UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23445

Nuveen Enhanced High Yield Municipal Bond Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2024

Item 1. Reports to Stockholders.

Interval

Fund

Interval

Funds

Nuveen

Municipal

September

30,

2024

Semi-Annual

Report

This

semi-annual

report

contains

the

Fund's

unaudited

financial

statements.

Fund

Name

Class

A1

Class

A2

Class

I

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

NHYEX

NHYAX

NMSSX

2

Table

of

Contents

Important

Notices

3

Common

Share

Information

4

About

the

Fund’s

Benchmark

5

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

6

Expense

Examples

10

Portfolio

of

Investments

11

Statement

of

Assets

and

Liabilities

34

Statement

of

Operations

36

Statement

of

Changes

in

Net

Assets

37

Statement

of

Cash

Flows

38

Financial

Highlights

39

Notes

to

Financial

Statements

42

Additional

Fund

Information

52

Glossary

of

Terms

Used

in

this

Report

53

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

54

Important

Notices

3

Portfolio

manager

commentaries:

The

Fund

includes

portfolio

manager

commentary

in

its

annual

shareholder

reports.

For

your

Fund’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

annual

shareholder

report.

Fund

changes:

For

changes

that

occurred

to

your

Fund

both

during

and

after

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

Fund

principal

investment

policies

and

principal

risks:

Refer

to

the

Shareholder

Update

section

of

your

Fund’s

annual

shareholder

report

for

information

on

the

Fund’s

principal

investment

policies

and

principal

risks.

Fund

performance:

For

current

information

on

your

Fund’s

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.

nuveen.com

.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Management

fees:

As

of

May

1,

2024,

the

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

the

Fund’s

average

daily

net

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

4

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

Fund's

distributions

is

current

as

of

September

30,

2024. 

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

2024

$

0.0325

$

0.0340

$

0.0370

May

2024

0.0325

0.0340

0.0370

June

2024

0.0325

0.0340

0.0370

July

2024

0.0325

0.0340

0.0370

August

2024

0.0325

0.0340

0.0370

September

2024

0.0325

0.0340

0.0370

Total

Distributions

from

Net

Investment

Income

$

0.1950

$

0.2040

$

0.2220

Class

A1

Class

A2

Class

I

Distribution

Rate

on

NAV*

4.92%

5.14%

5.60%

*Distribution

rate

represents

the

latest

declared

distribution,

annualized,

divided

by

the

Fund's

current

net

asset

value

(NAV)

as

of

the

end

of

the

reporting

period.

About

the

Fund’s

Benchmark

5

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.

6

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

The

Fund

Performance,

Leverage,

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.

Impact

of

Leverage

One

important

factor

impacting

the

returns

of

the

Fund’s

common

shares

relative

to

its

comparative

benchmarks

was

the

Fund’s

use

of

leverage

through

its

issuance

of

preferred

shares

and

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Fund

uses

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

the

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

securities

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

the

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

Leverage

Ratios

The

Fund’s

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

“Effective

Leverage”

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

“Regulatory

Leverage”

consists

of

preferred

shares

or

borrowings

of

a

Fund.

Regulatory

Leverage

is

a

part

of

a

Fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

A

Fund,

however,

may

from

time

to

time

borrow

for

temporary

purposes,

typically

on

a

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

temporary

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

Effective

Leverage

and

Regulatory

Leverage

ratios. 

Expense

Ratios

7

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.

8

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Leverage

and

Holdings

Summaries

September

30,

2024

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,

2026

so

that

total

annual

Fund

operating

expenses

(excluding

distribution

and/or

service

fees

that

may

be

applicable

to

a

particular

class

of

shares,

issuance

and

dividend

costs

of

preferred

shares

that

may

be

issued

by

the

Fund,

interest

expense,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities,

litigation

expenses

and

extraordinary

expenses)

do

not

exceed

1.05% of

the

average

daily

managed

assets

of

any

class

of

Fund

shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

Total

Returns

as

of

September

30,

2024**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

Since

Inception

Gross

Net

Class

A1

at

NAV

6/30/21

8.45%

22.72%

(2.53)%

3.87%

3.76%

Class

A1

at

maximum

Offering

Price

6/30/21

5.74%

19.65%

(3.28)%

—

—

S&P

Municipal

Yield

Index

—

4.80%

15.82%

0.71%

—

—

Class

A2

7/29/22

8.57%

22.98%

4.87%

3.62%

3.51%

Class

I

6/30/21

8.83%

23.61%

(1.82)%

3.12%

3.01%

9

Holdings

Leverage

Effective

Leverage

25.12%

Regulatory

Leverage

24.77%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

126

.7‌

%

Variable

Rate

Senior

Loan

Interests

0

.0‌

%

Other

Assets

&

Liabilities,

Net

6.7%

Floating

Rate

Obligations

(0.6)%

MFP

Shares,

Net

(

32

.8‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AA

2.0%

A

0.4%

BBB

3.1%

BB

or

Lower

14.3%

N/R

(not

rated)

80.2%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

38.8%

Education

and

Civic

Organizations

17.8%

Transportation

11.0%

Long-Term

Care

7.2%

Housing/Multifamily

6.1%

Industrials

5.3%

Consumer

Staples

5.2%

Other

8.6%

Variable

Rate

Senior

Loan

Interests

0.0%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Colorado

16.9%

Florida

15.0%

Wisconsin

13.6%

Texas

8.5%

California

6.3%

New

York

6.2%

Utah

3.4%

Ohio

3.3%

Puerto

Rico

3.0%

Arizona

2.5%

Illinois

2.4%

Arkansas

2.4%

Louisiana

2.1%

Missouri

1.6%

Georgia

1.5%

Other

11.3%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

10

Expense

Examples

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

examples

below include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the financial  statements

later

within

this

report.

The

examples

are

based

on

an

investment

of

$10,000

invested

at

the

beginning

and

held

for

the

entire

reporting

period.The

examples

are

also

based

on

the

Fund's

actual

expenses,

which

may

vary

from

the

expense

rates

shown

in

the

Fund's

prospectus.

What

were

the

Fund's

costs

for

the

last

six

months?

(based

on

a

hypothetical

$10,000

investment)

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

A1

$199

3.82%

Class

A2

$186

3.57%

Class

I

$160

3.07%

*

Annualized

for

period

less

than

one

year.

11

Portfolio

of

Investments

September

30,

2024

Enhanced

High

Yield

Municipal

Bond

(Unaudited)

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

126.7%   

X

767,785,910

MUNICIPAL

BONDS

-

126.7%

(100.0%

of

Total

Investments)

X

767,785,910

ALABAMA

-

1.8%

$

4,000,000

Hoover

Industrial

Development

Board,

Alabama,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation

Projec

t,

Series

2019,

(AMT)

5.750

%

10/01/49

$

4,221,656

650,000

(a)

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024,

(UB)

5.250

10/01/49

708,354

425,000

(a)

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024,

(UB)

5.500

10/01/53

468,304

250,000

MidCity

Improvement

District,

Alabama,

Special

Assessment

Revenue

Bonds,

Series

2022

4.750

11/01/49

214,888

500,000

MidCity

Improvement

District,

Alabama,

Special

Assessment

Revenue

Bonds,

Series

2024

6.500

11/01/44

500,778

550,000

MidCity

Improvement

District,

Alabama,

Special

Assessment

Revenue

Bonds,

Series

2024

6.750

11/01/53

550,613

220,000

(b)

Montgomery

Medical

Clinic

Board,

Alabama,

Health

Care

Facility

Revenue

Bonds,

Jackson

Hospital

&

Clinic,

Series

2015

5.000

03/01/36

149,600

3,790,000

(c)

Tuscaloosa

County

Industrial

Development

Authority,

Alabama,

Gulf

Opportunity

Zone

Bonds,

Hunt

Refining

Project,

Refunding

Series

2019A

5.250

05/01/44

3,889,033

TOTAL

ALABAMA

10,703,226

ARIZONA

-

3.2%

2,000,000

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Heritage

Academy

-

Gateway

and

Laveen

Pojects,

Series

2021B

5.000

07/01/51

1,898,141

1,800,000

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Heritage

Academy

-

Gateway

and

Laveen

Pojects,

Taxable

Series

2021A

5.000

07/01/51

1,708,326

2,000,000

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Leman

Academy

of

Excellence

-

Parker

Colorado

Campus

Project,

Series

2019A

5.000

07/01/49

1,974,672

2,500,000

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

Falcon

Properties

LLC,

Project,

Senior

Series

2022A-1

4.000

12/01/41

2,106,453

110,000

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

Falcon

Properties

LLC,

Project,

Senior

Series

2022A-1

4.150

12/01/57

82,833

100,000

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Hotel

Revenue

Bonds,

Provident

Group

Falcon

Properties

LLC,

Project,

Subordinate

Series

2022B

5.750

12/15/57

80,061

150,000

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

Special

Assessment

Revenue

Bonds,

Montecito

Assessment

District

3,

Series

2021

3.750

07/01/46

115,436

3,100,000

(c)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Sun

Valley

Academy,

Series

2024A

6.625

07/01/59

3,270,883

1,000,000

(c)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Sun

Valley

Academy,

Series

2024A

6.750

07/01/63

1,059,186

1,655,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Villa

Montessori,

Inc

Project,

Series

2023A

5.500

07/01/53

1,712,566

250,000

(d)

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A

0.000

10/01/56

209,555

500,000

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2022A

7.000

10/01/56

492,451

500,000

(c),(e)

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

American

Leadership

Academy

Project,

Series

2024

5.000

06/15/64

501,937

1,000,000

(c)

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A

6.125

10/01/47

639,371

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

12

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

1,400,000

(c)

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A

6.125

%

10/01/52

$

873,103

685,000

(e)

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2024A

5.250

08/01/49

761,113

1,865,000

(e)

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2024A

5.250

08/01/54

2,055,748

TOTAL

ARIZONA

19,541,835

ARKANSAS

-

3.0%

4,000,000

(c)

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation,

Green

Series

2022,

(AMT)

5.450

09/01/52

4,195,310

1,000,000

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation,

Green

Series

2023,

(AMT)

5.700

05/01/53

1,065,178

4,500,000

(c)

Arkansas

Development

Finance

Authority,

Charter

School

Revenue

Bonds,

Academy

of

Math

and

Science

-

Little

Rock

Project

Series

2024A

7.000

07/01/59

4,458,723

5,750,000

(c)

Arkansas

Development

Finance

Authority,

Industrial

Development

Revenue

Bonds,

Big

River

Steel

Project,

Series

2019,

(AMT)

4.500

09/01/49

5,724,192

3,000,000

(c)

Arkansas

Development

Finance

Authority,

Industrial

Development

Revenue

Bonds,

Big

River

Steel

Project,

Series

2020A,

(AMT)

4.750

09/01/49

3,004,561

TOTAL

ARKANSAS

18,447,964

CALIFORNIA

-

8.0%

2,000,000

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A

4.000

02/01/56

1,444,269

1,000,000

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Mira

Vista

Hills  Apartments,

Series

2021A

4.000

02/01/56

611,507

12,300,000

(c)

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A

5.000

04/01/49

11,170,642

250,000

(c)

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

&

Language

Academy

Project,

Series

2021

4.000

07/01/61

204,181

5,205,000

(c)

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Brightline

West

Passenger

Rail

Project,

Series

2020A-4,

(AMT),

(Mandatory

Put

8/15/25)

8.000

01/01/50

5,360,740

250,000

(c)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Girls

Athletic

Leadership

School

Los

Angeles

Project,

Series

2021A

4.000

06/01/51

197,847

5,000,000

(c)

California

School

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Pathways

to

College

Project,

Series

2023A

7.500

06/15/63

5,269,998

1,380,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A

5.000

06/01/30

1,323,359

500,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A

5.000

06/01/59

373,828

250,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Citizens

of

the

World

Charter,

Series

2022A

6.250

04/01/52

257,840

100,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023

5.500

08/01/47

106,391

250,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Academy

Obligated

Group,

Series

2021A

4.000

06/01/51

199,030

500,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2023A

6.000

06/01/63

514,313

245,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2021C

4.000

09/02/51

218,267

13

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

500,000

(c)

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Subordinate

Series

2021B

8.000

%

04/01/56

$

394,575

250,000

(c)

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-2

4.000

12/01/45

210,009

290,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

1818

Platinum

Triangle-Anaheim,

Mezzanine

Lien

Series

2021B

4.000

04/01/57

220,908

325,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

1818

Platinum

Triangle-Anaheim,

Social

Bond

Series

2021A-2

3.250

04/01/57

246,888

250,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B

4.000

10/01/46

205,901

305,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A

4.000

10/01/56

278,306

3,000,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A

5.000

01/01/54

2,738,200

630,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Mezzanine

Lien

Series

2021B

4.000

07/01/58

459,181

250,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Series

2021B

4.000

07/01/58

181,070

250,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Mezzanine

Lien

Series

2021B

4.000

06/01/57

87,640

25,000,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2

0.000

06/01/66

2,986,530

20,000,000

Inland

Empire

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007C-1.Turbo

Capital

Appreciation

0.000

06/01/36

9,272,926

1,000,000

Kaweah

Delta

Health

Care

District,

California,

Revenue

Bonds,

Series

2015B

5.000

06/01/40

994,340

4,100,000

Oroville,

California,

Revenue

Bonds,

Oroville

Hospital

Series

2019

5.250

04/01/54

3,085,805

TOTAL

CALIFORNIA

48,614,491

COLORADO

-

21.3%

3,025,000

Arista

Metropolitan

District,

Broomfield

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

and

Improvement

Series

2023B

8.250

12/15/39

3,171,657

2,500,000

Aurora

Highlands

Community

Authority

Board,

Adams

County,

Colorado,

Special

Tax

Revenue

Bonds,

Refunding

&

Improvement

Series

2021A

5.750

12/01/51

2,454,657

3,380,000

(e)

Baseline

Metropolitan

District

1,

In

the

City

and

County

of

Broomfield,

Colorado,

Special

Revenue

Bonds,

Refunding

and

Improvement

Series

2024A

4.000

12/01/46

3,343,159

1,550,000

(e)

Baseline

Metropolitan

District

1,

In

the

City

and

County

of

Broomfield,

Colorado,

Special

Revenue

Bonds,

Refunding

and

Improvement

Series

2024A

4.250

12/01/54

1,551,673

1,200,000

(e)

Baseline

Metropolitan

District

1,

In

the

City

and

County

of

Broomfield,

Colorado,

Special

Revenue

Bonds,

Subordinate

Series

2024B

6.750

12/15/54

1,225,463

500,000

Berthoud-Heritage

Metropolitan

District

10,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2022A

4.750

12/01/52

436,558

1,750,000

Bradley

Heights

Metropolitan

District

2,

Colorado

Springs,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-3

4.750

12/01/51

1,417,582

250,000

Brighton

Crossing

Metropolitan

District

4,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Series

2017A

5.000

12/01/47

250,192

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

14

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

500,000

Broadway

Station

Metropolitan

District

2,

Denver

City

and

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Series

2019A

5.000

%

12/01/35

$

432,080

1,475,000

Broadway

Station

Metropolitan

District

2,

Denver

City

and

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Series

2019A

5.125

12/01/48

1,259,813

4,675,000

Broadway

Station

Metropolitan

District

3,

Denver

City

and

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Series

2019A

5.000

12/01/49

3,854,957

7,872,000

Broadway

Station

Metropolitan

District

3,

Denver

County,

Colorado,

Tax

Increment

Supported

Revenue

Bonds,

Series

2023A

7.000

12/15/32

7,781,143

500,000

Canyons

Metropolitan

District

5,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Junior

Subordinate

Series

2016

7.000

12/15/57

500,906

1,000,000

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2020A

5.000

12/01/51

969,075

500,000

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Improvement

Bonds,

Series

2022

6.500

12/01/53

521,656

1,000,000

Chambers

Highpoint

Metropolitan

District

No.

