UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number  

   

811-23445

Nuveen Enhanced High Yield Municipal Bond Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

 

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

 

(Name and address of agent for service)

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

Date of fiscal year end:    March 31                                

Date of reporting period:    March 31, 2022                   

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Interval
Fund
Interval
Funds
Nuveen
Municipal
March
31,
2022
Annual
Report
Fund
Name
Class
A
Class
I
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
NHYEX
NMSSX
As
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
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the
Fund’s
annual
and
semi-annual
shareholder
reports
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you
by
mail
unless
you
specifically
request
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of
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reports.
Instead,
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reports
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made
available
on
the
Fund’s
website
(www.nuveen.com),
and
you
will
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link
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broker-dealer
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held
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Complex.
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If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Portfolio
Managers’
Comments
5
Fund
Leverage
7
Common
Share
Information
8
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
Expense
Examples
12
Report
of
Independent
Registered
Public
Accounting
Firm
13
Portfolio
of
Investments
14
Statement
of
Assets
and
Liabilities
26
Statement
of
Operations
27
Statement
of
Changes
in
Net
Assets
28
Statement
of
Cash
Flows
29
Financial
Highlights
30
Notes
to
Financial
Statements
32
Important
Tax
Information
41
Risk
Considerations
42
Additional
Fund
Information
43
Glossary
of
Terms
Used
in
this
Report
44
Trustees
and
Officers
45
Annual
Investment
Management
Agreement
Approval
Process
51
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
Markets
have
had
a
turbulent
start
to
2022.
Global
economic
activity
has
been
moderating
from
post-pandemic
peaks,
and
crisis-era
monetary
and
fiscal
support
programs
are
being
phased
out.
Inflation
has
surged
partially
due
to
supply
chain
bottlenecks,
which
were
initially
caused
by
the
pandemic
and
now
have
been
exacerbated
by
Russia’s
war
in
Ukraine
and
recent
lockdowns
across
China
to
contain
a
large-scale
COVID-19
outbreak.
We
are
now
almost
three
months
into
the
Eastern
European
conflict
and
are
witnessing
the
scale
of
the
humanitarian
crisis
and
the
economic
impact
caused
by
this
event.
Market
uncertainty
is
currently
elevated,
as
the
situations
in
Russia/Ukraine
and
China
have
increased
inflation
and
recession
risks.
The
U.S.
Federal
Reserve
(Fed)
and
other
central
banks
now
face
an
even
more
difficult
task
of
slowing
inflation
without
pulling
the
economy
into
recession.
As
anticipated,
the
Fed
began
the
rate
hiking
cycle
in
March
2022,
raising
its
short-term
rate
by
0.25%
from
near
zero
for
the
first
time
since
the
pandemic
was
declared
two
years
ago
and
followed
it
with
an
increase
of
0.5%
in
May
2022.
Additional
rate
hikes
are
expected
at
all
of
the
remaining
Fed
meetings
this
year.
Forecasting
was
made
difficult
given
the
wide
range
of
potential
outcomes
with
regard
to
the
Russia-Ukraine
war,
the
resilience
of
China’s
economy,
the
reopening
of
supply
chains,
the
impact
of
inflation
on
economic
growth,
and
the
Fed’s
response
to
inflation.
Accordingly,
markets
are
struggling
with
pricing
these
risks.
In
the
meantime,
while
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
I
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Sincerely,
Terence
J.
Toth
Chairman
of
the
Board
May
19,
2022
Portfolio
Managers’
Comments
5
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
This
Fund
features
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Fund’s
investment
adviser.
Portfolio
managers
include
John
V.
Miller,
CFA
and
Steven
M.
Hlavin.
Here
the
Fund’s
portfolio
managers
review
U.S.
and
municipal
market
conditions,
key
investment
strategies
and
the
performance
of
the
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund.
For
more
information
on
the
Fund’s
investment
objectives
and
policies,
please
refer
to
the
Shareholder
Update
section
at
the
end
of
the
report.
What
factors
affected
the
U.S.
economy
and
the
municipal
markets
during
the
abbreviated
reporting
period
since
the
Fund’s
commencement
of
operations
on
June
30,
2021
through
March
31,
2022?
After
making
a
full
recovery
from
the
pandemic
in
2021,
the
U.S.
economy
unexpectedly
weakened
at
the
start
of
2022.
In
2021
overall,
GDP
grew
by
5.7%,
as
the
economy
reopened
with
the
help
of
$5.3
trillion
in
crisis-related
aid
from
the
federal
government,
the
low
borrowing
rates
for
businesses
and
individuals
maintained
by
the
Federal
Reserve
(Fed),
increasing
COVID-19
vaccinations
and
improved
treatments.
Then,
in
the
first
quarter
of
2022,
lingering
supply
chain
disruptions,
exacerbated
by
the
Russia-Ukraine
war,
offset
strong
domestic
consumer
demand.
This
shrank
U.S.
gross
domestic
product
by
-1.4%
on
an
annualized
basis,
according
to
the
advance
estimate
from
the
Bureau
of
Economic
Analysis.
The
return
of
consumer
demand
in
early
2022
put
upward
pressure
on
inflation.
However,
as
supply
chains
remained
under
stress
and
labor
shortages
continued,
partly
due
to
COVID-19
resurgences
around
the
world
and
more
recently
the
war
in
Eastern
Europe,
inflation
appeared
to
be
more
durable
than
initially
expected.
The
Fed
responded
by
reducing
its
pandemic-era
support
programs
and
increased
its
target
interest
rate
by
0.25%
in
March
2022,
while
signaling
a
potentially
more
aggressive
than
expected
interest
rate
hiking
cycle
would
follow.
Interest
rate
and
stock
price
volatility
increased
as
markets
considered
whether
the
Fed
could
cool
inflation
without
pulling
the
economy
into
recession.
While
some
pandemic-related
risks
appeared
to
be
receding,
Russia’s
invasion
of
Ukraine
in
late
February
2022
brought
forth
another
large-scale
human
tragedy
with
significant
economic
consequences.
Inflation
pressures
rose
further
on
anticipated
supply
disruptions
in
energy,
metals
and
grains.
Downside
risks
to
global
economic
growth
increased,
and
economic
sanctions
from
Western
countries
sought
to
block
Russia’s
access
to
the
global
financial
system.
A
more
uncertain
inflation
and
economic
outlook
also
made
the
path
toward
monetary
policy
normalization
more
uncertain
for
the
Fed
and
other
central
banks,
contributing
to
elevated
market
volatility
toward
the
end
of
the
reporting
period.
The
broad
municipal
market
declined
over
the
reporting
period,
with
much
of
the
weakness
occurring
in
the
last
three
months
of
the
reporting
period.
Municipal
yields
rose
across
the
maturity
spectrum,
most
significantly
at
the
short
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening.
The
yield
curve
flattened
overall,
and
shorter
maturities
outperformed
longer
maturities.
Demand
for
municipal
debt
remained
remarkably
strong
throughout
2021,
but
outflows
followed
in
early
2022
as
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
funds
in
the
higher
volatility
environment.
Nevertheless,
credit
spreads
were
generally
stable
as
municipal
fundamentals
were
strong
and
the
municipal
market
remained
relatively
insulated
from
geopolitical
concerns
abroad.
What
key
strategies
were
used
to
manage
the
Fund
during
the
abbreviated
annual
reporting
period
since
the
Fund’s
commencement
of
operations
on
June
30,
2021
through
March
31,
2022?
The
Fund
focuses
primarily
on
non-investment
grade
and
unrated
municipal
bonds,
as
well
as
special
situations
municipal
securities
(special
situations
include
stressed,
distressed
and
defaulted
securities).
The
investment
team
targets
municipal
bond
market
inefficiencies
to
capitalize
on
opportunities,
seeking
to
provide
investors
with
a
high
level
of
tax-exempt
income
and
the
potential
for
capital
appreciation.
Following
its
commencement
of
operations
on
June
30,
2021,
the
Fund
was
fully
invested
by
the
end
of
the
third
quarter
of
2021
in
a
portfolio
of
primarily
non-investment
grade
municipal
bonds
and
special
situations
municipal
securities.
As
a
closed-end
interval
fund,
the
Fund
wasn’t
subject
to
the
elevated
daily
redemptions
seen
in
traditional
mutual
funds
during
the
first
quarter
of
2022.
This
allowed
the
Fund
to
take
advantage
of
higher
yields
and
cheapening
municipal-to-Treasury
valuations
offered
in
the
market,
and
most
of
the
Fund’s
trading
was
driven
by
opportunities
to
improve
the
portfolio’s
overall
relative
value
and
book
higher
embedded
yields.
Portfolio
Managers’
Comments
(continued)
6
Tobacco
securitization
bonds
were
among
the
larger
underperformers
during
the
market
sell-off,
providing
an
attractive
entry
point
for
the
Fund.
While
the
Fund
held
a
significant
underweight
to
tobacco
bonds
during
the
invest-up
period,
the
portfolio
management
team
meaningfully
added
to
the
position
toward
the
end
of
the
reporting
period.
In
addition
to
the
higher
market
beta
names,
the
Fund
invested
in
idiosyncratic
stories,
such
as
several
high
yield
project
revenue
bonds
in
which
the
investment
team
had
strong
convictions.
The
Fund
also
increased
exposure
to
the
newly
restructured
Puerto
Rico
general
obligation
bonds,
which
saw
moderate
valuation
declines
in
the
broader
market
sell-off,
but
the
investment
team
believed
faced
little
risk
of
near-term
default.
How
did
the
Fund
perform
during
the
abbreviated
annual
reporting
period
since
the
Fund’s
commencement
of
operations
on
June
30,
2021
through
March
31,
2022?
For
the
abbreviated
annual
reporting
period
since
the
Fund’s
commencement
of
operations
on
June
30,
2021
through
March
31,
2022,
the
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Yield
Index.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Yield
Index.
The
Fund’s
underperformance
was
driven
by
its
duration
and
market
beta
sensitivity,
which
detracted
in
this
market
environment.
Leverage
used
as
part
of
the
Fund’s
duration
management
strategy
negatively
impacted
relative
results.
The
Fund
invested
leverage
proceeds
in
longer
duration
bonds
because
their
incrementally
higher
yields
helped
support
the
Fund’s
income
earnings
capability.
Other
detractors
from
performance
included
the
Fund’s
overweight
to
below
investment
grade
and
non-rated
bonds,
where
spreads
generally
widened,
albeit
modestly.
An
overweight
to
California
essential
housing
bonds,
which
underperformed
during
the
reporting
period
amid
heavy
issuance,
detracted
from
relative
performance
as
well.
Partially
offsetting
these
detractors
was
a
favorable
relative
contribution
from
the
Fund’s
underweight
to
the
tobacco
sector,
which
was
the
worst
performing
sector
during
the
reporting
period.
The
Fund
also
benefited
from
special
situations
bonds
whose
valuations
improved
for
credit-specific
reasons,
including
positions
in
proton
cancer
therapy,
Bronx
parking,
selected
senior
living
distressed
opportunities,
Puerto
Rico
general
obligations
and
Puerto
Rico
Electric
Power
Authority
(PREPA).
Additionally,
an
overweight
to
land
secured
bonds,
which
outperformed,
and
an
underweight
to
health
care,
which
underperformed,
were
favorable
to
relative
performance.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
manager
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements,
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Fund
disclaims
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc.
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings,
while
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Leverage
7
IMPACT
OF
THE
FUND’S
LEVERAGE
STRATEGY
ON
PERFORMANCE
One
important
factor
impacting
the
returns
of
the
Fund’s
common
shares
relative
to
its
comparative
benchmarks
was
the
Fund’s
use
of
leverage
through
bank
borrowings
and
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Fund
uses
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
the
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
securities
that
it
has
bought
with
the
proceeds
of
that
leverage.
This
has
been
particularly
true
in
the
recent
market
environment
where
short-term
rates
have
been
low
by
historical
standards.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
the
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
somewhat
higher
than
their
recent
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
The
use
of
leverage
had
a
negative
impact
on
the
total
return
performance
of
the
Fund
over
the
reporting
period.
As
of
March
31,
2022,
the
Fund’s
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
*
Effective
leverage
is
the
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of,
certain
derivative
and
other
investments
in
the
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Regulatory
leverage
consists
of
preferred
shares
issued
or
borrowings
of
the
Fund.
Both
of
these
are
part
of
the
Fund’s
capital
structure.
The
Fund,
however,
may
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
incidental
borrowings
are
excluded
from
the
calculation
of
the
Fund’s
effective
leverage
ratio.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
THE
FUND’S
LEVERAGE
Bank
Borrowings
As
noted
previously,
the
Fund
employs
leverage
through
the
use
of
bank
borrowings.
The
Fund’s
bank
borrowings
are
as
shown
in
the
accompanying
table.
*
Commencement
of
operations.
**
For
the
period
September
29,
2021
(initial
draw
on
borrowings)
through
March
31,
2022.
Refer
to
Notes
to
Financial
Statements,
Note
9
–
Borrowing
Arrangements
for
further
details.
Effective
Leverage*
29.08%
Regulatory
Leverage*
24.89%
Current
Reporting
Period
Subsequent
to
the
Close
of
the
Reporting
Period
Outstanding
Balance
as
of
June
30,
2021*
Draws
Paydowns
Outstanding
Balance
as
of
March
31,
2022
Average
Balance
Outstanding**
Draws
Paydowns
Outstanding
Balance
as
of
May
19,
2022
$
-
$20,000,000
$-
$20,000,000
$17,122,826
$
-
$
-
$20,000,000
8
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding
the
Fund's
distributions
is
current
as
of
March
31,
2022. 
The
Fund's
distribution
levels
may
vary
over
time
based
on
the
Fund's
investment
activity
and
portfolio
investments
value
changes.
During
the
current
reporting
period,
the
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
The
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
the
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to
Note
6
–
Income
Tax
Information
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
the
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
from
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
per
share
amounts
of
the
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
the
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
Note
6
–
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
REPURCHASE
OFFER
In
order
to
provide
liquidity
to
common
shareholders,
the
Fund
has
adopted
a
fundamental
investment
policy,
which
may
only
be
changed
by
a
majority
vote
of
shareholders,
to
make
quarterly
offers
to
repurchase
between
5%
and
25%
of
its
outstanding
Common
Shares
at
NAV,
reduced
by
any
applicable
repurchase
fee.
Subject
to
approval
of
the
Board,
for
each
quarterly
repurchase
offer,
the
Fund
currently
expects
to
offer
to
repurchase
7.5%
of
the
outstanding
Common
Shares
at
NAV.
The
Fund
does
not
currently
expect
to
charge
a
repurchase
fee.
Refer
to
the
Notes
to
Financial
Statements,
Note
5
–
Fund
Shares,
for
further
details
on
the
Fund’s
repurchase
offer.
Monthly
Distributions
(Ex-Dividend
Date)
*
Class
A
Class
I
September
2021
$
0.0245
$
0.0310
October
2021
0.0245
0.0310
November
2021
0.0245
0.0310
December
2021
0.0245
0.0310
January
2022
0.0265
0.0330
February
2022
0.0265
0.0330
March
2022
0.0265
0.0330
Total
Distributions
from
Net
Investment
Income
$
0.1775
$
0.2230
*
Initial
distribution
declared
by
the
Fund
in
September
2021.
Class
A
Class
I
Distribution
Rate
on
NAV**
3.72%
4.64%
**Distribution
rate
represents
the
latest
declared
distribution,
annualized,
divided
by
the
Fund's
current
net
asset
value
(NAV)
as
of
the
end
of
the
reporting
period.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
the
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Returns
quoted
represent
past
performance,
which
is
no
guarantee
of
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
repurchased,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
NAV
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
repurchase
of
Fund
shares,
Income
is
generally
exempt
from
regular
federal
income
taxes.
Some
income
may
be
subject
to
state
and
local
income
taxes
and
to
the
federal
