Nuveen Enhanced High Yield Municipal Bond Fund
08/17/2026 | Press release | Distributed by Public on 08/17/2026 08:11
Amendment to Annual Report by Investment Company (Form N-CSR/A)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number |
811-23445 |
Nuveen Enhanced High Yield Municipal Bond Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Vice President and Secretary
333 West Wacker Drive
Chicago, Illinois 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 257-8787
Date of fiscal year end: March 31
Date of reporting period: March 31, 2026
| Item 1. |
Reports to Stockholders. |
Nuveen Interval Funds
Interval Funds
March 31, 2026
Annual
Report
Fund Name
Class A1
Class A2
Class I
Nuveen Enhanced High Yield Municipal Bond Fund
NHYEX
NHYAX
NMSSX
2
Table
of Contents
Discussion of Fund Performance
3
Common Share Information
5
About the Fund's Benchmark
6
Fund Performance, Expense Ratios, Leverage and Holdings Summaries
7
Expense Examples
11
Report of Independent Registered Public Accounting Firm
12
Portfolio of Investments
13
Statement of Assets and Liabilities
40
Statement of Operations
42
Statement of Changes in Net Assets
43
Statement of Cash Flows
44
Financial Highlights
45
Notes to Financial Statements
48
Important Tax Information
59
Additional Fund Information
60
Glossary of Terms Used in this Report
61
Board Members & Officers
62
Discussion of
Fund Performance
3
Nuveen Enhanced High Yield Municipal Bond Fund (HYIF)
Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for the Nuveen
Enhanced High Yield Municipal Bond Fund (HYIF).
The portfolio managers for HYIF are Daniel Close, CFA, Steven Hlavin, and Stephen Candido, CFA.
Below is a discussion of the Fund's performance and the factors that contributed and detracted during the 12-month reporting
period ended March 31, 2026. For more information on the Fund's investment objectives and policies, please refer to the
Shareholder Update section at the end of the report.
Nuveen Enhanced High Yield Municipal Bond Fund (HYIF)
What factors affected markets during the reporting period?
Municipal bond yields fell across much of the maturity spectrum but rose for the longest maturities, steepening
the municipal yield curve over the reporting period. Yields saw elevated volatility during the reporting period. This
volatility was in response to uncertainties related to U.S. fiscal and trade policy under the Trump administration, federal
debt sustainability, the path of monetary policy and Federal Reserve independence, and intensifying geopolitical risks
that drove energy prices sharply higher and increased inflation pressures at period end.
While credit fundamentals remained strong, unprecedented supply pressure weighed on the municipal market during
the reporting period. Demand for municipal debt increased during the reporting period but was less robust when
compared to the elevated level of supply.
What key strategies were used to manage the Fund during the reporting period?
The Fund's trading activity remained focused on pursuing its investment objectives. During the reporting period, the
Fund continued to emphasize a long-term view of investing in non-investment-grade and unrated bonds, as well as
special situations municipal securities (including distressed and defaulted securities), where taking advantage of market
inefficiencies can result in enhanced yield and capital appreciation potential.
The portfolio management team actively worked to invest in new issues offering high tax-exempt income and
attractive spreads and in secondary market opportunities where pricing dislocations presented attractive relative value.
Selling activity prioritized low book yield, lower coupon positions, consistent with our strategy to position the Fund for
higher yield returns going forward.
How did the Fund perform and what factors affected relative performance?
For the 12-month reporting period ended March 31, 2026, the Class I Shares of the Nuveen Enhanced High Yield Municipal Bond
Fund returned -2.26%. The Fund underperformed the S&P Municipal Yield Index, which returned 3.63%.
Top contributors to relative performance
Underweight to bonds with durations of four to six years and overweight to bonds with durations of eight to 12 years.
Overweight to tax-supported bonds.
Underweight to tobacco settlement bonds.
Discussion of Fund Performance
(continued)
4
Top detractors from relative performance
The Fund's use of leverage through investment in inverse floating rate securities and the issuance of preferred shares.
Underweight allocations to bonds rated A and BBB.
Overweight to non-rated bonds.
Exposure to the bonds of high-speed passenger rail Brightline.
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 Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard &
Poor's Group (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that
used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade
ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating
agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves,
which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in
the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Common Share Information
5
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Fund's distributions is current as of March 31, 2026. The Fund's distribution levels may vary
over time based on the Fund's investment activity and portfolio investments value changes.
During the current fiscal period, the Fund's distributions to common shareholders were as shown in the accompanying table.
The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected
net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate
that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common
shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where
the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary
income. Refer to the Notes to Financial Statements for additional information regarding the amounts of undistributed net ordinary
income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the
period.
All monthly dividends paid by the Fund during the current reporting period were paid from net investment income. If a portion of
the Fund's monthly distributions is sourced from or comprised of elements other than net investment income, including capital gains
and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, per share amounts of the
Fund's distributions for the reporting period are presented in this report's Financial Highlights. For income tax purposes, distribution
information for the Fund as of its most recent tax year end is presented in the Notes to Financial Statements of this report.
REPURCHASE OFFER
In order to provide liquidity to common shareholders, the Fund has adopted a fundamental investment policy, which may only
be changed by a majority vote of shareholders, to make quarterly offers to repurchase between 5% and 25% of its outstanding
Common Shares at NAV, reduced by any applicable repurchase fee. Subject to approval of the Board, for each quarterly repurchase
offer, the Fund currently expects to offer to repurchase 7.5% of the outstanding Common Shares at NAV. The Fund does not
currently expect to charge a repurchase fee.