2,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2021

5.000

12/01/51

908,446

247,000

(c)

Cherry

Hills

City

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Subordinate

Series

2020B-3

8.000

12/15/47

233,656

500,000

Citadel

on

Colfax

Business

Improvement

District,

Aurora,

Colorado,

Special

Revenue

and

Tax

Supported

Bonds,

Senior

Series

2020A

5.350

12/01/50

481,455

1,170,000

(c)

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Rocky

Mountain

Classical

Academy

Project,

Refunding

Series

2019

5.000

10/01/59

1,154,758

3,100,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

American

Baptist

Homes

of

the

Midwest

Obligated

Group,

Series

2013

8.000

08/01/43

2,087,186

225,000

(b)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

5.250

11/01/32

135,000

670,000

(b)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

5.500

11/01/37

402,000

1,250,000

(b)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

5.750

11/01/47

750,000

835,000

(b)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Ralston

Creek

at

Arvada

Project,

Series

2017A

6.000

11/01/52

501,000

500,000

(b),(c)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sunny

Vista

Living

Center

Project,

Refunding

&

Improvement

Series

2015A

5.500

12/01/30

402,641

500,000

(b),(c)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sunny

Vista

Living

Center

Project,

Refunding

&

Improvement

Series

2015A

6.250

12/01/50

341,257

500,000

Copperleaf

Metropolitan

District

6,

Arapahoe

County,

Colorado,

Limited

Tax,

General

Obligation

Bonds,

Subordinate

Series

2022B

6.000

12/15/41

503,372

2,000,000

Crossroads

Metropolitan

District

1,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2022

6.500

12/01/51

2,045,017

1,400,000

Dawson

Trails

Metropolitan

District

1,

Colorado,

In

The

Town

of

Castle

Rock,

Limited

Tax

General

Obligation

Capital

Appreciation

Turbo

Bonds,

Series

2024

0.000

12/01/31

796,785

600,000

(c)

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A

6.750

12/01/34

601,322

500,000

(c)

Glen

Metropolitan

District

3,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021

4.250

12/01/51

417,677

1,277,000

Grand

Avenue

Metropolitan

District,

In

the

City

of

Aurora,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2023

8.125

12/01/52

1,304,458

15

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

5,000,000

Green

Valley

Ranch

East

Metropolitan

District

6,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A-3

5.875

%

12/01/50

$

5,068,196

1,335,000

Hess

Ranch

Metropolitan

District

5,

Parker,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2024A-1

6.000

12/01/43

1,386,773

585,000

(c)

Hess

Ranch

Metropolitan

District

5,

Parker,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

2,

Series

2024

5.500

12/01/44

588,975

1,500,000

Independence

Metropolitan

District

3,

Elbert

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2019A

6.250

12/01/49

1,491,773

1,000,000

(c)

Kremmling

Memorial

Hospital

District,

Colorado,

Certificates

of

Participation,

Series

2024

6.625

12/01/56

990,874

1,000,000

(c)

Ledge

Rock

Center

Commercial

Metropolitan

District

(In

the

Town

of

Johnstown,

Weld

County,

Colorado),

Limited

Tax

General

Obligation

Bonds,

Series

2022

7.375

11/01/52

1,032,490

500,000

Ledge

Rock

Center

Residential

Metropolitan

District

1,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2024A

6.375

12/01/54

517,119

500,000

Mountain

Brook

Metropolitan

District,

Longmont,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021

4.750

12/01/51

414,168

1,000,000

Mulberry

Metropolitan

District

2,

Fort

Collins,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

7.000

12/01/52

1,045,288

500,000

North

Pine

Vistas

Metropolitan

District

3,

Castle

Pines,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2021B

-

AGM

Insured

4.625

12/15/51

441,849

2,000,000

North

Range

Metropolitan

District

3,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A-3

5.250

12/01/50

2,031,846

2,175,000

(c)

Old

Towne

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Refunding

and

Improvement

Limited

Tax

Series

2024

6.000

12/01/53

2,206,618

1,000,000

Peak

Metropolitan

District

3,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1

7.500

12/01/52

1,027,299

2,498,000

Pioneer

Community

Authority

Board

(Weld

County,

Colorado),

Special

Revenue

Bonds,

Series

2022

6.500

12/01/34

2,458,700

500,000

(c)

Prairie

Song

Metropolitan

District

4,

Windsor,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021

6.000

12/01/51

474,191

1,310,000

(c)

Pueblo

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Capital

Appreciation

Revenue

Bonds,

EVRAZ

Project,

Series

2021A

and

Tax

Increment

Revenue

Capital

Appreciation

Bonds,

Series

2021B

0.000

12/01/25

1,212,096

4,015,000

(c)

Pueblo

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

EVRAZ

Project,

Series

2021A

4.750

12/01/45

2,806,129

1,000,000

Reagan

Ranch

Metropolitan

District

1,

Colorado

Springs,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2021-3

5.375

12/01/51

911,613

1,250,000

Riverwalk

Metropolitan

District

2,

Glendale,

Arapahoe

County,

Colorado,

Special

Revenue

Bonds,

Series

2022A

5.000

12/01/42

1,187,517

1,370,000

RM

Mead

Metropolitan

District,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A

5.250

12/01/50

1,374,175

500,000

RRC

Metropolitan

District

2,

Jefferson

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021

5.250

12/01/51

454,321

750,000

Sagebrush

Farm

Metropolitan

District

1,

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022A

6.375

12/01/42

778,364

1,000,000

(c)

Saint

Vrain

Lakes

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Bonds,

Firestone

Subordinate

Limited

Tax

Series

2024B

8.750

09/20/54

1,002,338

500,000

Senac

South

Metropolitan

District

No.

1,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2021A(3)

5.250

12/01/51

463,778

500,000

Siena

Lake

Metropolitan

District,

Gypsum,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021

4.000

12/01/51

390,507

1,500,000

(c)

Sky

Ranch

Community

Authority

Board

(Arapahoe

County,

Colorado),

Limited

Tax

Supported

District

No.

3

Senior

Bonds

(Tax-Exempt

Fixed

Rate),

Series

2022A

and

Subordinate

Bonds

(Tax-Exempt

Fixed

Rate),

Series

2022B(3)

5.750

12/01/52

1,504,730

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

16

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

500,000

(c),(d)

St.

Vrain

Lakes

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Bonds,

Firestone

Convertible

Capital

Appreciation

Limited

Tax

Series

2024A

0.000

%

09/20/54

$

363,446

600,000

Sterling

Ranch

Community

Authority

Board,

Douglas

County,

Colorado,

Limited

Tax

Supported

and

Special

Revenue

Bonds,

Special

District

4,

Series

2024A

6.500

12/01/54

633,093

975,000

Sterling

Ranch

Community

Authority

Board,

Douglas

County,

Colorado,

Limited

Tax

Supported

and

Special

Revenue

Bonds,

Special

District

4,

Series

2024B

8.750

12/15/54

1,003,720

500,000

(c)

Third

Creek

Metropolitan

District

1,

Commerce

City,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1

4.750

12/01/51

417,070

500,000

Trails

at

Crowfoot

Metropolitan

District

3,

Parker,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2024B

6.875

12/15/52

502,567

1,000,000

Transport

Metropolitan

District

3,

In

the

City

of

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Bonds,

Series

2021A-1

4.125

12/01/31

926,166

5,700,000

Transport

Metropolitan

District

3,

In

the

City

of

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Bonds,

Series

2021A-1

5.000

12/01/41

5,066,183

7,960,000

Transport

Metropolitan

District

3,

In

the

City

of

Aurora,

Adams

County,

Colorado,

General

Obligation

Limited

Bonds,

Series

2021A-1

5.000

12/01/51

6,520,565

3,000,000

(c)

Tree

Farm

Metropolitan

District,

Eagle

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021

4.750

12/01/50

2,735,381

1,000,000

(c)

USAFA

Visitors

Center

Business

Improvement

District,

Colorado

Springs,

Colorado,

Special

Revenue

Bonds,

Series

2022A,

5.000

12/01/52

925,324

500,000

(d)

Verve

Metropolitan

District

1,

Jefferson

County

and

the

City

and

County

of

Broomfield,

Colorado,

General

Obligation

Bonds,

Convertible

Capital

Appreciation

Improvement

Series

2024A

0.000

12/01/54

349,174

2,250,000

Verve

Metropolitan

District

1,

Jefferson

County

and

the

City

and

County

of

Broomfield,

Colorado,

General

Obligation

Bonds,

Refunding

and

Improvement

Limited

Tax

Series

2021

5.000

12/01/41

1,977,938

500,000

Villages

at

Johnstown

Metropolitan

District

7,

Johnstown,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A(3)

6.250

12/01/52

515,417

500,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

6.750

12/01/52

501,324

3,000,000

(c)

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2024A-2

8.000

12/01/54

1,743,293

1,625,000

Westerly

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-1

5.000

12/01/50

1,468,771

2,500,000

Westgate

Metropolitan

District,

Colorado

Springs,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

5.125

12/01/51

2,216,403

500,000

(c)

Westwood

Metropolitan

District,

Thornton,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2021A

4.000

12/01/51

400,603

5,000,000

(c)

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2021A-2

4.500

12/01/41

3,662,456

14,250,000

(c)

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2021A-2

4.625

12/01/51

9,496,616

2,250,000

(c)

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1

4.000

12/01/36

2,068,478

1,000,000

(c)

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1

4.000

12/01/41

859,718

11,750,000

(c)

Windler

Public

Improvement

Authority,

Aurora,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2021A-1

4.125

12/01/51

9,325,818

TOTAL

COLORADO

129,177,852

17

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CONNECTICUT

-

1.1%

$

3,550,000

Connecticut

Development

Authority,

Airport

Facilities

Revenue

Bonds,

Learjet

Inc.,

Series

2004,

(AMT)

7.950

%

04/01/26

$

3,551,894

4,000,000

(c)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mary

Wade

Home

Issue,

Series

2019A-1

5.000

10/01/54

3,293,749

100,000

(c)

Steel

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Steelpointe

Harbor

Project,

Series

2024

6.000

04/01/52

108,506

TOTAL

CONNECTICUT

6,954,149

DELAWARE

-

0.2%

1,100,000

Delaware

Economic

Development

Authority,

Revenue

Bonds,

ASPIRA

of

Delaware

Charter

Operations,

Inc.

Project,

Series

2016A

5.000

06/01/51

1,101,492

TOTAL

DELAWARE

1,101,492

DISTRICT

OF

COLUMBIA

-

0.1%

300,000

District

of

Columbia

Revenue

Bonds,

Rocketship

Education

DC

Public

Charter

School

Inc.,

Obligated

Group

-Issue

3,

Series

2024A

5.750

06/01/54

313,291

3,335,000

District

of

Columbia

Tobacco

Settlement

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2006C

0.000

06/15/55

358,183

TOTAL

DISTRICT

OF

COLUMBIA

671,474

FLORIDA

-

18.9%

250,000

(b),(c)

Alachua

County

Health

Facilities

Authority,

Florida,

Health

Facilities

Revenue

Bonds,

Terraces

at

Bonita

Springs

Project,

Refunding

Series

2022A

5.000

11/15/61

178,735

250,000

(b),(c)

Alachua

County

Health

Facilities

Authority,

Florida,

Health

Facilities

Revenue

Bonds,

Terraces

at

Bonita

Springs

Project,

Taxable

Refunding

Series

2022B

6.500

11/15/33

215,750

200,000

Avenir

Community

Development

District,

Palm

Beach

Gardens,

Florida,

Special

Assessment

Bonds,

Area

3

-

Master

Infrastructure

Project,

Series

2023

5.625

05/01/54

207,472

2,500,000

(c)

Capital

Trust

Agency,

Florida,

Educational

Facilities

Revenue

Bonds,

LLT  Academy

South

Bay

Project,

Series

2020A

6.000

06/15/55

2,576,286

15,020,000

(c)

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Educational

Growth

Fund,

LLC,

Charter

School

Portfolio

Projects,

Subordinate

Series

2021B

0.000

07/01/61

1,119,335

1,345,000

(c)

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Viera

Charter

School

Project,

Series

2019A

5.000

10/15/54

1,347,598

250,000

(c)

Capital

Trust

Agency,

Florida,

Senior

Living

Facilities

Revenue

Bonds,

Elim

Senior

Housing,

Inc.

Project,

Series

2017

5.375

08/01/32

225,235

175,000

(c)

Capital

Trust

Agency,

Florida,

Senior

Living

Facilities

Revenue

Bonds,

Elim

Senior

Housing,

Inc.

Project,

Series

2017

5.625

08/01/37

150,565

1,000,000

(c)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Babcock

Neighborhood

School

Inc

Project,

Series

2024

6.000

08/15/63

1,009,554

500,000

(c)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Imagine

School

at

West

Pasco

Project,

Series

2023A

6.500

12/15/53

512,997

4,100,000

(c)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Imagine

School

at

West

Pasco

Project,

Series

2023A

6.500

12/15/58

4,195,930

1,750,000

(c)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

IPS

Enterprises,

Inc.

Projects,

Refunding

Series

2023A

6.250

06/15/53

1,845,728

2,600,000

(c)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

IPS

Enterprises,

Inc.

Projects,

Refunding

Series

2023A

6.375

06/15/58

2,751,537

1,890,000

Celebration

Pointe

Community

Development

District

1,

Alachua

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021

4.000

05/01/53

1,611,732

500,000

(e)

Edgewater

West

Community

Development

District,

Osceola

County,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

One

Series

2024

5.500

05/01/54

501,295

2,800,000

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Creative

Inspiration

Journey

School

of

St.

Cloud,

Series

2021A

5.000

06/15/56

2,547,994

1,420,000

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Discovery

High

School

Project,

Series

2020A

5.000

06/01/40

1,177,032

100,000

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Dreamers

Academy

Project,

Series

2022A

6.000

01/15/57

81,434

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

18

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

500,000

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Southwest

Charter

Foundation

Inc

Projects,

Series

2017A

6.125

%

06/15/47

$

505,082

1,400,000

(c)

Florida

Development

Finance

Corporation,

Florida,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Pro

USA,

Inc.

Project,

Series

2023,

(AMT),

(Mandatory

Put

7/01/26)

6.125

07/01/32

1,439,263

31,400,000

(c)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT),

(Mandatory

Put

7/15/28)

12.000

07/15/32

33,495,297

1,800,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT)

5.000

07/01/41

1,855,862

2,300,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024

-

AGM

Insured,

(AMT)

5.250

07/01/47

2,456,709

2,465,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024

-

AGM

Insured,

(AMT)

5.250

07/01/53

2,607,338

1,500,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT)

5.500

07/01/53

1,571,838

10,905,000

(c)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2024A,

(AMT),

(Mandatory

Put

2/14/25)

8.250

07/01/57

11,231,275

3,040,000

(c)

Florida

Development

Finance

Corporation,

Student

Housing

Revenue

Bonds,

SPP

-

Tampa

I

-

LLC

The

Henry

Project,

Series

2024B

6.500

06/01/59

3,136,455

1,985,000

Florida

Housing

Finance

Corporation,

Multifamily

Mortgage

Revenue

Bonds,

Brookside

Square

Apartments,

Series

2015J,

(Mandatory

Put

6/01/32)

5.000

06/01/57

1,919,851

250,000

Hobe-Saint

Lucie

Conservancy

District,

Florida,

Special

Assessment

Revenue

Bonds,

Improvement

Unit

1A,

Series

2024

5.875

05/01/55

261,196

1,000,000

(c)

Kelly

Park

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

One

Project

Series

2023

6.250

11/01/53

1,053,731

1,210,000

Lake

County,

Florida

Retirement

Facility

Revenue

Bonds,

Lakeside

at

Waterman

Village

Project,

Series

2020A

5.750

08/15/50

1,205,064

1,405,000

Lakewood

Ranch

Stewardship

District,

Florida,

Special

Assessment

Revenue

Bonds,

Taylor

Ranch

Project,

Series

2023

6.300

05/01/54

1,502,861

2,850,000

(c)

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2024A

6.250

06/15/42

2,972,854

405,000

(c)

LTC

Ranch

Residential

Community

Development

District,

Port

Saint

Lucie,

Florida,

Special

Assessment

Bonds,

Assessment

Area

4

Project,

Refunding

Series

2024AA4

5.650

05/01/54

410,571

85,000

(c)

Mandarin

Grove

Community

Development

District,

Manatee

County,

Florida,

Special

Assessment

Revenue

Bonds,

2022

Project

Series

2022

6.625

05/01/53

94,927

3,000,000

(c)

Miami-Dade

County

Housing

Finance

Authority,

Florida,

Multifamily

Mortgage

Revenue

Bonds,

Wynwood

Works,

Series

2023B,

(Mandatory

Put

6/01/26)

5.780

06/01/27

3,033,973

1,000,000

(c)

Miami-Dade

County

Industrial

Development

Authority,

Florida,

Industrial

Development

Revenue

Bonds,

CFC-MB

I,

LLC

Collins

Park

Housing

Project

Series

2023

6.250

01/01/59

1,026,758

415,000

(c)

Middleton

Community

Development

District

A,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2022

6.200

05/01/53

445,318

125,000

(c)

Mirada

Community

Development

District,

Florida,

Capital

Improvement

Bonds,  Assessment

Area

3

Series

2024

6.000

05/01/55

128,387

70,000

(c)

North

Powerline

Road

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2022

5.625

05/01/52

72,040

2,560,000

Palm

Beach

County,

Florida,

Revenue

Bonds,

Provident

Group

-

LU

Properties

LLC

Lynn

University

Housing

Project,

Series

2024A

6.125

06/01/54

2,611,170

19

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

2,240,000

Palm

Beach

County,

Florida,

Revenue

Bonds,

Provident

Group

-

LU

Properties

LLC

Lynn

University

Housing

Project,

Series

2024A

6.250

%

06/01/59

$

2,296,744

1,725,000

(c)

Parrish

Lakes

Community

Development

District,

Manatee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

2,

Series

2023A

5.625

05/01/53

1,780,731

250,000

(c)

Parrish

Lakes

Community

Development

District,

Manatee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

3,

Series

2024

5.800

05/01/54

254,039

765,000

Pine

Island

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Bella

Collina,

Series

2004

5.750

05/01/35

768,638

580,000

(c)

Pinellas

County

Health

Facilities

Authority,

Florida,

Health

Care

Facilities

Revenue

Bonds,

Mease

Life,

Inc.