alternative
minimum
tax.
Capital
gains,
if
any,
are
subject
to
tax.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
Note
7—Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
the
Fund's
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund's
Portfolio
of
Investments
for
individual
security
information.
The
ratings
disclosed
are
the
lowest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
10
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
March
31,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Yield
Index.
**
Class
A
Shares
have
a
maximum
2.50%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$100,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1.50%
if
repur-
chased
before
the
first
day
of
the
month
in
which
the
one-year
anniversary
of
the
purchase
falls.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
Fund
expenses
through
July
31,
2023
so
that
total
annual
Fund
operating
expenses
(excluding
distribution
and/or
service
fees
that
may
be
applicable
to
a
particular
class
of
shares,
issuance
and
dividend
costs
of
preferred
shares
that
may
be
issued
by
the
Fund,
interest
expense,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
litigation
expenses
and
extraordinary
expenses)
do
not
exceed
1.25%
of
the
average
daily
managed
assets
of
any
class
of
Fund
shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of March
31,
2022
 -
Class
A
Shares 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
Total
Returns
as
of
March
31,
2022**
Cumulative
Expense
Ratios***
Inception
Date
Since
Inception
Class
A
Shares
at
NAV
6/30/21
(13.00)%
2.63%
Class
A
Shares
at
maximum
Offering
Price
6/30/21
(15.18)%
—
S&P
Municipal
Yield
Index
—
(5.82)%
—
Class
I
Shares
6/30/21
(12.59)%
1.88%
11
Holdings
Summaries
as
of
March
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
141.4‌%
Corporate
Bonds
0.4‌%
Other
Assets
Less
Liabilities
(1.0)%
Net
Assets
Plus
Floating
Rate
Obligations
and
Borrowings  
140.8‌%
Borrowings
(33.0)%
Floating
Rate
Obligations
(7.8)%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
AA
4.1%
A
1.8%
BBB
0.4%
BB
or
Lower
4.5%
N/R
(not
rated)
89.2%
Total
100‌%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
38.2%
Long
Term
Care
13.3%
Education
and
Civic
Organizations
10.4%
Housing/Multifamily
9.2%
Transportation
8.4%
Industrials
6.5%
Utilities
5.0%
Other
8.7%
Corporate
Bonds
0.3%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Colorado
21.6%
Wisconsin
13.3%
Florida
12.9%
Texas
8.5%
Puerto
Rico
7.6%
California
7.3%
New
York
5.2%
Missouri
3.8%
Ohio
3.6%
Utah
2.2%
Other
14.0%
Total
100%
1
See
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
States
and
Territories
above.
12
Expense
Examples
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds. 
The
Examples
below
do
not
include
the
interest
and
related
expenses
from
inverse
floaters
that
are
reflected
in
the
financial
statements
later
within
this
report,
when
applicable.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
March
31,
2022.
The
beginning
of
the
period
is
October
1,
2021.
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your
share
class,
in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
following
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
Share
Class
Class
A
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
Ending
Account
Value
$870.43
$873.11
Expenses
Incurred
During
the
Period
$12.31
$9.15
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
Ending
Account
Value
$1,011.77
$1,015.16
Expenses
Incurred
During
the
Period
$13.24
$9.85
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
2.64%
and
1.96%
for
Classes
A
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
Report
of
Independent
Registered
Public
Accounting
Firm
13
To
the
Board
of
Trustees
and
Shareholders
of
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(the
"Fund")
as
of
March
31,
2022,
and
the
related
statements
of
operations,
changes
in
net
assets,
and
cash
flows,
including
the
related
notes,
and
the
financial
highlights
for
the
period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
March
31,
2022,
and
the
results
of
its
operations,
changes
in
its
net
assets,
its
cash
flows
and
the
financial
highlights
for
the
period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audit.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audit
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audit
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audit
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2022
by
correspondence
with
the
custodian
and
brokers.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
/s/
PricewatehouseCoopers
LLP
Chicago,
Illinois
May
27,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
14
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
Portfolio
of
Investments
March
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
141.8%  (100.0%
of
Total
Investments)
MUNICIPAL
BONDS
-
141.4%
(99.7%
of
Total
Investments)
Alabama
-
0.4%
$
250
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2022,
4.750%,
11/01/49
11/32
at
100.00
N/R
$
221,283
Arizona
-
2.4%
110
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
-
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1,
4.150%,
12/01/57,
144A
12/31
at
100.00
N/R
92,156
100
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
-
Falcon
Properties
LLC,
Project,
Subordinate
Series
2022B,
5.750%,
12/15/57,
144A
12/31
at
100.00
N/R
86,587
150
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
Special
Assessment
Revenue
Bonds,
Montecito
Assessment
District
3,
Series
2021,
3.750%,
7/01/46
7/31
at
100.00
N/R
124,555
250
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A,
0.000%,
10/01/56
(4)
10/29
at
103.00
N/R
172,763
1,000
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017B,
5.350%,
10/01/25,
144A
5/22
at
100.00
N/R
1,000,480
1,610
Total
Arizona
1,476,541
California
-
10.3%
500
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Exchange
at
Bayfront
Apartments,
Junior
Series
2021A-
2,
4.000%,
8/01/51,
144A
8/32
at
100.00
N/R
408,895
750
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
K
Street
Flats,
Series
2021A-2,
4.000%,
8/01/50,
144A
8/32
at
100.00
N/R
612,525
500
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
430,780
300
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
241,701
250
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021,
4.000%,
7/01/61,
144A
7/27
at
100.00
N/R
197,903
250
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A,
4.000%,
6/01/51,
144A
6/31
at
100.00
N/R
213,193
250
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not?
Academy;
Obligated
Group,
Series
2021A,
4.000%,
6/01/51,
144A
6/27
at
100.00
N/R
220,195
250
California
Statewide
Communities
Development
Authority,
Statewide
Infrastructure
Program
Revenue
Bonds,
Series
2021C,
4.000%,
9/02/51
9/31
at
100.00
N/R
242,845
500
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B,
8.000%,
4/01/56,
144A
4/31
at
100.00
N/R
436,345
265
CMFA
Special
Finance
Agency
XII,
California,
Essential
Housing
Revenue
Bonds,
Allure
Apartments
Project,
Series
2022A-2,
4.375%,
8/01/49,
144A
2/32
at
100.00
N/R
222,099
15
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
$
250
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-2,
4.000%,
12/01/45,
144A
12/31
at
100.00
N/R
$
209,420
500
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Solana
at
Grand,
Junior
Series
2021A-2,
4.000%,
8/01/45,
144A
2/32
at
100.00
N/R
423,245
290
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Mezzanine
Lien
Series
2021B,
4.000%,
4/01/57,
144A
4/32
at
100.00
N/R
226,426
325
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Social
Bond
Series
2021A-2,
3.250%,
4/01/57,
144A
4/32
at
100.00
N/R
259,561
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
212,092
305
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
287,838
630
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-Hawthorne,
Mezzanine
Lien
Series
2021B,
4.000%,
7/01/58,
144A
7/32
at
100.00
N/R
501,178
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B,
4.000%,
7/01/58,
144A
7/32
at
100.00
N/R
184,542
135
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
9/01/46,
144A
9/31
at
100.00
N/R
113,233
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
6/01/57,
144A
6/31
at
100.00
N/R
200,085
535
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
12/01/59
6/32
at
100.00
N/R
356,267
500
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
N/R
61,030
8,035
Total
California
6,261,398
Colorado
-
30.5%
500
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021,
4.375%,
12/01/52
12/26
at
103.00
N/R
436,955
2,500
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A,
5.750%,
12/01/51
12/28
at
103.00
N/R
2,351,875
500
Berthoud-Heritage
Metropolitan
District
10,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2022A,
4.750%,
12/01/52
12/26
at
103.00
N/R
460,640
1,500
Bradley
Heights
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-3,
4.750%,
12/01/51
9/26
at
103.00
N/R
1,303,080
500
Canyons
Metropolitan
District
5,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Junior
Subordinate
Series
2016,
7.000%,
12/15/57
5/22
at
100.00
N/R
361,035
1,670
Chambers
Highpoint
Metropolitan
District
No.
2,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2021,
5.000%,
12/01/51
9/26
at
103.00
N/R
1,574,927
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
March
31,
2022
16
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
$
247
Cherry
Hills
City
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Series
2020B-3,
8.000%,
12/15/47,
144A
12/25
at
103.00
N/R
$
231,614
100
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Project,
Refunding
Bonds
Series
2023A,
4.000%,
5/15/48
,
(WI/DD,
Settling
2/15/23)
5/28
at
103.00
N/R
90,532
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A:
225
5.250%,
11/01/32
11/25
at
102.00
N/R
164,207
670
5.500%,
11/01/37
11/25
at
102.00
N/R
484,672
1,000
5.750%,
11/01/47
11/25
at
102.00
N/R
687,880
835
6.000%,
11/01/52
11/25
at
102.00
N/R
578,939
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sunny
Vista
Living
Center
Project,
Refunding
&
Improvement
Series
2015A:
500
5.500%,
12/01/30,
144A
12/25
at
100.00
N/R
457,935
500
6.250%,
12/01/50,
144A
12/25
at
100.00
N/R
437,975
500
Copperleaf
Metropolitan
District
6,
Arapahoe
County,
Colorado,
Limited
Tax,
General
Obligation
Bonds,
Subordinate
Series
2022B,
6.000%,
12/15/41
3/27
at
103.00
N/R
508,870
500
Glen
Metropolitan
District
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021,
4.250%,
12/01/51
12/26
at
103.00
N/R
428,195
1,000
Legato
Community
Authority,
Commerce
City,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
District
1,
2,
3
&
7,
Convertible
Capital
Appreciation
Series
2021A-2,
0.000%,
12/01/51
(4)
6/26
at
100.67
N/R
765,410
500
Mountain
Brook
Metropolitan
District,
Longmont,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
4.750%,
12/01/51
12/26
at
103.00
N/R
439,475
500
North
Pine
Vistas
Metropolitan
District
3,
Castle
Pines,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B,
4.625%,
12/15/51
-
AGM
Insured
12/26
at
103.00
N/R
444,045
500
Prairie
Song
Metropolitan
District
4,
Windsor,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
6.000%,
12/01/51
12/28
at
103.00
N/R
471,245
1,000
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021-3,
5.375%,
12/01/51
12/26
at
103.00
N/R
906,340
500
RRC
Metropolitan
District
2,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
5.250%,
12/01/51
12/26
at
103.00
N/R
452,875
500
Senac
South
Metropolitan
District
No.
1,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021A(3),
5.250%,
12/01/51
12/26
at
103.00
N/R
467,945
500
Third
Creek
Metropolitan
District
1,
Commerce
City,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1,
4.750%,
12/01/51
3/27
at
103.00
N/R
441,075
500
Tree
Farm
Metropolitan
District,
Eagle
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021,
4.750%,
12/01/50,
144A
12/26
at
103.00
N/R
443,930
1,000
USAFA
Visitors
Center
Business
Improvement
District,
Colorado
Springs,
Colorado,
Special
Revenue
Bonds,
Series
2022A,,
5.000%,
12/01/52,
144A
12/26
at
103.00
N/R
940,380
500
Westgate
Metropolitan
District,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
5.125%,
12/01/51
3/27
at
103.00
N/R
468,255
500
Westwood
Metropolitan
District,
Thornton,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2021A,
4.000%,
12/01/51
9/26
at
103.00
N/R
425,485
17
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1:
$
500
4.000%,
12/01/36
9/26
at
103.00
N/R
$
455,260
1,000
4.125%,
12/01/51
9/26
at
103.00
N/R
837,610
21,247
Total
Colorado
18,518,661
Florida
-
18.3%
250
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Refunding
Series
2022A,
5.000%,
11/15/61,
144A
11/29
at
103.00
N/R
211,992
250
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Taxable
Refunding
Series
2022B,
6.500%,
11/15/33,
144A
No
Opt.
Call
N/R
236,433
15,020
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Educational
Growth
Fund,
LLC,
Charter
School
Portfolio
Projects,
Subordinate
Series
2021B,
0.000%,
7/01/61,
144A
No
Opt.
Call
N/R
982,909
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017:
250
5.375%,
8/01/32,
144A
8/24
at
103.00
N/R
220,123
175
5.625%,
8/01/37,
144A
8/24
at
103.00
N/R
150,811
100
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Dreamers
Academy
Project,
Series
2022A,
6.000%,
1/15/57,
144A
1/28
at
101.00
N/R
85,862
360
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Miami
Arts
Charter
School
Projects,
Series
2014,
5.625%,
6/15/29,
144A
6/24
at
100.00
N/R
342,277
3,710
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Brightline
Passenger
Rail
Project,
Green
Series
2019B,
7.375%,
1/01/49,
(AMT),
144A
1/24
at
107.00
N/R
3,919,652
660
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Passenger
Rail
Expansion
Project,
Series
2021A-1,
6.750%,
12/01/56,
(AMT),
(Mandatory
Put
8/15/2023),
144A
5/22
at
102.50
N/R
640,827
1,000
Hillsborough
County,
Florida,
Utility
Revenue
Bonds,
Series
2021A,
2.500%,
8/01/51,
(UB)
(5)
8/31
at
100.00
AA+
787,910
1,000
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Subordinate
Series
2021B-1,
4.000%,
10/01/50,
(AMT),
(UB)
(5)
10/31
at
100.00
Aa3
1,022,020
580
Pinellas
County
Health
Facilities
Authority,
Florida,
Health
Care
Facilities
Revenue
Bonds,
Mease
Life,
Inc.
Project,
Refunding
Series
2021,
7.000%,
1/01/57,
144A
12/22
at
108.00
N/R
495,013
500
Sawyers
Landing
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021,
4.250%,
5/01/53
5/31
at
100.00
N/R
501,470
500
Seminole
County
Industrial
Development
Authority,
Florida,
Retirement
Facility
Revenue
Bonds,
Legacy
Pointe
At
UCF
Project,
Series
2019A,
5.750%,
11/15/54
11/26
at
103.00
N/R
516,125
295
Summit
View
Community
Development
District,
Dade
City,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021B,
5.000%,
5/01/41
No
Opt.
Call
N/R
276,040
750
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
South
Assessment
Area
Series
2021B,
4.625%,
5/01/36,
144A
9/23
at
100.00
N/R
703,155
25,400
Total
Florida
11,092,619
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
March
31,
2022
18
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Idaho
-
1.2%
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Doral
Academy
of
Idaho,
Series
2021A:
$
250
5.000%,
7/15/41,
144A
7/26
at
103.00
N/R
$
227,485
250
5.000%,
7/15/56,
144A
7/26
at
103.00
N/R
212,845
250
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
South
Charter
School
Project,
Series
2021,
4.000%,
5/01/56,
144A
11/25
at
100.00
N/R
199,647
100
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2021,
3.750%,
9/01/51,
144A
12/26
at
103.00
N/R
83,419
850
Total
Idaho
723,396
Illinois
-
0.4%
250
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A,
5.000%,
7/01/56,
144A
7/31
at
100.00
N/R
212,857
Iowa
-
1.8%
8,600
Iowa
Tobacco
Settlement
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Class
2
Capital
Appreciation
Senior
Lien
Series
2021B-2,
0.000%,
6/01/65
6/31
at
25.58
N/R
1,110,174
Louisiana
-
0.3%
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Encore
Academy
Project,
Series
2021A:
100
5.000%,
6/01/41,
144A
6/31
at
100.00
N/R
96,995
100
5.000%,
6/01/51,
144A
6/31
at
100.00
N/R
93,457
200
Total
Louisiana
190,452
Michigan
-
2.1%
330
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Holly
Academy
Project,
Refunding
Series
2021,
4.000%,
12/01/51
12/31
at
100.00
N/R
288,925
290
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Madison
Academy
Project,
Refunding
Series
2021,
5.000%,
12/01/46
12/27
at
100.00
N/R
272,017
3,500
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2007
Sold
Tobacco
Receipts,
Series
2020B2-CL2,
0.000%,
6/01/65
12/30
at
18.38
N/R
423,465
100
Summit
Academy
North,
Michigan,
Revenue
Bonds,
Public
School
Academy,
Refunding
Series
2021,
4.000%,
11/01/41
11/28
at
103.00
N/R
95,543
185
Trillium
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019,
5.750%,
11/01/40
11/26
