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, 2023                   

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,

2023

Annual

Report

Fund

Name

Class

A1

Class

A2

Class

I

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

NHYEX

NHYAX

NMSSX

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Fund

Leverage

7

Common

Share

Information

9

About

the

Fund’s

Benchmark

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

11

Expense

Examples

15

Report

of

Independent

Registered

Public

Accounting

Firm

17

Portfolio

of

Investments

18

Statement

of

Assets

and

Liabilities

33

Statement

of

Operations

35

Statement

of

Changes

in

Net

Assets

36

Statement

of

Cash

Flows

37

Financial

Highlights

38

Notes

to

Financial

Statements

41

Important

Tax

Information

53

Risk

Considerations

54

Additional

Fund

Information

55

Glossary

of

Terms

Used

in

this

Report

56

Liquidity

Risk

Management

Program

57

Annual

Investment

Management

Agreement

Approval

Process

58

Trustees

and

Officers

65

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

over

the

past

year

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

May

2023,

the

Fed

raised

the

target

fed

funds

rate

by

5.00%

to

a

range

of

5.00%

to

5.25%,

marking

the

fastest

interest

rate

hiking

cycle

in

its

history.

Across

most

of

the

world,

inflation

rates

have

fallen

from

their

post-pandemic

highs

but

currently

remain

well

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

surprisingly

resilient,

even

as

financial

conditions

have

tightened.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

the

year

overall

compared

to

2021

and

expanded

at

a

more

moderate

pace

of

1.1%

in

the

first

quarter

of

2023.

A

relatively

strong

jobs

market

has

helped

support

consumer

sentiment

and

spending

despite

historically

high

inflation.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

although

the

recent

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

is

likely

to

add

further

downward

pressure

to

the

economy

as

the

banking

system

slows

lending

in

response.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

policy

based

upon

these

factors

on

a

meeting-by-meeting

basis.

While

uncertainty

has

increased

given

the

unpredictable

outcome

of

tighter

credit

conditions

on

the

economy,

the

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

noise.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.  

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

May

22,

2023

4

Important

Notices

For

Shareholders

of

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

Class

A1

Shares

Effective

July

29,

2022,

Class

A

Shares

were

renamed

Class

A1

Shares.

Expense

Waiver

Changes

Effective

December

1,

2022,

Nuveen

Fund

Advisors,

LLC

reduced

the

Fund’s

operating

expense

ratio

waiver

from

1.25%

to

1.05%

of

the

average

daily

Managed

Assets

of

any

class

of

the

Fund’s

shares.

Portfolio

Manager

Updates

Effective

April

10,

2023,

John

V.

Miller

announced

that

he

will

retire

from

Nuveen

on

June

1,

2023

and

will

continue

to

serve

as

portfolio

manager

of

the

Fund

until

that

time.

In

conjunction

with

this

announcement,

Daniel

J.

Close

and

Stephen

J.

Candido

have

each

been

named

a

portfolio

manager

of

the

Fund.

Steve

M.

Hlavin

will

continue

to

serve

as

a

portfolio

manager

of

the

Fund.

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,

Steven

M.

Hlavin,

Daniel

J.

Close,

CFA,

and

Stephen

J.

Candido,

CFA.

Portfolio

Manager

Update

Effective

April

10,

2023

(subsequent

to

the

close

of

this

reporting

period),

Daniel

J.

Close,

CFA,

and

Stephen

J.

Candido,

CFA,

were

added

as

portfolio

managers

of

the

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund.

John

V.

Miller,

CFA,

will

retire

from

Nuveen

on

June

1,

2023,

and

will

continue

to

serve

as

a

portfolio

manager

until

that

time.

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

the

twelve-month

reporting

period

ended

March

31,

2023.

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

municipal

markets

during

the

twelve-month

reporting

period

ended

March

31,

2023?

U.S.

economic

growth

continued

to

moderate

amid

high

inflation

and

tightening

financial

conditions

during

the

twelve-month

period

ended

March

31,

2023.

In

the

first

quarter

of

2023,

the

economy

expanded

at

an

annualized

rate

of

1.1%,

according

to

the

preliminary

estimate

from

the

U.S.

Bureau

of

Economic

Analysis,

slowing

from

2.1%

in

2022

overall.

Inflation

remained

persistently

high

through

the

majority

of

the

reporting

period

as

China’s

Zero-COVID

restrictions

(lifted

in

December

2022)

and

the

Russia-

Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions

and

drove

food

and

energy

prices

higher.

While

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

took

aggressive

measures

to

ease

inflation,

and

supply

chains

and

energy

prices

began

to

normalize

toward

the

end

of

the

reporting

period,

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

Beginning

in

March

2022,

the

Fed

raised

its

target

fed

funds

rate

nine

times

during

the

reporting

period,

bringing

it

from

near

zero

at

the

start

of

2022

to

a

range

of

4.75%

to

5.00%

as

of

March

2023.

One

of

the

Fed’s

rate

increases

occurred

in

March

2023,

a

decision

that

was

closely

watched

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

during

the

same

month

and

uncertainty

around

the

economic

impact

of

these

failures.

Additionally,

in

March

2023,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

had

been

troubled

for

some

time

and

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

As

of

March

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.5%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

in

2022

and

early

2023,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

The

broad

municipal

bond

market

was

impacted

by

interest

rate

volatility

and

economic

uncertainty

during

the

reporting

period.

Municipal

yields

rose

across

the

maturity

spectrum,

but

the

move

was

uneven.

The

greatest

increase

in

yields

was

at

the

shorter

end

of

the

curve

as

markets

priced

in

a

more

aggressive

pace

of

monetary

tightening

to

combat

persistently

high

inflation.

Yields

at

the

long

end

of

the

municipal

curve

also

rose

significantly,

but

intermediate

and

intermediate-long

maturities

saw

relatively

smaller

yield

increases.

Overall,

shorter

maturities

generally

outperformed

longer

maturities

during

the

reporting

period.

In

response

to

the

rising

interest

rate

environment

and

heightened

market

volatility,

dealers

reduced

their

inventories

and

investors

increased

redemptions

from

traditional

municipal

bond

mutual

funds.

For

much

of

the

reporting

period,

credit

spreads

were

generally

stable

given

relatively

strong

municipal

fundamentals,

although

there

was

some

widening

as

the

market

sell-off

continued.

Portfolio

Managers’

Comments

(continued)

6

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

March

31,

2023?

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

portfolio

management

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.

The

Fund

may

source

leverage

through

a

number

of

methods,

including

investing

in

inverse

floating

rate

securities,

issuance

of

debt

securities,

borrowings,

entering

into

reverse

repurchase

agreements,

and

issuance

of

preferred

shares.

Inverse

floating

rate

securities,

sometimes

referred

to

as

“inverse

floaters,”

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust.

These

securities

can

be

used

for

a

variety

of

reasons,

including

duration

management,

income

and

total

return

enhancement. 

During

the

reporting

period,

the

Fund’s

trading

activity

remained

focused

on

pursuing

its

investment

objectives.

The

Fund

engaged

in

opportunistic

trading

opportunities

in

both

the

new

issue

and

secondary

markets

to

support

the

Fund’s

income

distribution

capability.

The

Fund

also

took

advantage

of

tactical

trading

opportunities

in

and

out

of

underperforming

sectors,

such

as

tobacco

and

Puerto

Rico.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

March

31,

2023?

For

the

twelve

months

ended

March

31,

2023,

the

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

significantly

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

largely

driven

by

its

longer-duration

positioning

relative

to

the

benchmark.

The

negative

impact

came

from

the

Fund’s

overweight

allocation

to

longer-duration

bonds,

which

underperformed

in

the

rising

rate

environment,

and

its

corresponding

underweight

to

shorter-duration

bonds,

which

outperformed.

The

Fund’s

use

of

leverage

through

preferred

shares

and

inverse

floating

rate

securities

also

detracted

significantly

from

relative

performance

during

the

reporting

period.

However,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

Partially

offsetting

these

detractors

was

the

Fund’s

investment

in

Talen

Energy,

a

power

generation

company

that

benefited

from

elevated

commodity

prices.

Additionally,

underweight

allocations

to

the

tobacco

securitization

and

Puerto

Rico

sectors,

which

were

among

the

weakest-performing

sectors

in

this

reporting

period,

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

lowest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

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,

MuniFund

Preferred

Shares

(MFP)

and

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Fund

uses

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

the

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

securities

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

the

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

The

Fund’s

use

of

leverage

significantly

detracted

from

relative

performance

over

this

reporting

period.

However,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

As

of

March

31,

2023

,

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.

*

For

the

period

April

1,

2022

through

September

26,

2022

(termination

date

of

borrowings).

Refer

to

Notes

to

Financial

Statements

for

further

details.

HYIF

Effective

Leverage

*

26.21%

Regulatory

Leverage

*

17.58%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Outstanding

Balance

as

of

April

1,

2022

Draws

Paydowns

Outstanding

Balance

as

of

March

31,

2023

Average

Balance

Outstanding*

Draws

Paydowns

Outstanding

Balance

as

of

May

22,

2023

$20,000,000

$2,000,000

$(22,000,000)

$-

$20,122,905

$

-

$

-

$-

8

Fund

Leverage

(continued)

MuniFund

Preferred

Shares

As

noted

previously,

in

addition

to

bank

borrowings,

the

Fund

also

issued

MFP.

The

Fund’s

transactions

in

MFP

are

as

shown

in

the

accompanying

table.

**

For

the

period

September

27,

2022

(first

issuance

date

of

shares)

through

March

31,

2023.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

MFP.

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Outstanding

Balance

as

of

April

1,

2022

Issuance

Redemptions

Outstanding

Balance

as

of

March

31,

2023

Average

Balance

Outstanding**

Issuance

Redemptions

Outstanding

Balance

as

of

May

22,

2023

$-

$27,500,000

$-

$27,500,000

$27,500,000

$27,000,000

$-

$54,500,000

Common

Share

Information

9

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

Fund's

distributions

is

current

as

of

March

31,

2023. 

The

Fund's

distribution

levels

may

vary

over

time

based

on

the

Fund's

investment

activity

and

portfolio

investments

value

changes.

During

the

current

reporting

period,

the

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

The

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

the

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to the

Notes

to

Financial

Statements for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

the

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

from

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in the

Notes

to

Financial

Statements

of

this

report.

REPURCHASE

OFFER

In

order

to

provide

liquidity

to

common

shareholders,

the

Fund

has

adopted

a

fundamental

investment

policy,

which

may

only

be

changed

by

a

majority

vote

of

shareholders,

to

make

quarterly

offers

to

repurchase

between

5%

and

25%

of

its

outstanding

Common

Shares

at

NAV,

reduced

by

any

applicable

repurchase

fee.

Subject

to

approval

of

the

Board,

for

each

quarterly

repurchase

offer,

the

Fund

currently

expects

to

offer

to

repurchase

7.5%

of

the

outstanding

Common

Shares

at

NAV.

The

Fund

does

not

currently

expect

to

charge

a

repurchase

fee.

Refer

to

the

Notes

to

Financial

Statements

for

further

details

on

the

Fund’s

repurchase

offer.

Monthly

Distributions

(Ex-Dividend

Date)

*

Class

A1

Class

A2

Class

I

April

2022

$

0.0265

$

–

$

0.0330

May

2022

0.0300

–

0.0355

June

2022

0.0300

–

0.0355

July

2022

0.0300

–

0.0355

August

2022

0.0325

0.0340

0.0370

September

2022

0.0325

0.0340

0.0370

October

2022

0.0325

0.0340

0.0370

November

2022

0.0325

0.0340

0.0370

December

2022

0.0325

0.0340

0.0370

January

2023

0.0325

0.0340

0.0370

February

2023

0.0325

0.0340

0.0370

March

2023

0.0325

0.0340

0.0370

Total

Distributions

from

Net

Investment

Income

$

0.3765

$

0.2720

$

0.4355

*Initial

distribution

for

Class

A2

declared

by

the

Fund

in

August

2022.