Project,

Refunding

Series

2021

7.000

01/01/57

588,598

1,000,000

(c)

Rye

Ranch

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Pod

B

-

Assessment

Area

1

Series

2023

6.000

11/01/53

1,049,894

1,000,000

(c)

Saltleaf

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2024

6.000

05/01/56

1,030,120

500,000

(c)

Sawyers

Landing

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021

4.250

05/01/53

436,402

415,000

Seminole

County

Industrial

Development

Authority,

Florida,

Retirement

Facility

Revenue

Bonds,

Legacy

Pointe

At

UCF

Project,

Series

2019A

5.000

11/15/29

418,895

3,980,000

Seminole

County

Industrial

Development

Authority,

Florida,

Retirement

Facility

Revenue

Bonds,

Legacy

Pointe

At

UCF

Project,

Series

2019A

5.500

11/15/49

3,995,569

1,500,000

Seminole

County

Industrial

Development

Authority,

Florida,

Retirement

Facility

Revenue

Bonds,

Legacy

Pointe

At

UCF

Project,

Series

2019A

5.750

11/15/54

1,516,436

465,000

(c)

Three

Rivers

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

South

Assessment

Area

Series

2021B

4.625

05/01/36

463,127

2,000,000

Tradition

Community

Development

District

1,

Port

Saint

Lucie,

Florida,

Irrigation

System

Revenue

Bonds,

Existing

System

Series

2017

4.500

10/01/47

1,919,678

225,000

(c)

Village

Community

Development

District

15,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023

5.250

05/01/54

234,809

665,000

West

Villages

Improvement

District,

Florida,

Special

Assessment

Revenue

Bonds,

Unit

of

Development

7

Villages

F-3

and

G-1B

Series

2023

6.250

05/01/54

716,712

TOTAL

FLORIDA

114,764,421

GEORGIA

-

1.9%

9,910,000

Atlanta

Development

Authority,

Georgia,

Economic

Development

Certificates,

Gulch

Enterprise

Zone

Project,

Convertible

Capital

Appreciation

Series

2024A-1

Class

A

6.500

12/15/48

8,428,639

1,950,000

(b)

Atlanta

Development

Authority,

Georgia,

Senior

Health

Care

Facilities

Revenue

Bonds,

Georgia

Proton

Treatment

Center

Project,

Current

Interest

Series

2017A-1

7.000

01/01/40

877,500

500,000

Cobb

County

Development

Authority,

Georgia,

Charter

School

Revenue

Bonds,

Northwest

Classical

Academy,

Inc.

Project,

Series

2023A

6.375

06/15/58

514,333

1,670,000

Fayette

County

Development

Authority,

Georgia,

Revenue

Bonds,

United

States

Soccer

Federation,

Inc.

Project

Series

2024

5.250

10/01/54

1,817,179

TOTAL

GEORGIA

11,637,651

HAWAII

-

0.2%

1,000,000

(c)

Hawaii

County,

Hawaii,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

1-2021,

Kaloko

Heights

Project,

Series

2023

7.250

05/15/52

1,025,373

TOTAL

HAWAII

1,025,373

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

20

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

IDAHO

-

0.6%

$

198,000

(c)

Eagle

Avimor

Community

Infrastructure

District

1,

Ada,

Boise,

and

Gem

Counties,

Idaho,

Special

Assessment

Revenue

Bonds,

Assessment

Area

5

Series

2024

5.875

%

09/01/53

$

208,634

1,990,000

(c)

Idaho

Falls

Auditorium

District,

Idaho,

Certifications

of

Participation,  Annual

Appropriation

Series

2021

5.250

05/15/51

2,012,087

730,000

(c)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Doral

Academy

of

Idaho,

Series

2021A

5.000

07/15/41

677,940

250,000

(c)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Doral

Academy

of

Idaho,

Series

2021A

5.000

07/15/56

218,492

250,000

(c)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Gem

Prep

Meridian

South

Charter

School

Project,

Series

2021

4.000

05/01/56

187,477

500,000

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2024

6.250

09/01/53

534,443

TOTAL

IDAHO

3,839,073

ILLINOIS

-

3.1%

388,125

(c)

Chicago,

Illinois,

Certificates

of

Participation,

Tax

Increment

Allocation

Revenue

Note,

North

Pullman

Chicago

Neighborhood

Initiative,

Inc.Redevelopement

Project-Whole

Foods

Warehouse

&

Distribution

Facility,

Series

2016A

5.000

03/15/34

388,125

950,000

(c)

Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Art

in

Motion

AIM

Project,

Series

2021A

4.000

07/01/31

841,851

1,500,000

(c)

Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Art

in

Motion

AIM

Project,

Series

2021A

5.000

07/01/51

1,163,093

2,750,000

(c)

Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Art

in

Motion

AIM

Project,

Series

2021A

5.000

07/01/56

2,083,160

440,000

Illinois

Finance

Authority,

Education

Revenue

Bonds,

Noble

Network

of

Charter

Schools,

Series

2013

6.000

09/01/32

440,874

250,000

Illinois

Finance

Authority,

Revenue

Bonds,

Admiral

at

the

Lake

Project,

Refunding

Series

2017

5.500

05/15/54

211,279

1,280,000

(b)

Illinois

Finance

Authority,

Revenue

Bonds,

Christian

Homes

Inc.

Obligated

Group,

Refunding

Series

2016

5.000

05/15/31

512,000

2,800,000

(b)

Illinois

Finance

Authority,

Revenue

Bonds,

Christian

Homes

Inc.

Obligated

Group,

Refunding

Series

2016

5.000

05/15/36

1,120,000

500,000

(b)

Illinois

Finance

Authority,

Revenue

Bonds,

Christian

Horizons

Obligated

Group,

Series

2021A

4.000

05/15/41

200,000

7,375,000

(c)

Illinois

Finance

Authority,

Revenue

Bonds,

Roosevelt

University,

Series

2019A

6.125

04/01/58

7,390,128

2,000,000

(c)

Illinois

Finance

Authority,

Solid

Waste

Revenue

Bonds,

LRS

Holdings

LLC

Project,

Series

2023B,

(Mandatory

Put

9/01/33)

7.375

09/01/42

2,366,128

2,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2022A

4.000

12/15/47

1,938,226

TOTAL

ILLINOIS

18,654,864

INDIANA

-

0.6%

85,000

(c)

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Circle

City

Preparatory

Inc.

Project,

Series

2021A

5.000

12/01/30

83,187

700,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Seven

Oaks

Classical

School

Project,

Series

2021A

5.000

06/01/51

629,654

775,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

University

of

Evansville

Project,

Series

2022A

5.250

09/01/57

782,283

750,000

Indiana

Housing

and

Community

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Vita

of

New

Whiteland

Project,

Series

2022

6.750

01/01/43

769,421

1,000,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Convention

Center

Hotel

Subordinate

Series

2023F-1

7.750

03/01/67

1,098,763

TOTAL

INDIANA

3,363,308

21

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

KANSAS

-

1.1%

$

500,000

Hutchinson,

Kansas,

Hospital

Facilities

Revenue

Bonds,

Hutchinson

Regional

Medical

Center,

Inc.,

Series

2016

5.000

%

12/01/41

$

449,315

500,000

Kansas

Development

Finance

Authority

Revenue

Bonds,

Village

Shalom

Project,

Series

2018A

5.250

11/15/53

382,784

130,000

Overland

Park

Development

Corporation,

Kansas,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

&

improvement

Series

2019

5.000

03/01/44

131,041

6,250,000

(b)

Overland

Park,

Kansas,

Sales

Tax

Special

Obligation

Revenue

Bonds,

Prairiefire

at

Lionsgate

Project,

Series

2012

5.250

12/15/29

3,437,500

1,000,000

(e)

Wichita,

Kansas,

Health

Care

Facilities

Revenue

Bonds,

Presbyterian

Manors,

Series

2024VIII

6.000

05/15/54

1,003,560

1,000,000

(c)

Wyandotte

County-Kansas

City

Unified

Government,

Kansas,

Sales

Tax

Special

Obligation

Bonds,

Village

East

Project

Areas

2B

3

and

5,

Series

2022

5.750

03/01/41

1,032,789

TOTAL

KANSAS

6,436,989

LOUISIANA

-

2.7%

1,500,000

(c)

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Lincoln

Preparatory

School

Project,

Series

2021A

5.250

06/01/60

1,296,067

2,850,000

(c)

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Young

Audiences

Charter

School,

Series

2019A

5.000

04/01/39

2,722,587

2,635,000

(c)

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Young

Audiences

Charter

School,

Series

2019A

5.000

04/01/49

2,383,409

1,000,000

(c)

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Young

Audiences

Charter

School,

Series

2019A

5.000

04/01/57

879,627

2,365,000

(c)

Louisiana

Public

Facilities

Authority,

Dock

and

Wharf

Revenue

Bonds,

Impala

Warehousing

(US)

LLC

Project,

Series

2013,

(AMT)

6.500

07/01/36

2,366,670

60,078

(b),(c)

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Encore

Academy

Project,

Series

2021A

5.000

06/01/41

36,047

60,077

(b),(c)

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Encore

Academy

Project,

Series

2021A

5.000

06/01/51

36,046

2,000,000

(c)

Louisiana

Public

Facilities

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Pro

USA

Inc

Project

Series

2023,

(AMT),

(Mandatory

Put

10/01/28)

6.750

10/01/53

2,176,770

500,000

Louisiana

Public

Facilities

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Pro

USA

Inc

Project

Series

2023R-2,

(AMT),

(Mandatory

Put

10/01/28)

6.500

10/01/53

539,891

3,000,000

Louisiana

Publics

Facilities

Authority,

Louisiana,

Revenue

Bonds,

I-10

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT)

5.750

09/01/64

3,339,103

500,000

(c)

Plaquemines

Port,

Harbor

and

Terminal

District,

Louisiana,

Facilities

Revenue

Bonds,

NOLA

Terminal

LLC

Project

Dock

and

Wharf

Series

2024A

9.000

12/01/44

517,377

TOTAL

LOUISIANA

16,293,594

MAINE

-

0.3%

2,000,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

Eastern

Maine

Medical

Center

Obligated

Group

Issue,

Series

2016A

5.000

07/01/46

2,002,339

TOTAL

MAINE

2,002,339

MARYLAND

-

0.3%

500,000

Maryland

Economic

Development

Corporation,

Port

Facilities

Revenue

Bonds,

CNX

Marine

Terminals

Inc.

Port

of

Baltimore

Facility,

Refunding

Series

2010

5.750

09/01/25

503,991

135,000

(c)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Imagine

Andrews

Public

Charter

School,

Series

2022A

5.500

05/01/52

135,766

1,000,000

(c)

Prince

George's

County,

Maryland,

Special

Obligation

Bonds,

Westphalia

Town

Center

Project,

Series

2018

5.250

07/01/48

1,017,405

TOTAL

MARYLAND

1,657,162

MASSACHUSETTS

-

0.2%

1,000,000

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

Lawrence

General

Hospital

Issue,

Series

2017

5.000

07/01/42

938,102

TOTAL

MASSACHUSETTS

938,102

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

22

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MICHIGAN

-

0.3%

$

330,000

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Holly

Academy

Project,

Refunding

Series

2021

4.000

%

12/01/51

$

268,581

290,000

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Madison

Academy

Project,

Refunding

Series

2021

5.000

12/01/46

255,001

40,000,000

Michigan

Tobacco

Settlement

Finance

Authority,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Capital

Appreciation

Turbo

Term

Series

2008C

0.000

06/01/58

1,257,484

185,000

Trillium

Academy,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2019

5.750

11/01/40

177,863

TOTAL

MICHIGAN

1,958,929

MINNESOTA

-

0.5%

500,000

Bethel,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Level

Up

Academy,

Series

2021A

5.000

06/15/56

387,714

1,000,000

(c)

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Seven

Hills

Preparatory

Academy

Project,

Series

2024A

6.125

06/15/61

1,024,504

1,000,000

(b),(c)

Saint

Cloud,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Athlos

Academy,

Series

2022A

5.875

06/01/57

870,000

1,000,000

(c)

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

School

of

Excellence,

Series

2023

5.250

03/01/43

1,024,549

TOTAL

MINNESOTA

3,306,767

MISSOURI

-

2.0%

2,000,000

Independence

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Tax

Increment

and

Special

Districts,

Hub

Drive

Redevelopment

Project

Series

2023

6.750

11/01/53

2,079,553

250,000

(c)

Kansas

City

Industrial

Development

Authority,

Missouri,

Economic

Activity

Tax

Revenue

Bonds,

Historic

Northeast

Redevelopment

Plan

Series

2024A-1

5.000

06/01/54

251,954

2,000,000

Kirkwood

Industrial

Development

Authority,

Missouri,

Retirement

Community

Revenue

Bonds,

Aberdeen

Heights

Project,

Refunding

Series

2017A

5.250

05/15/42

1,909,168

1,000,000

Kirkwood

Industrial

Development

Authority,

Missouri,

Retirement

Community

Revenue

Bonds,

Aberdeen

Heights

Project,

Refunding

Series

2017A

5.250

05/15/50

904,829

4,375,000

(c)

Land

Clearance

for

Redevelopment

Authority

of

Kansas

City,

Missouri,

Project

Revenue

Bonds,

Convention

Center

Hotel

Project

-

TIF

Financing,

Series

2018B

5.000

02/01/50

4,309,258

1,555,000

(b)

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Christian

Homes

Inc.,

Senior

Living

Facilities

Series

2018

5.000

05/15/32

622,000

2,280,000

(b)

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Christian

Homes

Inc.,

Senior

Living

Facilities

Series

2018

5.000

05/15/36

912,000

1,975,000

(b)

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Christian

Homes

Inc.,

Senior

Living

Facilities

Series

2018

5.000

05/15/40

790,000

100,000

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2021

4.000

10/01/34

98,060

100,000

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2021

4.000

10/01/44

88,026

237,763

(c)

North

Outer

Forty

Transportation

Development

District,

Chesterfield,

Missouri,

Transportation

Development

Revenue

Notes,

Refunding

Series

2021A

4.000

12/01/46

184,223

TOTAL

MISSOURI

12,149,071

NEVADA

-

0.0%

900,865

(b),(c)

Director

of

Nevada

State

Department

of

Business

&

Industry,

Environmental

Improvement

Revenue

Bonds,

Fulcrum

Sierra

BioFuels

LLC

Project,

Green

Series

2018,

(AMT)

6.950

02/15/38

3,694

TOTAL

NEVADA

3,694

23

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

HAMPSHIRE

-

0.5%

$

2,000,000

(c)

National

Finance

Authority,

New

Hampshire,

Resource

Recovery

Revenue

Bonds,

Covanta

Project,

Refunding

Series

2020B,

(AMT),

(Mandatory

Put

7/02/40)

3.750

%

07/01/45

$

1,731,533

1,000,000

(c)

National

Finance

Authority,

New

Hampshire,

Revenue

Bonds,

GHI

Kiran

Capital

LLC

Project,

Series

2022

6.250

09/01/30

1,000,065

TOTAL

NEW

HAMPSHIRE

2,731,598

NEW

YORK

-

7.9%

2,000,000

(c)

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A

12.250

07/01/53

2,024,179

10,000,000

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

1st

Subordinate

Series

2005B

0.000

06/01/47

2,233,043

5,000,000

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016B

0.000

01/01/45

1,430,558

8,500,000

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016C

5.625

01/01/55

8,064,065

2,000,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Saint

Ann's

Community

Project,

Series

2019

5.000

01/01/50

1,843,740

1,000,000

New

York

City

Housing

Development

Corporation,

New

York,

Multifamily

Housing

Revenue

Bonds,

Sustainable

Neighborhood

Green

Series

2020D-1B

2.400

11/01/50

679,862

750,000

(b)

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007

2.350

10/01/46

496,875

2,500,000

(c)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

3

Series

2014

7.250

11/15/44

2,505,011

5,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

1

Project,

Green

Series

2024,

(AMT)

5.500

06/30/60

5,349,113

750,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/28

592,876

1,450,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/29

1,134,516

150,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/30

116,683

4,135,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/31

3,208,579

1,010,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/32

781,686

3,050,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/33

2,358,636

630,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/34

487,110

2,200,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/35

1,701,445

650,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000

01/01/36

502,967

11,000,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006

5.000

06/01/48

9,940,742

2,000,000

(c)

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bond,

Purchase

Senior

Learning

Community,

Inc.

