ITEM 1. REPORTS TO STOCKHOLDERS.

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Table of Contents

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Table of Contents

Important Notices

For Shareholders of

Nuveen Municipal Credit Income Fund (NZF)

Fund Reorganization

After the end of the reporting period, during December 2021, NZF’s Board of Trustees approved a proposal that, if approved by Shareholders and if other customary closing conditions are met, would result in the reorganization of Nuveen Enhanced Municipal Value Fund (NEV) into NZF (the “Reorganization”). More details about the Fund’s Reorganization is available on www.nuveen.com/cef.

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Chair’s Letter
to Shareholders

Dear Shareholders,

In 2021, we have seen a nearly full recovery in the economy and began to approach more normalcy in our daily lives, enabled by unprecedented help from governments and central banks and the development of effective COVID-19 vaccines and therapies. However, the newly discovered omicron variant is a reminder that pandemic risks are still with us, which has created uncertainty about the economic outlook in the coming year and contributed to recent short-term volatility in the markets.

As some factors that drove 2021’s rebound fade and the pandemic continues to pose some downside risk, global economic growth is expected to be slower but remain expansionary. In the U.S., the Federal Reserve has begun winding down its pandemic bond buying program and could begin raising short-term interest rates in 2022. The crisis-related fiscal stimulus totaling $5.3 trillion to support individuals and families, small and large businesses, state and local governments, education, public health and vaccinations will also phase out. Government spending will be lower from here but should continue to aid the global recovery in the coming year. In the U.S., the $1.2 trillion Infrastructure Investment and Jobs Act recently went into effect on November 15, 2021, funding upgrades to road, rail and air transportation, broadband internet, and power and water systems. Europe, Japan and China are also expected to roll out additional fiscal support in 2022.

Investors will continue to closely monitor inflation. The spread of the COVID-19 delta variant in 2021 exacerbated shortages of raw materials and labor and disrupted transportation and logistics, which contributed to inflation staying elevated for longer than expected. This prompted some central banks to begin withdrawing monetary stimulus measures and others to raise interest rates. The timing of monetary policy normalization will be a key focus in the markets, as will the progression of the virus, which can be difficult to predict given uneven vaccination rates around the world and the potential for new variants.

We anticipate periodic volatility as markets digest incoming data on economic activity levels, inflation, interest rates and COVID-19, as well as their impacts to consumer behavior and corporate profits. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

As the global economy shifts from the fast recovery phase to a new phase of expansion potentially impacted by inflations and new COVID strains, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals 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
Chair of the Board
December 22, 2021

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Portfolio Managers’ Comments

Nuveen AMT-Free Municipal Credit Income Fund (NVG)

Nuveen Municipal Credit Income Fund (NZF)

Nuveen Municipal High Income Opportunity Fund (NMZ)

Nuveen Municipal Credit Opportunities Fund (NMCO)

Nuveen Dynamic Municipal Opportunities Fund (NDMO)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC, the Funds' investment adviser. Portfolio managers include John V. Miller, CFA, Steve M. Hlavin, Paul L. Brennan, CFA, Scott R. Romans, PhD, and Timothy T. Ryan, CFA. Paul has managed NVG since 2006, Scott assumed portfolio management responsibility for NZF in 2016, John has managed NMZ since its inception in 2003, John and Steve have managed NMCO since its inception in 2019 and John and Tim have managed NDMO since its inception in 2020.

Here the portfolio management team discusses U.S. economic and municipal market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended October 31, 2021. For more information on the Funds’ 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 financial markets during the twelve-month reporting period ended October 31, 2021?

Supported by massive fiscal and monetary stimulus and economic reopening, the U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures. The federal government’s relief measures have totaled approximately $5.3 trillion across six aid packages, which included direct payments to individuals and families, expanded unemployment insurance, loans to large and small businesses, funding for hospitals and health agencies, state and local governments, education and public health/vaccinations. Additionally, while not technically a pandemic spending measure, the $1.2 trillion Infrastructure Investment and Jobs Act that funds improvements to roads/bridges, broadband internet, airports and ports, and water and power systems was signed into law after the close of this reporting period on November 15, 2021. The U.S. Federal Reserve (Fed) has maintained short-term interest rates near zero and enacted credit facilities to help keep the financial system stable, lowering borrowing costs for businesses and individuals.

By the start of this reporting period, markets had largely stabilized from the initial shock of the health crisis. To recap, in March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). 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.

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shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia further amplified oil price volatility. In late 2020, the announcement of high efficacy rates in several COVID 19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries, improved the outlook for 2021, which contributed to risk-on sentiment in the markets. The positive sentiment was realized during the first half of 2021 as U.S. gross domestic product (GDP) expanded at an annualized rate of 6.3% in the first quarter of 2021 and 6.7% in the second quarter of 2021. However, economic growth slowed considerably in the third quarter of 2021 to a 2.1% annualized rate, dampened by the spread of the COVID-19 delta variant and constricted supply chains, according to the “second” estimate released by the Bureau of Economic Analysis.