Class

A1

Class

A2

Class

I

Distribution

Rate

on

NAV**

5.38%

5.62%

6.12%

**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.

10

About

the

Fund’s

Benchmark

S&P

Municipal

Yield

Index

:

An

index

that

is

structured

so

that

70%

of

the

index

consists

of

bonds

that

are

either

not

rated

or

are

rated

below

investment

grade,

20%

are

rated

BBB/Baa,

and

10%

are

rated

single

A.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

11

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

repurchased,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

NAV

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

repurchase

of

Fund

shares,

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A1

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund's

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Portfolio

of

Investments

for

individual

security

information.

The

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.

12

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

March

31,

2023

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

A1

Shares

have

a

maximum

2.50%

sales

charge

(Offering

Price).

Class

A1

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

A2

and

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

Fund

expenses

through

July

31,

2024

so

that

total

annual

Fund

operating

expenses

(excluding

distribution

and/or

service

fees

that

may

be

applicable

to

a

particular

class

of

shares,

issuance

and

dividend

costs

of

preferred

shares

that

may

be

issued

by

the

Fund,

interest

expense,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities,

litigation

expenses

and

extraordinary

expenses)

do

not

exceed

1.05%

(1.25%

prior

to

December

1,

2022) of

the

average

daily

managed

assets

of

any

class

of

Fund

shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

Total

Returns

as

of

March

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

Since

Inception

Gross

Net

Class

A1

at

NAV

6/30/21

(10.70)%

(13.43)%

2.91%

2.32%

Class

A1

at

maximum

Offering

Price

6/30/21

(12.93)%

(14.67)%

—

—

S&P

Municipal

Yield

Index

—

(3.83)%

(5.50)%

—

—

Class

I

6/30/21

(9.99)%

(12.80)%

2.05%

1.46%

Total

Returns

as

of

March

31,

2023**

Cumulative

Expense

Ratios***

Inception

Date

Since

Inception

Gross

Net

Class

A2

7/29/22

(6.71)%

2.66%

2.07%

13

Growth

of

an

Assumed

$10,000

Investment

as

of March

31,

2023

 -

Class A1 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

14

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

March

31,

2023

(continued)

Holdings

Summaries

as

of

March

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

131.7‌%

Corporate

Bonds

0.4‌%

Other

Assets

&

Liabilities,

Net

3.2%

Floating

Rate

Obligations

(14.2)%

MFP

Shares,

Net

(21.1‌)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AA

6.6%

A

7.0%

BBB

3.0%

BB

or

Lower

7.9%

N/R

(not

rated)

75.5%

Total

100‌%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

29.9%

Transportation

18.4%

Education

and

Civic

Organizations

11.5%

Long-Term

Care

10.1%

Utilities

9.2%

Health

Care

7.2%

Industrials

6.9%

Other

6.5%

Corporate

Bonds

0.3%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Florida

20.0%

Colorado

16.6%

Wisconsin

9.7%

Texas

6.9%

New

York

5.3%

Puerto

Rico

4.2%

Illinois

4.0%

Ohio

3.8%

South

Carolina

3.3%

California

2.8%

Pennsylvania

2.7%

Alabama

2.5%

Utah

2.3%

Indiana

1.7%

Oregon

1.6%

Other

12.6%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

Expense

Examples

15

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.

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,

2023.

The

beginning

of

the

period

is

October

1,

2022.

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

A1

Class

A2

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,059.72

$

1,060.97

$

1,063.71

Expenses

Incurred

During

the

Period

$

17.31

$

15.57

$

13.79

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,008.13

$

1,009.82

$

1,011.57

Expenses

Incurred

During

the

Period

$

16.87

$

15.18

$

13.44

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

3.37%,

3.03%

and

2.68%

for

Classes

A1,

A2

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

17

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,

2023,

the

related

statements

of

operations

and

cash

flows

for

the

year

ended

March

31,

2023,

the

statement

of

changes

in

net

assets

for

the

year

ended

March

31,

2023

and

for

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2023,

the

results

of

its

operations

and

its

cash

flows

for

the

year

ended

March

31,

2023,

the

changes

in

its

net

assets

for

the

year

ended

March

31,

2023

and

for

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

May

26,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

18

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

Portfolio

of

Investments

March

31,

2023

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

132.1%  (100.0%

of

Total

Investments) 

X

169,866,467

MUNICIPAL

BONDS

-

131.7%

(99.7%

of

Total

Investments)

X

169,866,467

Alabama

-

3.2%

$

250

MidCity

Improvement

District,

Alabama,

Special

Assessment

Revenue

Bonds,

Series

2022,

4.750%,

11/01/49

11/32

at

100.00

N/R  

$

195,500

220

Montgomery

Medical

Clinic

Board,

Alabama,

Health

Care

Facility

Revenue

Bonds,

Jackson

Hospital

&

Clinic,

Series

2015,

5.000%,

3/01/36

3/26

at

100.00

Ba3  

211,424

Tuscaloosa

County

Industrial

Development

Authority,

Alabama,

Gulf

Opportunity

Zone

Bonds,

Hunt

Refining

Project,

Refunding

Series

2019A:

1,709

4.500%,

5/01/32,

144A

5/29

at

100.00

N/R  

1,497,648

2,750

5.250%,

5/01/44,

144A

5/29

at

100.00

N/R  

2,260,198

Total

Alabama

4,164,770

Arizona

-

0.7%

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

BB  

84,587

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  

80,707

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  

107,028

250

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A,

5.375%,

10/01/56

10/29

at

103.00

N/R  

174,790

500

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2022A,

7.000%,

10/01/56

10/29

at

103.00

N/R  

428,590

Total

Arizona

875,702

California

-

3.7%

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  

227,295

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  

164,402

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  

179,243

500

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A,

5.000%,

6/01/59,

144A

6/27

at

100.00

N/R  

448,700

250

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Citizens

of

the

World

Charter,

Series

2022A,

6.250%,

4/01/52,

144A

4/30

at

100.00

BB-  

250,698

250

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Obligated

Group,

Series

2021A,

4.000%,

6/01/51,

144A

6/27

at

100.00

N/R  

182,957

19

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

245

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2021C,

4.000%,

9/02/51

9/31

at

100.00

N/R  

$

211,229

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  

392,680

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  

197,905

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  

200,315

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  

222,843

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  

191,077

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  

248,880

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  

431,059

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  

174,542

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  

173,850

1,000

Kaweah

Delta

Health

Care

District,

California,

Revenue

Bonds,

Series

2015B,

5.000%,

6/01/40

6/25

at

100.00

Ba1  

855,690

Total

California

4,753,365

Colorado

-

22.0%

500

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021,

4.375%,

12/01/52

12/26

at

103.00

N/R  

377,395

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  

2,257,975

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  

394,255

1,750

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  

1,317,435

250

Brighton

Crossing

Metropolitan

District

4,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Series

2017A,

5.000%,

12/01/47

5/23

at

103.00

N/R  

233,960

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

5/23

at

100.00

N/R  

342,635

500

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Improvement

Bonds,

Series

2022,

6.500%,

12/01/53

12/27

at

103.00

N/R  

504,135

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2023

20

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

$

1,000

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  

$

865,030

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  

220,831

100

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Frasier

Project,

Refunding

Bonds

Series

2023A.

Forward

Delivery,

4.000%,

5/15/48

5/28

at

103.00

BBB-  

72,268

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A:

225

5.250%,

11/01/32

(4)

11/25

at

102.00

N/R  

110,250

670

5.500%,

11/01/37

(4)

11/25

at

102.00

N/R  

328,300

1,250

5.750%,

11/01/47

(4)

11/25

at

102.00

N/R  

612,500

835

6.000%,

11/01/52

(4)

11/25

at

102.00

N/R  

409,150

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  

403,400

500

6.250%,

12/01/50,

144A

12/25

at

100.00

N/R  

340,755

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  

480,435

1,000

Crossroads

Metropolitan

District

1,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2022,

6.500%,

12/01/51

12/29

at

103.00

N/R  

960,430

600

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A,

6.750%,

12/01/34,

144A

9/27

at

103.00

N/R  

607,074

500

Glen

Metropolitan

District

3,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021,

4.250%,

12/01/51,

144A

12/26

at

103.00

N/R  

366,060

1,277

Grand

Avenue

Metropolitan

District,

In

the

City

of

Aurora,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2023,

8.125%,

12/01/52

3/28

at

103.00

N/R  

1,255,112

1,000

Ledge

Rock

Center

Commercial

Metropolitan

District

(In

the

Town

of

Johnstown,

Weld

County,

Colorado),

Limited

Tax

General

Obligation

Bonds,

Series

2022,

7.375%,

11/01/52,

144A

11/29

at

103.00

N/R  

996,330

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

(5)

6/26

at

100.67

N/R  

639,280

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  

381,410

1,000

Mulberry

Metropolitan

District

2,

Fort

Collins,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A,

7.000%,

12/01/52

12/27

at

103.00

N/R  

1,020,010

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  

433,310

1,000

Peak

Metropolitan

District

3,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1,

7.500%,

12/01/52

12/27

at

103.00

N/R  

999,820

1,500

Pioneer

Community

Authority

Board

(Weld

County,

Colorado),

Special

Revenue

Bonds,

Series

2022,

6.500%,

12/01/34

6/29

at

103.00

N/R  

1,425,375

21

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

$

500

Prairie

Song

Metropolitan

District

4,

Windsor,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

6.000%,

12/01/51,

144A

12/28

at

103.00

N/R  

$

440,505

1,515

Pueblo

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

EVRAZ

Project,

Series

2021A,

4.750%,

12/01/45,

144A

12/30

at

100.00

N/R  

863,550

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  

843,730

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  

420,040

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  

429,365

500

Third

Creek

Metropolitan

District

1,

Commerce

City,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1,

4.750%,

12/01/51,

144A

3/27

at

103.00

N/R  

384,065

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  

426,845

1,000

USAFA

Visitor's

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  

852,410

500

Villages

at

Johnstown

Metropolitan

District

7,

Johnstown,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A(3),

6.250%,

12/01/52

6/27

at

103.00

N/R  

502,520

500

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.750%,

12/01/52

12/29

at

103.00

N/R  

469,045

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  

426,910

500

Westwood

Metropolitan

District,

Thornton,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2021A,

4.000%,

12/01/51,

144A

9/26

at

103.00

N/R  

365,815

5,000

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2021A-2,

0.000%,

12/01/41,

144A

(5)

9/26

at

97.43

N/R  

2,825,500

1,000

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1,

4.000%,

12/01/41,

144A

9/26

at

103.00

N/R  

748,700

Total

Colorado

28,353,920

Connecticut

-

0.4%

500

Connecticut

Development

Authority,

Airport

Facilities

Revenue

Bonds,

Learjet

Inc.,

Series

2004,

7.950%,

4/01/26,

(AMT)