Project,

Accd

Inv

Series

2021A

4.500

07/01/56

1,896,354

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

24

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

250,000

(c)

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bond,

Purchase

Senior

Learning

Community,

Inc.

Project,

Accd

Inv

Series

2021A

5.000

%

07/01/56

$

252,548

250,000

(c)

Western

Regional

Off-Track

Betting

Corporation,

New

York,

Tax

Exempt

Revenue

Bonds,

Additional

Secured

General

Obligation

Series

2021

4.125

12/01/41

232,899

TOTAL

NEW

YORK

47,833,487

NORTH

DAKOTA

-

0.8%

3,725,000

(a)

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2024A,

(UB)

4.700

07/01/49

3,782,610

1,000,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5.000

06/01/53

978,644

TOTAL

NORTH

DAKOTA

4,761,254

OHIO

-

4.1%

245,000

(c)

Brecksville,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Valor

Acres

Project,

Series

2022

5.625

12/01/53

247,353

28,190,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Capital

Appreciation

Series

2020B-3

Class

2

0.000

06/01/57

2,690,848

12,000,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2

5.000

06/01/55

11,309,344

145,000

(c)

Cleveland-Cuyahoga

County

Port

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Flats

East

Bank

Project,

Refunding

Senior

Series

2021A

4.000

12/01/55

124,798

95,000

Cleveland-Cuyahoga

County

Port

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Flats

East

Bank

Project,

Refunding

Subordinate

Series

2021B

4.500

12/01/55

85,009

4,250,000

County

of

Lucas,

Ohio,

Hospital

Revenue

Bonds,

ProMedica

Healthcare

Obligated

Group,

Series

2018A

5.250

11/15/48

4,345,331

6,000,000

(c)

Ohio

Air

Quality

Development

Authority,

Ohio,

Exempt

Facilities

Revenue

Bonds,

AMG

Vanadium

Project,

Series

2019,

(AMT)

5.000

07/01/49

6,004,559

250,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Refunding

Series

2009D,

(Mandatory

Put

9/15/21)

3.375

08/01/29

249,310

TOTAL

OHIO

25,056,552

OKLAHOMA

-

0.2%

1,000,000

Osage

County

Industrial

Authority,

Oklahoma,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

Series

2023

5.750

09/01/53

1,021,021

100,000

(c)

Tulsa

Authority

for

Economic

Opportunity,

Tulsa

County,

Oklahoma,

Tax

Apportionment

Revenue

Bonds,

Santa

Fe

Square

Project,

Series

2021

4.375

12/01/41

94,397

240,000

(c)

Tulsa

Authority

for

Economic

Opportunity,

Tulsa

County,

Oklahoma,

Tax

Apportionment

Revenue

Bonds,

Vast

Bank

Project,

Series

2021

4.000

12/01/43

230,091

TOTAL

OKLAHOMA

1,345,509

OREGON

-

1.1%

2,750,000

(c)

Oregon

Facilities

Authority

Charter

School

Revenue

Bonds,

Oregon,

Portland

Village

School

Project,

Series

2024

7.000

12/15/60

2,824,215

730,000

Port

of

Saint

Helens,

Oregon,

Pollution

Control

Revenue

Bonds,

Boise

Cascade

Project,

Series

1997

5.650

12/01/27

731,080

3,330,000

Yamhill

County

Hospital

Authority,

Oregon,

Revenue

Bonds,

Friendsview

Retirement

Community,

Refunding

Series

2021A

5.000

11/15/46

2,984,855

250,000

Yamhill

County

Hospital

Authority,

Oregon,

Revenue

Bonds,

Friendsview

Retirement

Community,

Refunding

Series

2021A

5.000

11/15/56

215,820

TOTAL

OREGON

6,755,970

25

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PENNSYLVANIA

-

1.4%

$

500,000

Allegheny

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

Hills

Charter

School

of

Entrepreneurship,

Series

2021A

4.000

%

06/15/51

$

420,869

1,610,000

(c)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

Neuweiler

Lofts

Project,

Series

2023

6.250

05/01/42

1,644,917

25,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-2

6.000

06/30/34

27,183

1,350,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-3

5.000

06/30/39

1,338,296

175,000

(d)

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024B-1

0.000

06/30/44

111,573

1,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024B-2

6.000

06/30/34

1,087

52,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Taxable

Series

2024A-1

8.000

06/30/34

53,225

3,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Taxable

Series

2024B-1

8.000

06/30/34

3,000

1,215,000

(c)

Erie

County,

Industrial

Development

Authority,

Pennsylvania,

Essential

Housing

Revenue

Bonds,

Senior-CFC-Erie

I

LLC

Erie

Apartments,

Series

2024A

6.750

09/01/61

1,241,813

3,000,000

McCandless

Industrial

Development

Authority,

Pennsylvania,

La

Roche

University

Revenue

Bonds,

Series

A

and

B

of

2022

6.750

12/01/46

2,996,204

370,000

Montgomery

County

Redevelopment

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

River

Pointe

Project

Series

2023

6.500

09/01/43

385,027

495,000

(b),(f)

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2021A

10.000

12/01/31

49

TOTAL

PENNSYLVANIA

8,223,243

PUERTO

RICO

-

3.7%

450,000

(b)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007TT

5.000

01/01/26

175,961

160,000

(b)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA

5.250

07/01/27

61,686

325,000

(b)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

5.000

07/01/24

127,016

4,000

(b)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

5.000

07/01/24

1,680

115,000

(b)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

5.250

07/01/26

45,106

105,000

(b)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2013A

5.000

07/01/29

41,336

190,000

(b)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2007TT

5.000

07/01/32

73,587

250,000

(b)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2007TT

5.000

07/01/37

96,824

115,000

(b)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2008WW

5.500

01/01/26

44,635

100,000

(b)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Taxable

Series

2010EEE

5.950

07/01/30

41,497

100,000

(b)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Taxable

Series

2010EEE

6.250

07/01/40

41,460

10,000,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000

07/01/51

2,466,357

1,365,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5.000

07/01/58

1,379,134

4,550,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.784

07/01/58

4,562,140

4,834,632

Puerto

Rico,

General

Obligation

Bonds,

Clawback

Highway

Transportation

Authority

Claims

Taxable

Series

2022

0.000

11/01/51

3,166,684

81,740

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

5.625

07/01/27

85,375

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

26

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PUERTO

RICO

(continued)

$

78,106

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

5.750

%

07/01/31

$

86,920

74,065

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000

07/01/33

74,206

57,138

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000

07/01/37

56,772

3,747,059

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000

07/01/46

3,540,656

6,214,171

Puerto

Rico,

General

Obligation

Bonds,

Vintage

CW

NT

Claims

Taxable

Series

2022

0.000

11/01/43

4,008,140

4,602,153

Puerto

Rico,

General

Obligation

Bonds,

Vintage

CW

NT

Claims

Taxable

Series

2022

1.000

11/01/51

2,519,679

TOTAL

PUERTO

RICO

22,696,851

SOUTH

CAROLINA

-

1.3%

2,960,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

Hilton

Head

Christian

Academy,

Series

2020

5.000

01/01/40

2,904,080

500,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

Palmetto

Scholars

Academy

Project,

Series

2015A

5.125

08/15/35

495,886

2,000,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Lowcountry

Leadership

Charter

School

Project,

Series

2019A

5.000

12/01/49

1,909,046

200,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2021A

4.000

06/15/31

186,761

1,840,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2021A

5.000

06/15/41

1,665,415

330,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2021A

5.000

06/15/51

280,885

250,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2023A

7.000

06/15/53

261,362

250,000

(c)

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Virtus

Academy

Project,

Series

2023A

7.125

06/15/58

262,359

TOTAL

SOUTH

CAROLINA

7,965,794

TENNESSEE

-

0.0%

100,000

(c)

Metropolitan

Government

of

Nashville-Davidson

County

Industrial

Development

Board,

Tennessee,

Special

Assessment

Revenue

Bonds,

South

Nashville

Central

Business

Improvement

District,

Series

2021A

4.000

06/01/51

87,996

TOTAL

TENNESSEE

87,996

TEXAS

-

10.8%

250,000

(c)

Abilene

Convention

Center

Hotel

Development

Corporation,

Texas,

Hotel

Revenue

Bonds,

Second-Lien

Series

2021B

5.000

10/01/50

221,240

200,000

(c)

Anna,

Texas,

Special

Assessment

Revenue

Bonds,

Meadow

Vista

Public

Improvement

District

Area

1

Project,

Series

2024

5.750

09/15/54

203,275

1,190,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2021A

4.125

02/15/41

1,003,393

250,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2021A

4.500

02/15/56

199,336

785,000

(c)

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2022A

6.750

02/15/62

816,000

1,825,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Odyssey

Academy

Inc

Series

2023A

6.000

02/15/43

1,899,190

27

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

2,635,000

Baytown

Municipal

Development

District,

Texas,

Hotel

Revenue

Bonds,

Baytown

Convention

Center

Hotel,

First-Lien

Series

2021A

4.000

%

10/01/50

$

2,210,757

100,000

(c)

Bee

Cave,

Travis

County,

Texas,

Special

Assessment

Revenue

Bonds,

Backyard

Public

Improvement

District

Project,

Series

2021

5.250

09/01/51

98,603

1,600,000

(c)

Celina,

Texas,

Special

Assessment

Revenue

Bonds,

Cross

Creek

Meadows

Public

Improvement

District,

Major

Improvement

Area

District

Series

2023

6.125

09/01/53

1,658,117

1,000,000

(c)

Celina,

Texas,

Special

Assessment

Revenue

Bonds,

Parvin

Public

Improvement

District

Project,

Series

2023

6.750

09/01/53

1,032,951

3,000,000

(c)

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Valor

Education

Foundation,

Series

2023A

6.250

06/15/53

3,078,819

300,000

(c)

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Valor

Education

Foundation,

Series

2024A

6.000

06/15/54

303,429

2,050,000

Conroe

Local

Government

Corporation,

Texas,

Hotel

Revenue

Bonds,

Conroe

Convention

Center

Hotel,

First-Lien

Series

2021A

4.000

10/01/50

1,719,944

7,390,000

Conroe

Local

Government

Corporation,

Texas,

Hotel

Revenue

Bonds,

Conroe

Convention

Center

Hotel,

Second-Lien

Series

2021B

5.000

10/01/50

6,129,771

1,070,000

(c),(e)

Dorchester,

Texas,

Special

Assessment

Revenue

Bonds,

Cottonwood

Public

Improvement

District

Improvement

Area

1

Project

Series

2024

6.000

09/15/44

1,076,020

1,993,000

(c)

Forney,

Texas,

Special

Assessment

Revenue

Bonds,

Bellagio

Public

Improvement

District

1

Phase

I

Project

Series

2023

6.500

09/15/53

2,016,904

3,000,000

Hidalgo

County

Regional

Mobility

Authority,

Texas,

Toll

and

Vehicle

Registration

Fee

Revenue

Bonds,

Refunding

Junior

Lien

Series

2022B

0.000

12/01/46

986,698

500,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.

-

Terminal

Improvement

Project,

Refunding

Series

2011,

(AMT)

6.625

07/15/38

505,056

2,205,000

(c)

Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

Porter

County

Public

Improvement

District

Improvement

Area

1

Project,

Series

2023

6.000

09/01/53

2,265,955

1,205,000

(c)

Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

Southwest

Kyle

Public

Improvement

District

1

Improvement

Area

2

Project,

Series

2023

6.750

09/01/48

1,294,896

1,000,000

Legato

Community

Authority,

Commerce

City,

Texas,

Limited

Tax

Supported

Revenue

Bonds,

District

1,

2,

3

&

7,

Convertible

Capital

Appreciation

Series

2021A-2

5.000

12/01/51

784,659

1,625,000

(c)

Lewisville,

Denton

and

Dallas

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Lakeside

Crossing

Public

Improvement

District

Series

2023

8.000

09/01/53

1,734,503

1,000,000

(c)

Marble

Falls,

Burnet

County,

Texas,

Special

Assessment

Revenue

Bonds,

Thunder

Rock

Public

Improvement

District

Remainder

Area

Project,

Series

2024

7.625

09/01/54

1,009,802

250,000

(c)

Mesquite,

Texas,

Special

Assessment

Revenue

Bonds,

Solterra

Public

Improvement

District

Improvement

Area

A-1

Projects,

Series

2023

5.750

09/01/53

257,343

70,000

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckingham

Senior

Living

Community,

Inc.

Project,

Series

2021A-1

7.500

11/15/37

58,408

435,000

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckingham

Senior

Living

Community,

Inc.

Project,

Series

2021A-2

7.500

11/15/36

373,414

3,134,681

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckingham

Senior

Living

Community,

Inc.

Project,

Series

2021B

5.625

11/15/61

1,167,580

9,310,000

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Senior

Living

Revenue

Bonds,

Sanctuary

LTC

LLC

Project,

Series

2021A-1

5.500

01/01/57

9,314,003

250,000

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5.000

07/01/24

250,000

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

28

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

650,000

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5.000

%

07/01/25

$

650,000

500,000

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5.000

07/01/30

500,000

652,440

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5.000

07/01/33

652,440

1,000,000

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5.000

07/01/35

1,000,000

2,500,000

(b)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5.000

07/01/47

2,500,000

1,275,000

(c)

New

Hope

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Southwest

Preparatory

School

Series

2023A

6.375

08/15/53

1,385,645

100,000

(c)

New

Hope

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Southwest

Preparatory

School

Taxable

Series

2023A

8.000

08/15/30

103,031

1,000,000

(c),(e)

Oak

Point,

Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Chaparral

Park

Public

Improvement

District

Improvement

Area

1

Project,

Series

2024

5.250

09/15/54

998,051

465,000

(c)

Plano,

Collin

and

Denton

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Haggard

Farm

Public

Improvement

District

Project,

Area

1

Project

Series

2023

7.500

09/15/53

501,345

1,000,000

(c)

Plano,

Collin

and

Denton

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Haggard

Farm

Public

Improvement

District

Project,

Major

Improvement

Area

Project

Series

2023

8.500

09/15/53

1,074,974

3,000,000

(c)

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2020,

(AMT)

3.625

01/01/35

2,814,412

1,000,000

(c)

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2021A,

(AMT)

3.000

01/01/50

734,612

250,000

(c)

Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Sicily

Public

Improvement

District

Improvement

Area

1

Project,

Series

2023

7.000

09/01/53

257,810

500,000

(c)

Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Sicily

Public

Improvement

District

Major

Improvement

Area

Project,

Series

2023

7.875

09/01/53

520,177

125,000

(b)

Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012

3.000

12/15/32

75,000

500,000

(b)

Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012

3.000

12/15/42

300,000

305,000

(b)

Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012

3.000

12/15/47

183,000

2,000,000

(c)

Rockdale,

Milam

County,

Texas,

Special

Assessment

Revenue

Bonds,

Cornerstone

Public

Improvement

District

Improvement

Area

1,

Series

2023

7.500

09/15/54

2,122,565

610,000

(c)

Sachse,

Texas,

Special

Assessment

Bonds,

Sachse

Public

Improvement

District

1

Improvement

Areas

2-3

Project,

Series

2022

7.000

09/15/52

642,567

720,000

Salado,

Bell

County,

Texas,

Special

Assessment

Revenue

Bonds,

Sanctuary

East

Public

Improvement

District

Improvement

Area

1

Project

Series

2024

6.250

09/01/44

742,377

1,500,000

(c)

San

Marcos

City,

Hays,

Caldwell

and

Guadalupe

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

San

Marcos

Trace

Public

Improvement

District

Series

2024

6.000

09/01/48

1,526,924

100,000

(c)

Sinton,

San

Patricio

County,

Texas,

Special

Assessment

Revenue

Bonds,

Somerset

Public

Improvement

District

1

Series

2022

5.250

09/01/51

100,071

29

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

500,000

(b)

Tarrant

County

Cultural

Education

Facilities

Finance

Corporaton,

Texas,

Retirement

Facility

Revenue

Bonds,

C.C.