Although supply bottlenecks, labor shortages and higher inflation have weighed on economic growth in the short term, consumer demand remains strong. Given the U.S. economy’s progress, the Fed began signaling a timeline for tapering pandemic monetary support by reducing its monthly bond purchases (which was initially announced at the November 2021 policy meeting, after the close of this reporting period), as well as suggested interest rate normalization that could start later in 2022. In addition to monetary policy tightening, markets remained concerned about the political gridlock over raising the debt ceiling – the amount the U.S. is allowed to borrow. (After the close of this reporting period, the government approved a $2.5 trillion increase to the debt limit, averting a default at the end of 2021.)

Although U.S. Treasury yields moved higher in the twelve-month reporting period, most notably in 10-year maturities, municipal yields at the long end of the yield curve were broadly unchanged. While a rising rate environment would typically signal a more challenging environment for municipal bonds, the improving fundamental credit backdrop and favorable supply-demand dynamics helped the municipal market stay resilient. Economic reopening and vaccine distribution bolstered investor confidence while the revenue recovery for many municipal issuers was V-shaped and strong. Additionally, the American Rescue Plan Act signed into law in March 2021 provided federal aid to the already improving financial positions of state and local governments. Credit ratings agencies upgraded their outlooks for most municipal sectors from negative to stable, and individual credit upgrades exceeded downgrades by a 2-to-1 margin in this reporting period. Overall, default risk stayed notably moderate. Supply issuance in 2021 year-to-date remained on pace with 2020’s record volume, with a significant, albeit moderating, proportion of issuance in taxable municipals and refunding deals. Demand also stayed strong, with consistently positive inflows that further supported credit spread narrowing and municipal bond performance.

Municipal bonds generally performed well in the twelve-month reporting period. Municipal yields increased across the short to intermediate maturity range while remaining nearly unchanged at the long end, leading to the outperformance of longer maturity municipal bonds. Credit spreads tightened significantly as the economic recovery progressed and demand remained strong for credits offering higher yields.

Nuveen AMT-Free Municipal Credit Income Fund (NVG) & Nuveen Municipal Credit Income Fund (NZF)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

NVG’s investment objectives are to provide current income exempt from regular federal income tax and to enhance portfolio value relative to the municipal bond market. The Fund invests in tax-exempt municipal bonds that the portfolio management team believes are underrated or undervalued or that represent municipal market sectors that are undervalued, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

NVG’s trading activity continued to focus on pursuing its investment objectives. NVG’s portfolio positioning remained stable. The Fund used the cash flows from called and maturing bonds and coupon income, as well as some tactical selling of bonds from vari-

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Portfolio Managers’ Comments (continued)

ous sectors, to reinvest mainly into long maturity bonds across a diverse group of sectors. While NVG made some sizeable purchases in AA rated credits, the Fund also found opportunities to add to lower rated investment grade and high yield bonds. High grade purchases included tax supported, single- and multi-family housing, health care, transportation, and utility bonds. NVG added lower rated investment grade and below investment grade bonds, which included Puerto Rico Aqueduct and Sewer (PRASA), Puerto Rico Sales Tax Revenue (COFINA), New Jersey state debt, Energy Harbor senior debt, and New York Metropolitan Transit Authority (MTA). Bond calls and maturities from NVG’s portfolio during the reporting period were mainly pre-refunded bonds, with some tactical selling across various sectors.

NZF’s investment objective is to provide current income exempt from regular federal income tax. The Fund invests in an actively managed portfolio of tax-exempt municipal securities, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

NZF’s trading activity continued to focus on pursuing its investment objectives. NZF’s purchases were primarily driven by incoming cash from called and maturing bonds and, when needed, selling some very short dated pre-refunded bonds to make opportunistic investments. The Fund focused on buying maturities of 20 years and longer in 4% and 5% coupon structures, with some additions of 3% coupon bonds toward the end of the reporting period. Management sought opportunities to add mid-grade and lower rated bonds trading at attractive relative valuations, such as A rated health care and toll roads and below investment grade issues for Puerto Rico (PRASA and COFINA), Florida high-speed passenger train Brightline, and selected health care names.

As of October 31, 2021, both Funds continued to use inverse floating rate securities. The Funds employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Funds perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NVG and NZF outperformed the NVG and NZF Blended Benchmark, which is composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the NVG and NZF Blended Benchmark.

The main factors contributing to the outperformance of the portfolios during this reporting period were yield curve and duration positioning, credit quality allocation and individual credit selection. During the reporting period, longer duration bonds generally outperformed. The portfolios remained favorably positioned for this environment, with longer durations than their benchmark. The portfolios were well positioned from a credit quality standpoint as well, with overweights to lower rated investment grade and high yield credits, which generally outperformed, and underweights to the highest credit quality bonds, which generally lagged relative to the broad market.