5/23

at

100.00

B3  

499,905

Total

Connecticut

499,905

Florida

-

26.5%

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  

167,490

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  

221,437

250

Avenir

Community

Development

District,

Palm

Beach

Gardens,

Florida,

Special

Assessment

Bonds,

Area

3

-

Master

Infrastructure

Project,

Series

2023,

5.625%,

5/01/54

5/33

at

100.00

N/R  

241,350

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2023

22

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

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  

$

982,308

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  

209,008

175

5.625%,

8/01/37,

144A

8/24

at

103.00

N/R  

137,774

895

Celebration

Pointe

Community

Development

District

1,

Alachua

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021,

4.000%,

5/01/53

5/31

at

100.00

N/R  

674,159

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  

75,200

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  

331,837

500

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Southwest

Charter

Foundation

Inc

Projects,

Series

2017A,

6.125%,

6/15/47,

144A

6/27

at

100.00

N/R  

448,725

8,235

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  

7,609,387

Florida

Development

Finance

Corporation,

Florida,

Surface

Transportation

Facility

Revenue

Bonds,

Virgin

Trains

USA

Passenger

Rail

Project,

Series

2019A:

2,000

6.250%,

1/01/49,

(AMT),

(Mandatory

Put

1/01/24),

144A

5/23

at

101.00

N/R  

1,980,220

1,240

6.375%,

1/01/49,

(AMT),

(Mandatory

Put

1/01/26),

144A

5/23

at

102.00

N/R  

1,172,147

2,000

6.500%,

1/01/49,

(AMT),

(Mandatory

Put

1/01/29),

144A

5/23

at

102.00

N/R  

1,864,560

3,300

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2023A,

7.500%,

7/01/57,

(AMT),

(Mandatory

Put

8/15/24)

5/23

at

100.00

N/R  

3,259,014

3,500

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Passenger

Rail

Expansion

Project,

Series

2022A,

7.250%,

7/01/57,

(AMT),

(Mandatory

Put

10/03/23),

144A

5/23

at

103.00

N/R  

3,527,720

4,390

Greater

Orlando

Aviation

Authority,

Florida,

Airport

Facilities

Revenue

Bonds,

Series

2022A,

4.000%,

10/01/52,

(AMT),

(UB)

(6)

10/31

at

100.00

AA-  

4,123,659

200

Mandarin

Grove

Community

Development

District,

Manatee

County,

Florida,

Special

Assessment

Revenue

Bonds,

2022

Project

Series

2022,

6.625%,

5/01/53,

144A

5/42

at

100.00

N/R  

207,734

2,000

Miami-Dade

County,

Florida,

Seaport

Revenue

Bonds,

Refunding

Series

2022A,

5.250%,

10/01/52,

(AMT),

(UB)

(6)

10/32

at

100.00

A3  

2,132,680

1,000

Miami-Dade

County,

Florida,

Seaport

Revenue

Bonds,

Refunding

Subordinate

Series

2021B-1,

4.000%,

10/01/50,

(AMT)

10/31

at

100.00

AA-  

937,280

420

Middleton

Community

Development

Authority,

Florida,  Series

2022,

6.200%,

5/01/53,

144A

11/30

at

100.00

N/R  

427,837

100

North

Powerline

Road

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2022,

5.625%,

5/01/52,

144A

5/32

at

100.00

N/R  

97,208

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

4/23

at

108.00

N/R  

413,992

500

Sawyers

Landing

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021,

4.250%,

5/01/53,

144A

5/31

at

100.00

N/R  

395,045

23

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

Seminole

County

Industrial

Development

Authority,

Florida,

Retirement

Facility

Revenue

Bonds,

Legacy

Pointe

At

UCF

Project,

Series

2019A:

$

415

5.000%,

11/15/29

11/26

at

103.00

N/R  

$

380,468

500

5.500%,

11/15/49

11/26

at

103.00

N/R  

411,530

1,000

5.750%,

11/15/54

11/26

at

103.00

N/R  

838,320

250

Seminole

County

Industrial

Development

Authority,

Florida,

Retirement

Facility

Revenue

Bonds,

Legacy

Pointe

At

UCF

Project,

Series

2019B,

4.250%,

11/15/26

5/23

at

100.00

N/R  

232,580

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  

693,570

Total

Florida

34,194,239

Georgia

-

1.8%

2,240

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2023A,

5.000%,

7/01/64

-

AGM

Insured,

(UB)

(6)

1/33

at

100.00

BBB+  

2,330,586

Total

Georgia

2,330,586

Hawaii

-

0.8%

1,000

Hawaii

County,

Hawaii,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

1-2021,

Kaloko

Heights

Project,

Series

2023,

7.250%,

5/15/52,

144A

5/33

at

100.00

N/R  

989,120

Total

Hawaii

989,120

Idaho

-

0.8%

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Doral

Academy

of

Idaho,

Series

2021A:

730

5.000%,

7/15/41,

144A

7/26

at

103.00

N/R  

630,399

250

5.000%,

7/15/56,

144A

7/26

at

103.00

N/R  

198,862

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  

169,173

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  

73,152

Total

Idaho

1,071,586

Illinois

-

5.3%

5,000

Illinois

Finance

Authority

Revenue

Bonds,

OSF

Healthcare

System,

Refunding

Series

2018A,

4.125%,

5/15/47,

(UB)

(6)

11/28

at

100.00

A  

4,721,200

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  

188,610

Illinois

Finance

Authority,

Revenue

Bonds,

Admiral

at

the

Lake

Project,

Refunding

Series

2017:

620

5.000%,

5/15/33

5/24

at

103.00

N/R  

546,332

250

5.500%,

5/15/54

5/24

at

103.00

N/R  

190,777

500

Illinois

Finance

Authority,

Revenue

Bonds,

Roosevelt

University,

Series

2019A,

6.125%,

4/01/58,

144A

10/28

at

100.50

N/R  

480,195

685

Southwestern

Illinois

Development

Authority,

Environmental

Improvement

Revenue

Bonds,

US

Steel

Corporation

Project,

Series

2012,

5.750%,

8/01/42,

(AMT)

5/23

at

100.00

B1  

685,528

Total

Illinois

6,812,642

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2023

24

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Indiana

-

2.2%

$

1,350

Fort

Wayne,

Indiana

Economic

Development,

Solid

Waste

Facility

Revenue

Bonds,

Do

Good

Foods

LLC

Fort

Wayne,

Series

2022A-1,

9.000%,

12/01/44,

(AMT),

144A

12/29

at

105.00

N/R  

$

1,335,771

775

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

University

of

Evansville

Project,

Series

2022A,

5.250%,

9/01/57

9/32

at

100.00

BBB-  

738,048

750

Indiana

Housing

and

Community

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Vita

of

New

Whiteland

Project,

Series

2022,

6.750%,

1/01/43

1/33

at

100.00

N/R  

748,267

Total

Indiana

2,822,086

Kansas

-

1.0%

500

Kansas

Development

Finance

Authority

Revenue

Bonds,

Village

Shalom

Project,

Series

2018A,

5.250%,

11/15/53

11/23

at

103.75

N/R  

358,845

1,000

Wyandotte

County-Kansas

City

Unified

Government,

Kansas,

Sales

Tax

Special

Obligation

Bonds,

Village

East

Project

Areas

2B

3

and

5,

Series

2022,

5.750%,

3/01/41,

144A

3/29

at

103.00

N/R  

941,370

Total

Kansas

1,300,215

Louisiana

-

0.1%

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  

75,411

100

5.000%,

6/01/51,

144A

6/31

at

100.00

N/R  

68,676

Total

Louisiana

144,087

Maryland

-

0.1%

135

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Imagine

Andrews

Public

Charter

School,

Series

2022A,

5.500%,

5/01/52,

144A

5/30

at

100.00

N/R  

125,759

Total

Maryland

125,759

Michigan

-

1.8%

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

BB+  

241,260

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  

234,502

40,000

Michigan

Tobacco

Settlement

Finance

Authority,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Capital

Appreciation

Turbo

Term

Series

2008C,

0.000%,

6/01/58

6/33

at

11.41

N/R  

1,631,200

100

Summit

Academy

North,

Michigan,

Revenue

Bonds,

Public

School

Academy,

Refunding

Series

2021,

4.000%,

11/01/41

11/28

at

103.00

BB  

82,677

185

Trillium

Academy,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2019,

5.750%,

11/01/40

11/26

at

103.00

BB  

165,590

Total

Michigan

2,355,229

Minnesota

-

1.0%

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  

360,800

1,000

Saint

Cloud,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Athlos

Academy,

Series

2022A,

5.875%,

6/01/57,

144A

6/30

at

102.00

N/R  

927,400

Total

Minnesota

1,288,200

25

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Missouri

-

2.1%

$

3,200

Land

Clearance

for

Redevelopment

Authority

of

Kansas

City,

Missouri,

Project

Revenue

Bonds,

Convention

Center

Hotel

Project

-

TIF

Financing,

Series

2018B,

5.000%,

2/01/50,

144A

2/28

at

100.00

N/R  

$

2,329,952

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2021:

100

4.000%,

10/01/34

10/31

at

100.00

N/R  

94,348

100

4.000%,

10/01/44

10/31

at

100.00

N/R  

82,879

242

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  

174,991

Total

Missouri

2,682,170

Nevada

-

0.7%

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  

895,160

Total

Nevada

895,160

New

Hampshire

-

0.7%

1,000

National

Finance

Authority,

New

Hampshire,

Revenue

Bonds,

GHI

Kiran

Capital

LLC

Project,

Series

2022,

6.250%,

9/01/30,

144A

5/23

at

100.00

N/R  

973,890

Total

New

Hampshire

973,890

New

York

-

7.0%

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

5/28

at

100.00

Aa2  

633,220

750

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007,

2.350%,

10/01/46

(4)

5/23

at

100.00

N/R  

600,000

5,000

New

York

State

Power

Authority,

General

Revenue

Bonds,

Series

2020A,

4.000%,

11/15/55,

(UB)

(6)

5/30

at

100.00

AA  

4,795,550

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

C  

745,000

550

5.000%,

1/01/34,

(AMT)

1/26

at

100.00

C  

409,750

2,000

5.000%,

1/01/35,

(AMT)

1/26

at

100.00

C  

1,490,000

250

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bond,

Purchase

Senior

Learning

Community,

Inc.

Project,

Accd

Inv

Series

2021A,

5.000%,

7/01/56,

144A

7/27

at

104.00

N/R  

184,542

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  

184,578

Total

New

York

9,042,640

North

Dakota

-

0.6%

1,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C,

5.000%,

6/01/53

6/28

at

100.00

BB+  

768,140

Total

North

Dakota

768,140

Ohio

-

5.0%

245

Brecksville,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Valor

Acres

Project,

Series

2022,

5.625%,

12/01/53,

144A

12/32

at

100.00

N/R  

229,692

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2023

26

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Ohio

(continued)

$

5,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Capital

Appreciation

Series

2020B-3

Class

2,

0.000%,

6/01/57

6/30

at

22.36

N/R  

$

598,850

1,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

N/R  

906,790

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  

126,475

95

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  

82,236

750

County

of

Lucas,

Ohio,

Hospital

Revenue

Bonds,

ProMedica

Healthcare

Obligated

Group,

Series

2018A,

5.250%,

11/15/48

11/28

at

100.00

BB  

694,328

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

9/15/21)

No

Opt.

Call

BBB-  

227,535

Southern

Ohio

Port

Authority,

Ohio,

Facility

Revenue

Bonds,

Purecycle

Project,

Series

2020A:

500

6.500%,

12/01/30,

(AMT),

144A

12/27

at

103.00

N/R  

440,365

2,420

7.000%,

12/01/42,

(AMT),

144A

12/27

at

103.00

N/R  

1,939,630

1,250

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  

1,168,600

Total

Ohio

6,414,501

Oklahoma

-

1.7%

1,085

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B,

5.000%,

8/15/38

8/28

at

100.00

BB-  

1,030,587

1,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2018D,

5.450%,

8/15/28

No

Opt.