Young

Memorial

Home

Project,

Series

2016A

1.500

%

02/15/37

$

275,000

800,000

(c)

Venus,

Johnson

County,

Texas,

Special

Assessment

Revenue

Bonds,

Brahman

Ranch

Public

Improvement

District,

Series

2022

6.500

09/15/52

829,024

80,000

Viridian

Municipal

Management

District,

Texas,

Assessment

Revenue

Bonds,

Series

2017

4.250

12/01/44

74,521

900,000

(c)

Vista

Lago,

Travis

County,

Texas,

Special

Assessment

Revenue

Bonds,

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

#3

Project,

Series

2024

6.000

09/01/54

931,780

TOTAL

TEXAS

65,165,392

UTAH

-

4.3%

500,000

(c)

Black

Desert

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Subordinate

Series

2021B

7.375

09/15/51

451,246

1,615,000

(c)

Chelsey

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2024

7.250

03/01/54

1,656,341

500,000

Coral

Junction

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1

6.500

03/01/53

502,544

1,000,000

(c)

Downtown

East

Streetcar

Sewer

Public

Infrastructure

District,

South

Salt

Lake,

Salt

Lake

County,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

5.750

03/01/42

1,005,949

1,000,000

(c)

Downtown

East

Streetcar

Sewer

Public

Infrastructure

District,

South

Salt

Lake,

Salt

Lake

County,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

6.000

03/01/53

1,002,167

825,000

(c)

Fields

Estates

Public

Infrastructure

District,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2024A-1

6.125

03/01/55

845,516

1,000,000

(c)

Gateway

at

Sand

Hollow,

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2021A

5.500

03/01/51

815,310

1,595,000

(c)

Jordanelle

Ridge

Public

Infrastructure

District

2,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2023A

7.750

03/01/54

1,638,538

2,180,000

(c)

Medical

School

Campus

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2020A

5.250

02/01/40

1,959,921

2,915,000

(c)

Medical

School

Campus

Public

Infrastructure

District,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2020A

5.500

02/01/50

2,525,421

1,790,000

(c)

MIDA

Military

Installation

Development

Authority

Golf

and

Equestrian

Center

Public

Infrastructure

District,

Utah,

Limited

Tax

and

Tax

Allocation

Revenue

Bonds,

Series

2021

4.125

06/01/36

1,560,127

2,500,000

(c)

MIDA

Military

Installation

Development

Authority

Golf

and

Equestrian

Center

Public

Infrastructure

District,

Utah,

Limited

Tax

and

Tax

Allocation

Revenue

Bonds,

Series

2021

4.625

06/01/57

1,999,906

1,250,000

Military

Installation

Development

Authority,

Utah,

Tax

Allocation

and

Hotel

Tax

Revenue

Bonds,

Series

2021A-1

4.000

06/01/52

1,088,257

1,250,000

Military

Installation

Development

Authority,

Utah,

Tax

Allocation

Revenue

Bonds,

Series

2021A-2

4.000

06/01/36

1,177,234

1,000,000

Military

Installation

Development

Authority,

Utah,

Tax

Allocation

Revenue

Bonds,

Series

2021A-2

4.000

06/01/41

919,960

865,000

(c)

Sienna

Hills

Public

Infrastructure

District

No.

1,

Utah,

Limited

Tax

General

Obligation

and

Sales

Tax

Revenue

Bonds,

Series

2023A

6.750

07/01/35

890,239

375,000

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Bridge

Elementary

Project,

Series

2021A

4.000

06/15/41

310,060

250,000

(c)

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Saint

George

Academy

Project,

Series

2021A

5.000

06/15/56

192,530

4,200,000

(c)

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Second

Lien

Dedicated

Revenue

Bonds,

Sustainability-

Climate

Transition,

Series

2024A

7.000

12/01/42

4,360,240

1,015,000

(c)

Wohali

Public

Infrastructure

District

1,

Utah,

Special

Assessment

Revenue

Bonds,

Assessment

Area

1

Series

2023

7.000

12/01/42

1,038,585

TOTAL

UTAH

25,940,091

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

30

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

VIRGIN

ISLANDS

-

0.7%

$

215,000

(c)

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Senior

Series

2021A

6.750

%

07/01/26

$

210,646

1,070,000

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B

5.000

07/01/26

1,038,224

2,745,000

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B

5.000

07/01/31

2,611,688

250,000

(c)

West

Indian

Company

Limited,

Virgin

Islands,

Port

Facilities

Revenue

Bonds,

WICO

Financing,

Series

2022B,

(AMT)

6.500

04/01/52

245,294

TOTAL

VIRGIN

ISLANDS

4,105,852

VIRGINIA

-

1.0%

300,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

6.875

12/01/58

335,292

1,000,000

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Fort

Norfolk

Retirement

Community,

Inc.,

Harbor's

Edge

Project,

Series

2019A

5.000

01/01/49

950,076

4,145,000

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A

7.000

09/01/59

4,794,600

TOTAL

VIRGINIA

6,079,968

WEST

VIRGINIA

-

0.3%

1,000,000

(c)

Monongalia

County

Commission,

West

Virginia,

Special

District

Excise

Tax

Revenue

Bonds,

University

Town

Centre

Economic

Opportunity

Development

District,

Subordinate

Improvement

and

Refunding

Series

2023B

8.000

06/01/53

231,943

500,000

(c)

Monongalia

County,

West

Virginia,

Tax

Increment

Revenue

Bonds,

University

Town

Centre

Development

District

4,

Senior

Refunding

and

Improvement

Series

2023A

6.000

06/01/53

544,096

185,000

(c)

South

Charleston,

West

Virginia,

Special

District

Excise

Tax

Revenue

Improvement

Bonds,

South

Charleston

Park

Place

Project,

Series

2022A

4.250

06/01/42

149,533

250,000

(c)

South

Charleston,

West

Virginia,

Special

District

Excise

Tax

Revenue

Improvement

Bonds,

South

Charleston

Park

Place

Project,

Series

2022A

4.500

06/01/50

195,415

705,000

(c)

West

Virginia

Economic

Development

Authority,

Dock

and

Wharf

Facilities

Revenue

Bonds,

Empire

Trimodal

Terminal,

LLC

Project,

Series

2020

7.625

12/01/40

609,196

TOTAL

WEST

VIRGINIA

1,730,183

WISCONSIN

-

17.2%

3,020,000

Ashwaubenon

Community

Development

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Brown

County

Expo

Center

Project,

Series

2019

0.000

06/01/54

817,539

250,000

(c)

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

222,228

255,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Alamance

Community

School,

Series

2021A

5.000

06/15/51

228,080

2,275,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Corvian

Community

School

Bonds,

North

Carolina,

Series

2019A

5.000

06/15/49

2,084,814

1,425,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Discovery

Charter

School

Project,

Series

2022A

6.750

06/01/62

1,451,609

2,070,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Eno

River

Academy

Project,

Series

2020A

5.000

06/15/54

2,070,862

600,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Founders

Academy

of

Las

Vegas,

Series

2023A

6.625

07/01/53

633,763

550,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Founders

Academy

of

Las

Vegas,

Series

2023A

6.750

07/01/58

583,184

1,000,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Freedom

Classical

Academy

Inc.,

Series

2020A

5.000

01/01/42

976,211

1,000,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Freedom

Classical

Academy

Inc.,

Series

2020A

5.000

01/01/56

918,726

31

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

3,750,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A

5.000

%

06/15/36

$

3,458,003

625,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A

5.000

06/15/46

518,587

500,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Phoenix

Academy

Charter

School,

North

Carolina,

Series

2017A

5.875

06/15/47

485,619

1,110,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Quality

Education

Academy

Project,

Series

2023A

6.250

07/15/53

1,202,680

1,175,000

(c)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Quality

Education

Academy

Project,

Series

2023A

6.500

07/15/63

1,285,017

1,250,000

(c)

Public

Finance

Authority

of

Wisconsin,

Contract

Revenue

Bonds,

Mercer

Crossing

Public

Improvement

District

Project,

Series

2017

7.000

03/01/47

1,296,978

300,000

(c)

Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Casa

Esperanza

Montessori,

Series

2021A

4.375

06/01/46

236,245

100,000

(c)

Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Casa

Esperanza

Montessori,

Series

2021A

4.500

06/01/56

75,649

1,000,000

(c)

Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Corvian

Community

School,

North

Carolina

Series

2023A

6.250

06/15/53

1,037,229

500,000

(c),(e)

Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Mater

Academy

of

Nevada,

-

East

Las

Vegas

Campus

Project,

Series

2024A

5.000

12/15/54

509,053

1,000,000

(c)

Public

Finance

Authority

of

Wisconsin,

Hotel

Revenue

Bonds,

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project,

Subordinate

Lien

Series

2022B

6.000

02/01/62

1,065,513

1,105,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017A

6.250

08/01/27

1,069,087

80,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017A

6.750

08/01/31

71,800

500,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017B

5.625

08/01/27

483,750

2,000,000

(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

5.000

12/01/27

1,968,302

500,000

(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

6.500

12/01/37

513,081

500,000

(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

6.750

12/01/42

512,487

47,800,000

(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

7.000

12/01/50

49,020,401

4,035,000

(c)

Public

Finance

Authority

of

Wisconsin,

Multifamily

Housing

Revenue

Bonds,

Promenade

Apartments

Project,

Series

2024

6.250

02/01/39

4,217,639

2,700,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Procure

Proton

Therapy

Center,

Senior

Series

2018A

7.000

07/01/48

1,890,000

700,000

(c)

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Revolution

Academy,

Refunding

Series

2023A

6.250

10/01/58

740,147

250,000

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

SearStone

Retirement

Community,

Series

2023A

5.000

06/01/37

255,958

1,250,000

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

SearStone

Retirement

Community,

Series

2023A

5.000

06/01/52

1,215,238

250,000

(c)

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Senior

Revenue

Bonds,

Proton

International

Arkansas,

LLC,

Series

2021A

6.850

01/01/51

191,537

5,095,000

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Sky

Harbour

LLC

Obligated

Group

Aviation

Facilities

Project,

Series

2021,

(AMT)

4.000

07/01/41

4,548,055

Portfolio

of

Investments

September

30,

2024

(continued)

Enhanced

High

Yield

Municipal

Bond

32

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

4,245,000

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Sky

Harbour

LLC

Obligated

Group

Aviation

Facilities

Project,

Series

2021,

(AMT)

4.250

%

07/01/54

$

3,658,506

100,000

(c)

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Viticus

Group

Project,

Series

2022A

4.000

12/01/41

87,825

1,000,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Senior

Revenue

Bonds,

Maryland

Proton

Treatment

Center,

Series

2018A-1

6.375

01/01/48

450,000

100,000

(b),(f)

Public

Finance

Authority

of

Wisconsin,

Wisconsin

Revenue

Note,

KDC

Agribusiness

LLC

Project,

Series

2022B

15.000

03/31/24

10

7,635,000

(c)

Public

Finance

Authority,

Wisconsin,

Tax

Increment,

Revenue

Subordinate

Bonds,

Miami,

Miami

World

Center

Project,

Series

2024B

8.000

06/15/42

7,754,659

100,000

(c)

Saint

Croix

Chippewa

Indians

of

Wisconsin,

Revenue

Bonds,

Refunding

Senior

Series

2021

5.000

09/30/41

93,839

290,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Covenant

Communities

Inc,

Second

Tier

Series

2018B

4.375

07/01/38

252,186

250,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Dickson

Hollow

Phase

2

Project,

Series

2024

6.125

10/01/59

261,505

505,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Hope

Christian

Schools

Obligated

Group,

Series

2021

3.000

12/01/31

438,111

1,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Oakwood

Lutheran

Senior

Ministries,

Series

2021

4.000

01/01/57

846,253

2,500,000

(c)

Wisconsin

Housing

and

Economic

Development

Authority,

Multifamily

Housing

Bonds,

Meadow

Village

Project

Series

2020A

5.000

07/01/37

2,364,385

TOTAL

WISCONSIN

104,062,350

TOTAL

MUNICIPAL

BONDS

(Cost

$742,266,812)

767,785,910

PRINCIPAL

DESCRIPTION  

RATE(g)

MATURITY(h)

VALUE

X

13

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

0.0%

(0.0%

of

Total

Investments)(g)

X

13

CAPITAL

GOODS

-

0.0%

$

128,676

(b),(f)

KDC

Agribusiness

Fairless

Hills

LLC

12.000

09/17/25

$

13

TOTAL

CAPITAL

GOODS

13

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$128,676)

13

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$742,395,488)

767,785,923

FLOATING

RATE

OBLIGATIONS

-

(0.6)%

(3,780,000)

MFP

SHARES,

NET

-

(32.8)%(i)

(198,585,462)

OTHER

ASSETS

&

LIABILITIES,

NET

-   6.7%

40,585,349

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

606,005,810

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(a)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(b)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$421,243,911

or

54.9%

of

Total

Investments.

(d)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(e)

When-issued

or

delayed

delivery

security.

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

33

(g)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(h)

Senior

loans

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

a

borrower

to

prepay,

prepayments

of

senior

loans

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

loans

held

may

be

substantially

less

than

the

stated

maturities

shown.

(i)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

25.9%.

AMT

Alternative

Minimum

Tax

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

Inverse

floating

rate

trust

is

a

Recourse

Trust

unless

otherwise

noted.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

34

September

30,

2024

(Unaudited)

Enhanced

High

Yield

Municipal

Bond

ASSETS

Long-term

investments,

at

value

†

$

767,785,923‌

Cash

32,785,020‌

Receivables:

Interest

14,324,401‌

Investments

sold

4,260,038‌

Reimbursement

from

Adviser

52,428‌

Shares

sold

5,224,541‌

Other

90,779‌

Total

assets

824,523,130‌

LIABILITIES

Floating

rate

obligations

3,780,000‌

MFP

Shares,

Net

**

198,585,462‌

Payables:

Management

fees

585,437‌

Dividends

1,095,878‌

Interest

586,297‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

13,432,221‌

Offering

costs

70,882‌

Accrued

expenses:

Custodian

fees

54,425‌

Trustees

fees

6,213‌

Professional

fees

34,355‌

Shareholder

reporting

expenses

29,209‌

Shareholder

servicing

agent

fees

21,445‌

Distribution

and

service

fees

(12b-1)

190,496‌

Shelf

offering

costs

3,000‌

Other

42,000‌

Total

liabilities

218,517,320‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

606,005,810‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Paid-in

capital

$

582,686,565‌

Total

distributable

earnings

(loss)

23,319,245‌

Net

assets

applicable

to

common

shares

$

606,005,810‌

†

Long-term

investments,

cost

$

742,395,488‌

**

MFP

Shares,

liquidation

preference

199,500,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

35

Enhanced

High

Yield

Municipal

Bond

CLASS

A1:

Net

assets

$

212,365,416

Common

Shares

outstanding

26,786,550

Net

asset

value

("NAV")

per

common

share

$

7.93

Maximum

sales

charge

2.50%

Offering

price

per

common

share

(NAV

per

common

share

plus

maximum

sales

charge)

$

8.13

CLASS

A2:

Net

assets

$

175,261,752

Common

Shares

outstanding

22,072,295

NAV

and

offering

price

per

common

share

$

7.94

CLASS

I:

Net

assets

$

218,378,642

Common

Shares

outstanding

27,546,204

NAV

and

offering

price

per

common

share

$

7.93

Authorized

shares

-

per

class

Unlimited

Par

value

per

common

share

$  

0.01

Statement

of

Operations

See

Notes

to

Financial

Statements

36

``

Six

Months

Ended

September

30,

2024

(Unaudited)

Enhanced

High

Yield

Municipal

Bond

INVESTMENT

INCOME

Interest

$

20,431,565‌

Total

investment

income

20,431,565‌

EXPENSES

–

Management

fees

2,935,337‌

Distribution

and

service

fees

(12b-1)

-

Class

A1

638,953‌

Distribution

and

service

fees

(12b-1)