at
103.00
BB
186,456
4,405
Total
Michigan
1,266,406
Minnesota
-
0.7%
500
Bethel,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Level
Up
Academy,
Series
2021A,
5.000%,
6/15/56
6/29
at
102.00
N/R
423,220
Missouri
-
5.4%
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B:
2,375
5.000%,
2/01/40,
144A
2/28
at
100.00
N/R
2,172,840
825
5.000%,
2/01/50,
144A
2/28
at
100.00
N/R
730,075
19
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Missouri
(continued)
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021:
$
100
4.000%,
10/01/34
10/31
at
100.00
N/R
$
95,261
100
4.000%,
10/01/44
10/31
at
100.00
N/R
89,321
246
North
Outer
Forty
Transportation
Development
District,
Chesterfield,
Missouri,
Transportation
Development
Revenue
Notes,
Refunding
Series
2021A,
4.000%,
12/01/46
No
Opt.
Call
N/R
204,240
3,646
Total
Missouri
3,291,737
Nevada
-
1.7%
1,000
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2018,
6.950%,
2/15/38,
(AMT),
144A
8/28
at
100.00
N/R
1,002,420
New
York
-
7.4%
1,000
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Neighborhood
Green
Series
2020D-1B,
2.400%,
11/01/50,
(UB)
(5)
5/28
at
100.00
Aa2
781,980
1,000
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Neighborhood
Green
Series
2021-1,
2.450%,
11/01/45,
(UB)
(5)
9/29
at
100.00
N/R
798,200
750
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007,
0.000%,
10/01/46
(6)
5/22
at
100.00
N/R
600,000
625
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
4
World
Trade
Center
Project,
Refunding
Green
Series
2021A,
3.000%,
11/15/51
11/31
at
100.00
A-
540,750
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A:
1,000
5.000%,
1/01/31,
(AMT)
1/26
at
100.00
CC
871,760
550
5.000%,
1/01/34,
(AMT)
1/26
at
100.00
CC
457,572
250
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bond,
Purchase
Senior
Learning
Community,
Inc.
Project,
Accd
Inv
Series
2021A,
4.500%,
7/01/56,
144A
7/27
at
104.00
N/R
222,860
250
Western
Regional
Off-Track
Betting
Corporation,
New
York,
Tax
Exempt
Revenue
Bonds,
Additional
Secured
General
Obligation
Series
2021,
4.125%,
12/01/41,
144A
6/31
at
100.00
N/R
223,673
5,425
Total
New
York
4,496,795
Ohio
-
5.1%
150
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Senior
Series
2021A,
4.000%,
12/01/55,
144A
12/29
at
100.00
BB
138,517
100
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Subordinate
Series
2021B,
4.500%,
12/01/55
12/29
at
100.00
N/R
95,653
250
Jefferson
County
Port
Authority,
Ohio,
Economic
Development
Revenue
Bonds,
JSW
Steel
USA
Ohio,
Inc.
Project,
Series
2021,
3.500%,
12/01/51,
(AMT)
12/31
at
100.00
Ba2
208,913
250
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29,
(Mandatory
Put
9/15/2021)
No
Opt.
Call
N/R
233,195
1,420
Southern
Ohio
Port
Authority,
Ohio,
Facility
Revenue
Bonds,
Purecycle
Project,
Series
2020A,
7.000%,
12/01/42,
(AMT),
144A
12/27
at
103.00
N/R
1,393,986
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
March
31,
2022
20
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Ohio
(continued)
$
1,000
Southern
Ohio
Port
Authority,
Ohio,
Facility
Revenue
Bonds,
Purecycle
Project,
Series
2020B,
10.000%,
12/01/27,
(AMT),
144A
12/26
at
105.00
N/R
$
1,051,800
3,170
Total
Ohio
3,122,064
Oklahoma
-
0.5%
100
Tulsa
Authority
for
Economic
Opportunity,
Tulsa
County,
Oklahoma,
Tax
Apportionment
Revenue
Bonds,
Santa
Fe
Square
Project,
Series
2021,
4.375%,
12/01/41,
144A
12/31
at
100.00
N/R
85,611
250
Tulsa
Authority
for
Economic
Opportunity,
Tulsa
County,
Oklahoma,
Tax
Apportionment
Revenue
Bonds,
Vast
Bank
Project,
Series
2021,
4.000%,
12/01/43,
144A
12/31
at
100.00
N/R
207,227
350
Total
Oklahoma
292,838
Oregon
-
0.8%
500
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2021A,
5.000%,
11/15/46
11/28
at
103.00
N/R
506,060
Pennsylvania
-
1.5%
500
Allegheny
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
Hills
Charter
School
of
Entrepreneurship,
Series
2021A,
4.000%,
6/15/51
6/31
at
100.00
N/R
464,940
500
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31
No
Opt.
Call
N/R
470,225
1,000
Total
Pennsylvania
935,165
Puerto
Rico
-
10.7%
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2012A:
105
3.957%,
7/01/29
(6)
7/22
at
100.00
N/R
98,700
100
3.957%,
7/01/42
(6)
7/22
at
100.00
D
95,750
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007TT:
450
3.957%,
7/01/17
(6)
No
Opt.
Call
N/R
421,875
190
3.957%,
7/01/32
(6)
5/22
at
100.00
D
181,925
250
3.957%,
7/01/37
(6)
5/22
at
100.00
D
239,375
160
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA,
3.998%,
7/01/27
(6)
5/22
at
100.00
D
154,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ:
329
3.957%,
7/01/24
(6)
5/22
at
100.00
D
309,260
115
3.978%,
7/01/26
(6)
5/22
at
100.00
D
108,675
115
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
WW,
3.999%,
7/01/18
(6)
No
Opt.
Call
N/R
108,819
1,000
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2005L,
5.250%,
7/01/38
-
AMBAC
Insured
No
Opt.
Call
N/R
1,017,830
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2007N:
155
5.250%,
7/01/32
-
NPFG
Insured
No
Opt.
Call
Baa2
160,224
150
5.250%,
7/01/33
-
NPFG
Insured
No
Opt.
Call
Baa2
154,897
Puerto
Rico
Infrastructure
Financing
Authority:
130
5.500%,
7/01/25
4/22
at
100.00
N/R
129,874
200
5.500%,
7/01/26
4/22
at
100.00
N/R
199,746
555
0.000%,
7/01/29
4/22
at
72.21
N/R
395,832
21
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Puerto
Rico
(continued)
$
1,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
0.000%,
7/01/51
7/28
at
30.01
N/R
$
222,630
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
83
5.250%,
7/01/23
No
Opt.
Call
N/R
84,756
38
0.000%,
7/01/24
No
Opt.
Call
N/R
34,788
82
5.375%,
7/01/25
No
Opt.
Call
N/R
87,105
82
5.625%,
7/01/27
No
Opt.
Call
N/R
89,373
80
5.625%,
7/01/29
No
Opt.
Call
N/R
89,838
78
5.750%,
7/01/31
No
Opt.
Call
N/R
89,157
95
0.000%,
7/01/33
7/31
at
89.94
N/R
55,192
74
4.000%,
7/01/33
7/31
at
103.00
N/R
72,497
67
4.000%,
7/01/35
7/31
at
103.00
N/R
64,439
57
4.000%,
7/01/37
7/31
at
103.00
N/R
55,047
78
4.000%,
7/01/41
7/31
at
103.00
N/R
74,064
421
4.000%,
7/01/46
7/31
at
103.00
N/R
397,633
2,370
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022,
0.000%,
11/01/43
No
Opt.
Call
N/R
1,276,737
8,609
Total
Puerto
Rico
6,470,038
South
Carolina
-
2.6%
330
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A,
5.000%,
6/15/51,
144A
6/29
at
100.00
N/R
296,436
250
South
Carolina
Jobs-Economic
Development
Authority,
Retirement
Community
Revenue
Notes,
Kiawah
Life
Plan
Village,
Inc.
Project,
Series
2021A,
8.750%,
7/01/25
4/22
at
100.00
N/R
250,067
1,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Improvement
Series
2021B,
4.000%,
12/01/51,
(UB)
(5)
12/31
at
100.00
A-
1,046,520
1,580
Total
South
Carolina
1,593,023
Tennessee
-
0.9%
439
Knoxville
Industrial
Development
Board,
Tennessee,
Multifamily
Revenue
Bonds,
Pines
Apartments
Project,
Series
2008,
6.070%,
8/01/48,
(Mandatory
Put
9/1/2023)
6/22
at
101.00
N/R
440,021
100
Metropolitan
Government
of
Nashville-Davidson
County
Industrial
Development
Board,
Tennessee,
Special
Assessment
Revenue
Bonds,
South
Nashville
Central
Business
Improvement
District,
Series
2021A,
4.000%,
6/01/51,
144A
6/31
at
100.00
N/R
88,003
539
Total
Tennessee
528,024
Texas
-
12.1%
250
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
Second-Lien
Series
2021B,
5.000%,
10/01/50,
144A
10/31
at
100.00
N/R
246,912
250
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2021A,
4.500%,
2/15/56
2/30
at
100.00
N/R
210,595
100
Bee
Cave,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Backyard
Public
Improvement
District
Project,
Series
2021,
5.250%,
9/01/51,
144A
9/31
at
100.00
N/R
93,113
250
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
The
Parks
at
Wilson
Creek
Public
Improvement
District
Initial
Major
Improvement
Project,
Series
2021,
4.500%,
9/01/51,
144A
9/31
at
100.00
N/R
233,170
150
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
4
Project,
Series
2021,
4.000%,
9/01/51,
144A
9/31
at
100.00
N/R
139,611
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
March
31,
2022
22
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
275
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
Second-Lien
Series
2021B,
5.000%,
10/01/50
10/31
at
100.00
BB-
$
269,978
250
New
Braunfels,
Comal
and
Guadalupe
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Solms
Landing
Public
Improvement
District
Improvement
Area
1
Project,
Series
2021,
4.750%,
9/01/51,
144A
9/31
at
100.00
N/R
224,853
70
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-1,
7.500%,
11/15/37
No
Opt.
Call
N/R
63,062
435
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-2,
7.500%,
11/15/36
No
Opt.
Call
N/R
401,670
2,985
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021B,
2.000%,
11/15/61
11/26
at
105.00
N/R
1,594,557
1,190
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Senior
Living
Revenue
Bonds,
Sanctuary
LTC
LLC
Project,
Series
2021A-1,
5.500%,
1/01/57
1/28
at
103.00
N/R
1,065,443
500
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,
Series
2015A,
5.000%,
7/01/30
7/25
at
100.00
CCC
431,250
North
Parkway
Municipal
Management
District
1,
Celina,
Texas,
Contract
Revenue
Bonds,
Legacy
Hills
Public
Improvement
District
Phase
1A-1B
Improvements,
Series
2021:
300
4.000%,
9/15/41,
144A
9/31
at
100.00
N/R
285,171
250
4.250%,
9/15/51,
144A
9/31
at
100.00
N/R
238,672
250
North
Parkway
Municipal
Management
District
1,
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Major
Improvements
Project,
Series
2021,
5.000%,
9/15/51,
144A
9/31
at
100.00
N/R
255,470
250
Plano,
Collin
and
Denton
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Collin
Creek
East
Public
Improvement
District
Project,
Series
2021,
4.375%,
9/15/51,
144A
9/31
at
100.00
N/R
229,353
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012:
125
4.087%,
12/15/32
(6)
5/22
at
100.00
N/R
78,125
500
4.087%,
12/15/42
(6)
5/22
at
100.00
N/R
312,500
305
4.087%,
12/15/47
(6)
5/22
at
100.00
N/R
190,625
250
San
Marcos,
Hays,
Caldwell
and
Guadalupe
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Whisper
South
Public
Improvement
District,
Series
2020,
4.500%,
9/01/51,
144A
9/32
at
100.00
N/R
232,548
100
Sinton,
San
Patricio
County,
Texas,
Special
Assessment
Revenue
Bonds,
Somerset
Public
Improvement
District
1
Series
2022,
5.250%,
9/01/51,
144A
9/32
at
100.00
N/R
95,977
500
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
C.C.
Young
Memorial
Home
Project,
Series
2016A,
6.250%,
2/15/37
(6)
2/27
at
100.00
N/R
345,000
80
Viridian
Municipal
Management
District,
Texas,
Assessment
Revenue
Bonds,
Series
2017,
4.250%,
12/01/44
12/25
at
100.00
N/R
80,513
9,615
Total
Texas
7,318,168
Utah
-
3.1%
500
Black
Desert
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B,
7.375%,
9/15/51,
144A
9/26
at
103.00
N/R
444,805
23
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utah
(continued)
$
1,000
Gateway
at
Sand
Hollow,
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.500%,
3/01/51,
144A
12/26
at
103.00
N/R
$
869,470
375
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Bridge
Elementary
Project,
Series
2021A,
4.000%,
6/15/41
6/28
at
103.00
N/R
330,307
250
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Saint
George
Academy
Project,
Series
2021A,
5.000%,
6/15/56,
144A
12/30
at
101.00
N/R
206,070
2,125
Total
Utah
1,850,652
Virgin
Islands
-
0.8%
250
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Senior
Series
2021A,
6.750%,
7/01/26,
144A
No
Opt.
Call
N/R
242,245
250
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Taxable
Series
2021B,
8.500%,
7/01/26,
144A
No
Opt.
Call
N/R
240,495
500
Total
Virgin
Islands
482,740
West
Virginia
-
1.5%
South
Charleston,
West
Virginia,
Special
District
Excise
Tax
Revenue
Improvement
Bonds,
South
Charleston
Park
Place
Project,
Series
2022A:
185
4.250%,
6/01/42,
144A
6/31
at
100.00
N/R
163,409
250
4.500%,
6/01/50,
144A
6/31
at
100.00
N/R
216,315
600
West
Virginia
Economic
Development
Authority,
Dock
and
Wharf
Facilities
Revenue
Bonds,
Empire
Trimodal
Terminal,
LLC
Project,
Series
2020,
7.625%,
12/01/40,
144A
12/27
at
103.00
N/R
546,006
1,035
Total
West
Virginia
925,730
Wisconsin
-
18.9%
3,230
Ashwaubenon
Community
Development
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Brown
County
Expo
Center
Project,
Series
2019,
0.000%,
6/01/54,
(UB)
(5)
6/29
at
37.80
AA
939,801
250
Gillett,
Wisconsin,
Solid
Waste
Disposal
Revenue
Bonds,
WI
RNG
Hub
North
LLC
Renewable
Natural
Gas
Production
Plant
Project,
Series
2021A,
5.500%,
12/01/32,
144A
12/26
at
100.00
N/R
225,613
255
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Alamance
Community
School,
Series
2021A,
5.000%,
6/15/51,
144A
6/29
at
100.00
N/R
225,129
1,500
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A,
5.000%,
6/15/36,
144A
6/26
at
100.00
N/R
1,395,840
845
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
The
Foundation
of
the
University
of
North
Carolina
at
Charlotte
Inc.,
Series
2021A,
4.000%,
9/01/56
9/31
at
100.00
N/R
720,641
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Casa
Esperanza
Montessori,
Series
2021A:
300
4.375%,
6/01/46,
144A
6/31
at
100.00
N/R
250,419
100
4.500%,
6/01/56,
144A
6/31
at
100.00
N/R
81,262
1,000
Public
Finance
Authority
of
Wisconsin,
First
Tier
Revenue
Bonds,
McLemore
Hotel
&
Conference
Center
Project,
Senior
Series
2021A,
4.500%,
6/01/56,
144A
6/28
at
103.00
N/R
870,370
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017:
500
6.500%,
12/01/37,
144A
12/27
at
100.00
N/R
495,585
2,500
7.000%,
12/01/50,
144A
12/27
at
100.00
N/R
2,533,350
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
March
31,
2022
24
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Wisconsin
(continued)
$
500
Public
Finance
Authority
of
Wisconsin,
Project
Revenue
Bonds,
Irving
Convention
Center
Hotel
Project,
First
Tier
Series
2017A-2,
7.000%,
1/01/50,
144A
1/32
at
100.00
N/R
$
536,325
1,700
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Procure
Proton
Therapy
Center,
Senior
Series
2018A,
7.000%,
7/01/48,
144A
7/28
at
100.00
N/R
1,454,894
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
SearStone
Retirement
Community,
Series
2023A:
250
5.000%,
6/01/37
,
(WI/DD,
Settling
3/03/23)
6/28
at
103.00
N/R
243,033
250
5.000%,
6/01/52
,
(WI/DD,
Settling
3/03/23)
6/28
at
103.00
N/R
222,612
250
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Senior
Revenue
Bonds,
Proton
International
Arkansas,
LLC,
Series
2021A,
6.850%,
1/01/51,
144A
1/32
at
100.00
N/R
214,088
100
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Viticus
Group
Project,
Series
2022A,
4.000%,
12/01/41,
144A
12/31
at
100.00
N/R
93,392
1,000
Public
Finance
Authority
of
Wisconsin,
Senior
Revenue
Bonds,
Maryland
Proton
Treatment
Center,
Series
2018A-1,
6.375%,
1/01/48,
144A
1/28
at
100.00
N/R
615,000
100
Saint
Croix
Chippewa
Indians
of
Wisconsin,
Revenue
Bonds,
Refunding
Senior
Series
2021,
5.000%,
9/30/41,
144A
9/28
at
100.00
N/R
85,724
290
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Covenant
Communities
Inc,
Second
Tier
Series
2018B,
4.375%,
7/01/38
7/23
at
103.00
N/R
230,947
14,920
Total
Wisconsin
11,434,025
$
125,361
Total
Municipal
Bonds
(cost
$94,860,820)
85,746,486
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(3)
Value
CORPORATE
BONDS
-
0.4%
(0.3%
of
Total
Investments)
Electric
Utilities
-
0.4%
1,000
Talen
Energy
Supply
LLC
6.500%
6/01/25
CCC
251,490
$
1,000
Total
Corporate
Bonds
(cost
$463,268)
251,490
Total
Long-Term
Investments
(cost
$95,324,088)
85,997,976
Borrowings
-
(33.0)%
(7),(8)
(20,000,000)
Floating
Rate
Obligations
-
(7.8)%
(4,757,000)
Other
Assets
Less
Liabilities
-
(1.0)%
(596,192)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
60,644,784
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
The
ratings
disclosed
are
the
lowest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(6)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(7)
Borrowings
as
a
percentage
of
Total
investments
is
23.3%.
(8)
The
fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
25
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
accompanying
notes
to
financial
statements
Statement
of
Assets
and
Liabilities
March
31,
2022
See
accompanying
notes
to
financial
statements.
26
Enhanced
High
Yield
Municipal
Bond
Assets
Long-term
investments,
at
value
†
$
85,997,976‌
Cash
collateral
at
broker
for
investments
in
inverse
floating
rate
transactions
(1)
131,000‌
Receivable
for
interest
1,513,992‌
Receivable
for
investments
sold
1,088,550‌
Receivable
for
shares
sold
250,000‌
Other
assets
47,812‌
Total
assets
89,029,330‌
Liabilities
Borrowings
20,000,000‌
Cash
overdraft
1,116,573‌
Floating
rate
obligations
4,757,000‌
Unrealized
depreciation
on
recourse
trusts
31,910‌
Payable
for
dividends
208,451‌
Payable
for
interest
27,595‌
Payable
for
investments
purchased
-
regular
settlement
1,451,031‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
620,589‌
Accrued
expenses:
Management
fees
70,848‌
Trustees
fees
351‌
Distribution
and
service
fees
(12b-1)
8,642‌
Other
91,556‌