Individual credit selection was a positive driver of relative performance for both portfolios. One of the top contributors was Energy Harbor common stock. The stock price appreciated on several tailwinds, namely, strong demand for energy generation as the economy reopened, rising electricity prices, and U.S. and global governments’ focus on low carbon energy sources like nuclear power, as well as the company’s increasing distance from the bankruptcy of its parent company. For NVG’s portfolio, other strong contributors to relative performance included positions in tax supported debt for the state of Illinois, Chicago Board of Education, Metropolitan Pier and Exposition Authority McCormick Place, state of New Jersey, Puerto Rico sales tax revenue bonds (COFINA), New Jersey retail and entertainment complex American Dream and Birmingham Civic Center, all of which were supported by revenue recoveries in the economic reopening, credit outlook upgrades and improved investor confidence. Similarly, NZF’s portfolio benefited from its positions in tax supported debt for the state of Illinois and the state of New Jersey, along with its positions in

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Metropolitan Pier and Exposition Authority McCormick Place and Brightline Trains. Brightline’s prospects continued to improve with the ongoing construction of its Orlando route and planned extension to Disney World, new contracts for commuter rail in Miami-Dade and Broward Counties, and the full-service reopening of its Miami, Fort Lauderdale and West Palm Beach stations in early November 2021 (after the close of this reporting period).

Partially offsetting the outperformance of NVG’s portfolio was sector positioning, primarily driven by an overweight to the pre-refunded sector, which lagged, and a slight underweight to the strong performing mass transit subsector. The portfolio’s underweight to the industrial development revenue (IDR) sector also detracted from relative performance as the sector outperformed during the reporting period. At the same time, sector allocations in NZF’s portfolio were a very modest contributor to relative performance.

Nuveen Municipal High Income Opportunity Fund (NMZ)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

The Fund’s primary investment objective is to provide high current income exempt from regular federal income tax. Its secondary investment objective is to seek attractive total return consistent with its primary objective. NMZ invests in an actively managed portfolio of tax-exempt municipal securities, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

Trading activity continued to focus on pursuing the Fund’s investment objectives. NMZ reinvested the proceeds from called and maturing bonds as well as capital raised from a shelf offering during the reporting period. There were no active sales of positions. NMZ added to some of its longstanding positions in land-secured bonds and charter schools, which offered several attractively priced new issues. The Fund also added to positions in Brightline and Puerto Rico Electric Power Authority (PREPA). The senior living sector, which was among the hardest hit and slowest to recover sectors, began to show more attractive long-term risk-reward prospects. NMZ very selectively bought small positions in a Westchester County senior living project in Purchase, New York, and Sanctuary Long-Term Care, a portfolio of senior living projects in Texas.

As of October 31, 2021, the Fund continued to use inverse floating rate securities. The Fund employed inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NMZ outperformed 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.

NMZ’s portfolio benefited from its overweight to below investment grade and non-rated bonds. At the same time, individual credit selection was the largest driver of relative performance. Some of the portfolio’s largest positions were strong outperformers in this reporting period, including Energy Harbor common stock, Brightline Trains, American Dream, Buckeye Tobacco and Puerto Rico Sales Tax Revenue Bonds (COFINA). Energy Harbor’s stock price appreciated on several tailwinds, namely, strong demand for energy generation as the economy reopened, rising electricity prices, and U.S. and global governments’ focus on low carbon energy sources like nuclear power, as well as the company’s increasing distance from the bankruptcy of its parent company. Brightline’s prospects continued to improve with the ongoing construction of its Orlando route and planned extension to Disney World, new contracts for commuter rail in Miami-Dade and Broward Counties, and the full-service reopening of its Miami, Fort Lauderdale and West Palm Beach stations in early November 2021 (after the close of this reporting period). American Dream has

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Portfolio Managers’ Comments (continued)

benefited from stores reopening, the strong consumer spending rebound and people seeking more normalcy as restrictions have eased. Buckeye Tobacco and COFINA also performed well, as large, well-known high yield benchmark names such as these generally do well when the market rises.

There were few detractors in NMZ’s portfolio during the reporting period. However, proton therapy bonds had a small negative impact as they have continued to lag the broader recovery despite some marginal improvement towards the end of the reporting period. This small sector in the municipal bond universe had been underperforming prior to the health crisis, and upon its outset the underperformance accelerated from diminishing demand as patients postponed testing and delayed treatment at proton therapy treatment facilities. The Fund continued to hold these positions on the view that they can add incremental value over time.