-

Class

A2

289,700‌

Shareholder

servicing

agent

fees

-

Class

A1

32,850‌

Shareholder

servicing

agent

fees

-

Class

A2

22,448‌

Shareholder

servicing

agent

fees

-

Class

I

36,296‌

Interest

expense

and

amortization

of

offering

costs

4,108,096‌

Trustees

fees

11,817‌

Custodian

expenses,

net

45,601‌

Registration

fees

77,362‌

Professional

fees

6,598‌

Shareholder

reporting

expenses

34,950‌

Other

42,280‌

Total

expenses

before

fee

waiver/expense

reimbursement

8,282,288‌

Fee

waiver/expense

reimbursement

(

71,808‌

)

Net

expenses

8,210,480‌

Net

investment

income

(loss)

12,221,085‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

5,551,405‌

Net

realized

gain

(loss)

5,551,405‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

22,894,838‌

Net

change

in

unrealized

appreciation

(depreciation)

22,894,838‌

Net

realized

and

unrealized

gain

(loss)

28,446,243‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

40,667,328‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

37

Enhanced

High

Yield

Municipal

Bond

Unaudited

Six

Months

Ended

9/30/24

Year

Ended

3/31/24

OPERATIONS

Net

investment

income

(loss)

$

12,221,085‌

$

14,637,392‌

Net

realized

gain

(loss)

5,551,405‌

(

732,341‌

)

Net

change

in

unrealized

appreciation

(depreciation)

22,894,838‌

16,504,700‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

40,667,328‌

30,409,751‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends:

Class

A1

(

4,319,438‌

)

(

4,453,283‌

)

Class

A2

(

3,079,591‌

)

(

2,758,613‌

)

Class

I

(

5,435,799‌

)

(

7,693,612‌

)

Total

distributions

(

12,834,828‌

)

(

14,905,508‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

208,534,858‌

254,619,118‌

Reinvestments

of

distributions

6,661,593‌

6,503,791‌

Repurchases

and

redemptions

(

32,406,701‌

)

(

10,183,693‌

)

Net

increase

(decrease)

applicable

to

common

shares

from

Fund

share

transactions

182,789,750‌

250,939,216‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

210,622,250‌

266,443,459‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

395,383,560‌

128,940,101‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

606,005,810‌

$

395,383,560‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

38

Six

Months

Ended

September

30,

2024

(Unaudited)

Enhanced

High

Yield

Municipal

Bond

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

40,667,328‌

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

(

276,789,621‌

)

Proceeds

from

sale

and

maturities

of

investments

73,894,397‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

1,934,795‌

)

Amortization

of

deferred

offering

costs

21,546‌

(Increase)

Decrease

in:

Receivable

for

interest

(

3,593,591‌

)

Receivable

for

investments

sold

2,104,962‌

Receivable

for

reimbursement

from

Adviser

(

17,934‌

)

Other

assets

(

24,020‌

)

Increase

(Decrease)

in:

Payable

for

interest

580,769‌

Payable

for

investments

purchased

-

regular

settlement

(

13,259,280‌

)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

10,878,136‌

Payable

for

management

fees

165,799‌

Payable

for

offering

cost

70,882‌

Accrued

custodian

fees

9,503‌

Accrued

distribution

and

service

fees

(12b-1)

70,453‌

Accrued

Trustees

fees

1,208‌

Accrued

professional

fees

29,994‌

Accrued

shareholder

reporting

expenses

8,970‌

Accrued

shareholder

servicing

agent

fees

5,233‌

Accrued

shelf

offering

costs

3,000‌

Accrued

other

expenses

(

3,389‌

)

Net

realized

(gain)

loss

from

investments

(

5,551,405‌

)

Net

realized

(gain)

loss

from

paydowns

(

169,436‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

22,894,838‌

)

Net

cash

provided

by

(used

in)

operating

activities

(

195,726,129‌

)

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

16,200,000‌

(Repayments)

of

borrowings

(

16,200,000‌

)

Proceeds

from

MFP

Shares

issued,

at

liquidation

preference

60,000,000‌

(Payments

for)

deferred

offering

costs

(

150,000‌

)

Cash

distributions

paid

to

common

shareholders

(

6,014,044‌

)

Subscriptions

204,792,977‌

Repurchases

(

32,406,701‌

)

Net

cash

provided

by

(used

in)

financing

activities

226,222,232‌

Net

increase

(decrease)

in

cash

30,496,103‌

Cash

at

the

beginning

of

period

2,288,917‌

Cash

at

the

end

of

period

$

32,785,020‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

Enhanced

High

Yield

Municipal

Bond

Cash

paid

for

interest

$

3,402,014‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

common

share

distributions

6,661,593‌

Financial

Highlights

39

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Common

Share

Net

Asset

Value,

End

of

Period

Enhanced

High

Yield

Municipal

Bond

Class

A1(e)

9/30/24(f)

$

7.50

$

0.18

$

0.45

$

0.63

$

(

0.20

)

$

—

$

(

0.20

)

$

7.93

3/31/24

7.25

0.38

0.26

0.64

(

0.39

)

—

(

0.39

)

7.50

3/31/23

8.54

0.41

(

1.32

)

(

0.91

)

(

0.38

)

—

(

0.38

)

7.25

3/31/22(h)

10.00

0.31

(

1.59

)

(

1.28

)

(

0.18

)

—

(

0.18

)

8.54

Class

A2

9/30/24(f)

7.51

0.19

0.44

0.63

(

0.20

)

—

(

0.20

)

7.94

3/31/24

7.26

0.41

0.25

0.66

(

0.41

)

—

(

0.41

)

7.51

3/31/23(i)

8.08

0.29

(

0.84

)

(

0.55

)

(

0.27

)

—

(

0.27

)

7.26

Class

I

9/30/24(f)

7.50

0.21

0.44

0.65

(

0.22

)

—

(

0.22

)

7.93

3/31/24

7.25

0.43

0.26

0.69

(

0.44

)

—

(

0.44

)

7.50

3/31/23

8.54

0.47

(

1.32

)

(

0.85

)

(

0.44

)

—

(

0.44

)

7.25

3/31/22(h)

10.00

0.30

(

1.54

)

(

1.24

)

(

0.22

)

—

(

0.22

)

8.54

(a)

Based

on

average

common

shares

outstanding.

(b)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

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)

Class

A

Shares

were

renamed

to

Class

A1

Shares

on

July

29,

2022.

(f)

Unaudited.

(g)

Annualized.

(h)

For

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022.

(i)

For

the

period

July

29,

2022

(commencement

of

operations)

through

March

31,

2023.

See

Notes

to

Financial

Statements

40

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Ratios

to

Average

Net

Assets

Common

Share

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Including

Interest(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest(c),(d)

Net

Expenses

Excluding

Interest(d)

NII

(Loss)(d)

Portfolio

Turnover

Rate

8

.45‌

%

$

212,365

3

.85‌

%

(g)

2

.12‌

%

(g)

3

.82‌

%

(g)

2

.09‌

%

(g)

4

.79‌

%

(g)

12‌

%

9

.21‌

139,764

4

.09‌

2

.34‌

3

.89‌

2

.14‌

5

.35‌

41‌

(

10

.70‌

)

48,252

3

.98‌

2

.76‌

3

.48‌

2

.26‌

5

.49‌

46‌

(

13

.00‌

)

13,849

2

.91‌

(g)

2

.62‌

(g)

2

.58‌

(g)

2

.29‌

(g)

4

.43‌

(g)

88‌

8

.57‌

175,262

3

.60‌

(g)

1

.87‌

(g)

3

.57‌

(g)

1

.84‌

(g)

5

.01‌

(g)

12‌

9

.47‌

85,656

3

.84‌

2

.09‌

3

.64‌

1

.89‌

5

.64‌

41‌

(

6

.71‌

)

26,007

3

.43‌

(g)

2

.21‌

(g)

3

.03‌

(g)

1

.81‌

(g)

5

.94‌

(g)

46‌

8

.83‌

218,379

3

.10‌

(g)

1

.37‌

(g)

3

.07‌

(g)

1

.34‌

(g)

5

.57‌

(g)

12‌

10

.03‌

169,964

3

.34‌

1

.59‌

3

.14‌

1

.39‌

6

.05‌

41‌

(

9

.99‌

)

54,680

3

.25‌

2

.03‌

2

.77‌

1

.55‌

6

.28‌

46‌

(

12

.59‌

)

46,795

2

.05‌

(g)

1

.76‌

(g)

1

.72‌

(g)

1

.43‌

(g)

4

.18‌

(g)

88‌

Financial

Highlights

(continued)

41

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

9/30/24(d)

$

—

$

—

$

199,500

$

403,762

3/31/24

—

—

139,500

383,429

3/31/23

—

—

27,500

568,873

3/31/22(e)

20,000

4,032

—

—

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

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)

Unaudited.

(e)

For

the

period

June

30,

2021

(commencement

of

operations)

through

March

31,

2022.

42

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Fund

Information:

The

fund

covered

in

this

report

is

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

(the

“Fund”).

The

Fund

is

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

a

closed-end

management

investment

company

that

continually

offers

its

common

shares

of

beneficial

interest

(“Common

Shares”)

and

is

operated

as

an

“interval

fund.”

The

Fund

was

organized

as

a

Massachusetts

business

trust

on

May

22,

2019.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Fund

is

September

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

September

30,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Fund’s

investment

adviser,

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Fund,

oversees

the

management

of

the

Fund’s

portfolio,

manages

the

Fund’s

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

a

sub-

advisory

agreement

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Fund.

Share

Classes

and

Sales

Charges:

Class

A1

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A1

Share

purchases

of

$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

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.

Indemnifications:

Under

the

Fund’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the Fund

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

However,

the Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fund

Gross

Custodian

Fee

Credits

Enhanced

High

Yield

Municipal

Bond

$

—

43

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

later

in

these

Notes

to

Financial

Statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Fund's

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

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:

44

Notes

to

Financial

Statements

(continued)

The

Fund

holds

liabilities

in

floating

rate

obligations

and

preferred

shares, which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Fund’s

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

The

fair

values

of

the

Fund’s

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

4.

Portfolio

Securities

Inverse

Floating

Rate

Securities:

The Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

the

Fund.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by the

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

The

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

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:

Enhanced

High

Yield

Municipal

Bond

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

767,785,851

$

59

$

767,785,910

Variable

Rate

Senior

Loan

Interests

–

–

13

13

Total

$

–

$

767,785,851

$

72

$

767,785,923

45

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.

The Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows

(referred

to

herein

as

“Shortfall

Payment”).

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

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.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current fiscal

period

were

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Enhanced

High

Yield

Municipal

Bond

$

3,780,000

$

—

$

3,780,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Enhanced

High

Yield

Municipal

Bond

$

3,780,000

3.96

%

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

$

3,780,000

$

—

$

3,780,000

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

Enhanced

High

Yield

Municipal

Bond

$

276,789,621

$

73,894,397

46

Notes

to

Financial

Statements

(continued)

The

Fund

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

If the

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

The Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

the

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose the

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

the

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

The Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of the

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when the

Fund

has

an

unrealized

loss,

the

Fund

has

instructed

the

custodian

to

pledge

assets

of

the

Fund

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Quarterly

Repurchase

Offer:

In

order

to

provide

liquidity

to

common

shareholders,

the

Fund

has

adopted

a

fundamental

policy,

which

may

only

be

changed

by

a

majority

vote

of

shareholders,

to

make

quarterly

offers

to

repurchase

between

5%

and

25%

of

its

outstanding

Common

Shares

at

NAV,

reduced

by

any

applicable

repurchase

fee.

Subject

to

approval

of

the

Board,

for

each

quarterly

repurchase

offer,

the

Fund

currently

expects

to

offer

to

repurchase

7.5%

of

the

outstanding

Common

Shares

at

NAV.

The

Fund

does

not

currently

expect

to

charge

a

repurchase

fee

and

no

amounts

were

charged

during

the

current

fiscal

period.

However,

the

Fund

may

charge

a

repurchase

fee

of

up

to

2.00%

of

the

repurchase

proceeds,

which

the

Fund

would

retain

to

help

offset

non-de

minimis

estimated

costs

related

to

the

repurchase

incurred

by

the

Fund,

directly

or

indirectly,

as

a

result

of

repurchasing

Common

Shares,

thus

allocating

estimated

transaction

costs

to

the

Common

Shareholder

whose

Common

Shares

are

being

repurchased.

During

the current

fiscal

period, the

Fund

engaged

in

quarterly repurchase

offers

as

follows:

Common

Share

Transactions

Transactions

in common

shares during

the

Fund's current

and

prior

fiscal

period were

as

follows:

Repurchase

Request

Deadline

Repurchase

Offer

Amount

(as

a

percentage

of

outstanding

shares)

Number

of

Shares

Repurchased

Percentage

of

Outstanding

Shares

Repurchased

06

May

2024

7.50%

410,870

0.73%

05

Aug

2024

7.50%

3,706,867

5.58%

47

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.

During

the

current

reporting

period,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

approximated

their

liquidation

preference.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

MFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

MFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which the

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares. The

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The Fund

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

MFP

Shares

while

within

VRDM.

Payments

made

by

the

Fund

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

MFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“MFP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

MFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

MFP

shares

are

recognized

as

a

component

on

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

MFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Six

Months

Ended

9/30/24

*

Year

Ended

3/31/24

*

Enhanced

High

Yield

Municipal

Bond

Shares

Amount

Shares

Amount

Subscriptions:

Class

A1

8,316,605

$63,981,826

12,514,933

$90,457,934

Class

A2

10,379,706

80,475,700

7,830,952

55,994,800

Class

I

8,298,554

64,077,332

15,072,948

108,166,384

Total

subscriptions

26,994,865

208,534,858

35,418,833

254,619,118

Reinvestments

of

distributions:

Class

A1

372,127

2,859,673

398,108

2,862,917

Class

A2

328,967

2,537,330

301,508

2,177,313

Class

I

164,307

1,264,590

203,957

1,463,561

Total

reinvestments

of

distributions

865,401

6,661,593

903,573

6,503,791

Repurchases

and

redemptions:

Class

A1

(526,270)

(4,122,168)

(941,014)

(6,793,578)

Class

A2

(34,880)

(262,554)

(314,385)

(2,303,785)

Class

I

(3,572,595)

(28,021,979)

(158,796)

(1,086,330)

Total

repurchases

and

redemptions

(4,133,745)

(32,406,701)

(1,414,195)

(10,183,693)

Net

increase

(decrease)

23,726,521

$182,789,750

34,908,211

$250,939,216

*

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.

48

Notes

to

Financial

Statements

(continued)

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

$150,000

in

connection

with

its

offering

of

MFP

Shares,

which were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“MFP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

Fund

had $198,585,462 MFP

Shares

at

liquidation

preference,

net of

deferred

offering costs.

Further details

of

the

Fund's

MFP

Shares

outstanding

as

of

the

end

of

the

reporting

period, were

as

follows:

*

Subject

to

early

termination

by

either

the

Fund

or

the

holder.

The

average

liquidation

preference

of

MFP

Shares

outstanding

and

the

annualized

dividend

rate

during

the

current

fiscal

period

were

as

follows:

Preferred

Share

Transactions:

Transactions

in

preferred

shares

during

the

Fund's

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:

7.

Income

Tax

Information

The

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

The

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

income

tax,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Fund.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Fund

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.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

Mode

Termination

Date

A

545

$54,500,000

September

1,

2042

VRM

September

25,

2025

B

145

$145,000,000

July

1,

2043

VRM

July

1,

2043*

Fund

Average

Liquidation

Preference

of

MFP

Shares

Outstanding

Annualized

Dividend

Rate

Enhanced

High

Yield

Municipal

Bond

$148,024,590

5.24%

Six

Months

Ended

9/30/24

Series

Shares

Amount

MFP

Shares

Issued

B

600

$60,000,000

Year

Ended

3/31/24

Series

Shares

Amount

MFP

Shares

Issued

A

270

$27,000,000

MFP

Shares

Issued

B

850

$85,000,000

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Enhanced

High

Yield

Municipal

Bond

$

736,916,841

$

40,847,497

$

(13,758,415)

$

27,089,082

49

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

\

As

of

prior

fiscal

period,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

The Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Fund

from

the

management

fees

paid

to

the

Adviser.

The Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within the

Fund,

and

a

complex-

level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables the

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

the

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly, is

calculated

according

to

the

following

schedule: 

For

the

period

April

1,

2024

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

was

calculated

according

to

the

following

schedule:

*  

 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,

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

$

592,720

$

24,665

$

—

$

3,284,616

$

(6,632,257)

$

—

$

(1,782,999)

$

(4,513,255)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

March

1,

2024

through

March

31,

2024

and

paid

on

April

1,

2024.