Call

BB-  

844,880

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  

82,485

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  

195,703

Total

Oklahoma

2,153,655

Oregon

-

2.1%

1,000

Yamhill

County

Hospital

Authority,

Oregon,

Revenue

Bonds,

Friendsview

Retirement

Community,

Refunding

Series

2016A,

5.000%,

11/15/46

11/24

at

102.00

N/R  

778,120

Yamhill

County

Hospital

Authority,

Oregon,

Revenue

Bonds,

Friendsview

Retirement

Community,

Refunding

Series

2021A:

2,290

5.000%,

11/15/46

11/28

at

103.00

N/R  

1,781,895

250

5.000%,

11/15/56

11/28

at

103.00

N/R  

183,617

Total

Oregon

2,743,632

Pennsylvania

-

3.6%

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

BB  

374,065

27

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

500

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017,

4.000%,

11/01/47

11/27

at

100.00

B  

$

246,940

1,000

McCandless

Industrial

Development

Authority,

Pennsylvania,

La

Roche

University

Revenue

Bonds,

Series

A

and

B

of

2022,

6.750%,

12/01/46

12/32

at

100.00

N/R  

992,870

495

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  

407,420

2,000

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Refunding

Bonds,

PPL

Energy

Supply,

LLC

Project,

Series

2009A,

6.400%,

12/01/38

(4)

9/25

at

100.00

N/R  

880,000

1,715

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022,

5.250%,

6/30/53,

(AMT)

12/32

at

100.00

BBB-  

1,740,965

Total

Pennsylvania

4,642,260

Puerto

Rico

-

5.6%

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2012A:

105

3.957%,

7/01/29

(4)

5/23

at

100.00

D  

75,075

100

3.957%,

7/01/42

(4)

5/23

at

100.00

D  

71,750

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007TT:

450

3.957%,

7/01/17

(4)

No

Opt.

Call

N/R  

315,000

190

3.957%,

7/01/32

(4)

5/23

at

100.00

D  

136,325

250

3.957%,

7/01/37

(4)

5/23

at

100.00

D  

179,375

160

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA,

3.978%,

7/01/27

(4)

5/23

at

100.00

D  

114,400

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ:

329

3.957%,

7/01/24

(4)

5/23

at

100.00

D  

234,824

115

3.978%,

7/01/26

(4)

5/23

at

100.00

D  

82,225

115

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

WW,

3.999%,

7/01/18

(4)

No

Opt.

Call

N/R  

80,787

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Taxable

Build

America

Bond

Series

2010EE:

100

4.036%,

7/01/30

(4)

5/23

at

100.00

D  

69,250

100

4.061%,

7/01/40

(4)

5/23

at

100.00

D  

69,250

1,750

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

N/R  

1,662,500

3,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022C,

0.000%,

7/01/53

(5)

1/33

at

100.00

N/R  

1,754,940

1,775

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

0.000%,

7/01/46

7/28

at

41.38

N/R  

466,097

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

82

5.625%,

7/01/27

No

Opt.

Call

N/R  

84,547

78

5.750%,

7/01/31

No

Opt.

Call

N/R  

82,992

74

4.000%,

7/01/33

7/31

at

103.00

N/R  

66,743

57

4.000%,

7/01/37

7/31

at

103.00

N/R  

48,494

1,000

4.000%,

7/01/41

7/31

at

103.00

N/R  

813,580

1,000

4.000%,

7/01/46

7/31

at

103.00

N/R  

782,450

Total

Puerto

Rico

7,190,604

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2023

28

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

South

Carolina

-

4.3%

$

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  

$

273,718

250

South

Carolina

Jobs-Economic

Development

Authority,

Retirement

Community

Revenue

Notes,

Kiawah

Life

Plan

Village,

Inc.

Project,

Series

2021A,

8.750%,

7/01/25

4/23

at

100.00

N/R  

267,543

5,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B,

5.000%,

12/01/56,

(UB)

(6)

12/26

at

100.00

A-  

5,030,800

Total

South

Carolina

5,572,061

Tennessee

-

0.4%

432

Knoxville

Industrial

Development

Board,

Tennessee,

Multifamily

Revenue

Bonds,

Pines

Apartments

Project,

Series

2008,

6.070%,

8/01/48,

(Mandatory

Put

9/01/23)

5/23

at

100.00

N/R  

431,200

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  

80,103

Total

Tennessee

511,303

Texas

-

9.1%

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  

209,283

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  

175,307

785

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2022A,

6.750%,

2/15/62,

144A

2/30

at

100.00

N/R  

771,145

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  

92,272

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-  

228,646

3,000

Hidalgo

County

Regional

Mobility

Authority,

Texas,

Toll

and

Vehicle

Registration

Fee

Revenue

Bonds,

Junior

Lien

Series

2022B,

0.000%,

12/01/46

12/31

at

53.69

BB+  

702,060

500

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.

-

Terminal

Improvement

Project,

Refunding

Series

2011,

6.625%,

7/15/38,

(AMT)

5/23

at

100.00

BB-  

500,120

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  

55,168

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  

362,464

3,042

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  

1,310,465

5,010

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  

3,634,655

29

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

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

(4)

7/25

at

100.00

Caa2  

$

425,000

1,000

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2020,

3.625%,

1/01/35,

(AMT),

144A

5/23

at

102.00

N/R  

806,940

Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012:

125

7.000%,

12/15/32

(4)

5/23

at

100.00

N/R  

75,000

500

7.250%,

12/15/42

(4)

5/23

at

100.00

N/R  

300,000

305

7.250%,

12/15/47

(4)

5/23

at

100.00

N/R  

183,000

610

Sachse,

Texas,

Special

Assessment

Bonds,

Sachse

Public

Improvement

District

1

Improvement

Areas

2-3

Project,

Series

2022,

7.000%,

9/15/52,

144A

9/32

at

100.00

N/R  

626,055

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  

93,725

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

(4)

2/27

at

100.00

N/R  

275,000

800

Venus,

Johnson

County,

Texas,

Special

Assessment

Revenue

Bonds,

Brahman

Ranch

Public

Improvement

District,

Series

2022,

6.500%,

9/15/52,

144A

9/32

at

100.00

N/R  

805,000

80

Viridian

Municipal

Management

District,

Texas,

Assessment

Revenue

Bonds,

Series

2017,

4.250%,

12/01/44

12/25

at

100.00

N/R  

71,322

Total

Texas

11,702,627

Utah

-

3.0%

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  

410,930

500

Coral

Junction

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1,

6.500%,

3/01/53

6/27

at

103.00

N/R  

478,490

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  

766,720

1,250

Military

Installation

Development

Authority,

Utah,

Tax

Allocation

and

Hotel

Tax

Revenue

Bonds,

Series

2021A-1,

4.000%,

6/01/52

9/26

at

103.00

N/R  

890,262

865

Sienna

Hills

Public

Infrastructure

District

No.

1,

Utah,

Limited

Tax

General

Obligation

and

Sales

Tax

Revenue

Bonds,

Series

2023A,

6.750%,

7/01/35,

144A

7/28

at

103.00

N/R  

869,308

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  

288,097

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  

176,158

Total

Utah

3,879,965

Virgin

Islands

-

0.9%

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  

242,050

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  

241,460

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2023

30

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Virgin

Islands

(continued)

$

500

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B,

5.000%,

7/01/31

5/23

at

100.00

CC  

$

477,495

250

West

Indian

Company

Limited,

Virgin

Islands,

Port

Facilities

Revenue

Bonds,

WICO

Financing,

Series

2022B,

6.500%,

4/01/52,

(AMT),

144A

10/29

at

104.00

N/R  

243,940

Total

Virgin

Islands

1,204,945

West

Virginia

-

0.6%

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  

146,772

250

4.500%,

6/01/50,

144A

6/31

at

100.00

N/R  

192,862

585

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  

469,521

Total

West

Virginia

809,155

Wisconsin

-

12.9%

3,020

Ashwaubenon

Community

Development

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Brown

County

Expo

Center

Project,

Series

2019,

0.000%,

6/01/54

6/29

at

37.80

AA  

678,050

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  

205,823

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  

200,629

1,755

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Discovery

Charter

School

Project,

Series

2022A,

6.750%,

6/01/62,

144A

6/30

at

100.00

N/R  

1,700,876

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A:

2,750

5.000%,

6/15/36,

144A

6/26

at

100.00

N/R  

2,386,615

625

5.000%,

6/15/46,

144A

6/26

at

100.00

N/R  

480,206

500

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Phoenix

Academy

Charter

School,

North

Carolina,

Series

2017A,

5.875%,

6/15/47,

144A

6/24

at

100.00

N/R  

449,220

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,

144A

9/31

at

100.00

N/R  

641,456

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  

216,141

100

4.500%,

6/01/56,

144A

6/31

at

100.00

N/R  

68,781

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017A:

105

3.125%,

8/01/27,

144A

(4)

No

Opt.

Call

N/R  

79,800

1,100

6.750%,

8/01/31,

144A

(4)

No

Opt.

Call

N/R  

605,000

500

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017B,

5.625%,

8/01/24,

144A

(4)

No

Opt.

Call

N/R  

380,000

31

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Wisconsin

(continued)

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  

$

437,385

4,750

7.000%,

12/01/50,

144A

12/27

at

100.00

N/R  

4,159,053

2,700

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  

2,204,631

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

SearStone

Retirement

Community,

Series

2023A:

250

5.000%,

6/01/37

6/28

at

103.00

N/R  

226,797

250

5.000%,

6/01/52

6/28

at

103.00

N/R  

200,398

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  

189,003

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  

80,818

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

Public

Finance

Authority

of

Wisconsin,

Wisconsin

Revenue

Note,

KDC

Agribusiness

LLC

Project,

Series

2022B,

15.000%,

4/30/23

4/23

at

105.00

N/R  

100,000

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  

75,790

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

BB+  

216,876

Total

Wisconsin

16,598,348

Total

Municipal

Bonds

(cost

$184,379,220)

169,866,467

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(3)

Value

X

448,007

CORPORATE

BONDS

-

0.4%

(0.3%

of

Total

Investments)

X

448,007

Independent

Power

And

Renewable

Electricity

Producers

-

0.4%

$

1,448

Talen

Energy

Corp

0.000%

8/31/23

N/R

$

448,007

Total

Independent

Power

And

Renewable

Electricity

Producers

448,007

Total

Corporate

Bonds

(cost

$–)

448,007

Total

Long-Term

Investments

(cost

$184,379,220)

170,314,474

Floating

Rate

Obligations

-

(14.2)%

(18,300,000)

MFP

Shares,

Net

-

(21.1)%(7)

(27,226,101)

Other

Assets

&

Liabilities,

Net

-   3.2%

4,151,728

Net

Assets

Applicable

to

Common

Shares

-

100%

$

128,940,101

(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)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5)

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.

(6)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

March

31,

2023

32

(7)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

16.0%.