Nuveen Municipal Credit Opportunities Fund (NMCO)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

The Fund’s primary investment objective is to provide a high level of current income exempt from regular U.S. federal income tax and secondarily, total return. NMCO invests primarily in high yielding, low to medium-quality municipal securities, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

Trading activity continued to focus on pursuing the Fund’s investment objectives. NMCO focused on higher yielding credits that still represented good relative values and wider credit spreads. New purchases were mainly funded from the proceeds from called and maturing bonds, including larger refundings such as Northern Tobacco Settlement Bonds from Alaska and Verity Health Revenue Bonds. NMCO continued to build a position in Puerto Rico general obligations (GOs), where the credit outlook has improved and the restructuring has meaningfully progressed. NMCO participated in a new issue for Brightline after holdings in some older, lower coupon Brightline bonds were refunded, and bought a refunding deal for the Foothill/Eastern Transportation Corridor Agency Toll Road in California. There were no notable sales from NMCO’s portfolio in this reporting period.

As of October 31, 2021, the Fund continued to use inverse floating rate securities. The Fund employed inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NMCO outperformed 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 primary contributor to the portfolio’s relative performance was its credit quality allocation which was driven by its overweight to below investment grade and non-rated bonds. The portfolio also benefited from its overweight to the industrial development revenue (IDR), state general obligation (GOs), sales tax and utility sectors and its underweight to hospitals, senior living and tobacco sectors. Individual credit selection was a positive driver of relative performance as well. One of the top contributors was Energy Harbor common stock. The stock price appreciated on several tailwinds, namely, strong demand for energy generation as the economy reopened, rising electricity prices, and U.S. and global governments’ focus on low carbon energy sources like nuclear power, as well as the company’s increasing distance from the bankruptcy of its parent company. Additional contributors included Metropolitan Pier and Exposition Authority McCormick Place (commonly known as Illinois Met Pier) and Brightline Trains, along with New Jersey retail and entertainment complex American Dream.

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Partially offsetting the outperformance was the portfolio’s holdings in proton therapy names, along with its position in Carousel Center Mall in Syracuse, New York and a few zero coupon tobacco settlement bonds that had modest negative returns during the reporting period. The Fund continued to hold these positions on the view that they can add incremental value over time. The portfolio’s underweight to local GOs and Puerto Rico, which generally outperformed during the reporting period, were additional modest detractors.

Nuveen Dynamic Municipal Opportunities Fund (NDMO)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

The Fund’s investment objective is to provide total return through income exempt from regular federal income taxes and capital appreciation. NDMO invests primarily in municipal securities, the income on which is exempt from regular U.S. federal income tax, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

Trading activity continued to focus on pursuing the Fund’s investment objective. NDMO continued to emphasize longer duration and lower rated, higher yielding bonds for their higher income earnings and total return potential. In the first half of the reporting period, the Fund tended to favor intermediate maturities, but as the yield curve adjusted and longer dated bonds declined in value, the portfolio management team sought buying opportunities in 30-year maturities and actively sold 10- to 20-year bonds. NDMO maintained its strategic allocation to higher yielding, lower rated credits. The portfolio management team looked to sell high yield securities that appeared overvalued when bids were favorable while still investing in attractive new high yield opportunities. New purchases were mostly funded from cash flows from coupon income and maturing bonds.

As of October 31, 2021, the Fund continued to use inverse floating rate securities. The Fund employed inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NDMO outperformed the S&P Municipal Bond Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Index.

The primary contributor to the portfolio’s relative performance was its credit quality allocation, which was driven by its overweight to below investment grade and non-rated bonds. The portfolio also benefited from its overweight to revenue sectors and underweight to general obligation bonds (GOs). Notably, the portfolio benefited from positions in the industrial development revenue (IDR) sector such as plastics recycler PureCycle Ohio LLC, Big River Steel and American Airlines, and transportation names, including New York Metropolitan Transit Authority (MTA) and Brightline Trains. Brightline’s prospects continued to improve with the ongoing construction of its Orlando route and planned extension to Disney World, new contracts for commuter rail in Miami-Dade and Broward Counties, and the full-service reopening of its Miami, Fort Lauderdale and West Palm Beach stations in early November 2021 (after the close of this reporting period).

There were few detractors in NDMO’s portfolio in this reporting period. However, the portfolio’s position in Gunderson Lutheran Health System had a small negative impact. The position was bought at a point during the reporting period when prevailing rates were lower and subsequently underperformed when rates increased. Following the end of the reporting period, the Fund exited a majority of the position in favor of other opportunities.

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares, reverse repurchase agreements, borrowings and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest a Fund earns on its portfolio of long-term bonds 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 a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds 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 tax-exempt 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 positive impact on the total return performance of the Funds over the reporting period.

As of October 31, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.

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Refer to Notes to Financial Statements, Note 5 – Fund Shares and Note 11 – Subsequent Events for further details on preferred shares and each Fund’s respective transactions.