

Investment

Management

(Unaudited)

51

The

Board

of

Trustees

(the

“Board,”

and

each

Trustee,

a

“Board

Member”)

of

the

Fund,

including

the

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

is

responsible

for

approving

the

advisory

arrangements

of

the

Fund.

A

discussion

of

the

Board’s

approval

in

February

2021

of

an

amendment

to

the

Fund’s

initial

investment

management

agreement

is

set

forth

in

Part

I

below.

A

discussion

of

the

Board’s

approval

in

July

2021

of

the

renewal

of

the

advisory

arrangements

of

the

Fund

is

set

forth

in

Part

II

below.

PART

I

The

Board

Members

are

responsible

for

approving

advisory

arrangements

and,

at

a

meeting

held

on

May

21-23,

2019

(the

“May

2019

Meeting”),

were

asked

to

approve

the

initial

advisory

arrangements

for

the

Fund.

At

the

May

2019

Meeting,

the

Board

Members,

including

the

Independent

Board

Members,

considered

and

approved

the

investment

management

agreement

(the

“Original

Investment

Management

Agreement”)

pursuant

to

which

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

was

expected

to

serve

as

investment

adviser

to

the

Fund

and

the

investment

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

pursuant

to

which

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

was

expected

to

serve

as

investment

sub-adviser

to

the

Fund.

The

Adviser

and

the

Sub-Adviser

are

each

hereafter

a

“Fund

Adviser.”

Subsequent

to

the

May

2019

Meeting,

but

prior

to

the

Fund’s

launch,

the

Board,

comprised

all

of

Independent

Board

Members,

approved

at

a

meeting

held

on

February

23-25,

2021

(the

“February

2021

Meeting”

and

together

with

the

May

2019

Meeting,

the

“Meetings”):

(a)

changes

to

the

Fund’s

name

(i.e.,

the

change

to

its

current

name),

investment

strategy,

investment

objective,

investment

policies;

and

(b)

an

amendment

to

the

Original

Investment

Management

Agreement

to

reduce

the

contractual

management

fee

(the

“Amendment”).

The

Original

Investment

Management

Agreement,

as

amended

by

the

Amendment,

is

referred

to

as

the

“Investment

Management

Agreement.”

Although

the

Investment

Company

Act

of

1940

(the

“1940

Act”)

requires

that

a

fund’s

advisory

agreements

be

approved

by

the

in-person

vote

of

a

majority

of

the

Independent

Board

Members,

the

February

2021

Meeting

was

held

virtually

through

the

internet

due

to

the

challenges

arising

in

connection

with

the

COVID-19

pandemic.

The

virtual

meeting

was

held

in

reliance

upon

certain

exemptive

relief

the

Securities

and

Exchange

Commission

had

provided

to

registered

investment

companies

granting

temporary

relief

from

the

in-person

voting

requirements

of

the

1940

Act

in

connection

with

the

pandemic.

To

assist

the

Board

in

its

evaluation

of

the

Amendment,

the

Independent

Board

Members

had

received,

in

adequate

time

in

advance

of

the

February

2021

Meeting

and/or

at

other

meetings,

materials

that

had

been

updated

in

certain

respects

since

the

May

2019

Meeting

and

outlined,

among

other

things:

the

nature,

extent

and

quality

of

the

services

expected

to

be

provided

by

each

Fund

Adviser;

the

expertise

and

background

of

each

Fund

Adviser

with

respect

to

the

Fund’s

investment

strategy;

certain

performance-related

information

(as

described

below);

the

proposed

management

fees

of

each

Fund

Adviser,

including

comparisons

of

the

Adviser’s

proposed

revised

management

fee

with

the

management

fees

of

comparable

funds;

and

the

expected

expenses

of

the

Fund,

including

comparisons

of

the

Fund’s

expected

expense

ratio

with

the

expense

ratios

of

comparable

funds.

At

the

February

2021

Meeting

and/or

at

other

meetings,

the

Adviser

made

presentations

to

and

responded

to

questions

from

the

Board.