Fund

Short-Term

Long-Term

Total

Enhanced

High

Yield

Municipal

Bond

1

$

5,163,041

$

1,469,216

$

6,632,257

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

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

50

Notes

to

Financial

Statements

(continued)

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.

Effective

May

1,

2024

the

annual

complex-level

fee,

payable

monthly,

for

the

Fund

is

calculated

according

to

the

following

schedule:

*  

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

September

30,

2024,

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,

2026,

so

that

the

total

annual

operating

expenses

of

the

Fund

(excluding

any

distribution

and/or

service

fees

that

may

be

applicable

to

a

particular

class

of

shares,

issuance

and

dividend

costs

of

Preferred

Shares

that

may

be

issued

by

the

Fund,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities,

litigation

expenses

and

extraordinary

expenses)

do

not

exceed

1.05%

of

the

average

daily

managed

assets

of

any

class

of

Fund

shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board.

Distribution

and

Service

Fees:

The

Fund

has

adopted

a

Distribution

and

Servicing

Plan

for

Class

A1

Common

Shares and

Class

A2 Common

Shares

of

the

Fund.

The

Distribution

and

Servicing

Plan

operates

in

a

manner

consistent

with

Rule

12b-1

under

the

1940

Act,

which

regulates

the

manner

in

which

an

open-end

investment

company

may

directly

or

indirectly

bear

the

expenses

of

distributing

its

Common

Shares.

Although

the

Fund

is

not

an

open-end

investment

company,

it

has

undertaken

to

comply

with

the

terms

of

Rule

12b-1

as

a

condition

of

an

exemptive

order

under

the

1940

Act

which

permits

it

to,

among

other

things,

impose

distribution

and

shareholder

servicing

fees.

The

Distribution

and

Servicing

Plan

permits

the

Fund

to

compensate

the

Nuveen

Securities,

LLC

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

using

reasonable

efforts

to

secure

purchasers

of

the

Fund’s

Common

Shares,

including

by

providing

continuing

information

and

investment

services

and/or

by

making

payments

to

certain

authorized

institutions

in

connection

with

the

sale

of

Common

Shares

or

servicing

of

shareholder

accounts.

Most

or

all

of

the

distribution

and/

or

service

fees

are

paid

to

financial

firms

through

which

Shareholders

may

purchase

or

hold

Class

A1

Common

Shares

and/or

Class

A2 Common

Shares.

The

maximum

annual

rates

at

which

the

distribution

and/or

servicing

fees

may

be

paid

under

the

Distribution

and

Servicing

Plan

for Class

A1

Common

Shares (calculated

as

a

percentage

of

the

Fund’s

average

daily

net

assets

attributable

to

the

Class

A1

Common

Shares)

is

0.75%.

The

maximum

annual

rates

at

which

the

distribution

and/or

servicing

fees

may

be

paid

under

the

Distribution

and

Servicing

Plan

for

Class

A2

Common

Shares

(calculated

as

a

percentage

of

the

Fund’s

average

daily

net

assets

attributable

to

the

Class

A2

Common

Shares)

is

0.50%.

During

the

current

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

or

by

an

affiliate

of

the

Adviser

(each

an

,

“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Fund

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows: 

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

Enhanced

High

Yield

Municipal

Bond

0

.1569%

Fund

Purchases

Sales

Realized

Gain

(Loss)

Enhanced

High

Yield

Municipal

Bond

$

3,759,439

$

—

$

—

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

2%

of

Fund

shares.

9.

Commitments

and

Contingencies

In

the

normal

course

of

business, the

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

unfunded

commitments

other

then

those

disclosed

in

the

Notes

to

Financial

Statements,

when

applicable.

From

time

to

time,

the

Fund

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Fund's

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the Fund

is not

subject

to

any

material

legal

proceedings.

10.

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

2025

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

Fund

utilized

this

facility.

The

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Commission

Advances

Enhanced

High

Yield

Municipal

Bond

$

855,765

Fund

Maximum

Outstanding

Balance

Enhanced

High

Yield

Municipal

Bond

$

16,200,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Enhanced

High

Yield

Municipal

Bond

6

$

16,200,000

6.53

%

52

Additional

Fund

Information

(Unaudited)

Board

of

Trustees

Joseph

A.

Boateng

Michael

A.

Forrester

Thomas

J.

Kenny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

333

West

11th

Street

5th

Floor

Kansas

City,

MO

64105

(800)

257-8787

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

53

(Unaudited)

Average

Annual

Total

Return

:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

leverage)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters,”

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater’’)

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

in

the

Investment

Company

Act

of

1940.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

heId

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

54

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

Nuveen

Enhanced

High

Yield

Municipal

Bond

Fund

The

Approval

Process

At

meetings

held

on

April

18

and

19,

2024

(the

“Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Fund

approved

the

renewal

of

the

investment

management

agreement

(the

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(“NFAL”;

NFAL

is

an

“Adviser”)

pursuant

to

which

NFAL

serves

as

investment

adviser

to

the

Fund.

Similarly,

the

Board

approved

the

renewal

of

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

sub-adviser

to

the

Fund.

The

Board

Members

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

and,

therefore,

the

Board

is

deemed

to

be

comprised

of

all

disinterested

Board

Members.

References

to

the

Board

and

the

Board

Members

are

interchangeable.

Below

is

a

summary

of

the

annual

review

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

Fund.

In

accordance

with

applicable

law,

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

NFAL

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each

a

“Fund

Adviser.”

In

addition,

the

fund

complex

consists

of

the

group

of

funds

advised

by

NFAL

(collectively

referred

to

as

the

“Nuveen

funds”)

and

the

group

of

funds

advised

by

Teachers

Advisors,

LLC

(“TAL”

and

such

funds

are

collectively,

the

“TC

funds”).

For

clarity,

NFAL

serves

as

Adviser

to

the

Nuveen

funds,

including

the

Fund,

and

TAL

serves

as

“Adviser”

to

the

TC

funds.

The

Board

Members

considered

that

the

prior

separate

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

Accordingly,

at

the

Meeting,

the

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

as

well

as

reviewed

the

investment

management

agreements

for

the

TC

funds.

Depending

on

the

appropriate

context,

references

to

“the

Adviser”

may

be

to

NFAL

with

respect

to

the

Nuveen

funds

and/or

TAL

with

respect

to

the

TC

funds.

The

Board

Members

considered

the

review

of

the

advisory

agreements

of

the

Nuveen

funds

and

the

TC

funds

to

be

an

ongoing

process.

The

Board

Members

therefore

employed

the

accumulated

information,

knowledge

and

experience

they

had

gained

during

their

tenure

on

the

respective

board

of

the

TC

funds

or

Nuveen

funds

(as

the

case

may

be)

governing

the

applicable

funds

and

working

with

the

respective

investment

advisers

and

sub-

advisers,

as

applicable,

in

their

review

of

the

advisory

agreements

for

the

fund

complex.

During

the

course

of

the

year

prior

to

the

Meeting,

the

Board

and/or

its

committees

received

a

wide

variety

of

materials

that

covered

a

range

of

topics

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements,

including

reports

on

fund

investment

results

over

various

periods;

product

initiatives

for

various

funds;

fund

expenses;

compliance,

regulatory

and

risk

management

matters;

trading

practices,

including

soft

dollar

arrangements

(as

applicable);

the

liquidity

and

derivatives

risk

management

programs;

management

of

distributions;

valuation

of

securities;

payments

to

financial

intermediaries,

including

12b-1

expenses

(as

applicable);

securities

lending

(as

applicable);

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

met

periodically

with

and/

or

received

presentations

by

key

investment

professionals

managing

a

fund’s

portfolio.

In

particular,

at

the

Board

meeting

held

on

February

27-29,

2024

(the

“February

Meeting”),

the

Board

and/or

its

Investment

Committee

received

the

annual

performance

review

of

the

funds

as

described

in

further

detail

below.

The

presentations,

discussions

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

and

consider

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

sub-advisers,

as

applicable,

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

the

advisory

agreements.

The

materials

provided

at

the

Meeting

and/or

prior

meetings

covered

a

wide

range

of

matters

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

the

consolidation

of

the

Nuveen

fund

family

and

TC

fund

family;

a

review

of

product

actions

advanced

in

2023

for

the

benefit

of

particular

funds

and/or

the

fund

complex;

a

review

of

each

sub-adviser,

if

applicable,

and/or

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

funds

considered

to

have

met

certain

challenged

performance

measurements;

an

analysis

of

the

fees

and

expense

ratios

of

the

funds

with

a

focus

on

funds

considered

to

have

certain

expense

characteristics;

a

list

of

management

fee

and,

if

applicable,

sub-advisory

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

(as

applicable);

a

description

of

portfolio

manager

compensation;

an

overview

of

the

primary

and

secondary

markets

for

the

Nuveen

closed-end

funds

(including,

among

other

things,

premium

or

discount

data

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

during

2023);

a

description

of

the

profitability

and/or

financial

data

of

Nuveen,

TAL

and

the

sub-advisers;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

funds,

as

applicable.

The

Board

also

considered

information

provided

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

comparing

fee

and

expense

levels

of

each

respective

fund

to

those

of

a

peer

universe.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

fund

complex

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

over

time.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Board

Members.

55

As

part

of

their

review,

the

Board

Members

and

independent

legal

counsel

met

by

videoconference

in

executive

session

on

April

10,

2024

(the

“April

Executive

Session”)

to

review

and

discuss

materials

provided

in

connection

with

their

annual

review

of

the

advisory

agreements

for

the

fund

complex.

After

reviewing

this

information,

the

Board

Members

requested,

directly

or

through

independent

legal

counsel,

additional

information,

and

the

Board

subsequently

reviewed

and

discussed

the

responses

to

these

follow-up

questions

and

requests.

The

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

of

management

were

present.

In

connection

with

their

annual

review,

the

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decisions

to

renew

each

Advisory

Agreement

were

not

based

on

a

single

identified

factor,

but

rather

each

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

annual

review

process.

The

contractual

arrangements

may

reflect

the

results

of

prior

year(s)

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

funds’

advisory

arrangements

and

oversight

of

the

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

annual

review

process

and

may

have

placed

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

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

roles

of

NFAL

and

the

Sub-Adviser

in

providing

services

to

the

Fund.

The

Board

considered

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

other

services

to

manage

and

operate

the

applicable

funds.

The

Board

considered

the

Adviser’s

and

its

affiliates’

dedication

of

resources,

time,

people

and

capital

as

well

as

continual

program

of

improvement

and

innovation

aimed

at

enhancing

the

funds

and

fund

complex

for

investors

and

meeting

the

needs

of

an

increasingly

complex

regulatory

environment.

In

particular,

over

the

past

several

years,

the

Board

considered

the

significant

resources,

both

financial

and

personnel,

the

Adviser

and

its

affiliates

have

committed

in

working

to

consolidate

the

Nuveen

fund

family

and

TC

fund

family

under

one

centralized

umbrella.

The

Board

considered

that

the

organizational

changes

in

bringing

together

Nuveen,

its

affiliates

and

TIAA’s

(as

defined

below)

asset

management

businesses,

consolidating

the

Nuveen

and

TC

fund

families

and

other

initiatives

were

anticipated

to

provide

various

benefits

for

the

funds

through,

among

other

things,

enhanced

operating

efficiencies,

centralized

investment

leadership

and

a

centralized

shared

resources

and

support

model.

As

part

of

these

efforts,

the

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

In

addition,

in

conjunction

with

these

consolidation

efforts,

the

Board

approved

at

the

Meeting

changes

to

fee

and

breakpoint

structures

(as

applicable)

that

could

provide

cost

savings

to

participating

funds,

as

described

in

further

detail

below.

The

Board

also

reviewed

information

regarding

other

product

actions

undertaken

or

continued

by

management

in

the

2023

calendar

year

in

seeking

to

improve

the

effectiveness

of

the

organization,

the

product

line-up

as

well

as

particular

funds

through,

among

other

things,

continuing

to

review

and

optimize

the

product

line

and

gaining

efficiencies

through

mergers

and

liquidations;

reviewing

and

updating

investment

policies

and

benchmarks;

implementing

fee

waivers

and/or

expense

cap

changes

for

certain

funds;

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

considered.

In

its

review,

the

Board

considered

that

the

funds

operated

in

a

highly

regulated

industry

and

the

scope

and

complexity

of

the

services

and

resources

that

the

Adviser

and

its

affiliates

must

provide

to

manage

and

operate

the

applicable

funds

have

expanded

over

the

years

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments,

such

as

the

adoption

of

the

tailored

shareholder

report

or

the

revised

fund

name

rule.

In

considering

the

breadth

and

quality

of

services

the

Adviser

and

its

various

teams

provide,

the

Board

considered

that

the

Adviser

provides

investment

advisory

services.

With

respect

to

the

Nuveen

funds,

such

funds

utilize

sub-advisers

to

manage

the

portfolios

of

the

funds

subject

to

the

supervision

of

NFAL.

Accordingly,

the

Board

considered

that

NFAL

and

its

affiliates,

among

other

things,

oversee

and

review

the

performance

of

the

respective

sub-adviser

and

its

investment

team(s);

evaluate

Nuveen

fund

performance

and

market

conditions;

evaluate

investment

strategies

and

recommend

changes

thereto;

set

and

manage

distributions

consistent

with

the

respective

Nuveen

fund’s

product

design;

oversee

trade

execution

and,

as

applicable,

securities

lending;

evaluate

investment

risks;

and

manage

valuation

matters.

With

respect

to

closed-end

Nuveen

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

considered

that,

with

respect

to

such

funds,

management

actively

monitors

any

discount

from

net

asset

value

per

share

at

which

the

respective

Nuveen

fund’s

common

stock

trades

and

evaluates

potential

avenues

to

mitigate

the

discount,

including

evaluating

the

level

of

distributions

that

the

fund

pays.

The

Board

further

considered

that

over

the

course

of

the

2023

calendar

year,

the

Nuveen

global

public

product

team

which

supports

the

funds

in

the

fund

complex

and

their

shareholders

assessed

the

investment

personnel

across

the

investment

leadership

teams

which

resulted

in

additions

or

other

modifications

to

the

portfolio

management

teams

of

various

funds.

The

Board

also

reviewed

a

description

of

the

compensation

structure

applicable

to

certain

portfolio

managers.

In

addition

to

the

above

investment

advisory

services,

the

Board

further

considered

the

extensive

compliance,

regulatory,

administrative

and

other

services

the

Adviser

and

its

various

teams

or

affiliates

provide

to

manage

and

operate

the

applicable

funds.

Given

the

highly

regulated

industry

in

which

the

funds

operate,

the

Board

considered

the

breadth

of

the

Adviser’s

compliance

program

and

related

policies

and

procedures.

The

Board

56

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(continued)

reviewed

various

initiatives

the

Adviser’s

compliance

team

undertook

or

continued

in

2023,

in

part,

to

address

new

regulatory

requirements,

support

international

business

growth

and

product

development,

enhance

international

trading

capabilities,

enhance

monitoring

capabilities

in

light

of

the

new

regulatory

requirements

and

guidance

and

maintain

a

comprehensive

training

program.

The

Board

further

considered,

among

other

things,

that

other

non-advisory

services

provided

included,

among

other

things,

board

support

and

reporting;

establishing

and

reviewing

the

services

provided

by

other

fund

service

providers

(such

as

a

fund’s

custodian,

accountant,

and

transfer

agent);

risk

management,

including

reviews

of

the

liquidity

risk

management

and

derivatives

risk

management

programs;

legal

support

services;

regulatory

advocacy;

and

cybersecurity,

business

continuity

and

disaster

recovery

planning

and

testing.

Aside

from

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and/or

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

funds,

including

to

enhance

global

talent,

middle

office

systems,

software

and

international

and

internal

capabilities.

The

Board

considered

the

access

provided

by

the

Adviser

and

its

affiliates

to

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

considered

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

funds

including

during

stressed

times.

The

Board

considered

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates

and

the

Adviser’s

continuing

commitment

to

provide

high

quality

services.

In

its

review,

the

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

applicable

funds,

including

entrepreneurial

risks

in

sponsoring

and

supporting

new

funds

and

smaller

funds

and

ongoing

risks

with

managing

the

funds,

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

With

respect

to

the

Fund,

the

Board

considered

the

division

of

responsibilities

between

NFAL

and

the

Sub-Adviser

and

considered

that

the

Sub-

Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

the

Fund’s

portfolio

under

the

oversight

of

NFAL

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

NFAL

which

included,

among

other

things,

a

summary

of

changes

in

the

leadership

teams

and/or

portfolio

manager

teams;

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time;

and

data

reflecting

product

changes

(if

any)

taken

with

respect

to

certain

Nuveen

funds.