Total
liabilities
28,384,546‌
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
applicable
to
common
shares
$
60,644,784‌
†
Long-term
investments,
cost
$
95,324,088‌
Enhanced
High
Yield
Municipal
Bond
Class
A
Shares
Net
Assets
$
13,849,302
Common
shares
outstanding
1,621,979
Net
asset
value
("NAV")
per
common
share
$
8.54
Maximum
sales
charge
2.50%
Offering
price
per
common
share
(NAV
per
common
share
plus
maximum
sales
charge)
$
8.76
Class
I
Shares
Net
Assets
$
46,795,482
Common
shares
outstanding
5,480,235
NAV
and
offering
price
per
common
share
$
8.54
Fund
level
net
assets
consist
of:
Capital
paid-in
$
70,845,291
Total
distributable
earnings
(loss)
(10,200,507)
Fund
level
net
assets
$
60,644,784
Authorized
shares
-
per
class
Unlimited
Par
value
per
common
share
$  
0.01
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
Statement
of
Operations
For
the
period
June
30,
2021
(commencement
of
opera-
tions)
through
March
31,
2022
See
accompanying
notes
to
financial
statements.
27
Enhanced
High
Yield
Municipal
Bond
Investment
Income
Interest
$
2,512,456‌
Total
Investment
Income
2,512,456‌
Expenses
Management
fees
523,127‌
Distribution
and
service
fees
(12b-1)
-
Class
A
Shares
33,717‌
Shareholder
servicing
agent
fees
40,890‌
Interest
expense
118,933‌
Custodian
expenses,
net
8,066‌
Trustees
fees
2,292‌
Professional
fees
166,626‌
Shareholder
reporting
expenses
31,732‌
Federal
and
state
registration
fees
3,464‌
Other
3,087‌
Total
expenses
before
fee
waiver/expense
reimbursement
931,934‌
Fee
waiver/expense
reimbursement
(
131,554‌
)
Net
expenses
800,380‌
Net
investment
income
(loss)
1,712,076‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
1,272,962‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
9,326,112‌
)
Net
realized
and
unrealized
gain
(loss)
(
10,599,074‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
(
8,886,998‌
)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
28
Enhanced
High
Yield
Municipal
Bond
For
the
Period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022
Operations
Net
investment
income
(loss)
$
1,712,076‌
Net
realized
gain
(loss)
from
investments
(
1,272,962‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
9,326,112‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(
8,886,998‌
)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(
147,964‌
)
Class
I
Shares
(
1,165,593‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
1,313,557‌
)
Fund
Share
Transactions
Proceeds
from
sale
of
common
shares
70,630,663‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
115,673‌
70,746,336‌
Cost
of
common
shares
redeemed
(
997‌
)
Net
increase
(decrease)
in
net
assets
from
applicable
to
common
shares
from
Fund
share
transactions
70,745,339‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
60,544,784‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
100,000‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
60,644,784‌
Statement
of
Cash
Flows
For
the
period
June
30,
2021
(commencement
of
opera-
tions)
through
March
31,
2022
See
accompanying
notes
to
financial
statements.
29
The
following
table
provides
a
reconciliation
of
cash
and
cash
collateral
at
brokers
to
the
statement
of
assets
and
liabilities: 
Enhanced
High
Yield
Municipal
Bond
Cash
Flows
from
Operating
Activities
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
$
(8,886,998‌)
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(159,139,963‌)
Proceeds
from
sale
and
maturities
of
investments
62,660,672‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
(117,759‌)
(Increase)
Decrease
in:
Receivable
for
interest
(1,513,992‌)
Receivable
for
investments
sold
(1,088,550‌)
Other
assets
(47,812‌)
Increase
(Decrease)
in:
Unrealized
depreciation
on
recourse
trusts
31,910‌
Payable
for
interest
27,595‌
Payable
for
investments
purchased
-
regular
settlement
1,451,031‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
620,589‌
Accrued
management
fees
70,848‌
Accrued
distribution
and
service
fees
(12b-1)
8,642‌
Accrued
Trustees
fees
351‌
Accrued
other
expenses
91,556‌
Net
realized
(gain)
loss
from
investments
1,272,962‌
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
9,326,112‌
Net
cash
from
operating
activities
(95,232,806‌)
Cash
Flows
from
Financing
Activities
Proceeds
from
borrowings
20,000,000‌
Proceeds
from
floating
rate
obligations
12,372,000‌
(Repayments
of)
floating
rate
obligations
(7,615,000‌)
Increase
(Decrease)
in
cash
overdraft
1,116,573‌
Cash
distributions
paid
to
common
shareholders
(989,433‌)
Proceeds
from
sales
of
shares
70,380,663‌
Cost
of
shares
redeemed
(997‌)
Net
cash
provided
by
(used
in)
financing
activities
95,263,806‌
Net
Increase
(Decrease)
in
Cash
and
Cash
Collateral
at
Brokers
31,000‌
Cash
at
the
beginning
of
period
100,000‌
Cash
and
cash
collateral
at
brokers
at
the
end
of
period
$
131,000‌
Supplemental
Disclosure
of
Cash
Flow
Information
Enhanced
High
Yield
Municipal
Bond
Cash
paid
for
interest
$
72,979‌
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
share
distributions
115,673‌
Enhanced
High
Yield
Municipal
Bond
Cash
collateral
at
brokers
for
investments
in
inverse
floating
rate
transactions
$
131,000‌
Total
cash
collateral
at
brokers
$
131,000‌
Financial
Highlights
30
Enhanced
High
Yield
Municipal
Bond
The
Fund's
fiscal
year
end
is
March
31st. 
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
Common
Share
NAV
Class
A
2022(f)
$
10.00
$
0.31
$
(
1.59
)
$
(
1.28
)
$
(
0.18
)
$
—
$
(
0.18
)
$
8.54
Class
I
2022(f)
10.00
0.30
(
1.54
)
(
1.24
)
(
0.22
)
—
(
0.22
)
8.54
Borrowings
at
the
End
of
the
Period
Aggregate
Amount
Outstanding
(000)(i)
Asset
Coverage
Per
$1,000(j)
2022(f)
$
20,000
$
4,032
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.  See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(f)
For
the
period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022.
(g)
Annualized.
(h)
The
Ratios
presented
above
are
based
upon
average
net
assets.  The
Ratios
of
Gross
Expenses
Including
and
Excluding
Interest
based
upon
average
managed
assets
for
Class
A
are
2.11%
and
1.89%,
respectively,
and
for
Class
I
1.56%
and
1.34%,
respectively.  The
Ratios
of
Net
Expenses
Including
and
Excluding
Interest
based
upon
average
managed
assets
for
Class
A
are
1.87%
and
1.65%,
respectively,
and
for
Class
I
1.32%
and
1.10%,
respectively.  The
Ratios
of
NII
based
upon
average
managed
assets
for
Class
A
and
Class
I
are
3.21%
and
3.19%,
respectively.
(i)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
principal
amount
as
of
the
end
of
the
relevant
fiscal
year
owed
by
the
Fund
to
lenders
under
arrangements
in
place
at
the
time.
(j)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
of
debt
is
calculated
by
subtracting
the
Fund's
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund's
total
assets,
dividing
the
results
by
the
aggregate
amount
of
the
Fund's
senior
securities
representing
indebtedness
then
outstanding,
and
multiplying
the
result
by
1,000.  The
Fund's
borrowings
constitute
"senior
securities"
as
defined
in
the
Investment
Company
Act
of
1940,
as
amended.
See
accompanying
notes
to
financial
statements.
31
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Ratios
to
Average
Net
Assets
Common
Share
Total
Return(b)
Ending
Net
Assets
(000)
Gross
Expenses
Including
Interest(c)
Gross
Expenses
Excluding
Interest
Net
Expenses
Including
Interest(c),(d)
Net
Expenses
Excluding
Interest(d)
NII
(Loss)(d)
Portfolio
Turnover
Rate(e)
(
13
.00‌
)
%
$
13,849
2
.91‌
%
(g)
,(h)
2
.62‌
%
(g)
,(h)
2
.58‌
%
(g)
,(h)
2
.29‌
%
(g)
,(h)
4
.43‌
%
(g)
,(h)
88‌
%
(
12
.59‌
)
46,795
2
.05‌
(g)
,(h)
1
.76‌
(g)
,(h)
1
.72‌
(g)
,(h)
1
.43‌
(g)
,(h)
4
.18‌
(g)
,(h)
88‌
32
Notes
to
Financial
Statements
1.
General
Information 
Fund
Information
The
fund
covered
in
this
report
is
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(the
“Fund”).
The
Fund
is
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
a
non-diversified,
closed-end
management
investment
company
that
continually
offers
its
common
shares
of
beneficial
interest
(“Common
Shares”)
and
is
operated
as
an
“interval
fund.”
The
Fund
was
organized
as
a
Massachusetts
business
trust
on
May
22,
2019.
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Fund
is
March
31,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022
(the
“current
fiscal
period”).
Investment
Adviser
and
Sub-Adviser
The
Fund’s
investment
adviser,
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Fund,
oversees
the
management
of
the
Fund’s
portfolio,
manages
the
Fund’s
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
a
sub-advisory
agreement
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolio
of
the
Fund.
Share
Classes
and
Sales
Charges
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Share
purchases
of
$100,000
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1.50%
if
repurchased
before
the
first
day
of
the
month
in
which
the
one-year
anniversary
of
the
purchase
falls.
Class
I
Shares
are
sold
without
an
upfront
sales
charge.
Other
Matters 
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
and
subsequent
global
pandemic
began
significantly
impacting
the
U.S.
and
global
financial
markets
and
economies
during
the
calendar
quarter
ended
March
31,
2020.
The
worldwide
spread
of
COVID-19
has
created
significant
uncertainty
in
the
global
economy.
The
duration
and
extent
of
COVID-19
over
the
long-term
cannot
be
reasonably
estimated
at
this
time.
The
ultimate
impact
of
COVID-19
and
the
extent
to
which
COVID-19
impacts
the
Fund’s
normal
course
of
business,
results
of
operations,
investments,
and
cash
flows
will
depend
on
future
developments,
which
are
highly
uncertain
and
difficult
to
predict.
Management
continues
to
monitor
and
evaluate
this
situation.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. The
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Fund.
Compensation
The Fund
pays
no compensation
directly
to
those
of
its
trustees
who
are
affiliated
with
the
Adviser
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to the Fund
from
the
Adviser
or
its
affiliates.
The
Fund’s
Board
of
Trustees (the
“Board”)
has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit
As
an
alternative
to
overnight
investments,
the
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
the
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
Fund
did
not
receive any
custodian
fee  credits.
Distributions
to
Common
Shareholders
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
33
Indemnifications
Under
the
Fund’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the Fund
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
However,
the Fund
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Multiclass
Operations
and
Allocations 
Income
and
expenses
of
the
Fund
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Fund
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class. 
Netting
Agreements
In
the
ordinary
course
of
business,
the
Fund
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows the
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
the
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
The
Fund’s
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
Organizational
Expenses
Prior
to
the
commencement
of
operations
for
the
Fund
on
June
30,
2021,
the
Fund
had
no
operations
other
than
those
related
to
organizational
matters,
the
Fund’s
initial
contribution
of
$100,000,
by
the
Adviser,
and
the
recording
of
the
Fund’s
organizational
expenses
of
$16,000
and
their
reimbursement
by
the
Adviser.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Fund
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Fund's
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Fund’s
financial
statements
and
various
filings.
Securities
and
Exchange
Commission
(“SEC”)
Adopts
New
Rules
to
Modernize
Fund
Valuation
Framework
In
December
2020,
the
SEC
voted
to
adopt
a
new
rule
governing
fund
valuation
practices.
New
Rule
2a-5
under
the
1940
Act
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
will
permit
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotation
are
not
readily
available.
The
SEC
also
adopted
new
Rule
31a-4
under
the
1940
Act,
which
sets
forth
the
recordkeeping
requirements
associated
with
fair
value determinations.
Finally,
the
SEC
is
rescinding
previously
issued
guidance
on
related
issues,
including
the
role
of
a
board
in
determining
fair
value
and
the
accounting
and
auditing
of
fund
investments.
Rule
2a-5
and
Rule
31a-4
became
effective
on
March
8,
2021,
with
a
compliance
date
of
September
8,
2022.
A
fund
may
voluntarily
comply
with
the
rules
after
the
effective
date,
and
in
advance
of
the
compliance
date,
under
certain
conditions.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Fund’s
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Fund's
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
34
Notes
to
Financial
Statements
(continued)
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Fund's
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
an
independent
pricing
service
(“pricing
service”)
approved
by
the
Board.
The
pricing
service
establishes
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
the
pricing
service
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
at
fair
value,
as
determined
in
good
faith
using
procedures
approved
by
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
would
appear
to
be
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2
of
the
fair
value
hierarchy;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
Fund
holds
liabilities
in
floating
rate
obligations,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Fund’s
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
–
Portfolio
Securities
and
Investments
in
Derivatives.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities
The Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
the
Fund.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
Enhanced
High
Yield
Municipal
Bond
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
85,746,486
$
–
$
85,746,486
Corporate
Bonds
–
251,490
–
251,490
Total
$
–
$
85,997,976
$
–
$
85,997,976
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
state
and
or/industry
classifications,
where
applicable.
35
The
Inverse
Floater
held
by the
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
The
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
the
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
Fund
had
outstanding
borrowings
under
such
facilities
in
the
amount
of
$71,485,
which
are
recognized
as
a
component
of
 "Floating
Rate
Obligations"
on
the
Statement
of
Assets
and
Liabilities.
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
Enhanced
High
Yield
Municipal
Bond
$
4,757,000
$
—
$
4,757,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
Enhanced
High
Yield
Municipal
Bond
$
4,218,375
0.53
%
36
Notes
to
Financial
Statements
(continued)
The Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows.
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
reporting
period,
the
Fund's
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Zero
Coupon
Securities
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities)
during
the
current
fiscal
period
were
as
follows:
The
Fund
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Fund
has
earmarked
securities
in its
portfolio
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/delayed
delivery
purchase
commitments.
If the
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which
the
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes,
the
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments. 
The
Fund
records
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable. 
Even
though
the
Fund's
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Fund
is
authorized
to
invest
in
derivative
instruments
and
may
do
so
in
the
future,
it
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
the
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose the
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
the
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
The Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of the
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when the
Fund
has
an
unrealized
loss,
the
Fund
has
instructed
the
custodian
to
pledge
assets
of
the
Fund
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
Enhanced
High
Yield
Municipal
Bond
$
4,757,000
$
—
$
4,757,000
Fund
Purchases
Sales
and
Maturities
Enhanced
High
Yield
Municipal
Bond
$
159,139,963
$
62,660,672
37
5.
Fund
Shares
Repurchase
Offer
In
order
to
provide
liquidity
to
common
shareholders,
the
Fund
has
adopted
a
fundamental
policy,
which
may
only
be
changed
by
a
majority
vote
of
shareholders,
to
make
quarterly
offers
to
repurchase
between
5%
and
25%
of
its
outstanding
Common
Shares
at
NAV,
reduced
by
any
applicable
repurchase
fee.
Subject
to
approval
of
the
Board,
for
each
quarterly
repurchase