During

the

February

2021

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

also

met

privately

with

their

legal

counsel

to,

among

other

things,

review

the

Board’s

duties

under

the

1940

Act,

the

general

principles

of

state

law

in

reviewing

and

approving

advisory

contracts,

the

standards

used

by

courts

in

determining

whether

investment

company

boards

of

directors

have

fulfilled

their

duties,

factors

to

be

considered

in

voting

on

advisory

contracts

and

an

adviser’s

fiduciary

duty

with

respect

to

advisory

agreements

and

compensation.

It

is

with

this

background

that

the

Independent

Board

Members

considered

the

Amendment.

As

outlined

in

more

detail

below,

the

Independent

Board

Members

considered

various

factors

they

believed

relevant

with

respect

to

the

Fund.

Each

Board

Member

may

have

accorded

different

weight

to

the

various

factors

and

information

discussed

below

in

reaching

his

or

her

conclusions

with

respect

to

the

Amendment.

A.

Nature,

Extent

and

Quality

of

Services

At

the

Meetings

and/or

at

other

meetings,

the

Independent

Board

Members

considered

the

nature,

extent

and

quality

of

the

respective

Fund

Adviser’s

services,

including

portfolio

management

services

and

administrative

services.

In

this

regard,

at

the

Meetings

and/or

at

other

meetings,

the

Independent

Board

Members

have

reviewed

materials

outlining,

among

other

things,

the

respective

Fund

Adviser’s

organization

and

business;

the

types

of

services

that

such

Fund

Adviser

or

its

affiliates

provide

to

the

Nuveen

funds

(as

applicable)

and

are

expected

to

provide

to

the

Fund;

and

the

experience

of

the

respective

Fund

Adviser

with

applicable

investment

strategies.

Further,

at

the

Meetings

and/or

at

other

meetings,

the

Independent

Board

Members

have

evaluated

the

background

and

experience

of

the

relevant

investment

personnel.

In

considering

the

services

that

were

expected

to

be

provided

by

the

Fund

Advisers,

at

the

Meetings

and/or

at

other

meetings,

the

Board

has

recognized

that

the

Adviser

provides

a

vast

array

of

services

to

the

Nuveen

funds,

the

scope

of

which

has

expanded

over

the

years

in

light

of

regulatory,

market

and

other

developments,

such

as

the

development

of

expanded

compliance

programs

for

the

Nuveen

funds.

The

Board

has

also

noted

the

extensive

resources,

tools

and

capabilities

the

Adviser

and

its

affiliates

devote

to

the

various

operations

of

the

Nuveen

funds.

52

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Board

has

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

would

generally

be

responsible

for

the

management

of

the

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

In

this

regard,

the

Board

has

recognized

the

relevant

experience

and

expertise

of

the

Sub-Adviser

and

the

applicable

investment

personnel.

Based

on

its

review

and

in

reliance

on

the

Adviser’s

representation

that

the

Adviser

would

not

reduce

the

level

of

services

to

be

provided

to

the

Fund

as

a

result

of

the

Amendment,

the

Board

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund

under

the

Investment

Management

Agreement

were

satisfactory.

B.

Investment

Performance

The

Fund

was

new

and,

therefore,

did

not

have

its

own

performance

history.

However,

based

on

information

provided

by

the

Adviser,

it

was

expected

that

the

Fund’s

investment

strategy

would

have

certain

similarities

to

that

of

the

Nuveen

High

Yield

Municipal

Bond

Fund

(the

“High

Yield

Fund”),

a

Nuveen

open-end

fund

which

had

an

inception

date

of

June

7,

1999.

At

the

February

2021

Meeting,

the

Board

was

provided

with

certain

performance

information

relating

to

the

Class

I

shares

of

the

High

Yield

Fund,

including

average

annualized

total

returns

for

the

quarter,

one-year,

three-year,

five-year,

ten-year

and

since

inception

periods

as

of

December

31,

2020.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

In

evaluating

the

management

fees

and

expenses

that

the

Fund

was

expected

to

bear

taking

into

account

the

Amendment,

the

Independent

Board

Members

considered,

among

other

things,

the

Fund’s

proposed

management

fee

structure

and

its

expected

expense

ratio

in

absolute

terms

as

well

as

compared

with

the

fees

and

expense

ratios

of

comparable

funds.