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.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

March

31,

2023

See

Notes

to

Financial

Statements

33

Enhanced

High

Yield

Municipal

Bond

ASSETS

Long-term

investments,

at

value

†

$

170,314,474‌

Cash

1,370,118‌

Receivables:

Interest

4,051,626‌

Investments

sold

5,000‌

Shares

sold

201,184‌

Other

assets

118,575‌

Total

assets

176,060,977‌

LIABILITIES

Floating

rate

obligations

18,300,000‌

MFP

Shares,

Net

**

27,226,101‌

Payables:

Dividends

310,079‌

Interest

130,246‌

Investments

purchased

-

regular

settlement

932,153‌

Accrued

expenses:

Custodian

fees

22,295‌

Management

fees

93,873‌

Trustees

fees

1,903‌

Shareholder

reporting

expenses

10,795‌

Shareholder

servicing

agent

fees

42,573‌

Distribution

and

service

fees

(12b-1)

39,059‌

Other

11,799‌

Total

liabilities

47,120,876‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

128,940,101‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Paid-in

capital

$

148,989,345‌

Total

distributable

earnings

(loss)

(20,049,244‌)

Net

assets

applicable

to

common

shares

128,940,101‌

†

Long-term

investments,

cost

$

184,379,220‌

**

MFP

Shares,

liquidation

preference

27,500,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

34

Enhanced

High

Yield

Municipal

Bond

CLASS

A1:

Net

assets

$

48,252,417

Common

Shares

outstanding

6,652,061

Net

asset

value

("NAV")

per

common

share

$

7.25

Maximum

sales

charge

2.50%

Offering

price

per

common

share

(NAV

per

common

share

plus

maximum

sales

charge)

$

7.44

CLASS

A2:

Net

assets

$

26,007,421

Common

Shares

outstanding

3,580,427

NAV

and

offering

price

per

common

share

$

7.26

CLASS

I:

Net

assets

$

54,680,263

Common

Shares

outstanding

7,537,829

NAV

and

offering

price

per

common

share

$

7.25

Authorized

shares

-

per

class

Unlimited

Par

value

per

common

share

$  

0.01

Statement

of

Operations

Year

Ended

March

31,

2023

See

Notes

to

Financial

Statements

35

``

Enhanced

High

Yield

Municipal

Bond

INVESTMENT

INCOME

Interest

$

6,806,664‌

Total

investment

income

6,806,664‌

EXPENSES

–

Management

fees

1,003,717‌

Distribution

and

service

fees

(12b-1)

-

Class

A1

183,878‌

Distribution

and

service

fees

(12b-1)

-

Class

A2

27,948‌

Shareholder

servicing

agent

fees

74,351‌

Interest

expense

and

amortization

of

offering

costs

951,620‌

Trustees

fees

3,420‌

Custodian

expenses,

net

45,005‌

Federal

and

state

registration

fees

69,743‌

Professional

fees

248,292‌

Shareholder

reporting

expenses

55,766‌

Other

3,091‌

Total

expenses

before

fee

waiver/expense

reimbursement

2,666,831‌

Fee

waiver/expense

reimbursement

(360,961‌)

Net

expenses

2,305,870‌

Net

investment

income

(loss)

4,500,794‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

(5,399,239‌)

Net

realized

gain

(loss)

(5,399,239‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(4,738,634‌)

Change

in

net

unrealized

appreciation

(depreciation)

(4,738,634‌)

Net

realized

and

unrealized

gain

(loss)

(10,137,873‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

(5,637,079‌)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

36

Enhanced

High

Yield

Municipal

Bond

Year

Ended

3/31/23

For

the

Period

6/30/21

(commencement

of

operations)

through

3/31/22

OPERATIONS

Net

investment

income

(loss)

$

4,500,794‌

$

1,712,076‌

Net

realized

gain

(loss)

(5,399,239‌)

(1,272,962‌)

Change

in

net

unrealized

appreciation

(depreciation)

(4,738,634‌)

(9,326,112‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(5,637,079‌)

(8,886,998‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends:

Class

A1

(1)

(1,269,964‌)

(147,964‌)

Class

A2

(2)

(325,683‌)

—‌

Class

I

(2,622,015)

(1,165,593)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(4,217,662‌)

(1,313,557‌)

FUND

SHARE

TRANSACTIONS

Proceeds

from

sale

of

common

shares

80,517,869‌

70,630,663‌

Proceeds

from

common

shares

issued

to

common

shareholders

due

to

reinvestment

of

distributions

1,551,375‌

115,673‌

82,069,244‌

70,746,336‌

Cost

of

common

shares

redeemed

or

repurchased

(3,919,186‌)

(997‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

Fund

share

transactions

78,150,058‌

70,745,339‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

68,295,317‌

60,544,784‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

60,644,784‌

100,000‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

128,940,101‌

$

60,644,784‌

(1)

Class

A

Shares

were

renamed

to

Class

A1

Shares

on

July

29,

2022.

(2)

Class

A2

Shares

were

established

and

commenced

operations

on

July

29,

2022.

Statement

of

Cash

Flows

Year

Ended

March

31,

2023

See

Notes

to

Financial

Statements

37

Enhanced

High

Yield

Municipal

Bond

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

(5,637,079‌)

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(142,516,522‌)

Proceeds

from

sale

and

maturities

of

investments

48,683,572‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(621,466‌)

Amortization

of

deferred

offering

costs

6,004‌

(Increase)

Decrease

in:

Receivable

for

interest

(2,537,634‌)

Receivable

for

investments

sold

1,083,550‌

Other

assets

(70,763‌)

Increase

(Decrease)

in:

Unrealized

depreciation

on

recourse

trusts

(31,910‌)

Payable

for

interest

102,651‌

Payable

for

investments

purchased

-

regular

settlement

(518,878‌)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(620,589‌)

Accrued

custodian

fees

14,273‌

Accrued

management

fees

23,025‌

Accrued

distribution

and

service

fees

(12b-1)

30,417‌

Accrued

Trustees

fees

1,552‌

Accrued

shareholder

reporting

expenses

(6,741‌)

Accrued

shareholder

servicing

agent

fees

29,661‌

Accrued

other

expenses

(41,287‌)

Net

realized

(gain)

loss

from

investments

5,399,239‌

Net

realized

(gain)

loss

from

paydowns

45‌

Change

in

net

unrealized

(appreciation)

depreciation

of

investments

4,738,634‌

Net

cash

provided

by

operating

activities

(92,490,246‌)

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

6,099,831‌

(Repayments)

of

borrowings

(26,099,831‌)

Proceeds

from

floating

rate

obligations

19,193,000‌

(Repayments

of)

floating

rate

obligations

(5,650,000‌)

Proceeds

from

MFP

Shares

issued,

at

liquidation

preference

27,500,000‌

(Payments

for)

deferred

offering

costs

(279,903‌)

Increase

(Decrease)

in

cash

overdraft

(1,116,573‌)

Cash

distributions

paid

to

common

shareholders

(2,564,659‌)

Proceeds

from

sales

of

common

shares

80,566,685‌

Cost

of

common

shares

redeemed

or

repurchased

(3,919,186‌)

Net

cash

provided

by

(used

in)

financing

activities

93,729,364‌

Net

increase

(decrease)

in

cash

and

cash

collateral

at

brokers

1,239,118‌

Cash

and

Cash

Collateral

at

Brokers

at

the

beginning

of

period

131,000‌

Cash

at

the

end

of

period

$

1,370,118‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

Enhanced

High

Yield

Municipal

Bond

Cash

paid

for

interest

$

821,675‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

common

share

distributions

1,551,375‌

Financial

Highlights

38

The

following

data

is

for

a

common

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

Enhanced

High

Yield

Municipal

Bond

Class

A1(f)

3/31/23

$

8.54

$

0.41

$

(1.32)

$

(0.91)

$

(0.38)

$

—

$

(0.38)

$

7.25

3/31/22(g)

10.00

0.31

(1.59)

(1.28)

(0.18)

—

(0.18)

8.54

Class

A2

3/31/23(i)

8.08

0.29

(0.84)

(0.55)

(0.27)

—

(0.27)

7.26

Class

I

3/31/23

8.54

0.47

(1.32)

(0.85)

(0.44)

—

(0.44)

7.25

3/31/22(g)

10.00

0.30

(1.54)

(1.24)

(0.22)

—

(0.22)

8.54

(a)

Based

on

average

common

shares

outstanding.

(b)

Total

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

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Notes

to

Financial

Statements)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Class

A

Shares

were

renamed

to

Class

A1

Shares

on

July

29,

2022.

(g)

For

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022.

(h)

Annualized.

(i)

For

the

period

July

29,

2022

(commencement

of

operations)

through

March

31,

2023.

See

Notes

to

Financial

Statements

39

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)

(10.70‌)

%

$

48,252

3.98‌

%

2.76‌

%

3.48‌

%

2.26‌

%

5.49‌

%

46‌

%

(13.00‌)

13,849

2.91‌

(h)

2.62‌

(h)

2.58‌

(h)

2.29‌

(h)

4.43‌

(h)

88‌

(6.71‌)

26,007

3.43‌

(h)

2.21‌

(h)

3.03‌

(h)

1.81‌

(h)

5.94‌

(h)

46‌

(9.99‌)

54,680

3.25‌

2.03‌

2.77‌

1.55‌

6.28‌

46‌

(12.59‌)

46,795

2.05‌

(h)

1.76‌

(h)

1.72‌

(h)

1.43‌

(h)

4.18‌

(h)

88‌

40

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

the

Fund's

outstanding

securities

as

of

the

end

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

MFP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(c)

Enhanced

High

Yield

Municipal

Bond

3/31/23

$

—

$

—

$

27,500

$

568,873

3/31/22(d)

20,000

4,032

—

—

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year.

(b)

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

(if

applicable),

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(c)

Asset

Coverage

Per

$100,000:

Asset

coverage

per

$100,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

100,000.

(d)

For

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022.

Notes

to

Financial

Statements

41

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,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

March

31,

2023

(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.

Class

A1

and

Class

A2

Shares

Effective

July

29,

2022,

Class

A

Shares

were

renamed

Class

A1

Shares

and

the

Fund

began

offering

Class

A2

Shares.

Share

Classes

and

Sales

Charges

Class

A1

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A1

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

A2

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. The

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

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

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

custodian

fee

credit

earned

by

the

Fund

was

as

follows:  

Distributions

to

Common

Shareholders

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Fund

Gross

Custodian

Fee

Credits

Enhanced

High

Yield

Municipal

Bond

$

2,417

42

Notes

to

Financial

Statements

(continued)

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.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Fund

is

held

in

a

segregated

account

by

the

Fund's

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Fund's

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Fund’s

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

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.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. 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.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

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

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Fund

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Fund.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

43

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Fund

holds

liabilities

in

floating

rate

obligations

and

preferred

shares, which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Fund’s

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

The

fair

values

of

the

Fund’s

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

Note

5

-

Fund

Shares.

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

$

–

$

169,866,467

$

–

$

169,866,467

Corporate

Bonds

–

448,007

–

448,007

Total

$

–

$

170,314,474

$

–

$

170,314,474

1

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

state

and/or

industry

classifications.

44

Notes

to

Financial

Statements

(continued)

The

Inverse

Floater

held

by the

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

The

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

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,

there

were

no

loans

outstanding

under

any such

facility.

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Enhanced

High

Yield

Municipal

Bond

$

18,300,000

$

—

$

18,300,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Enhanced

High

Yield

Municipal

Bond

$

5,891,279

2.80

%

45

The Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows

(referred

to

herein

as

“Shortfall

Payment”).

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

During

the

current

fiscal

period

the

Fund

made

Shortfall

Payments

in

the

amount

of

$688,094,

which

is

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments”

on

the

Statement

of

Operations.

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

$

18,300,000

$

—

$

18,300,000

Fund

Purchases

Sales

and

Maturities

Enhanced

High

Yield

Municipal

Bond

$

142,516,522

$

48,683,572

46

Notes

to

Financial

Statements

(continued)

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

and

no

amounts

were

charged

during

the

current

fiscal

period.

However,

the

Fund

may

charge

a

repurchase

fee

of

up

to

2.00%

of

the

repurchase

proceeds,

which

the

Fund

would

retain

to

help

offset

non-de

minimis

estimated

costs

related

to

the

repurchase

incurred

by

the

Fund,

directly

or

indirectly,

as

a

result

of

repurchasing

Common

Shares,

thus

allocating

estimated

transaction

costs

to

the

Common

Shareholder

whose

Common

Shares

are

being

repurchased.