offer,
the
Fund
currently
expects
to
offer
to
repurchase
7.5%
of
the
outstanding
Common
Shares
at
NAV.
The
Fund
does
not
currently
expect
to
charge
a
repurchase
fee.
However,
the
Fund
may
charge
a
repurchase
fee
of
up
to
2.00%
of
the
repurchase
proceeds,
which
the
Fund
would
retain
to
help
offset
non-de
minimis
estimated
costs
related
to
the
repurchase
incurred
by
the
Fund,
directly
or
indirectly,
as
a
result
of
repurchasing
Common
Shares,
thus
allocating
estimated
transaction
costs
to
the
Common
Shareholder
whose
Common
Shares
are
being
repurchased.
During
the current
fiscal
period, the
Fund
engaged
in
repurchase
offers
as
follows:
Common
Share
Transactions
Transactions
in Common
shares
during
the
current
fiscal
period
were
as
follows:
6.
Income
Tax
Information
The
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
The
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
income
tax,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Fund.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Fund
is
subject
to
federal
taxation.
The
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
the
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Repurchase
Request
Deadline
Repurchase
Offer
Amount
(as
a
percentage
of
outstanding
shares)
Number
of
Shares
Repurchased
Percentage
of
Outstanding
Shares
Repurchased
November
5,
2021
Class
A
7.50%
0
0.00%
Class
I
7.50%
0
0.00%
February
7,
2022
Class
A
7.50%
0
0.00%
Class
I
7.50%
100
0.00%
*
*
Rounds
to
less
than
0.01%.
For
the
Period
June
30,
2021
(commencement
of
operations)
through
March
31,
2022
*
Enhanced
High
Yield
Municipal
Bond
Shares
Amount
Shares
sold:
Class
A
1,613,911
$15,737,729
Class
I
5,476,233
54,992,934
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
8,068
77,934
Class
I
4,102
37,739
7,102,314
70,846,336
Shares
redeemed:
Class
A
—
—
Class
I
(100)
(997)
(100)
(997)
Net
increase
(decrease)
7,102,214
$70,845,339
*
Prior
to
the
commencement
of
operations,
the
Adviser
owned
10,000
shares,
9,900
of
which
are
still
held
as
of
the
end
of
the
current
fiscal
period.
38
Notes
to
Financial
Statements
(continued)
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
taxable
market
discount.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
was
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
were
as
follows:
As
of
year
end,
the
Fund
had
capital
loss
carryforwards,
which
will
not
expire:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
The Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Fund
from
the
management
fees
paid
to
the
Adviser.
The Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within the
Fund,
and
a
complex-
level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables the
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
the
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly, is
calculated
according
to
the
following
schedule: 
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Enhanced
High
Yield
Municipal
Bond
$
90,633,185
$
162,157
$
(9,522,425)
$
(9,360,268)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Enhanced
High
Yield
Municipal
Bond
$
471,531
$
57,252
$
—
$
(9,360,268)
$
(1,148,246)
$
—
$
(220,776)
$
(10,200,507)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
during
the
period
March
1,
2022
through
March
31,
2022
and
paid
on
April
1,
2022.
3/31/22
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Enhanced
High
Yield
Municipal
Bond
$
1,225,143
$
88,414
$
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
Enhanced
High
Yield
Municipal
Bond
$
1,148,246
$
—
$
1,148,246
Average
Daily
Managed
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
0.8000
%
For
the
next
$125
million
0.7875
For
the
next
$250
million
0.7750
For
the
next
$500
million
0.7625
For
the
next
$1
billion
0.7500
For
the
next
$3
billion
0.7250
For
managed
assets
over
$5
billion
0.7125
39
The
annual
complex-level
fee,
payable
monthly,
is
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Fund’s
daily
managed
assets:
*  
 The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
March
31,
2022,
the
complex-level
fee
rate
for
the
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2023,
so
that
the
total
annual
operating
expenses
of
the
Fund
(excluding
any
distribution
and/or
service
fees
that
may
be
applicable
to
a
particular
class
of
shares,
issuance
and
dividend
costs
of
Preferred
Shares
that
may
be
issued
by
the
Fund,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities,
litigation
expenses
and
extraordinary
expenses)
do
not
exceed
1.25%
of
the
average
daily
managed
assets
of
any
class
of
Fund
shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees.
Distribution
and
Service
Fees 
The
Fund
has
adopted
a
Distribution
and
Servicing
Plan
for
Class
A
Common
Shares
of
the
Fund.
The
Distribution
and
Servicing
Plan
operates
in
a
manner
consistent
with
Rule
12b-1
under
the
1940
Act,
which
regulates
the
manner
in
which
an
open-end
investment
company
may
directly
or
indirectly
bear
the
expenses
of
distributing
its
Common
Shares.
Although
the
Fund
is
not
an
open-end
investment
company,
it
has
undertaken
to
comply
with
the
terms
of
Rule
12b-1
as
a
condition
of
an
exemptive
order
under
the
1940
Act
which
permits
it
to,
among
other
things,
impose
distribution
and
shareholder
servicing
fees.
The
Distribution
and
Servicing
Plan
permits
the
Fund
to
compensate
the
Nuveen
Securities,
LLC
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
using
reasonable
efforts
to
secure
purchasers
of
the
Fund’s
Common
Shares,
including
by
providing
continuing
information
and
investment
services
and/or
by
making
payments
to
certain
authorized
institutions
in
connection
with
the
sale
of
Common
Shares
or
servicing
of
shareholder
accounts.
Most
or
all
of
the
distribution
and/or
service
fees
are
paid
to
financial
firms
through
which
Shareholders
may
purchase
or
hold
Class
A
Common
Shares.
The
maximum
annual
rates
at
which
the
distribution
and/or
servicing
fees
may
be
paid
under
the
Distribution
and
Servicing
Plan
(calculated
as
a
percentage
of
the
Fund’s
average
daily
managed
assets
attributable
to
the
Class
A
Common
Shares)
is
0.75%.
During
the
current
reporting
period
the
annual
rate
paid
by
the
Fund
was
0.54%.
Other
Transactions
with
Affiliates 
The Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
(“cross-trade”).
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Fund
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
Enhanced
High
Yield
Municipal
Bond
0
.1547%
40
Notes
to
Financial
Statements
(continued)
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
The
remaining
12b-1
fees
charged
to the
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
As
of
the
end
of
the
reporting
period,
Nuveen
and
TIAA
owned
less
than
0.01%
and
69.98%,
respectively,
of
Fund
shares.
8.
Commitments
and
Contingencies
In
the
normal
course
of
business, the
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Fund
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Fund
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Fund's
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Fund
is
not
subject
to
any
material
legal
proceedings.
9.
Borrowing
Arrangements
Borrowings
During
the
current
fiscal
period,
the
Fund
entered
into
a
$30,000,000
($20,000,000
maximum
revolving
amount
plus
$10,000,000
maximum
term
amount)
borrowing
arrangement
(“Borrowings”)
as
a
means
of
leverage.
As
of
the
end
of
the
reporting
period,
the
outstanding
balance
on
these
Borrowings
was
$20,000,000.
Interest
is
charged
on
the
Borrowings
at
a
rate
per
annum
equal
to
1-Month
LIBOR
plus
0.75%.
The
Fund
also
accrues
a
0.125%
per
annum
commitment
fee
on
the
undrawn
portion
of
the
Borrowings.
The
Fund
also
incurred
a
0.10%
upfront
fee.
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
(which
was
for
the
period
September
29,
2021
through
March
31,
2022)
and
average
annual
interest
rate
on
the
Fund’s
Borrowings
were
$17,122,826
and
0.91%,
respectively.
In
order
to
maintain
their
Borrowings,
the
Fund
must
meet
certain
collateral,
asset
coverage
and
other
requirements.
The
Fund’s
Borrowings
outstanding
is
fully
secured
by
eligible
securities
held
in
its
portfolio
of
investments.
The
Fund’s
Borrowings
outstanding
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Interest
expense
incurred
on
the
borrowed
amount
and
undrawn
balance
are
recognized
as
components
of
“Interest
expense”
on
the
Statement
of
Operations.
Fund
Purchases
Sales
Realized
Gain
(Loss)
Enhanced
High
Yield
Municipal
Bond
$
408,227
$
3,078,402
$
(147,489)
Fund
Commission
Advances
(Unaudited)
Enhanced
High
Yield
Municipal
Bond
$
214,745
41
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end, the
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Enhanced
High
Yield
Municipal
Bond
$
—
42
Risk
Considerations
(Unaudited)
Risk
Considerations
Fund
shares
are
not
guaranteed
or
endorsed
by
any
bank
or
other
insured
depository
institution,
and
are
not
federally
insured
by
the
Federal
Deposit
Insurance
Corporation.
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
Investing
in
interval
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
tax
risk,
political
and
economic
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Credit
risk
refers
to
an
issuers
ability
to
make
interest
and
principal
payments
when
due.
The
Fund
concentrates
in
non-investment
grade
and
unrated
bonds,
as
well
as
special
situations
municipal
securities,
with
long
maturities
and
durations
which
carry
heightened
credit
risk,
liquidity
risk,
and
potential
for
default.
In
addition,
the
Fund
oftentimes
utilizes
a
significant
amount
of
leverage
and
in
doing
so,
assumes
a
high
level
of
risk
in
pursuit
of
its
objectives.
Leverage
involves
the
risk
that
the
Fund
could
lose
more
than
its
original
investment
and
also
increases
the
Fund’s
exposure
to
volatility,
interest
rate
risk
and
credit
risk.
These
and
other
risk
considerations
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/HYIF.
43
Additional
Fund
Information
(Unaudited)
Board
of
Trustees
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Judith
M.
Stockdale
Carole
E.
Stone
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
Once
North
Wacker
Drive
Chicago,
IL
60606
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
333
West
11th
Street
5th
Floor
Kansas
City,
MO
64105
(800)
257-8787
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
44
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return
:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
leverage)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities,
also
known
as
inverse
floaters
or
tender
option
bonds
(TOBs),
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater’’)
to
an
investor
(such
as
a
Fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Regulatory
Leverage:
Regulatory
leverage
consists
of
preferred
shares
issued
by
or
borrowings
of
a
fund.
Both
of
these
are
part
of
a
fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
in
the
Investment
Company
Act
of
1940.
S&P
Municipal
Yield
Index
:
An
index
that
is
structured
so
that
70%
of
the
index
consists
of
bonds
that
are
either
not
rated
or
are
rated
below
investment
grade,
20%
are
rated
BBB/Baa,
and
10%
are
rated
single
A.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
heId
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
45
Trustees
and
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of
Trustees
of
the
Funds.
None
of
the
trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“independent
board
members”)
has
ever
been
a
director
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the
trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
Trustee
oversees
and
other
directorships
they
hold
are
set
forth
below.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Board
Member
2008
Class
II
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
and
chair
of
its
investment
committee;
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-
2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-
2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
142
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
1999
Class
III
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College
and
the
Iowa
College
Foundation;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
142
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2003
Class
I
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
142
46
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
II
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
142
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
III
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
142
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
III
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
142
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2013
Class
II
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
142
47
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Judith
M.
Stockdale
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
1997
Class
I
Board
Member,
Land
Trust
Alliance
(national
public
charity
addressing
natural
land
and
water
conservation
in
the
U.S.)
(since
2013);
formerly,
Board
Member,
U.S.
Endowment
for
Forestry
and
Communities
(national
endowment
addressing
forest
health,
sustainable
forest
production
and
markets,
and
economic
health
of
forest-reliant
communities
in
the
U.S.)
(2013-2019);
formerly,
Executive
Director
(1994-2012),
Gaylord
and
Dorothy
Donnelley
Foundation
(private
foundation
endowed
to
support
both
natural
land
conservation
and
artistic
vitality);
prior
thereto,
Executive
Director,
Great
Lakes
Protection
Fund
(endowment
created
jointly
by
seven
of
the
eight
Great
Lakes
states’
Governors
to
take
a
regional
approach
to
improving
the
health
of
the
Great
Lakes)
(1990-1994).
142
Carole
E.
Stone
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2007
Class
I
Former
Director,
Chicago
Board
Options
Exchange
(2006-2017),
and
C2
Options
Exchange,
Incorporated
(2009-2017);
formerly,
Director,
Cboe
Global
Markets,
Inc.,
(2010-2020)
(formerly
named
CBOE
Holdings,
Inc.);
formerly,
Commissioner,
New
York
State
Commission
on
Public
Authority
Reform
(2005-2010).
142
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2020
Class
III
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
142
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
I
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-
2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004)
and
Chair
(since
2015)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
142
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2017
Class
II
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
142
48
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
David
J.
Lamb
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2015
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019)
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2020-2021)
of
Nuveen
Securities,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
of
Nuveen
(2006-2017),
Vice
President
prior
to
2006.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Secretary
2013
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2016)
and
Nuveen
Fund
Advisors,
LLC
(since
2017);
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(-2021)
and
Vice
President,
Assistant
Secretary
and
Associate
General
Counsel
of
Nuveen
Asset
Management,
LLC
(since
2018).
Diana
R.
Gonzalez
1978
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
Associate
General
Counsel
of
Jackson
National
Asset
Management,
LLC
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017),
formerly,
Vice
President
(2011-
2016)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
Jacques
M.
Longerstaey
1963
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2019
Senior
Managing
Director,
Chief
Risk
Officer,
Nuveen,
LLC
(since
May
2019);
Senior
Managing
Director
(since
May
2019)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Chief
Investment
and
Model
Risk
Officer,
Wealth
&
Investment
Management
Division,
Wells
Fargo
Bank
(NA)
(2013-2019).
John
M.
McCann
1975
8500
Andrew
CarnegieBlvd.
Charlotte,
NC
28262
Vice
President
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2021);
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
of
TIAA
SMA
Strategies
LLC
(since
2021);
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
49
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Senior
Managing
Director
(since
2017)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Executive
Vice
President
(2016-2017)
and
Managing
Director
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Co-General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017),
Managing
Director
(2008-2016)
and
Assistant
Secretary
(2007-2016);
Senior
Managing
Director
(since
2017),
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Associate
General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2011-2016);
formerly