The

Independent

Board

Members

were

aware

that

the

Fund

would

operate

as

an

interval

fund

in

the

Nuveen

fund

family

and

that

interval

funds

are

continuously

offered

closed-end

funds

designed

to

be

a

hybrid

between

open-

and

closed-end

funds.

In

this

regard,

shares

of

interval

funds

typically

do

not

trade

in

the

secondary

market,

but

instead,

interval

funds

periodically

offer

to

repurchase

a

specified

portion

of

their

shares.

As

an

interval

fund,

the

Independent

Board

Members

recognized

the

challenges

in

determining

an

appropriate

peer

group

for

the

Fund

and

considered

the

rationale

used

to

construct

a

peer

group.

The

Independent

Board

Members

noted

that

Lipper

does

not

have

an

interval

fund

category,

but

places

interval

funds

in

their

respective

closed-end

fund

categories

despite

the

different

structures.

Accordingly,

the

Independent

Board

Members

considered

the

Adviser’s

methodology

in

determining

the

peer

group

which

began

with

a

review

of

all

funds

identified

in

Lipper

as

interval

funds

and

a

selection

of

the

appropriate

peer

funds

based

on

asset

class

and

credit

profile.

The

Independent

Board

Members

reviewed,

among

other

things,

the

proposed

advisory

fee

and

estimated

net

total

expense

ratio

for

the

Fund

(based

on

both

common

net

assets

and

managed

assets),

as

well

as

comparative

fee

and

expense

data

pertaining

to

the

Fund’s

peers

determined

as

described

in

the

preceding

sentence.

In

addition,

the

Independent

Board

Members

considered

the

temporary

expense

cap

proposed

by

the

Adviser.

Further,

the

Independent

Board

Members

were

aware

of

the

proposed

sub-advisory

fee

for

the

Fund.

The

Independent

Board

Members

recognized

that

assets

attributable

to

the

Fund’s

use

of

leverage

would

be

included

in

the

amount

of

assets

upon

which

the

advisory

fee

is

calculated.

In

this

regard,

the

Independent

Board

Members

noted

that

the

advisory

fee

is

based

on

a

percentage

of

average

daily

“Managed

Assets.”

“Managed

Assets”

generally

means

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

“Total

assets”

for

this

purpose

includes

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

The

Independent

Board

Members

recognized

that

the

fact

that

a

decision

to

employ

or

increase

the

Fund’s

leverage

will

have

the

effect,

all

other

things

being

equal,

of

increasing

Managed

Assets

(and,

in

turn,

increasing

the

Adviser’s

and

the

Sub-Adviser’s

management

fees),

means

that

the

Adviser

and

the

Sub-Adviser

may

have

a

conflict

of

interest

in

determining

whether

to

use

or

increase

leverage.

The

Independent

Board

Members

noted,

however,

that

the

Adviser

and

the

Sub-Adviser

would

seek

to

manage

that

potential

conflict

by

recommending

to

the

Board

to

leverage

the

Fund

(or

increase

such

leverage)

when

they

determine

that

such

action

would

be

in

the

best

interests

of

the

Fund

and

by

periodically

reviewing

with

the

Board

the

Fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

The

Independent

Board

Members

considered

the

proposed

revised

management

fee

rate

as

a

percentage

of

Managed

Assets

before

any

fund-level

and

complex-wide

breakpoints.

Based

on

their

review

of

the

fee

and

expense

information

provided,

the

Independent

Board

Members

determined

that

the

management

fee

to

be

paid

to

the

Adviser

pursuant

to

the

Investment

Management

Agreement

was

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

At

the

Meetings

and/or

at

other

meetings,

the

Board

has

reviewed

information

regarding

the

fee

rates

that

the

Fund

Advisers

charge

for

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

In

conjunction

with

municipal

funds,

with

respect

to

the

Adviser

and/

or

the

Sub-Adviser,

such

other

clients

may

include

retail

and

institutional

managed

accounts,

passively

managed

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

but

that

are

offered

by

another

fund

complex

and

municipal

managed

accounts

offered

by

an

unaffiliated

adviser.

Further,

the

Board

has

previously

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

wrap

accounts

and

municipal

institutional

accounts.