During

the current

fiscal

period, the

Fund

engaged

in

repurchase

offers

as

follows:

Repurchase

Request

Deadline

Repurchase

Offer

Amount

(as

a

percentage

of

outstanding

shares)

Number

of

Shares

Repurchased

Percentage

of

Outstanding

Shares

Repurchased

May

5,

2022

Class

A1

(1)

7.50%

2,513

0.13%

Class

I

7.50%

0

0.00%

August

5,

2022

Class

A1

(1)

7.50%

14,971

0.58%

Class

A2

(2)

7.50%

0

0.00%

Class

I

7.50%

10,664

0.19%

November

7,

2022

Class

A1

(1)

7.50%

216,261

6.82%

Class

A2

(2)

7.50%

0

0.00%

Class

I

7.50%

6,198

0.11%

February

6,

2023

Class

A1

(1)

7.50%

24,777

0.42%

Class

A2

(2)

7.50%

0

0.00%

Class

I

7.50%

263,424

3.76%

(1)

Effective

July

29,

2022,

Class

A

Shares

were

renamed

Class

A1.

(2)

Class

A2

Shares

were

established

and

commenced

operations

on

July

29,

2022.

47

Common

Share

Transactions

Transactions

in common

shares during

the

Fund's current

and

prior

fiscal

period were

as

follows:

Preferred

Shares

MuniFund

Preferred

Shares

The

Fund

has

issued

and

has

outstanding MuniFund

Preferred

(“MFP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

These MFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

The Fund

is

obligated

to

redeem

its

MFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

MFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

MFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Fund.

The

modes

within

MFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Fund

may

establish

additional

mode

structures

with

the

MFP

Share.

•

Variable

Rate

Remarketed

Mode

(“VRRM”)

–

Dividends

for

MFP

Shares

within

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

MFP

Shares

is

expected

to

approximate

its

liquidation

preference.

Shareholders

have

the

ability

to

request

a

best-efforts

tender

of

their

shares

upon

seven

days

notice.

If

the

remarketing

agent

is

unable

to

identify

an

alternative

purchaser,

the

shares

will

be

retained

by

the

shareholder

requesting

tender

and

the

subsequent

dividend

rate

will

increase

to

its

step-up

dividend

rate.

If

after

one

consecutive

year

of

unsuccessful

remarketing

attempts,

the

Fund

will

be

required

to

designate

an

alternative

mode

or

redeem

the

shares.

The

Fund

will

pay

a

remarketing

fee

on

the

aggregate

principal

amount

of

all

MFP

Shares

while

designated

in

VRRM.

Payments

made

by

the

Fund

to

the

remarketing

agent

are

recognized

as

“Remarketing

fees”

on

the

Statement

of

Operations.

•

Variable

Rate

Mode

(“VRM”)

–

Dividends

for

MFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread”

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

MFP

Shares.

The

fair

value

of

MFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

Year

Ended

3/31/23

*

For

the

Period

6/30/21

(commencement

of

operations)

through

3/31/22

*

Enhanced

High

Yield

Municipal

Bond

Shares

Amount

Shares

Amount

Subscriptions:

Class

A1

(1)

5,166,141

$38,235,137

1,613,911

$15,737,729

Class

A2

(2)

3,544,671

25,753,600

—

—

Class

A2

-

exchange

of

Class

I

3,094

25,000

—

—

Class

I

2,284,653

16,504,132

5,476,233

54,992,934

Total

subscriptions

10,998,559

80,517,869

7,090,144

70,730,663

Reinvestments

of

distributions:

Class

A1

(1)

122,464

903,574

8,068

77,934

Class

A2

(2)

35,756

257,960

—

—

Class

I

53,227

389,841

4,102

37,739

Total

reinvestments

of

distributions

211,447

1,551,375

12,170

115,673

Repurchases:

Class

A1

(1)

(258,523)

(1,800,502)

—

—

Class

A2

(2)

—

—

—

—

Class

I

(280,286)

(2,093,684)

(100)

(997)

Redemptions:

Class

I

-

exchange

to

Class

A2

(3,094)

(25,000)

—

—

Total

repurchases

and

redemptions

(541,903)

(3,919,186)

(100)

(997)

Net

increase

(decrease)

10,668,103

$78,150,058

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.

(1)

Effective

July

29,

2022,

Class

A

Shares

were

renamed

Class

A1

Shares.

(2)

Class

A2

Shares

were

established

and

commenced

operations

on

July

29,

2022.

48

Notes

to

Financial

Statements

(continued)

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

MFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

MFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which the

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares. The

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The Fund

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

MFP

Shares

while

within

VRDM.

Payments

made

by

the

Fund

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

MFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“MFP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

MFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

MFP

shares

are

recognized

as

a

component

on

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

MFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Subject

to

certain

conditions,

MFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Fund. The

Fund

may

also

be

required

to

redeem

certain

MFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

The

Fund incurred

offering

costs

of

$279,903

in

connection

with

its

offering

of

MFP

Shares,

which

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“MFP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Further

details

of

the

Fund's

MFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

average

liquidation

preference

of

MFP

Shares

outstanding

and

the

annualized

dividend

rate

during

the

current

fiscal

period

were

as

follows:

Preferred

Share

Transactions

Transactions

in

preferred

shares

during

the

Fund's

current

and

prior

fiscal

period,

where

applicable,

are

noted

in

the

following

table.

Transactions

in

MFP

Shares

for

the

Fund,

where

applicable,

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.

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

Term

Redemption

Date

Mode

Mode

Termination

Date

A

275

$27,500,000

$27,226,101

September

1,

2042

VRM

September

25,

2025

Average

liquidation

preference

of

MFP

Shares

outstanding

$27,500,000*

Annualized

dividend

rate

3.81%

*  For

the

period

September

27,

2022

(first

issuance

date

of

shares)

through

March

31,

2023.

Year

Ended

3/31/23

Series

Shares

Amount

MFP

Shares

Issued

A

275

$27,500,000

49

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

nondeductible

expenses,

paydowns,

and

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  were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

\

As

of

year

end,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

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

$

166,131,476

$

1,991,336

$

(16,108,209)

$

(14,116,873)

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

$

860,750

$

71,401

$

—

$

(14,116,874)

$

(6,274,841)

$

—

$

(589,680)

$

(20,049,244)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

during

the

period

March

1,

2023

through

March

31,

2023

and

paid

on

April

3,

2023.

3/31/23

3/31/22

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Enhanced

High

Yield

Municipal

Bond

$

3,990,694

$

226,968

$

—

$

1,225,143

$

88,414

$

—

1

The

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

Enhanced

High

Yield

Municipal

Bond

1

$

5,167,643

$

1,107,198

$

6,274,841

1

A

portion

of

Enhanced

High

Yield

Municipal

Bond's

capital

loss

carryforwards

is

subject

to

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

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

50

Notes

to

Financial

Statements

(continued)

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,

2023,

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,

2024,

so

that

the

total

annual

operating

expenses

of

the

Fund

(excluding

any

distribution

and/or

service

fees

that

may

be

applicable

to

a

particular

class

of

shares,

issuance

and

dividend

costs

of

Preferred

Shares

that

may

be

issued

by

the

Fund,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities,

litigation

expenses

and

extraordinary

expenses)

do

not

exceed

1.05%

(1.25%

prior

to

December

1,

2022)

of

the

average

daily

managed

assets

of

any

class

of

Fund

shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board.

Distribution

and

Service

Fees 

The

Fund

has

adopted

a

Distribution

and

Servicing

Plan

for

Class

A1

Common

Shares and

Class

A2 Common

Shares

of

the

Fund.

The

Distribution

and

Servicing

Plan

operates

in

a

manner

consistent

with

Rule

12b-1

under

the

1940

Act,

which

regulates

the

manner

in

which

an

open-end

investment

company

may

directly

or

indirectly

bear

the

expenses

of

distributing

its

Common

Shares.

Although

the

Fund

is

not

an

open-end

investment

company,

it

has

undertaken

to

comply

with

the

terms

of

Rule

12b-1

as

a

condition

of

an

exemptive

order

under

the

1940

Act

which

permits

it

to,

among

other

things,

impose

distribution

and

shareholder

servicing

fees.

The

Distribution

and

Servicing

Plan

permits

the

Fund

to

compensate

the

Nuveen

Securities,

LLC

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

using

reasonable

efforts

to

secure

purchasers

of

the

Fund’s

Common

Shares,

including

by

providing

continuing

information

and

investment

services

and/or

by

making

payments

to

certain

authorized

institutions

in

connection

with

the

sale

of

Common

Shares

or

servicing

of

shareholder

accounts.

Most

or

all

of

the

distribution

and/

or

service

fees

are

paid

to

financial

firms

through

which

Shareholders

may

purchase

or

hold

Class

A1

Common

Shares

and/or

Class

A2 Common

Shares.

The

maximum

annual

rates

at

which

the

distribution

and/or

servicing

fees

may

be

paid

under

the

Distribution

and

Servicing

Plan

for Class

A1

Common

Shares (calculated

as

a

percentage

of

the

Fund’s

average

daily

net

assets

attributable

to

the

Class

A1

Common

Shares)

is

0.75%.

The

maximum

annual

rates

at

which

the

distribution

and/or

servicing

fees

may

be

paid

under

the

Distribution

and

Servicing

Plan

for

Class

A2

Common

Shares

(calculated

as

a

percentage

of

the

Fund’s

average

daily

net

assets

attributable

to

the

Class

A2

Common

Shares)

is

0.50%.

During

the

current

reporting

period

the

annual

rate

paid

by

the

Fund

for

Class

A1

Shares

and

Class A2

Shares was

0.75%

and

0.50%,

respectively.

Other

Transactions

with

Affiliates 

The Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“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

.1591%

51

The

Distributor

also

received

12b-1

service

fees

on

Class

A1

Shares

and

Class

A2

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

The

remaining

12b-1

fees

charged

to the

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

As

of

the

end

of

the

reporting

period

TIAA

owned

27.97%

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

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Fund

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Fund's

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the Fund

is not

subject

to

any

material

legal

proceedings.

9.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Fund,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2023

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

Fund

utilized

this

facility.

The

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

Enhanced

High

Yield

Municipal

Bond

$

—

$

2,893,501

$

(67,537)

Fund

Commission

Advances

(Unaudited)

Enhanced

High

Yield

Municipal

Bond

$

546,028

Fund

Maximum

Outstanding

Balance

Enhanced

High

Yield

Municipal

Bond

$

2,399,831

52

Notes

to

Financial

Statements

(continued)

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.

On

September

27,

2022,

in

connection

with

its

issuance

of

preferred

shares,

the

Fund

fully

paid

down

its

remaining

borrowings

and

terminated

its

borrowings

agreement

with

its

custodian

bank.

Interest

was

charged

on

the

Borrowings

at

a

rate

per

annum

equal

to

1-Month

SOFR

plus

0.80%.

The

Fund

also

accrued

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

April

1,

2022

through

September

26,

2022)

and

average

annual

interest

rate

on

the

Fund’s

Borrowings

were

$20,122,905

and

2.23%,

respectively.

During

the

Fund’s

utilization

period,

the

Fund

met

certain

collateral,

asset

coverage

and

other

requirements.

The

Fund’s

Borrowings

outstanding

was

fully

secured

by

eligible

securities

held

in

its

Portfolio

of

Investments.

Interest

expense

incurred

on

the

borrowed

amount

and

undrawn

balance

are

recognized

as

components

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

10.

Subsequent

Events

Preferred

Shares

During

April

2023,

the

Fund

issued

270

Shares

of

Series

A

MFP

Shares

($27,000,000

liquidation

preference).

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Enhanced

High

Yield

Municipal

Bond

22

$

1,827,242

4.66

%

53

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

$

—

54

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.