Vice
President
(2007-2021)
and
Secretary
(2016-2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010).
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
at
Nuveen
(since
2017);
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Director
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2016);
Senior
Director
(since
2015)
Mutual
Fund
Taxation
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
Deann
D.
Morgan
1969
730
Third
Avenue
New
York,
NY
10017
Vice
President
2020
President,
Nuveen
Fund
Advisors,
LLC
(since
2020);
Executive
Vice
President,
Global
Head
of
Product
at
Nuveen
(since
2019);
Co-Chief
Executive
Officer
of
Nuveen
Securities,
LLC
(since
2020);
Managing
Member
of
MDR
Collaboratory
LLC
(since
2018);
Managing
Director,
Head
of
Wealth
Management
Product
Structuring
&
COO
Multi
Asset
Investing.
The
Blackstone
Group
(2013-2017).
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
and
Vice
President
(2011-2016)
of
Nuveen.
E.
Scott
Wickerham
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
formerly,
Senior
Director,
TIAA-CREF
Fund
Administration
(2014-2015);
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019),
formerly,
Assistant
General
Counsel
(2008-2016)
of
Nuveen.
Gifford
R.
Zimmerman
1956
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
1988
Formerly:
Managing
Director
(2002-2020)
and
Assistant
Secretary
(2002-2020)
of
Nuveen
Securities,
LLC;
formerly,
Managing
Director
(2002-2020),
Assistant
Secretary
(1997-2020)
and
Co-General
Counsel
(2011-2020)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Managing
Director
(2004-2020)
and
Assistant
Secretary
(1994-2020)
of
Nuveen
Investments,
Inc.;
formerly,
Managing
Director,
Assistant
Secretary
and
Associate
General
Counsel
of
Nuveen
Asset
Management,
LLC
(2011-2020);
formerly,
Vice
President
and
Assistant
Secretary
of
NWQ
Investment
Management
Company,
LLC
(2002-2020),
Santa
Barbara
Asset
Management,
LLC
(2006-2020)
and
Winslow
Capital
Management,
LLC
(2010-2020);
Chartered
Financial
Analyst.
50
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
(1)
The
Board
of
Trustees
is
divided
into
three
classes,
Class
I,
Class
II,
and
Class
III,
with
each
being
elected
to
serve
until
the
third
succeeding
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed,
except
two
board
members
are
elected
by
the
holders
of
Preferred
Shares,
when
applicable,
to
serve
until
the
next
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
board
member
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
complex.
(2)
Officers
serve
indefinite
terms
until
their
successor
has
been
duly
elected
and
qualified,
their
death
or
their
resignation
or
removal.  The
year
first
elected
or
appointed
represents
the
year
in
which
the
Officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Complex.
Annual
Investment
Management
(Unaudited)
51
The
Board
of
Trustees
(the
“Board,”
and
each
Trustee,
a
“Board
Member”)
of
the
Fund,
including
the
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
is
responsible
for
approving
the
advisory
arrangements
of
the
Fund.
A
discussion
of
the
Board’s
approval
in
February
2021
of
an
amendment
to
the
Fund’s
initial
investment
management
agreement
is
set
forth
in
Part
I
below.
A
discussion
of
the
Board’s
approval
in
July
2021
of
the
renewal
of
the
advisory
arrangements
of
the
Fund
is
set
forth
in
Part
II
below.
PART
I
The
Board
Members
are
responsible
for
approving
advisory
arrangements
and,
at
a
meeting
held
on
May
21-23,
2019
(the
“May
2019
Meeting”),
were
asked
to
approve
the
initial
advisory
arrangements
for
the
Fund.
At
the
May
2019
Meeting,
the
Board
Members,
including
the
Independent
Board
Members,
considered
and
approved
the
investment
management
agreement
(the
“Original
Investment
Management
Agreement”)
pursuant
to
which
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
was
expected
to
serve
as
investment
adviser
to
the
Fund
and
the
investment
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
pursuant
to
which
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
was
expected
to
serve
as
investment
sub-adviser
to
the
Fund.
The
Adviser
and
the
Sub-Adviser
are
each
hereafter
a
“Fund
Adviser.”
Subsequent
to
the
May
2019
Meeting,
but
prior
to
the
Fund’s
launch,
the
Board,
comprised
all
of
Independent
Board
Members,
approved
at
a
meeting
held
on
February
23-25,
2021
(the
“February
2021
Meeting”
and
together
with
the
May
2019
Meeting,
the
“Meetings”):
(a)
changes
to
the
Fund’s
name
(i.e.,
the
change
to
its
current
name),
investment
strategy,
investment
objective,
investment
policies;
and
(b)
an
amendment
to
the
Original
Investment
Management
Agreement
to
reduce
the
contractual
management
fee
(the
“Amendment”).
The
Original
Investment
Management
Agreement,
as
amended
by
the
Amendment,
is
referred
to
as
the
“Investment
Management
Agreement.”
Although
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
that
a
fund’s
advisory
agreements
be
approved
by
the
in-person
vote
of
a
majority
of
the
Independent
Board
Members,
the
February
2021
Meeting
was
held
virtually
through
the
internet
due
to
the
challenges
arising
in
connection
with
the
COVID-19
pandemic.
The
virtual
meeting
was
held
in
reliance
upon
certain
exemptive
relief
the
Securities
and
Exchange
Commission
had
provided
to
registered
investment
companies
granting
temporary
relief
from
the
in-person
voting
requirements
of
the
1940
Act
in
connection
with
the
pandemic.
To
assist
the
Board
in
its
evaluation
of
the
Amendment,
the
Independent
Board
Members
had
received,
in
adequate
time
in
advance
of
the
February
2021
Meeting
and/or
at
other
meetings,
materials
that
had
been
updated
in
certain
respects
since
the
May
2019
Meeting
and
outlined,
among
other
things:
the
nature,
extent
and
quality
of
the
services
expected
to
be
provided
by
each
Fund
Adviser;
the
expertise
and
background
of
each
Fund
Adviser
with
respect
to
the
Fund’s
investment
strategy;
certain
performance-related
information
(as
described
below);
the
proposed
management
fees
of
each
Fund
Adviser,
including
comparisons
of
the
Adviser’s
proposed
revised
management
fee
with
the
management
fees
of
comparable
funds;
and
the
expected
expenses
of
the
Fund,
including
comparisons
of
the
Fund’s
expected
expense
ratio
with
the
expense
ratios
of
comparable
funds.
At
the
February
2021
Meeting
and/or
at
other
meetings,
the
Adviser
made
presentations
to
and
responded
to
questions
from
the
Board.
During
the
February
2021
Meeting
and/or
at
other
meetings,
the
Independent
Board
Members
also
met
privately
with
their
legal
counsel
to,
among
other
things,
review
the
Board’s
duties
under
the
1940
Act,
the
general
principles
of
state
law
in
reviewing
and
approving
advisory
contracts,
the
standards
used
by
courts
in
determining
whether
investment
company
boards
of
directors
have
fulfilled
their
duties,
factors
to
be
considered
in
voting
on
advisory
contracts
and
an
adviser’s
fiduciary
duty
with
respect
to
advisory
agreements
and
compensation.
It
is
with
this
background
that
the
Independent
Board
Members
considered
the
Amendment.
As
outlined
in
more
detail
below,
the
Independent
Board
Members
considered
various
factors
they
believed
relevant
with
respect
to
the
Fund.
Each
Board
Member
may
have
accorded
different
weight
to
the
various
factors
and
information
discussed
below
in
reaching
his
or
her
conclusions
with
respect
to
the
Amendment.
A.
Nature,
Extent
and
Quality
of
Services
At
the
Meetings
and/or
at
other
meetings,
the
Independent
Board
Members
considered
the
nature,
extent
and
quality
of
the
respective
Fund
Adviser’s
services,
including
portfolio
management
services
and
administrative
services.
In
this
regard,
at
the
Meetings
and/or
at
other
meetings,
the
Independent
Board
Members
have
reviewed
materials
outlining,
among
other
things,
the
respective
Fund
Adviser’s
organization
and
business;
the
types
of
services
that
such
Fund
Adviser
or
its
affiliates
provide
to
the
Nuveen
funds
(as
applicable)
and
are
expected
to
provide
to
the
Fund;
and
the
experience
of
the
respective
Fund
Adviser
with
applicable
investment
strategies.
Further,
at
the
Meetings
and/or
at
other
meetings,
the
Independent
Board
Members
have
evaluated
the
background
and
experience
of
the
relevant
investment
personnel.
In
considering
the
services
that
were
expected
to
be
provided
by
the
Fund
Advisers,
at
the
Meetings
and/or
at
other
meetings,
the
Board
has
recognized
that
the
Adviser
provides
a
vast
array
of
services
to
the
Nuveen
funds,
the
scope
of
which
has
expanded
over
the
years
in
light
of
regulatory,
market
and
other
developments,
such
as
the
development
of
expanded
compliance
programs
for
the
Nuveen
funds.
The
Board
has
also
noted
the
extensive
resources,
tools
and
capabilities
the
Adviser
and
its
affiliates
devote
to
the
various
operations
of
the
Nuveen
funds.
52
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
Board
has
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
would
generally
be
responsible
for
the
management
of
the
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
In
this
regard,
the
Board
has
recognized
the
relevant
experience
and
expertise
of
the
Sub-Adviser
and
the
applicable
investment
personnel.
Based
on
its
review
and
in
reliance
on
the
Adviser’s
representation
that
the
Adviser
would
not
reduce
the
level
of
services
to
be
provided
to
the
Fund
as
a
result
of
the
Amendment,
the
Board
found
that,
overall,
the
nature,
extent
and
quality
of
services
expected
to
be
provided
to
the
Fund
under
the
Investment
Management
Agreement
were
satisfactory.
B.
Investment
Performance
The
Fund
was
new
and,
therefore,
did
not
have
its
own
performance
history.
However,
based
on
information
provided
by
the
Adviser,
it
was
expected
that
the
Fund’s
investment
strategy
would
have
certain
similarities
to
that
of
the
Nuveen
High
Yield
Municipal
Bond
Fund
(the
“High
Yield
Fund”),
a
Nuveen
open-end
fund
which
had
an
inception
date
of
June
7,
1999.
At
the
February
2021
Meeting,
the
Board
was
provided
with
certain
performance
information
relating
to
the
Class
I
shares
of
the
High
Yield
Fund,
including
average
annualized
total
returns
for
the
quarter,
one-year,
three-year,
five-year,
ten-year
and
since
inception
periods
as
of
December
31,
2020.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
In
evaluating
the
management
fees
and
expenses
that
the
Fund
was
expected
to
bear
taking
into
account
the
Amendment,
the
Independent
Board
Members
considered,
among
other
things,
the
Fund’s
proposed
management
fee
structure
and
its
expected
expense
ratio
in
absolute
terms
as
well
as
compared
with
the
fees
and
expense
ratios
of
comparable
funds.
The
Independent
Board
Members
were
aware
that
the
Fund
would
operate
as
an
interval
fund
in
the
Nuveen
fund
family
and
that
interval
funds
are
continuously
offered
closed-end
funds
designed
to
be
a
hybrid
between
open-
and
closed-end
funds.
In
this
regard,
shares
of
interval
funds
typically
do
not
trade
in
the
secondary
market,
but
instead,
interval
funds
periodically
offer
to
repurchase
a
specified
portion
of
their
shares.
As
an
interval
fund,
the
Independent
Board
Members
recognized
the
challenges
in
determining
an
appropriate
peer
group
for
the
Fund
and
considered
the
rationale
used
to
construct
a
peer
group.
The
Independent
Board
Members
noted
that
Lipper
does
not
have
an
interval
fund
category,
but
places
interval
funds
in
their
respective
closed-end
fund
categories
despite
the
different
structures.
Accordingly,
the
Independent
Board
Members
considered
the
Adviser’s
methodology
in
determining
the
peer
group
which
began
with
a
review
of
all
funds
identified
in
Lipper
as
interval
funds
and
a
selection
of
the
appropriate
peer
funds
based
on
asset
class
and
credit
profile.
The
Independent
Board
Members
reviewed,
among
other
things,
the
proposed
advisory
fee
and
estimated
net
total
expense
ratio
for
the
Fund
(based
on
both
common
net
assets
and
managed
assets),
as
well
as
comparative
fee
and
expense
data
pertaining
to
the
Fund’s
peers
determined
as
described
in
the
preceding
sentence.
In
addition,
the
Independent
Board
Members
considered
the
temporary
expense
cap
proposed
by
the
Adviser.
Further,
the
Independent
Board
Members
were
aware
of
the
proposed
sub-advisory
fee
for
the
Fund.
The
Independent
Board
Members
recognized
that
assets
attributable
to
the
Fund’s
use
of
leverage
would
be
included
in
the
amount
of
assets
upon
which
the
advisory
fee
is
calculated.
In
this
regard,
the
Independent
Board
Members
noted
that
the
advisory
fee
is
based
on
a
percentage
of
average
daily
“Managed
Assets.”
“Managed
Assets”
generally
means
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
“Total
assets”
for
this
purpose
includes
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
The
Independent
Board
Members
recognized
that
the
fact
that
a
decision
to
employ
or
increase
the
Fund’s
leverage
will
have
the
effect,
all
other
things
being
equal,
of
increasing
Managed
Assets
(and,
in
turn,
increasing
the
Adviser’s
and
the
Sub-Adviser’s
management
fees),
means
that
the
Adviser
and
the
Sub-Adviser
may
have
a
conflict
of
interest
in
determining
whether
to
use
or
increase
leverage.
The
Independent
Board
Members
noted,
however,
that
the
Adviser
and
the
Sub-Adviser
would
seek
to
manage
that
potential
conflict
by
recommending
to
the
Board
to
leverage
the
Fund
(or
increase
such
leverage)
when
they
determine
that
such
action
would
be
in
the
best
interests
of
the
Fund
and
by
periodically
reviewing
with
the
Board
the
Fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
The
Independent
Board
Members
considered
the
proposed
revised
management
fee
rate
as
a
percentage
of
Managed
Assets
before
any
fund-level
and
complex-wide
breakpoints.
Based
on
their
review
of
the
fee
and
expense
information
provided,
the
Independent
Board
Members
determined
that
the
management
fee
to
be
paid
to
the
Adviser
pursuant
to
the
Investment
Management
Agreement
was
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
expected
to
be
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
At
the
Meetings
and/or
at
other
meetings,
the
Board
has
reviewed
information
regarding
the
fee
rates
that
the
Fund
Advisers
charge
for
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
In
conjunction
with
municipal
funds,
with
respect
to
the
Adviser
and/
or
the
Sub-Adviser,
such
other
clients
may
include
retail
and
institutional
managed
accounts,
passively
managed
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
but
that
are
offered
by
another
fund
complex
and
municipal
managed
accounts
offered
by
an
unaffiliated
adviser.
Further,
the
Board
has
previously
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
wrap
accounts
and
municipal
institutional
accounts.
The
Board
recognized
that
the
Nuveen
complex
did
not
have
another
interval
fund
at
such
time.
In
considering
the
fee
data
of
other
clients,
the
Board
has
considered,
among
other
things,
the
differences
in
the
amount,
type
and
level
of
services
provided
to
the
Nuveen
funds
relative
to
other
clients
as
well
as
the
differences
in
portfolio
investment
policies,
investor
profiles,
account
sizes
and
regulatory
requirements,
all
of
which
contribute
to
the
variations
in
the
fee
schedules.
The
Board
has
recognized
the
complexity
and
myriad
of
services
the
Adviser
provides
to
the
Nuveen
funds
compared
to
the
other
types
of
clients
as
the
Adviser
is
principally
responsible
for
all
aspects
of
53
operating
the
funds,
including
complying
with
the
increased
regulatory
requirements
required
when
managing
the
funds
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
Further,
with
respect
to
ETFs,
the
Board
has
considered
that
Nuveen
ETFs
were
passively
managed
compared
to
the
active
management
of
the
other
Nuveen
funds
which
contributed
to
the
differences
in
fee
levels
between
the
Nuveen
ETFs
and
other
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
In
addition,
the
Board
has
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
has
recognized
that
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
inherent
differences
in
the
products
and
the
level
of
services
provided
to
the
Nuveen
funds
versus
other
clients,
the
differing
regulatory
requirements
and
legal
liabilities
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company.
3.
Comparisons
with
the
Fees
of
Other
Clients
In
conjunction
with
their
review
of
fees,
at
the
February
2021
Meeting
and/or
at
other
meetings,
the
Independent
Board
Members
have
considered
information
regarding
Nuveen’s
level
of
profitability
for
its
advisory
services
to
the
Nuveen
funds
for
the
calendar
years
2019
and
2018.
The
Board
has
previously
reviewed,
among
other
things,
Nuveen’s
net
margins
(pre-tax)
(both
including
and
excluding
distribution
expenses);
gross
and
net
revenue
margins
(pre-
and
post-tax);
revenues,
expenses,
and
net
income
(pre-tax
and
after-tax
and
before
distribution)
of
Nuveen
for
fund
advisory
services;
and
comparative
profitability
data
comparing
the