The

Board

recognized

that

the

Nuveen

complex

did

not

have

another

interval

fund

at

such

time.

In

considering

the

fee

data

of

other

clients,

the

Board

has

considered,

among

other

things,

the

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

clients

as

well

as

the

differences

in

portfolio

investment

policies,

investor

profiles,

account

sizes

and

regulatory

requirements,

all

of

which

contribute

to

the

variations

in

the

fee

schedules.

The

Board

has

recognized

the

complexity

and

myriad

of

services

the

Adviser

provides

to

the

Nuveen

funds

compared

to

the

other

types

of

clients

as

the

Adviser

is

principally

responsible

for

all

aspects

of

53

operating

the

funds,

including

complying

with

the

increased

regulatory

requirements

required

when

managing

the

funds

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

Further,

with

respect

to

ETFs,

the

Board

has

considered

that

Nuveen

ETFs

were

passively

managed

compared

to

the

active

management

of

the

other

Nuveen

funds

which

contributed

to

the

differences

in

fee

levels

between

the

Nuveen

ETFs

and

other

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

In

addition,

the

Board

has

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

has

recognized

that

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

inherent

differences

in

the

products

and

the

level

of

services

provided

to

the

Nuveen

funds

versus

other

clients,

the

differing

regulatory

requirements

and

legal

liabilities

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company.

3.

Comparisons

with

the

Fees

of

Other

Clients

In

conjunction

with

their

review

of

fees,

at

the

February

2021

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

have

considered

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2019

and

2018.

The

Board

has

previously

reviewed,

among

other

things,

Nuveen’s

net

margins

(pre-tax)

(both

including

and

excluding

distribution

expenses);

gross

and

net

revenue

margins

(pre-

and

post-tax);

revenues,

expenses,

and

net

income

(pre-tax

and

after-tax

and

before

distribution)

of

Nuveen

for

fund

advisory

services;

and

comparative

profitability

data

comparing

the

margins

of

Nuveen

compared

to

the

adjusted

margins

of

certain

peers

with

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

the

2018

and

2019

calendar

years.

The

Board

has

also

reviewed

the

revenues

and

expenses

the

Adviser

derived

from

its

ETF

product

line

for

the

2018

and

2019

calendar

years.

In

reviewing

the

profitability

data,

the

Independent

Board

Members

have

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

expenses

of

Nuveen

and

its

affiliates

between

the

fund

and

non-fund

businesses.

The

expenses

to

be

allocated

include

direct

expenses

in

servicing

the

Nuveen

funds

as

well

as

indirect

and/or

shared

costs

(such

as

overhead,

legal

and

compliance)

some

of

which

are

attributed

to

the

Nuveen

funds

pursuant

to

the

cost

allocation

methodologies.

The

Independent

Board

Members

have

reviewed

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information

and

a

summary

of

the

history

of

changes

to

the

methodology

over

the

eleven-year

period

from

2008

to

2019.

The

Board

has

also

appointed

three

Independent

Board

Members,

along

with

the

assistance

of

independent

counsel,

to

serve

as

the

Board’s

liaisons

to

review

the

development

of

the

profitability

data

and

any

proposed

changes

to

the

cost

allocation

methodology

prior

to

incorporating

any

such

changes

and

to

report

to

the

full

Board.

The

Board

has

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

Based

on

the

data,

the

Independent

Board

Members

have

noted

that

Nuveen’s

net

margins

were

higher

in

2019

than

the

previous

year

and

considered

the

key

drivers

behind

the

revenue

and

expense

changes

that

impacted

Nuveen’s

net

margins

between

the

years.

The

Board

has

also

noted

the

reinvestments

of

some

of

the

profits

into

the

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

funds

and

continued

investments

in

enhancements

to

information

technology,

internal

infrastructure

and

data

management

improvements

and

global

investment

and

innovation

projects.

As

indicated

above,

the

Independent

Board

Members

have

also

considered

the

operating

margins

of

Nuveen

Investments,

Inc.

compared

to

the

adjusted

margins

of

certain

peers

with

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen

for

the

calendar

years

2019

and

2018.

The

Independent

Board

Members

have

noted

that

the

operating

margins

of

Nuveen

Investments,

Inc.

were

in

the

lower

half

of

the

peer

group

range.