55

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

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

333

West

11th

Street

5th

Floor

Kansas

City,

MO

64105

(800)

257-8787

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

56

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.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters,”

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater’’)

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

in

the

Investment

Company

Act

of

1940.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

heId

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

Liquidity

Risk

Management

Program

(Unaudited)

57

Discussion

of

the

operation

and

effectiveness

of

the

Fund’s

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”), the

Fund

covered

in

this

Report

(the

“Fund”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing the

Fund’s

liquidity

risk.

The

Fund's

Board

of

Trustees (the

"Board") previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Fund's

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to the

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses the

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

The Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period, the

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

58

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2022

(the

“May

Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Fund,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved

the

renewal

of

the

management

agreement

(the

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

the

Fund

and

the

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

investment

sub-adviser

to

the

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

Fund

on

an

annual

basis.

The

Investment

Management

Agreement

and

Sub-Advisory

Agreement

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Board

has

established

various

standing

committees

composed

of

various

Independent

Board

Members

that

are

assigned

specific

responsibilities

to

enhance

the

effectiveness

of

the

Board’s

oversight

and

decision

making.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

Board

further

meets,

among

other

things,

to

specifically

consider

the

annual

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

taken

during

2021

(such

as

mergers,

liquidations,

fund

launches,

changes

to

investment

teams,

and

changes

to

investment

policies);

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

teams;

an

analysis

of

fund

performance

in

absolute

terms

and

as

compared

to

the

performance

of

certain

peer

funds

and

benchmarks

with

a

focus

on

any

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

in

absolute

terms

and

as

compared

to

those

of

certain

peer

funds

with

a

focus

on

any

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

(including,

among

other

things,

an

analysis

of

secondary

market

performance

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

of

Nuveen

closed-end

funds);

a

review

of

the

performance

of

various

service

providers;

a

description

of

various

initiatives

Nuveen

had

undertaken

or

continued

in

2021

and

2022

for

the

benefit

of

particular

fund(s)

and/or

the

complex;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

In

continuing

its

practice,

the

Board

met

prior

to

the

May

Meeting

to

begin

its

considerations

of

the

renewal

of

the

Advisory

Agreements.

Accordingly,

on

April

13-14,

2022

(the

“April

Meeting”),

the

Board

met

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

sub-advisers

in

their

review

of

the

advisory

agreements.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

boards’

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

59

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

Fund

with

particular

focus

on

the

services

and

enhancements

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Fund.

The

Board

recognized

that

the

Nuveen

funds

operate

in

a

highly

regulated

industry

and,

therefore,

the

Adviser

has

provided

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

funds,

and

the

scope

and

complexity

of

these

services

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

accordingly

considered

the

Adviser’s

dedication

of

extensive

resources,

time,

people

and

capital

employed

to

support

and

manage

the

Nuveen

funds

as

well

as

the

Adviser’s

continued

program

of

developing

improvements

and

innovations

for

the

benefit

of

the

funds

and

shareholders

and

to

meet

the

ever

increasing

regulatory

requirements

applicable

to

the

funds.

In

this

regard,

the

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

Adviser’s

investment

oversight

team’s

extensive

services

in

overseeing

the

various

sub-advisers

to

the

Nuveen

funds;

evaluating

fund

performance;

and

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance,

market

conditions,

investment

team

matters,

product

developments

and

management

proposals.

The

Board

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provided

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process;

and

managing

distributions

in

seeking

to

deliver

long-term

fund

earnings

to

shareholders

consistent

with

the

respective

Nuveen

fund’s

product

design

and

positioning.

The

Board

also

considered

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

The

Board

further

recognized

that

the

Adviser’s

compliance

and

regulatory

functions

were

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

law

and

regulations;

devising

internal

compliance

programs

and

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

further

considered

information

regarding

the

Adviser’s

business

continuity

and

disaster

recovery

plans

as

well

as

information

regarding

its

information

security

program,

including

presentations

of

such

program

provided

at

a

site

visit

in

2022,

to

help

identify

and

manage

information

security

risks.

In

addition

to

the

above

functions,

the

Board

considered

that

the

Adviser

also

provides,

among

other

things,

fund

administration

services

(such

as

preparing

fund

tax

returns

and

other

tax

compliance

services;

preparing

regulatory

filings;

interacting

with

the

Nuveen

funds’

independent

public

accountants

and

overseeing

other

service

providers;

and

managing

fund

budgets

and

expenses);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

services

(such

as

helping

to

prepare

and

file

registration

statements

and

proxy

statements;

overseeing

fund

activities

and

providing

legal

interpretations

regarding

such

activities;

maintaining

regulatory

registrations

and

negotiating

agreements

with

other

fund

service

providers;

and

monitoring

changes

in

regulatory

requirements

and

commenting

on

rule

proposals

impacting

investment

companies);

oversight

of

shareholder

services

and

transfer

agency

functions

(such

as

overseeing

transfer

agent

service

providers

which

include

registered

shareholder

customer

service

and

transaction

processing;

overseeing

proxy

solicitation

and

tabulation

services;

and

overseeing

the

production

and

distribution

of

financial

reports

by

service

providers);

and

with

respect

to

the

Nuveen

closed-end

funds,

managing

leverage,

monitoring

asset

coverage

and

seeking

to

promote

an

orderly

secondary

market.

The

Board

also

considered

the

quality

of

support

services

and

communications

the

Adviser

provided

the

Board,

including,

in

part,

organizing

and

administrating

Board

meetings

and

supporting

Board

committees;

preparing

regular

and

ad

hoc

reports

on

fund

performance,

market

conditions

and

investment

team

matters;

providing

due

diligence

reports

addressing

product

development

and

management

proposals;

and

coordinating

site

visits

of

the

Board

and

presentations

by

investment

teams

and

senior

management.

In

addition

to

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

Further,

the

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

In

evaluating

services,

the

Board

reviewed

various

highlights

of

the

initiatives

the

Adviser

and

its

affiliates

have

undertaken

or

continued

in

2021

and

2022

to

benefit

the

Nuveen

complex

and/or

particular

Nuveen

funds

and

meet

the

requirements

of

an

increasingly

complex

regulatory

environment

including,

but

not

limited

to:

Centralization

of

Functions

–

ongoing

initiatives

to

centralize

investment

leadership

and

create

a

more

cohesive

market

approach

and

centralized

shared

support

model

(including

through

the

consolidation

of

certain

affiliated

sub-advisers)

in

seeking

to

operate

more

effectively

and

enhance

the

research

capabilities

and

services

to

the

Nuveen

funds;

60

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Fund

Improvements

and

Product

Management

Initiatives

–

continuing

to

proactively

manage

the

Nuveen

fund

complex

as

a

whole

and

at

the

individual

fund

level

with

an

aim

to

continually

improve

product

platforms

and

investment

strategies

to

better

serve

shareholders

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

soft

closing

certain

funds;

modifying

the

conversion

periods

on

certain

share

classes;

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

Capital

Initiatives

–

continuing

to

invest

capital

to

support

new

Nuveen

funds

with

initial

capital

as

well

as

to

support

existing

funds;

Compliance

Program

Initiatives

–

continuing

efforts

to

mitigate

compliance

risk

with

a

focus

on

environmental,

social

and

governance

(“ESG”)

controls

and

processes,

increase

operating

efficiencies,

implement

enhancements

to

strengthen

ongoing

execution

of

key

compliance

program

elements,

support

international

business

growth

and

facilitate

integration

of

Nuveen’s

operating

model;

Investment

Oversight

–

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance;

market

conditions;

investment

team

matters;

product

developments;

changes

to

mandates,

policies

and

benchmarks;

and

other

management

proposals

as

well

as

preparing

and

coordinating

investment

presentations

to

the

Board;

Risk

Management

and

Valuation

Services

-

continuing

to

oversee

and

manage

risk

including,

among

other

things,

conducting

ongoing

calculations

and

monitoring

of

risk

measures

across

the

Nuveen

funds,

instituting

investment

risk

controls,

providing

risk

reporting

throughout

Nuveen,

participating

in

internal

oversight

committees,

dedicating

the

resources

and

time

to

develop

the

processes

necessary

to

help

address

fund

compliance

with

the

new

derivatives

rule

and

continuing

to

implement

an

operational

risk

framework

that

seeks

to

provide

greater

transparency

of

operational

risk

matters

across

the

complex

as

well

as

provide

multiple

other

risk

programs

that

seek

to

provide

a

more

disciplined

and

consistent

approach

to

identifying

and

mitigating

Nuveen’s

operational

risks.

Further,

the

securities

valuation

team

continues,

among

other

things,

to

oversee

the

daily

valuation

process

of

the

portfolio

securities

of

the

funds,

maintain

the

valuation

policies

and

procedures,

facilitate

valuation

committee

meetings,

manage

relationships

with

pricing

vendors,

prepare

relevant

valuation

reports

and

design

methods

to

simplify

and

enhance

valuation

workflow

within

the

organization

and

implement

processes

and

procedures

to

help

address

compliance

with

the

new

valuation

rule

applicable

to

the

funds;

Regulatory

Matters

–

continuing

efforts

to

monitor

regulatory

trends

and

advocate

on

behalf

of

Nuveen

and/or

the

Nuveen

funds,

to

implement

and

comply

with

new

or

revised

rules

and

mandates

and

to

respond

to

regulatory

inquiries

and

exams;

Government

Relations

–

continuing

efforts

of

various

Nuveen

teams

and

Nuveen’s

affiliates

to

develop

policy

positions

on

a

broad

range

of

issues

that

may

impact

the

Nuveen

funds,

advocate

and

communicate

these

positions

to

lawmakers

and

other

regulatory

authorities

and

work

with

trade

associations

to

ensure

these

positions

are

represented;

Business

Continuity,

Disaster

Recovery

and

Information

Security

–

continuing

efforts

of

Nuveen

to

periodically

test

and

update

business

continuity

and

disaster

recovery

plans

and,

together

with

its

affiliates,

to

maintain

an

information

security

program

that

seeks

to

identify

and

manage

information

security

risks,

and

provide

reports

to

the

Board,

at

least

annually,

addressing,

among

other

things,

management’s

security

risk

assessment,

cyber

risk

profile,

potential

impact

of

new

or

revised

laws

and

regulations,

incident

tracking

and

other

relevant

information

technology

risk-related

reports;

Distribution

Management

Services

–

continuing

to

manage

the

distributions

among

the

varying

types

of

Nuveen

funds

within

the

Nuveen

complex

to

be

consistent

with

the

respective

fund’s

product

design

and

positioning

in

striving

to

deliver

those

earnings

to

shareholders

in

a

relatively

consistent

manner

over

time

as

well

as

assisting

in

the

development

of

new

products

or

the

restructuring

of

existing

funds;

and

with

respect

specifically

to

closed-end

funds,

such

continuing

services

also

included:

•

Leverage

Management

Services

–

continuing

to

actively

manage

the

various

forms

of

leverage

utilized

across

the

complex,

including

through

committing

resources

and

focusing

on

sourcing/structure

development

and

bank

provider

management;

•

Capital

Management,

Market

Intelligence

and

Secondary

Market

Services

–

ongoing

capital

management

efforts

which

may

include

at

times

shelf

offerings,

tender

offers,

capital

return

programs

and

share

repurchases

as

well

as

providing

market

data

analysis

to

help

understand

closed-end

fund

ownership

cycles

and

their

impact

on

secondary

market

trading

as

well

as

to

improve

proxy

solicitation

efforts;

and

•

Closed-end

Fund

Investor

Relations

Program

–

maintaining

the

closed-end

fund

investor

relations

program

which,

among

other

things,

raises

awareness,

provides

educational

materials

and

cultivates

advocacy

for

closed-end

funds

and

the

Nuveen

closed-end

fund

product

line.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

the

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

thereto,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreement.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

each

Advisory

Agreement.