The

Board

considered

that

NFAL

recommended

the

renewal

of

the

Sub-Advisory

Agreement.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

each

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Fund

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Fund.

In

this

regard,

the

Board

and/or

its

Investment

Committee

reviewed,

among

other

things,

performance

of

the

Fund

over

the

quarter

and

one-year

periods

ending

December 31,

2023

and

March 31,

2024.

The

performance

data

was

based

on

Class

I

shares;

however,

the

performance

of

other

share

classes

was

substantially

similar

as

those

other

share

classes

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

share

classes.

The

Board

performed

its

annual

review

of

fund

performance

at

its

February

Meeting

and

an

additional

review

at

the

April

Executive

Session

and

also

reviewed

and

discussed

performance

data

at

its

other

regularly

scheduled

quarterly

meetings

throughout

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

were

provided

at

the

Meeting

and

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

management’s

analysis

of

a

fund’s

performance

with

particular

focus

on

funds

that

met

certain

challenged

performance

measurements

as

determined

pursuant

to

a

methodology

approved

by

the

Board

or

additional

measurements

as

determined

by

management’s

investment

analysts.

As

various

Nuveen

funds

have

modified

their

portfolio

teams

and/or

made

significant

changes

to

their

portfolio

strategies

over

time,

the

Board

reviewed,

among

other

things,

certain

tracking

performance

data

over

specific

periods

comparing

performance

before

and

after

such

changes.

The

Board

considered

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

considered

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

over

the

various

time

periods

and

considered

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”),

subject

to

certain

exceptions,

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies,

dates

of

fund

inception

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

fund.

With

respect

to

relative

performance

of

a

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

management

generally

has

ranked

the

relevancy

of

the

Performance

Peer

Groups

to

the

Fund

as

low,

medium

or

high.

In

its

review

of

relative

performance,

the

Board

considered

the

Fund’s

performance

relative

to

its

Performance

Peer

Group,

among

other

things,

by

evaluating

its

quartile

ranking

with

the

1st

quartile

representing

the

top

performing

funds

within

the

Performance

Peer

Group

and

the

4th

quartile

representing

the

lowest

performing

funds.

57

The

Board

also

considered

that

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

Nuveen

closed-end

funds

have

traded

at

various

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

operated

as

an

interval

fund

and

that

interval

funds

generally

are

continuously

offered

closed-end

funds

and

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

(such

as

the

Fund)

periodically

offer

to

repurchase

a

specified

portion

of

their

shares.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

considered

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

providing

higher

levels

of

income.

The

Board

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

considered

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

considered

that

market

and

economic

conditions

may

significantly

impact

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.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

considered

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances,

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

more

closely

until

performance

improves,

discuss

with

the

Adviser

the

reasons

for

such

results,

consider

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

discuss

and

evaluate

the

potential

consequences

of

such

steps

and

review

the

results

of

any

steps

undertaken.

The

performance

determinations

with

respect

to

the

Fund

are

summarized

below.

The

Board

considered

that

the

Fund

outperformed

its

benchmark

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

ended

December

31,

2023

and

March

31,

2024.

The

Board

considered,

however,

that

the

Fund

was

relatively

new

with

a

performance

history

too

limited

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

the

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/

or

expense

reimbursements,

if

any)

paid

by

the

Fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

reviewed

information

about

other

expenses

and

the

total

operating

expense

ratio

of

the

Fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Board

Members

reviewed,

among

other

things,

the

Fund’s

management

fee

rates

and

net

total

expense

ratio

in

relation

to

similar

data

for

a

comparable

universe

of

funds

(the

“Expense

Universe”)

established

by

Broadridge.

The

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Expense

Universe

and

considered

that

differences

between

the

applicable

fund

and

its

respective

Expense

Universe

as

well

as

changes

to

the

composition

of

the

Expense

Universe

from

year

to

year,

may

limit

some

of

the

value

of

the

comparative

data.

The

Board

Members

also

considered

that

it

can

be

difficult

to

compare

management

fees

among

funds

as

there

are

variations

in

the

services

that

are

included

for

the

fees

paid.

The

Board

Members

took

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

58

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(continued)

The

Board

Members

also

considered

the

Fund’s

operating

expense

ratio

as

it

more

directly

reflected

a

shareholder’s

total

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Board

Members

considered,

in

particular,

each

fund

with

a

net

total

expense

ratio

(based

on

common

assets

and

excluding

investment-related

costs

such

as

the

costs

of

leverage

and

taxes

for

closed-end

funds)

meeting

certain

expense

or

fee

criteria

when

compared

to

its

Expense

Universe

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

net

total

expense

ratio

both

including

and

excluding

investment-

related

expenses

(e.g.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

considered

that

leverage

expenses

will

vary

across

funds

and

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

excluding

investment-related

costs

and

taxes

for

the

closed-end

funds.

The

Board

also

considered

that

the

use

of

leverage

for

closed-end

funds

may

create

a

conflict

of

interest

for

NFAL

and

the

applicable

sub-adviser

given

the

increase

of

assets

from

leverage

upon

which

an

advisory

or

sub-advisory

fee

is

based.

The

Board

Members

considered,

however,

that

NFAL

and

the

sub-advisers

(as

applicable)

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

NFAL

and/or

a

sub-

adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

The

Board

Members

also

considered,

in

relevant

part,

the

Fund’s

management

fee

and

net

total

expense

ratio

in

light

of

the

Fund’s

performance

history,

including

reviewing

certain

funds

identified

by

management

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

their

evaluation

of

the

fee

arrangements

for

the

Fund,

the

Board

Members

also

reviewed

the

management

fee

schedules

and

the

expense

reimbursements

and/or

fee

waivers

agreed

to

by

the

Adviser

for

the

respective

fund

(if

any).

In

its

review,

the

Board

considered

that

the

management

fees

of

the

Nuveen

funds

were

generally

comprised

of

two

components,

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

As

indicated

above,

the

Board

approved

a

revised

fee

schedule

which

would

reduce

and

streamline

the

asset

thresholds

necessary

to

meet

breakpoints

in

the

complex-level

fee

component.

The

Board

considered

that

management

anticipated

approximately

$50

million

in

savings

for

Nuveen

fund

shareholders

as

a

result

of

the

revised

fee

schedule

as

well

as

additional

estimated

savings

over

time.

The

Board

further

considered

management’s

representation

that

there

will

be

no

increase

to

any

Nuveen

fund’s

respective

advisory

agreement

fee

rate

as

a

result

of

the

revised

complex-level

fee

schedule.

In

its

review,

the

Board

considered

that

across

the

Nuveen

fund

and

TC

fund

complex,

management

estimated

that

fund-level

breakpoints

resulted

in

approximately

$82.5

million

in

reduced

fees

overall

in

2023

and

expense

caps

and

reimbursements

generated

approximately

an

additional

$91

million

in

savings

to

shareholders.

In

addition,

the

Board

considered

that

management

determined

that

the

Nuveen

funds

achieved

additional

fee

reductions

of

approximately

$49

million

due

to

the

complex-wide

management

fee

structure

in

2023.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

Fund.

In

its

review,

the

Board

considered

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

NFAL,

not

the

Fund.

The

Board’s

considerations

regarding

the

comparative

fee

data

for

the

Fund

are

set

forth

below.

The

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

were

below

the

Expense

Universe

median.

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.

59

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

that

the

Adviser,

affiliated

sub-advisers

and/or

their

affiliate(s)

provide

investment

management

services

to

other

types

of

clients

which

may

include:

separately

managed

accounts,

retail

managed

accounts,

foreign

funds

(UCITS),

other

investment

companies

(as

sub-advisers),

limited

partnerships

and

collective

investment

trusts.

The

Board

reviewed

the

equal

weighted

average

fee

or

other

fee

data

for

the

other

types

of

clients

managed

in

a

similar

manner

to

certain

of

the

Nuveen

funds

and

TC

funds.

The

Board

considered

the

Adviser’s

rationale

for

the

differences

in

the

management

fee

rates

of

the

funds

compared

to

the

management

fee

rates

charged

to

these

other

types

of

clients.

In

this

regard,

the

Board

considered

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

regulatory,

disclosure

and

governance

requirements;

servicing

relationships

with

vendors;

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

and

account

sizes

all

may

contribute

to

variations

in

relative

fee

rates.

Further,

differences

in

the

client

base,

governing

bodies,

distribution,

jurisdiction

and

operational

complexities

also

would

contribute

to

variations

in

management

fees

assessed

the

funds

compared

to

foreign

fund

clients.

In

addition,

differences

in

the

level

of

advisory

services

required

for

passively

managed

funds

also

contribute

to

differences

in

the

management

fee

levels

of

such

funds

compared

to

actively

managed

funds.

As

a

general

matter,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

considered

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

The

Board

further

considered

that

a

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

that

the

varying

levels

of

fees

were

reasonable

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Board

Members

considered

various

profitability

data

relating

to

the

Fund

Advisers’

services

to

the

Nuveen

funds.

With

respect

to

the

Nuveen

funds,

the

Board

Members

reviewed

the

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

overall

as

well

as

profitability

data

of

certain

other

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2023

and

2022

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution)

for

the

2023

and

2022

calendar

years.

The

Board

Members

also

considered

the

rationale

for

the

change

in

Nuveen’s

profitability

from

2022

to

2023.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

NFAL

derived

from

its

exchange-traded

fund

product

line

for

the

2023

and

2022

calendar

years.

In

developing

the

profitability

data,

the

Board

Members

considered

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

single

universally

recognized

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

refinements

Nuveen

had

made

to

the

methodology

that

had

occurred

over

the

years

from

2010

through

2021

to

provide

Nuveen’s

profitability

analysis,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2023.

The

Board

of

the

Nuveen

funds

had

also

appointed

two

Board

Members

to

serve

as

the

Board’s

liaisons

to

meet

with

representatives

of

NFAL

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

considered

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2014

to

2023.

In

their

review

of

the

comparative

data,

the

Board

Members

considered

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

60

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(continued)

Aside

from

the

profitability

data,

the

Board

considered

that

NFAL

and

TAL

are

affiliates

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

NFAL

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

TIAA,

and

TAL

is

an

indirect

wholly

owned

subsidiary

of

TIAA.

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2023

and

2022

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

considered

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

considered

the

reinvestments

the

Adviser,

its

parent

and/or

other

affiliates

made

into

their

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

funds,

initiatives

in

international

expansion,

investments

in

infrastructure

and

continued

investments

in

enhancements

to

technological

capabilities.

The

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2023

and

December

31,

2022.

The

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

grouped

by

similar

types

of

funds

(such

as

municipal,

taxable

fixed

income,

equity,

real

assets

and

index/asset

allocation)

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2023

and

December

31,

2022.

In

evaluating

the

reasonableness

of

the

compensation,

the

Board

Members

also

considered

the

indirect

benefits

NFAL

or

the

Sub-Adviser

received

that

were

directly

attributable

to

the

management

of

the

applicable

funds

as

discussed

in

further

detail

below.

Based

on

its

review,

the

Board

was

satisfied

that

each

Fund

Adviser’s

level

of

profitability

from

its

relationship

with

each

Nuveen

fund

was

not

unreasonable

over

various

time

frames

in

light

of

the

nature,

extent

and

quality

of

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

funds

in

the

fund

complex,

including

the

Fund,

whether

these

economies

of

scale

have

been

appropriately

shared

with

such

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

considered

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

the

rates

at

which

certain

expenses

are

incurred

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

there

are

various

methods

that

may

be

employed

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

the

Adviser’s

business

which

can

enhance

the

services

provided

to

the

applicable

funds

for

the

fees

paid.

The

Board

considered

that

the

Adviser

has

generally

employed

one

or

more

of

these

various

methods

among

the

applicable

funds.

In

this

regard,

the

Board

considered,

as

noted

above,

that

the

management

fee

of

NFAL

generally

was

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

With

this

structure,

the

Board

considered

that

the

complex-level

breakpoint

schedule

was

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

assets

of

eligible

funds

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

were

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

As

summarized

above,

the

Board

approved

a

new

complex-level

breakpoint

schedule

which

would

simplify

and

reduce

the

complex-level

fee

rates

at

various

thresholds

and

expanded

the

eligible

funds

whose

assets

would

be

included

in

calculating

the

complex-level

fee,

effective

May

1,

2024.

Among

other

things,

the

assets

of

certain

TC

funds

advised

by

TAL

would

be

phased

into

the

calculation

of

the

complex-wide

assets

in

determining

the

complex-level

fee

over

a

ten-year

period.

The

Board

considered

the

cost

savings

and

additional

potential

sharing

of

economies

of

scale

as

a

result

of

the

reduced

complex-level

breakpoint

schedule

and

the

additional

assets

from

more

eligible

funds

in

calculating

the

assets

of

the

complex

for

determining

the

complex-level

fee

component.

The

Board

reviewed

the

projected

shareholder

savings

derived

from

such

modifications

over

a

ten-year

period

from

2024

to

2033.

The

Board

considered

management’s

representation

that

there

will

be

no

increase

to

any

fund’s

respective

advisory

agreement

fee

rate.

In

addition

to

the

fund-level

and

complex-level

fee

schedules

(if

applicable),

the

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

(if

any)

applicable

to

the

Fund.

The

Board

considered

that

such

waivers

and

reimbursements

applicable

to

the

respective

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.

The

Board

Members

also

considered

the

continued

reinvestment

in

Nuveen/TIAA’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

were

not

specific

to

individual

funds,

but

rather

incurred

across

a

variety

of

products

and

services

pursuant

to

which

the

family

of

funds

as

a

whole

may

benefit.

The

Board

further

considered

that

the

Adviser

and

its

affiliates

have

provided

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

without

raising

advisory

fees

to

the

funds,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

The

Board

considered

the

Adviser’s

and/or

its

affiliates’

ongoing

efforts

to

streamline

the

product

line-up,

among

other

things,

to

create

more

scaled

funds

which

may

help

improve

both

expense

and

trading

economies.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

management’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Board

Members

received

and

considered

information

regarding

various

indirect

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

funds

in

the

fund

complex,

including

the

Fund.

These

benefits

included,

among

other

things,

economies

of

scale

to

the

extent

the

Adviser

or

its

affiliates

share

investment

resources

and/or

personnel

with

other

clients

of

the

Adviser.

The

funds

may

also

be

61

used

as

investment

options

for

other

products

or

businesses

offered

by

the

Adviser

and/or

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans,

and

affiliates

of

the

Adviser

may

serve

as

sub-advisers

to

various

funds

in

which

case

all

advisory

and

sub-advisory

fees

generated

by

such

funds

stay

within

Nuveen.

Further,

the

funds

may

pay

the

Adviser

and/or

its

affiliates

for

other

services,

such

as

distribution.

In

this

regard,

the

Board

Members

considered

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds

for

which

it

may

be

compensated.

The

Board

Members

also

considered

that

certain

share

classes

of

the

open-end

funds

(subject

to

certain

exceptions)

pay

12b-1

fees,

some

of

which

may

be

retained

by

the

Adviser’s

affiliate.

Similarly,

the

Board

Members

considered

that

an

affiliate

of

the

Adviser

may

also

receive

a

portion

of

the

distribution

and

service

fees

paid

by

certain

share

classes

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

Board

Members

considered

that

the

Adviser

and

Sub-Adviser

may

utilize

soft

dollar

brokerage

arrangements

attributable

to

the

respective

funds

to

obtain

research

and

other

services

for

any

or

all

of

their

clients,

although

the

Board

Members

also

considered

reimbursements

of

such

costs

by

the

Adviser

and/or

Sub-Adviser.

The

Adviser

and

its

affiliates

may

also

benefit

from

the

advisory

relationships

with

the

funds

in

the

fund

complex

to

the

extent

this

relationship

results

in

potential

investors

viewing

the

TIAA

group

of

companies

as

a

leading

retirement

plan

provider

in

the

academic

and

nonprofit

market

and

a

single

source

for

all

their

financial

service

needs.

The

Adviser

and/or

its

affiliates

may

further

benefit

to

the

extent

that

they

have

pricing

or

other

information

regarding

vendors

the

funds

utilize

in

establishing

arrangements

with

such

vendors

for

other

products.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

the

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

RSA-HYIF-0924P

3925490-INV-B-11/25

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.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable to this filing.

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

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen Enhanced High Yield Municipal Bond Fund

Date: December 4, 2024	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer

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

Date: December 4, 2024	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer (principal executive officer)
Date: December 4, 2024	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller (principal financial officer)