The

Independent

Board

Members,

however,

have

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

with

other

investment

adviser

peers

given

that

comparative

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

which

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

has

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

As

such,

the

Board

has

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2019

and

2018

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

has

recognized

the

benefit

of

having

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

stress.

Based

on

a

consideration

of

the

information

provided,

the

Board

has

noted

that

Nuveen’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

This

conclusion

did

not

change

as

a

result

of

the

Amendment.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

At

the

Meetings

and/or

at

other

meetings,

the

Board

considered

whether

the

Fund

could

be

expected

to

benefit

from

any

economies

of

scale.

The

Board

has

recognized

that

although

economies

of

scale

are

difficult

to

measure,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

The

Board

has

noted

that

Nuveen

generally

has

employed

these

various

methods

with

respect

to

the

Nuveen

funds.

In

this

regard,

the

Board

has

noted

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

In

general

terms,

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows,

and

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined.

Accordingly,

the

Independent

Board

Members

reviewed

and

considered

the

proposed

management

fees

for

the

Fund,

taking

into

account

the

fund-level

and

complex-level

breakpoint

schedules.

The

Independent

Board

Members

recognized

that

the

Fund

would

be

a

non-listed

interval

fund

that

continuously

offers

its

shares

and

periodically

offers

to

repurchase

its

shares,

up

to

a

specified

percentage.

54

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Independent

Board

Members

have

also

recognized

the

Adviser’s

continued

reinvestment

in

its

business

through,

among

other

things,

investments

in

its

business

infrastructure

and

information

technology,

portfolio

accounting

system

and

other

systems

and

platforms

that

will,

among

other

things,

support

growth,

simplify

and

enhance

information

sharing,

and

enhance

the

investment

process

to

the

benefit

of

all

of

the

Nuveen

funds.

Based

on

their

review,

the

Independent

Board

Members

concluded

that

the

proposed

fee

structure

for

the

Fund,

taking

into

account

the

Amendment,

was

acceptable

and

reflected

economies

of

scale

to

be

shared

with

the

Fund’s

shareholders

when

assets

under

management

increase.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

at

the

Meetings

and/or

at

other

meetings

regarding

other

benefits

that

a

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

At

the

May

2019

Meeting,

the

Independent

Board

Members

concluded

that

any

indirect

benefits

expected

to

be

received

by

the

Adviser

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters.

This

conclusion

did

not

change

as

a

result

of

the

Amendment.

F.

Approval

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

a

majority

of

the

Independent

Board

Members,

concluded

that

the

terms

of

the

Investment

Management

Agreement

were

fair

and

reasonable,

that

the

Adviser’s

fees

were

reasonable

in

light

of

the

services

expected

to

be

provided

to

the

Fund

and

that

the

Amendment

should

be

and

was

approved

on

behalf

of

the

Fund.

PART

II

At

a

meeting

held

on

May

25-27,

2021

(the

“May

2021

Meeting”),

the

boards

of

trustees/directors

of

the

Nuveen

funds

performed

their

annual

review

of

the

advisory

and

sub-advisory

agreements

with

the

Nuveen

funds

that

were

up

for

renewal.

In

conjunction

with

this

annual

review,

the

Board

received

extensive

materials

that

covered

an

array

of

topics,

including,

among

other

things,

a

description

of

the

nature,

extent

and

quality

of

services

the

Fund

Advisers

have

provided

to

the

Nuveen

funds;

a

review

of

product

actions

taken

during

2020;

a

review

of

sub-advisers

to

the

Nuveen

funds

(including

the

Sub-Adviser;

a

description

of

various

initiatives

Nuveen

had

undertaken

or

continued

during

the

year

for

the

benefit

of

particular

fund(s)

or

the

complex;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

sub-advisers

to

the

Nuveen

funds

(including

the

Sub-Adviser);

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

sub-advisers

(including

the

Sub-Adviser)

as

a

result

of

its

relationships

with

the

Nuveen

funds.

To

avoid

the

expiration

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

(collectively,

the

“Advisory

Agreements”)

prior

to

the

next

annual

review

of

the

advisory

arrangements

of

the

Nuveen

funds,

the

Board

considered

the

renewal

of

the

Advisory

Agreements

at

a

meeting

held

on

July

19,

2021

(the

“July

Meeting”).