61

B.

The

Investment

Performance

of

the

Fund

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

received

and

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

they

advise.

In

evaluating

performance,

the

Board

recognized

that

performance

data

may

differ

significantly

depending

on

the

ending

date

selected,

particularly

during

periods

of

market

volatility,

and

therefore

considered

the

broader

perspective

of

performance

over

a

variety

of

time

periods

that

may

include

full

market

cycles.

In

this

regard,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter

periods

ending

December 31,

2021

and

March

31,

2022.

The

performance

data

prepared

for

the

annual

review

of

the

advisory

agreements

for

the

Nuveen

funds

supplemented

the

fund

performance

data

that

the

Board

received

throughout

the

year

at

its

meetings

representing

differing

time

periods.

In

its

review,

the

Board

took

into

account

the

discussions

with

representatives

of

the

Adviser;

the

Adviser’s

analysis

regarding

fund

performance

that

occurred

at

these

Board

meetings

with

particular

focus

on

funds

that

were

considered

performance

outliers

(both

overperformance

and

underperformance);

the

factors

contributing

to

the

performance;

and

any

recommendations

or

steps

taken

to

address

performance

concerns.

Regardless

of

the

time

period

reviewed

by

the

Board,

the

Board

recognized

that

shareholders

may

evaluate

performance

based

on

their

own

holding

periods

which

may

differ

from

the

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

review,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods.

With

respect

to

the

latter,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

For

Nuveen

funds

that

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2019,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

In

considering

performance

data,

the

Board

is

aware

of

certain

inherent

limitations

with

such

data,

including

that

differences

between

the

objective(s),

strategies

and

other

characteristics

of

the

Nuveen

funds

compared

to

the

respective

Performance

Peer

Group

and/or

benchmark(s);

differences

in

the

composition

of

the

Performance

Peer

Group

over

time;

and

differences

in

the

types

and/or

levels

of

any

leverage

and

related

costs

with

that

of

the

Performance

Peer

Group

would

all

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

information.

Further,

the

Board

recognized

the

inherent

limitations

in

comparing

the

performance

of

an

actively

managed

fund

to

a

benchmark

index

due

to

the

fund’s

pursuit

of

an

investment

strategy

that

does

not

directly

follow

the

index.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Fund

as

low,

medium

or

high.

The

Board

also

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

In

relation

to

general

market

conditions,

the

Board

had

recognized

the

recent

periods

in

2022

of

general

market

volatility

and

underperformance.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Accordingly,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

Nuveen

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

or

peer

group

for

certain

periods.

However,

with

respect

to

any

Nuveen

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

monitors

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

closed-end

funds

have

traded

over

specified

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

The

Board

was

aware

that

the

Fund

operates

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.

The

Board

noted

that

the

Fund

was

new

with

a

performance

history

too

limited

to

make

a

meaningful

assessment

of

performance.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

considered

the

contractual

management

fee

and

net

management

fee

(the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Nuveen

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

before

and

after

any

fee

waivers

and/or

expense

reimbursements.

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

expense

reimbursements

and/or

fee

waivers,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

as

well

as

changes

to

the

composition

of

the

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

62

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

fund

with

a

net

expense

ratio

(excluding

investment-related

costs

of

leverage)

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

total

net

expenses

both

including

and

excluding

investment-related

expenses

(i.e.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

recognized

that

leverage

expenses

will

vary

across

funds

and

in

comparison

to

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

expense

ratio

and

fees

(excluding

leverage

costs

and

leveraged

assets)

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Universe.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

fund’s

net

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history.

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$72.5

million

and

fund-level

breakpoints

reduced

fees

by

approximately

$89.1

million

in

2021.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

approximately

an

additional

$13.6

million

in

fees

for

shareholders

in

2021.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Fund.

The

Independent

Board

Members

noted

that

the

Fund

had

a

net

management

fee

and

a

net

expense

ratio

that

were

below

the

respective

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

the

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

determining

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include

retail

and

institutional

managed

accounts,

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

private

limited

partnerships

offered

by

Nuveen.

With

respect

to

the

Sub-Adviser,

the

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts

as

well

as

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

ETFs

offered

outside

the

Nuveen

family.

In

considering

the

fee

data

of

other

clients,

the

Board

recognized,

among

other

things,

that

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

types

of

clients

as

well

as

any

differences

in

portfolio

investment

policies,

the

types

of

assets

managed

and

related

complexities

in

managing

such

assets,

the

entrepreneurial

and

other

risks

associated

with

a

particular

strategy,

investor

profiles,

account

sizes

and

regulatory

requirements

will

contribute

to

the

variations

in

the

fee

schedules.

The

Board

recognized

the

breadth

of

services

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

these

other

types

of

clients

as

the

funds

operate

in

a

highly

regulated

industry

with

increasing

regulatory

requirements

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

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.

The

Board

further

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

concluded

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.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020.

The

Board

reviewed,

among

other

things,

the

net

margins

(pre-tax)

for

Nuveen

Investments,

Inc.

(“Nuveen

Investments”),

the

gross

and

net

revenue

margins

(pre-

and

post-tax

and

excluding

distribution)

and

the

revenues,

expenses

and

net

income

(pre-

and

post-tax

and

before

distribution

expenses)

of

Nuveen

Investments

from

the

Nuveen

funds

only;

and

comparative

profitability

data

comparing

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

certain

peers

that

had

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

each

of

the

last

two

calendar

years.

The

Board

also

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

post-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2021

and

2020

calendar

years.

63

In

reviewing

the

profitability

data,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

corporate-wide

overhead/shared

service

expenses,

TIAA

(defined

below)

corporate-wide

overhead

expenses

and

partially

fund

related

expenses

to

the

Nuveen

complex

and

its

affiliates

and

to

further

allocate

such

expenses

between

the

Nuveen

fund

and

non-fund

businesses.

The

Independent

Board

Members

reviewed

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

to

2021,

and

the

net

revenue

margins

derived

from

the

Nuveen

funds

(pre-tax

and

including

and

excluding

distribution)

and

total

company

margins

from

Nuveen

Investments

compared

to

the

firm-wide

adjusted

operating

margins

of

the

peers

for

each

calendar

year

from

2012

to

2021.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

its

evaluation,

the

Board,

however,

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

also

reviewed

a

summary

of

the

key

drivers

that

affected

Nuveen’s

revenues

and

expenses

impacting

profitability

in

2021

versus

2020.

In

reviewing

the

comparative

peer

data

noted

above,

the

Board

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

also

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2021

and

2020

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

post-tax)

for

its

advisory

activities

to

the

respective

funds

for

the

calendar

years

ended

December

31,

2021

and

December

31,

2020.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2021

and

December

31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2021

and

2020.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds

and

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds.

The

Board

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

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

noted

that

Nuveen

generally

has

employed

these

various

methods,

and

the

Board

considered

the

extent

to

which

the

Nuveen

funds

will

benefit

from

economies

of

scale

as

their

assets

grow.

In

this

regard,

the

Board

recognized

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.

The

Board

reviewed

the

fund-level

and

complex-

level

fee

schedules.

The

Board

considered

that

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.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2021

and

2020),

including

the

temporary

expense

cap

applicable

to

the

Fund.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business.

Based

on

its

review,

the

Board

concluded

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

64

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

Nuveen

open-end

funds.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

Similarly,

the

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

may

also

receive

a

portion

of

the

distribution

and

service

fees

paid

by

a

class

of

the

Fund.

As

indicated

above,

the

Fund

operates

as

an

interval

fund,

which

is

a

continuously

offered

closed-end

fund

designed

to

be

a

hybrid

between

open-

and

closed-

end

funds.

In

addition,

the

Independent

Board

Members

also

noted

that

various

sub-advisers

(including

the

Sub-Adviser)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

However,

the

Board

noted

that

any

benefits

for

the

Sub-Adviser

when

transacting

in

fixed-income

securities

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

the

Independent

Board

Members,

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

the

Fund

and

that

the

Advisory

Agreements

be

renewed.

65

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),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

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).

139

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).

139

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.

139

66

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).

139

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).

139

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).

139

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.

139

67

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

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).

139

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)

formerly,

Chair

(2015-

2022)

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.

139

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).

139

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).

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022);

Deputy

Chief

Compliance

Officer

(2014-

2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC.

68

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

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(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)

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.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

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).

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);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-

2020);

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,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

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.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

69

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

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

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;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

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;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(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)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

RAN-HYIF-0323P

2849665-INV-Y-05/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/interval-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. 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 Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

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 is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Fund, 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 Fund 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 Fund during the fiscal year in which the services are provided; (B) the Fund 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, 2023	$	66,932		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
March 31, 2022	$	61,350		$	13,000		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the 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.

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, 2023	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
March 31, 2022	$	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, 2023	$	0	$	0	$	0	$	0
March 31, 2022	$	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 Fund by the Fund’s independent accountant and (ii) all audit and non-audit services to be performed by the Fund’s independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountant for the Fund 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, Albin F. Moschner, John K. Nelson, Chair, Margaret L. Wolff, 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 managers 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 registrant’s investment strategies:

Steven Hlavin is a Managing Director of Nuveen Asset Management. As a member of the High Yield Municipal Portfolio Management Team, he is responsible for supporting all High Yield Municipal strategies and is specifically responsible for managing the Enhanced High Yield Municipal Bond, High Yield Municipal Opportunities LP, Municipal Opportunities and Short Duration High Yield Municipal Bond Strategies. He oversees a number of state-specific, tax-exempt portfolios including the Kansas Municipal Bond, Louisiana Municipal Bond and Wisconsin Municipal Bond Strategies. He is also responsible for the tender option bond/inverse floating rate program used by some of the firm’s closed-end and open-end funds. 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.

Daniel J. Close, CFA, Managing Director at Nuveen Asset Management, leads the municipal fixed income strategic direction and investment perspectives for Nuveen. He serves as lead portfolio manager for high yield municipal strategies, along with tax-exempt and taxable municipal strategies that include customized institutional portfolios, open-end funds and closed-end funds. Prior to his current role, Dan helped establish and expand the platform as Head of Taxable Municipals. He is a portfolio manager of both high yield and investment grade municipal assets, and he has managed dedicated taxable municipal strategies for Nuveen since 2010. After joining Nuveen in 2000, he was a municipal fixed income research analyst covering the corporate-backed, energy, transportation and utility sectors. Dan began working in the investment industry in 1998 as an analyst at Banc of America Securities. He received his BS in Business from Miami University and his MBA from Northwestern University’s J. L. Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

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

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	$	7.12 billion
	Other Pooled Investment Vehicles	1	$	428 million
	Other Accounts	0	$	0
Daniel J. Close	Registered Investment Company	13	$	25.78 billion
	Other Pooled Investment Vehicles	23	$	4.74 billion
	Other Accounts	37	$	12.04 billion
Stephen J. Candido	Registered Investment Company	10	$	37.72 billion
	Other Pooled Investment Vehicles	8	$	562 million
	Other Accounts	2	$	56.07 million

* Assets are as of March 31, 2023 (as of April 30, 2023 for Daniel J. Close and Stephen J. Candido). 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.

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

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

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

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

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

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

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

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

ITEM 8(a)(4). OWNERSHIP OF HYIF SECURITIES AS OF MARCH 31, 2023

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
Daniel J. Close*	X
Stephen J. Candido*	X

* Ownership of HYIF securities are as of April 30, 2023 for Daniel J. Close and Stephen J. Candido.

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 2, 2023

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 2, 2023
By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)
Date: June 2, 2023