margins
of
Nuveen
compared
to
the
adjusted
margins
of
certain
peers
with
publicly
available
data
and
with
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
for
the
2018
and
2019
calendar
years.
The
Board
has
also
reviewed
the
revenues
and
expenses
the
Adviser
derived
from
its
ETF
product
line
for
the
2018
and
2019
calendar
years.
In
reviewing
the
profitability
data,
the
Independent
Board
Members
have
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
dependent
on
cost
allocation
methodologies
to
allocate
expenses
of
Nuveen
and
its
affiliates
between
the
fund
and
non-fund
businesses.
The
expenses
to
be
allocated
include
direct
expenses
in
servicing
the
Nuveen
funds
as
well
as
indirect
and/or
shared
costs
(such
as
overhead,
legal
and
compliance)
some
of
which
are
attributed
to
the
Nuveen
funds
pursuant
to
the
cost
allocation
methodologies.
The
Independent
Board
Members
have
reviewed
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information
and
a
summary
of
the
history
of
changes
to
the
methodology
over
the
eleven-year
period
from
2008
to
2019.
The
Board
has
also
appointed
three
Independent
Board
Members,
along
with
the
assistance
of
independent
counsel,
to
serve
as
the
Board’s
liaisons
to
review
the
development
of
the
profitability
data
and
any
proposed
changes
to
the
cost
allocation
methodology
prior
to
incorporating
any
such
changes
and
to
report
to
the
full
Board.
The
Board
has
recognized
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results.
Based
on
the
data,
the
Independent
Board
Members
have
noted
that
Nuveen’s
net
margins
were
higher
in
2019
than
the
previous
year
and
considered
the
key
drivers
behind
the
revenue
and
expense
changes
that
impacted
Nuveen’s
net
margins
between
the
years.
The
Board
has
also
noted
the
reinvestments
of
some
of
the
profits
into
the
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds
and
continued
investments
in
enhancements
to
information
technology,
internal
infrastructure
and
data
management
improvements
and
global
investment
and
innovation
projects.
As
indicated
above,
the
Independent
Board
Members
have
also
considered
the
operating
margins
of
Nuveen
Investments,
Inc.
compared
to
the
adjusted
margins
of
certain
peers
with
publicly
available
data
and
with
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen
for
the
calendar
years
2019
and
2018.
The
Independent
Board
Members
have
noted
that
the
operating
margins
of
Nuveen
Investments,
Inc.
were
in
the
lower
half
of
the
peer
group
range.
The
Independent
Board
Members,
however,
have
recognized
that
it
is
difficult
to
make
comparisons
of
profitability
with
other
investment
adviser
peers
given
that
comparative
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
which
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
has
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
As
such,
the
Board
has
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2019
and
2018
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
has
recognized
the
benefit
of
having
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
stress.
Based
on
a
consideration
of
the
information
provided,
the
Board
has
noted
that
Nuveen’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
This
conclusion
did
not
change
as
a
result
of
the
Amendment.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
At
the
Meetings
and/or
at
other
meetings,
the
Board
considered
whether
the
Fund
could
be
expected
to
benefit
from
any
economies
of
scale.
The
Board
has
recognized
that
although
economies
of
scale
are
difficult
to
measure,
there
are
several
methods
to
help
share
the
benefits
of
economies
of
scale,
including
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
Nuveen
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
The
Board
has
noted
that
Nuveen
generally
has
employed
these
various
methods
with
respect
to
the
Nuveen
funds.
In
this
regard,
the
Board
has
noted
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
In
general
terms,
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows,
and
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined.
Accordingly,
the
Independent
Board
Members
reviewed
and
considered
the
proposed
management
fees
for
the
Fund,
taking
into
account
the
fund-level
and
complex-level
breakpoint
schedules.
The
Independent
Board
Members
recognized
that
the
Fund
would
be
a
non-listed
interval
fund
that
continuously
offers
its
shares
and
periodically
offers
to
repurchase
its
shares,
up
to
a
specified
percentage.
54
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
Independent
Board
Members
have
also
recognized
the
Adviser’s
continued
reinvestment
in
its
business
through,
among
other
things,
investments
in
its
business
infrastructure
and
information
technology,
portfolio
accounting
system
and
other
systems
and
platforms
that
will,
among
other
things,
support
growth,
simplify
and
enhance
information
sharing,
and
enhance
the
investment
process
to
the
benefit
of
all
of
the
Nuveen
funds.
Based
on
their
review,
the
Independent
Board
Members
concluded
that
the
proposed
fee
structure
for
the
Fund,
taking
into
account
the
Amendment,
was
acceptable
and
reflected
economies
of
scale
to
be
shared
with
the
Fund’s
shareholders
when
assets
under
management
increase.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
at
the
Meetings
and/or
at
other
meetings
regarding
other
benefits
that
a
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
At
the
May
2019
Meeting,
the
Independent
Board
Members
concluded
that
any
indirect
benefits
expected
to
be
received
by
the
Adviser
as
a
result
of
its
relationship
with
the
Fund
were
reasonable
and
within
acceptable
parameters.
This
conclusion
did
not
change
as
a
result
of
the
Amendment.
F.
Approval
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members,
including
a
majority
of
the
Independent
Board
Members,
concluded
that
the
terms
of
the
Investment
Management
Agreement
were
fair
and
reasonable,
that
the
Adviser’s
fees
were
reasonable
in
light
of
the
services
expected
to
be
provided
to
the
Fund
and
that
the
Amendment
should
be
and
was
approved
on
behalf
of
the
Fund.
PART
II
At
a
meeting
held
on
May
25-27,
2021
(the
“May
2021
Meeting”),
the
boards
of
trustees/directors
of
the
Nuveen
funds
performed
their
annual
review
of
the
advisory
and
sub-advisory
agreements
with
the
Nuveen
funds
that
were
up
for
renewal.
In
conjunction
with
this
annual
review,
the
Board
received
extensive
materials
that
covered
an
array
of
topics,
including,
among
other
things,
a
description
of
the
nature,
extent
and
quality
of
services
the
Fund
Advisers
have
provided
to
the
Nuveen
funds;
a
review
of
product
actions
taken
during
2020;
a
review
of
sub-advisers
to
the
Nuveen
funds
(including
the
Sub-Adviser;
a
description
of
various
initiatives
Nuveen
had
undertaken
or
continued
during
the
year
for
the
benefit
of
particular
fund(s)
or
the
complex;
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
sub-advisers
to
the
Nuveen
funds
(including
the
Sub-Adviser);
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
sub-advisers
(including
the
Sub-Adviser)
as
a
result
of
its
relationships
with
the
Nuveen
funds.
To
avoid
the
expiration
of
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement
(collectively,
the
“Advisory
Agreements”)
prior
to
the
next
annual
review
of
the
advisory
arrangements
of
the
Nuveen
funds,
the
Board
considered
the
renewal
of
the
Advisory
Agreements
at
a
meeting
held
on
July
19,
2021
(the
“July
Meeting”).
The
Board
considered
the
information
provided
at
its
prior
meetings,
including
the
Meetings
and
May
2021
Meeting,
in
its
consideration
of
the
renewal
of
the
Advisory
Agreements.
During
the
July
Meeting
and/or
at
other
meetings,
the
Independent
Board
Members
also
met
privately
with
their
legal
counsel
to,
among
other
things,
review
the
Board’s
duties
under
the
1940
Act,
the
general
principles
of
state
law
in
reviewing
and
approving
advisory
contracts,
the
standards
used
by
courts
in
determining
whether
investment
company
boards
of
directors
have
fulfilled
their
duties,
factors
to
be
considered
in
voting
on
advisory
contracts
and
an
adviser’s
fiduciary
duty
with
respect
to
advisory
agreements
and
compensation.
It
is
with
this
background
that
the
Independent
Board
Members
considered
the
renewal
of
the
Advisory
Agreements.
As
outlined
in
more
detail
below,
the
Independent
Board
Members
considered
various
factors
they
believed
relevant
with
respect
to
the
Fund.
Each
Board
Member
may
have
accorded
different
weight
to
the
various
factors
and
information
provided
to
the
Board
in
reaching
his
or
her
conclusions
with
respect
to
the
Advisory
Agreements.
Although
the
1940
Act
requires
the
continuances
of
advisory
contracts
with
investment
companies
to
be
approved
at
in-person
meetings,
the
July
Meeting
was
held
virtually
through
the
internet
due
to
the
challenges
arising
in
connection
with
the
COVID-19
pandemic.
The
virtual
meeting
was
held
in
reliance
upon
certain
exemptive
relief
the
Securities
and
Exchange
Commission
had
provided
to
registered
investment
companies
granting
temporary
relief
from
the
in-person
voting
requirements
of
the
1940
Act
in
connection
with
the
pandemic.
A.
Nature,
Extent
and
Quality
of
Services
At
the
Meetings
and/or
at
other
meetings,
the
Independent
Board
Members
had
considered
the
nature,
extent
and
quality
of
the
respective
Fund
Adviser’s
services,
including
portfolio
management
services
and
administrative
services.
The
Independent
Board
Members
had
reviewed
materials
outlining,
among
other
things,
the
respective
Fund
Adviser’s
organization
and
business;
the
types
of
services
that
such
Fund
Adviser
or
its
affiliates
provide
to
the
Nuveen
funds
(as
applicable)
and
are
expected
to
provide
to
the
Fund;
and
the
experience
of
the
respective
Fund
Adviser
with
applicable
investment
strategies
and
the
background
and
experience
of
the
relevant
investment
personnel.
The
description
of
services
that
the
Fund
Advisers
provide
to
the
Nuveen
funds
was
further
supplemented
at
the
May
2021
Meeting.
Based
on
its
review,
the
Board
found
that,
overall,
the
nature,
extent
and
quality
of
services
expected
to
be
provided
to
the
Fund
under
the
applicable
Advisory
Agreement
were
satisfactory.
B.
Investment
Performance
As
the
Fund
was
new,
the
Board
recognized
that
the
Fund
had
too
limited
of
performance
history
to
make
a
meaningful
assessment
of
performance.
55
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
At
the
Meetings,
the
Board
reviewed,
among
other
things,
the
proposed
management
fee
structure
and
net
total
expected
expense
ratio
of
the
Fund
(based
on
both
common
net
assets
and
managed
assets)
in
absolute
terms
as
well
as
to
that
of
comparable
funds.
As
the
Fund
is
an
interval
fund,
the
Independent
Board
Members
recognized
the
challenges
in
developing
an
appropriate
peer
set
and
considered
the
methodology
employed
to
create
the
peer
set.
In
addition,
the
Independent
Board
Members
considered
the
breakpoint
schedule
in
the
management
fee
structure
(as
described
below)
and
the
temporary
expense
cap
proposed
by
the
Adviser.
Further,
the
Independent
Board
Members
considered
the
proposed
sub-advisory
fee
for
the
Fund.
Based
on
their
review
of
the
fee
and
expense
information
provided,
the
Independent
Board
Members
determined
that
the
management
fees
to
be
paid
to
the
Fund
Advisers
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
expected
to
be
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
At
the
Meetings
and/or
at
other
meetings,
the
Board
has
reviewed
information
regarding
the
fee
rates
that
the
Fund
Advisers
charged
for
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
In
conjunction
with
municipal
funds,
with
respect
to
the
Adviser
and/
or
the
Sub-Adviser,
such
other
clients
may
include
retail
and
institutional
managed
accounts,
passively
managed
ETFs
sub-advised
by
the
Sub-
Adviser
but
that
are
offered
by
another
fund
complex
and
municipal
managed
accounts
offered
by
an
unaffiliated
adviser.
Further,
the
Board
had
previously
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
wrap
accounts
and
municipal
institutional
accounts.
The
Board
recognized
that
the
Nuveen
complex
did
not
have
another
interval
fund
at
such
time.
In
considering
the
comparative
data,
the
Board
had
considered
the
differences
in,
among
other
things,
the
amount,
type
and
level
of
services,
investment
policies,
investor
profiles,
account
size,
regulatory
requirements
and
entrepreneurial,
legal
and
regulatory
risks
incurred
by
the
Adviser
in
operating
investment
companies
compared
to
other
types
of
clients,
and
that
variations
in
the
fee
schedules
between
the
Nuveen
funds
and
other
types
of
clients
were
justified
given
these
differences.
3.
Profitability
of
Fund
Advisers
In
conjunction
with
their
review
of
fees,
at
the
February
2021
Meeting
and/or
at
other
meetings,
the
Independent
Board
Members
have
considered
information
regarding
Nuveen’s
level
of
profitability
for
its
advisory
services
to
the
Nuveen
funds
for
the
calendar
years
2019
and
2018.
At
its
May
2021
Meeting,
the
Board
further
reviewed,
among
other
things,
updated
financial
data
including
Nuveen’s
level
of
profitability
for
the
Nuveen
funds
for
the
calendar
years
2020
and
2019.
In
the
profitability
data,
the
Board
had
previously
reviewed,
among
other
things,
Nuveen’s
net
margins
(pre-
tax)
(both
including
and
excluding
distribution
expenses);
gross
and
net
revenue
margins
(pre-
and
post-tax);
revenues,
expenses,
and
net
income
(pre-tax
and
after-tax
and
before
distribution)
of
Nuveen
for
fund
advisory
services;
and
profitability
data
comparing
the
margins
of
Nuveen
with
the
adjusted
margins
of
certain
peers
with
publicly
available
data
and
with
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
over
certain
periods.
In
evaluating
profitability
data,
the
Independent
Board
Members
were
aware
of
the
subjective
nature
in
determining
profitability
as
other
reasonable
and
valid
expense
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results.
Accordingly,
the
Board
had
previously
reviewed
the
methodology
employed
in
developing
the
profitability
data.
Aside
from
Nuveen’s
profitability,
as
the
Adviser
is
also
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(previously
defined
as
“TIAA”),
the
Board
also
considered
certain
financial
data
of
TIAA
to
consider
the
financial
strength
of
TIAA.
The
Board
has
recognized
the
benefit
of
having
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
stress.
Based
on
a
consideration
of
the
information
provided,
the
Board
has
noted
that
Nuveen’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economics
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
At
the
Meetings
and/or
at
other
meetings,
the
Board
considered
whether
the
Fund
could
be
expected
to
benefit
from
any
economies
of
scale.
The
Board
has
recognized
that
although
economies
of
scale
are
difficult
to
measure,
there
are
several
methods
to
help
share
the
benefits
of
economies
of
scale,
including
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
Nuveen
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid
and
that
Nuveen
has
generally
employed
these
various
methods.
In
this
regard,
the
Board
has
noted
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
In
general
terms,
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows,
and
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined.
Accordingly,
the
Independent
Board
Members
had
considered
the
fund-level
and
complex-level
breakpoint
schedules.
The
Independent
Board
Members
have
also
previously
recognized
the
Adviser’s
or
its
affiliates’
continued
reinvestment
in
its
business.H
Based
on
their
review,
the
Independent
Board
Members
had
concluded
that
the
fee
structure
for
the
Fund
was
acceptable
and
reflected
economies
of
scale
to
be
shared
with
the
Fund’s
shareholders
when
assets
under
management
increase.
56
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
at
the
Meetings
and/or
at
other
meetings
regarding
other
benefits
that
a
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
At
the
May
2019
Meeting,
the
Independent
Board
Members
concluded
that
any
indirect
benefits
expected
to
be
received
by
the
Fund
Adviser
as
a
result
of
its
relationship
with
the
Fund
were
reasonable
and
within
acceptable
parameters
and
such
conclusion
had
not
changed.
F.
Approval
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members,
including
a
majority
of
the
Independent
Board
Members,
concluded
that
the
terms
of
each
Advisory
Agreement
were
fair
and
reasonable,
that
each
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
expected
to
be
provided
to
the
Fund
and
that
each
Advisory
Agreement
be
renewed.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
RAN-HYIF-0322P
2171572-INV-Y-05/23
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
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Where
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ITEM 2.

CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and Albin F. Moschner, who are “independent” for purposes of Item 3 of Form N-CSR.

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

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

Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

 

Fiscal Year Ended

    Audit Fees Billed
to Fund 1		     Audit-Related Fees
Billed to Fund 2		     Tax Fees Billed
to Fund 3		     All Other Fees
Billed to Fund 4		  

March 31, 2022

    $ 61,350     $ 13,000     $ 0     $ 0  
  

 

 

    

 

 

    

 

 

    

 

 

  

Percentage approved pursuant to pre-approval exception

      0 %      0 %      0 %      0 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

March 31, 2021 5

    $ 0     $ 0     $ 0     $ 0  
  

 

 

    

 

 

    

 

 

    

 

 

  

Percentage approved pursuant to pre-approval exception

      0 %      0 %      0 %      0 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

1    “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2    “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3    “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
4    “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
5    Fund commenced operations on June 30, 2021.

 

Fiscal Year Ended

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

March 31, 2022

    $ 0     $ 0     $ 0  
  

 

 

    

 

 

    

 

 

  

Percentage approved pursuant to pre-approval exception

      0 %      0 %      0 % 
  

 

 

    

 

 

    

 

 

  

March 31, 2021

    $ 0     $ 0     $ 0  
  

 

 

    

 

 

    

 

 

  

Percentage approved pursuant to pre-approval exception

      0 %      0 %      0 % 
  

 

 

    

 

 

    

 

 

  

 

Fiscal Year Ended

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

March 31, 2022

    $ 0      $ 0      $ 0      $ 0  

March 31, 2021

    $ 0      $ 0      $ 0      $ 0  

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

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

 

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

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, John K. Nelson, Albin F. Moschner, Judith M. Stockdale, Carole E. Stone, Chair, and Robert L. Young.

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

 

a)   See Portfolio of Investments in Item 1.

 

b)   Not applicable.

 

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

    

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

 

ITEM 8(a)(1).

PORTFOLIO MANAGER BIOGRAPHIES

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

Steven M. Hlavin is a Managing Director of Nuveen Asset Management. He is a member of the High Yield Portfolio Management Team, and serves as a portfolio manager for the Nuveen Short Duration High Yield Municipal Bond Strategy and supports the management of the firm’s other High Yield Municipal Bond portfolios. He oversees a number of state-specific, tax-exempt portfolios including the Kansas Municipal Bond, Louisiana Municipal Bond and Wisconsin Municipal Bond Strategies. He is also responsible for the tender option bond/inverse floating rate program used by some of the firm’s closed-end and open-end funds. In addition, he manages two closed-end funds that rely on the use of tender option bonds for leverage and co-manages several ETFs. He joined the firm in 2003. Prior to his current position at the firm, he worked as a senior analyst responsible for risk management and performance measurement processes. He received his B.A. in Finance and Accounting and an M.B.A. in Finance from Miami University.

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

 

ITEM 8(a)(2).

OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

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

 

Portfolio Manager        

   

Type of Account

Managed

    Number of
Accounts		    Assets*  

Steven Hlavin

    Registered Investment Company    7    $ 9.74 billion  
   Other Pooled Investment Vehicles    1    $ 466 million  
   Other Accounts    0    $ 0  

John V. Miller

    Registered Investment Company    11    $ 45.16 billion  
   Other Pooled Investment Vehicles    10    $ 1.17 billion  
   Other Accounts    13    $ 69 million  

 

*   Assets are as of March 31, 2022. None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

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

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

 

ITEM 8(a)(3).

FUND MANAGER COMPENSATION

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

Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

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

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

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

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

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

 

ITEM 8(a)(4).

OWNERSHIP OF HYIF SECURITIES AS OF MARCH 31, 2022

 

                                                                                                                                                  

Name of Portfolio Manager

    None    $1-
$10,000		    $10,001-
$50,000 		   $50,001-
$100,000 		   $100,001-
$500,000 		   $500,001-
$1,000,000 		   Over $1,000,000

Steven Hlavin

    X                  

John Miller

    X                  

 

ITEM 9.

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

Not applicable.

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

 

ITEM 11.

CONTROLS AND PROCEDURES.

 

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

 

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

 

ITEM 12.

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

Not applicable.

 

ITEM 13.

EXHIBITS.

File the exhibits listed below as part of this Form.

 

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

SIGNATURES

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

(Registrant) Nuveen Enhanced High Yield Municipal Bond Fund

 

By (Signature and Title)   

/s/ Mark L. Winget

   
   Mark L. Winget   
   Vice President and Secretary   
Date: June 3, 2022   

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

 

By (Signature and Title)   

/s/ David J. Lamb

   
   David J. Lamb   
   Chief Administrative Officer   
   (principal executive officer)   
Date: June 3, 2022   
By (Signature and Title)   

/s/ E. Scott Wickerham

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

Exhibit 99.CERT

CERTIFICATION

I, David J. Lamb, certify that:

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

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

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

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

 

  (a)

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

 

  (b)

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

 

  (c)

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

 

  (d)

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

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

 

  (a)

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

 

  (b)

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

 

Date: June 3, 2022      

/s/ David J. Lamb

      David J. Lamb
      Chief Administrative Officer
      (principal executive officer)

CERTIFICATION

I, E. Scott Wickerham, certify that:

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

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

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

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

 

  (a)

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

 

  (b)

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

 

  (c)

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

 

  (d)

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

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

 

  (a)

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

 

  (b)

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

 

Date: June 3, 2022      

/s/ E. Scott Wickerham

      E. Scott Wickerham
      Vice President and Controller
      (principal financial officer)

Exhibit 99.906CERT

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

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

 

  1.

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

 

  2.

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

 

Date: June 3, 2022      
     

/s/ David J. Lamb

      David J. Lamb
      Chief Administrative Officer
      (principal executive officer)
     

/s/ E. Scott Wickerham

      E. Scott Wickerham
      Vice President, Controller
      (principal financial officer)