The

Board

considered

the

information

provided

at

its

prior

meetings,

including

the

Meetings

and

May

2021

Meeting,

in

its

consideration

of

the

renewal

of

the

Advisory

Agreements.

During

the

July

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

also

met

privately

with

their

legal

counsel

to,

among

other

things,

review

the

Board’s

duties

under

the

1940

Act,

the

general

principles

of

state

law

in

reviewing

and

approving

advisory

contracts,

the

standards

used

by

courts

in

determining

whether

investment

company

boards

of

directors

have

fulfilled

their

duties,

factors

to

be

considered

in

voting

on

advisory

contracts

and

an

adviser’s

fiduciary

duty

with

respect

to

advisory

agreements

and

compensation.

It

is

with

this

background

that

the

Independent

Board

Members

considered

the

renewal

of

the

Advisory

Agreements.

As

outlined

in

more

detail

below,

the

Independent

Board

Members

considered

various

factors

they

believed

relevant

with

respect

to

the

Fund.

Each

Board

Member

may

have

accorded

different

weight

to

the

various

factors

and

information

provided

to

the

Board

in

reaching

his

or

her

conclusions

with

respect

to

the

Advisory

Agreements.

Although

the

1940

Act

requires

the

continuances

of

advisory

contracts

with

investment

companies

to

be

approved

at

in-person

meetings,

the

July

Meeting

was

held

virtually

through

the

internet

due

to

the

challenges

arising

in

connection

with

the

COVID-19

pandemic.

The

virtual

meeting

was

held

in

reliance

upon

certain

exemptive

relief

the

Securities

and

Exchange

Commission

had

provided

to

registered

investment

companies

granting

temporary

relief

from

the

in-person

voting

requirements

of

the

1940

Act

in

connection

with

the

pandemic.

A.

Nature,

Extent

and

Quality

of

Services

At

the

Meetings

and/or

at

other

meetings,

the

Independent

Board

Members

had

considered

the

nature,

extent

and

quality

of

the

respective

Fund

Adviser’s

services,

including

portfolio

management

services

and

administrative

services.

The

Independent

Board

Members

had

reviewed

materials

outlining,

among

other

things,

the

respective

Fund

Adviser’s

organization

and

business;

the

types

of

services

that

such

Fund

Adviser

or

its

affiliates

provide

to

the

Nuveen

funds

(as

applicable)

and

are

expected

to

provide

to

the

Fund;

and

the

experience

of

the

respective

Fund

Adviser

with

applicable

investment

strategies

and

the

background

and

experience

of

the

relevant

investment

personnel.

The

description

of

services

that

the

Fund

Advisers

provide

to

the

Nuveen

funds

was

further

supplemented

at

the

May

2021

Meeting.

Based

on

its

review,

the

Board

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund

under

the

applicable

Advisory

Agreement

were

satisfactory.

B.

Investment

Performance

As

the

Fund

was

new,

the

Board

recognized

that

the

Fund

had

too

limited

of

performance

history

to

make

a

meaningful

assessment

of

performance.

55

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

At

the

Meetings,

the

Board

reviewed,

among

other

things,

the

proposed

management

fee

structure

and

net

total

expected

expense

ratio

of

the

Fund

(based

on

both

common

net

assets

and

managed

assets)

in

absolute

terms

as

well

as

to

that

of

comparable

funds.

As

the

Fund

is

an

interval

fund,

the

Independent

Board

Members

recognized

the

challenges

in

developing

an

appropriate

peer

set

and

considered

the

methodology

employed

to

create

the

peer

set.

In

addition,

the

Independent

Board

Members

considered

the

breakpoint

schedule

in

the

management

fee

structure

(as

described

below)

and

the

temporary

expense

cap

proposed

by

the

Adviser.

Further,

the

Independent

Board

Members

considered

the

proposed

sub-advisory

fee

for

the

Fund.

Based

on

their

review

of

the

fee

and

expense

information

provided,

the

Independent

Board

Members

determined

that

the

management

fees

to

be

paid

to

the

Fund

Advisers

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

At

the

Meetings

and/or

at

other

meetings,

the

Board

has

reviewed

information

regarding

the

fee

rates

that

the

Fund

Advisers

charged

for

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

In

conjunction

with

municipal

funds,

with

respect

to

the

Adviser

and/

or

the

Sub-Adviser,

such

other

clients

may

include

retail

and

institutional

managed

accounts,

passively

managed

ETFs

sub-advised

by

the

Sub-

Adviser

but

that

are

offered

by

another

fund

complex

and

municipal

managed

accounts

offered

by

an

unaffiliated

adviser.

Further,

the

Board

had

previously

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

wrap

accounts

and

municipal

institutional

accounts.

The

Board

recognized

that

the

Nuveen

complex

did

not

have

another

interval

fund

at

such

time.

In

considering

the

comparative

data,

the

Board

had

considered

the

differences

in,

among

other

things,

the

amount,

type

and

level

of

services,

investment

policies,

investor

profiles,

account

size,

regulatory

requirements

and

entrepreneurial,

legal

and

regulatory

risks

incurred

by

the

Adviser

in

operating

investment

companies

compared

to

other

types

of

clients,

and

that

variations

in

the

fee

schedules

between

the

Nuveen

funds

and

other

types

of

clients

were

justified

given

these

differences.

3.

Profitability

of

Fund

Advisers

In

conjunction

with

their

review

of

fees,

at

the

February

2021

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

have

considered

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2019

and

2018.

At

its

May

2021

Meeting,

the

Board

further

reviewed,

among

other

things,

updated

financial

data

including

Nuveen’s

level

of

profitability

for

the

Nuveen

funds

for

the

calendar

years

2020

and

2019.

In

the

profitability

data,

the

Board

had

previously

reviewed,

among

other

things,

Nuveen’s

net

margins

(pre-

tax)

(both

including

and

excluding

distribution

expenses);

gross

and

net

revenue

margins

(pre-

and

post-tax);

revenues,

expenses,

and

net

income

(pre-tax

and

after-tax

and

before

distribution)

of

Nuveen

for

fund

advisory

services;

and

profitability

data

comparing

the

margins

of

Nuveen

with

the

adjusted

margins

of

certain

peers

with

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

over

certain

periods.

In

evaluating

profitability

data,

the

Independent

Board

Members

were

aware

of

the

subjective

nature

in

determining

profitability

as

other

reasonable

and

valid

expense

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

Accordingly,

the

Board

had

previously

reviewed

the

methodology

employed

in

developing

the

profitability

data.

Aside

from

Nuveen’s

profitability,

as

the

Adviser

is

also

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(previously

defined

as

“TIAA”),

the

Board

also

considered

certain

financial

data

of

TIAA

to

consider

the

financial

strength

of

TIAA.

The

Board

has

recognized

the

benefit

of

having

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

stress.

Based

on

a

consideration

of

the

information

provided,

the

Board

has

noted

that

Nuveen’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economics

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

At

the

Meetings

and/or

at

other

meetings,

the

Board

considered

whether

the

Fund

could

be

expected

to

benefit

from

any

economies

of

scale.

The

Board

has

recognized

that

although

economies

of

scale

are

difficult

to

measure,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid

and

that

Nuveen

has

generally

employed

these

various

methods.

In

this

regard,

the

Board

has

noted

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

In

general

terms,

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows,

and

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined.

Accordingly,

the

Independent

Board

Members

had

considered

the

fund-level

and

complex-level

breakpoint

schedules.

The

Independent

Board

Members

have

also

previously

recognized

the

Adviser’s

or

its

affiliates’

continued

reinvestment

in

its

business.H

Based

on

their

review,

the

Independent

Board

Members

had

concluded

that

the

fee

structure

for

the

Fund

was

acceptable

and

reflected

economies

of

scale

to

be

shared

with

the

Fund’s

shareholders

when

assets

under

management

increase.

56

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

at

the

Meetings

and/or

at

other

meetings

regarding

other

benefits

that

a

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

At

the

May

2019

Meeting,

the

Independent

Board

Members

concluded

that

any

indirect

benefits

expected

to

be

received

by

the

Fund

Adviser

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters

and

such

conclusion

had

not

changed.

F.

Approval

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

a

majority

of

the

Independent

Board

Members,

concluded

that

the

terms

of

each

Advisory

Agreement

were

fair

and

reasonable,

that

each

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

expected

to

be

provided

to

the

Fund

and

that

each

Advisory

Agreement

be

renewed.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

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Wacker

Drive

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IL

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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. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

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”) 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 registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and Albin F. Moschner, who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner, 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).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, 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 preapproval exception for services provided directly to the Funds 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 Funds during the fiscal year in which the services are provided; (B) the Funds 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.

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
March 31, 2022	$	61,350		$	13,000		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
March 31, 2021 5	$	0		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

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 Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

⁵  Fund commenced operations on June 30, 2021.

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, 2022	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
March 31, 2021	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

Fiscal Year Ended	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (engagements related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (all other engagements)		Total
March 31, 2022	$	0	$	0	$	0	$	0
March 31, 2021	$	0	$	0	$	0	$	0

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

Less than 50 percent of the hours expended on the principal accountant’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 principal accountant’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 Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

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)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, John K. Nelson, Albin F. Moschner, Judith M. Stockdale, Carole E. Stone, Chair, and Robert L. Young.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. 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 8. 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 manager at the Sub-Adviser:

ITEM 8(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 Fund’s investment strategy:

Steven M. Hlavin is a Managing Director of Nuveen Asset Management. He is a member of the High Yield Portfolio Management Team, and serves as a portfolio manager for the Nuveen Short Duration High Yield Municipal Bond Strategy and supports the management of the firm’s other High Yield Municipal Bond portfolios. 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. In addition, he manages two closed-end funds that rely on the use of tender option bonds for leverage and co-manages several ETFs. He joined the firm in 2003. Prior to his current position at the firm, he worked as a senior analyst responsible for risk management and performance measurement processes. He received his B.A. in Finance and Accounting and an M.B.A. in Finance from Miami University.

John Miller, C.F.A., leads the municipals fixed income strategic direction and investment perspectives for Nuveen. He also manages several municipal bond strategies and closed-end funds. John became the Head of Nuveen Municipals in August of 2018. Before being named the co-head of fixed income in 2011, he was chief investment officer for the firm’s municipal bond team starting in 2007. He was named head of portfolio management for Nuveen Asset Management in 2006 and became a portfolio manager in 2000 after starting at the firm as a municipal credit analyst in 1996. He began working in the investment industry at a private account management firm in 1993. Mr. Miller earned a B.A. in Economics and Political Science from Duke University, an M.A. in Economics from Northwestern University and an M.B.A. in Finance, with honors, from the University of Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

ITEM 8(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 Hlavin	Registered Investment Company	7	$	9.74 billion
	Other Pooled Investment Vehicles	1	$	466 million
	Other Accounts	0	$	0
John V. Miller	Registered Investment Company	11	$	45.16 billion
	Other Pooled Investment Vehicles	10	$	1.17 billion
	Other Accounts	13	$	69 million

* Assets are as of March 31, 2022. 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 the 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.

ITEM 8(a)(3). FUND MANAGER COMPENSATION

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

Portfolio managers are compensated through a combination 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.

ITEM 8(a)(4). OWNERSHIP OF HYIF SECURITIES AS OF MARCH 31, 2022

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 Hlavin	X
John Miller	X

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. 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 of Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a	)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a	)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule  30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a	)(4)	Change in the registrant’s independent public accountant. Not applicable.
(b	)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT 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.

(Registrant) Nuveen Enhanced High Yield Municipal Bond Fund

By (Signature and Title)	/s/ Mark L. Winget
	Mark L. Winget
	Vice President and Secretary
Date: June 3, 2022

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.

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)
Date: June 3, 2022
By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)
Date: June 3, 2022

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, David J. Lamb, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 3, 2022	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

CERTIFICATION

I, E. Scott Wickerham, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 3, 2022	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)

EX-99.906 CERT

Exhibit 99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Enhanced High Yield Municipal Bond Fund (the “Fund”) certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Fund for the period ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: June 3, 2022
	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)
	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President, Controller
	(principal financial officer)