Refer to the Notes to Financial Statements for further details on the Fund's repurchase offer.
Monthly Distributions (Ex-Dividend Date)
Class A1
Class A2
Class I
April 2025
$
0.0320
$
0.0340
$
0.0370
May
2025
0.0320
0.0340
0.0370
June 2025
0.0320
0.0340
0.0370
July 2025
0.0320
0.0340
0.0370
August 2025
0.0325
0.0340
0.0370
September 2025
0.0325
0.0340
0.0370
October 2025
0.0325
0.0340
0.0370
November 2025
0.0325
0.0340
0.0370
December 2025
0.0325
0.0340
0.0370
January 2026
0.0325
0.0340
0.0370
February 2026
0.0325
0.0340
0.0370
March 2026
0.0325
0.0340
0.0370
Total Distributions from Net Investment Income
$
0.3880
$
0.4080
$
0.4440
Class A1
Class A2
Class I
Distribution Rate on NAV*
5.55%
5.80%
6.32%
*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.
6
About the Fund's Benchmark
S&P Municipal Yield Index
: An index that is structured so that 70% of the index consists of bonds that are either not rated
or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A. Index returns assume reinvestment of
distributions, but do not reflect any applicable sales charges or management fees.
Fund Performance, Expense Ratios,
Leverage and Holdings Summaries
7
The Fund Performance, Expense Ratios, Leverage and Holdings Summaries for the Fund are shown within this
section of the report.
Fund Performance
Performance data shown represents past performance and does not predict or guarantee future results.
Investment returns
and principal value will fluctuate so that when shares are repurchased, they may be worth more or less than their original cost.
Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for
share classes that have less than 10-years of performance. Returns at NAV would be lower if the sales charge were included. Returns
assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or
call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchase of Fund shares.
Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to
the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such
waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements for
more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume
reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A1 Shares at NAV only.
Impact of Leverage
One important factor impacting the returns of the Fund's common shares relative to its comparative benchmarks was the Fund's use
of leverage through its issuance of preferred shares and investments in inverse floating rate securities, which represent leveraged
investments in underlying bonds. The Fund uses leverage because our research has shown that, over time, leveraging provides
opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments
are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund's
common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage
increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through
leverage decline in value. All this will make the shares' total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term
interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have
generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than prior year lows,
leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term
periods.
Leverage Ratios
The Fund's Effective Leverage and Regulatory Leverage Ratios are set forth below. "Effective Leverage" is a Fund's effective
economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a
Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse
floater holdings are included in effective leverage values, in addition to any regulatory leverage. "Regulatory Leverage" consists
of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Fund's capital structure. Regulatory leverage is
subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow
for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the
need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund's Effective Leverage and
Regulatory Leverage ratios.
Fund Performance, Expense Ratios, Leverage and Holdings Summaries
8
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.
Nuveen Enhanced High Yield Municipal Bond Fund
(continued)
Fund Performance, Expense Ratios, Leverage and Holdings Summaries
March 31, 2026
9
Fund Performance and Expense Ratios*
* For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.
** Class A1 Shares have a maximum 2.50% sales charge (Offering Price). Class A1 Share purchases of $250,000 or more are sold at net
asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1.50% if repur-
chased before the first day of the month in which the one-year anniversary of the purchase falls. Class A2 and Class I Shares have no
sales charge and may be purchased under limited circumstances or by specified classes of investors.
*** The Fund's investment adviser has contractually agreed to waive fees and/or reimburse Fund expenses through July 31, 2028 so
that total annual Fund operating expenses (excluding distribution and/or service fees that may be applicable to a particular class of
shares, issuance and dividend costs of preferred shares that may be issued by the Fund, interest expense, taxes, acquired fund fees
and expenses, fees incurred in acquiring and disposing of portfolio securities, litigation expenses and extraordinary expenses) do
not exceed 1.05% of the average daily managed assets of any class of Fund shares. This expense limitation may be terminated or
modified prior to that date only with the approval of the Board of Trustees of the Fund.
Growth of an Assumed $10,000 Investment as of March 31, 2026
- Class A1
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a
shareholder may pay on Fund distributions or the redemptions of Fund shares.
Total Returns as of
March 31, 2026**
Average Annual
Expense Ratios
***
Inception
Date
1-Year
Since
Inception
Gross
Net
Class A1 at NAV
6/30/21
(3.02)%
(2.58)%
3.54%
3.52%
Class A1 at maximum Offering Price
6/30/21
(5.44)%
(3.10)%
-
-
S&P Municipal Yield Index
-
3.63%
1.03%
-
-
Class A2
7/29/22
(2.75)%
1.83%
3.29%
3.27%
Class I
6/30/21
(2.26)%
(1.86)%
2.79%
2.77%
10
Fund Performance, Expense Ratios, Leverage and Holdings Summaries
March 31, 2026
(continued)
Leverage and Holdings
Leverage
Effective Leverage
29.52%
Regulatory Leverage
28.04%
Fund Allocation
(% of net assets)
Municipal Bonds
138.7%
Warrants
0.0%
Variable Rate Senior Loan
Interests
0.0%
Other Assets & Liabilities, Net
3.6%
Borrowings
(0.6)%
Floating Rate Obligations
(2.9)%
MFP Shares, Net
(38.8)%
Net Assets
100%
Portfolio Credit Quality
(% of total investments)
AA
0.4%
BBB
2.7%
BB or Lower
6.7%
N/R (not rated)
90.2%
N/A (not applicable)
0.0%
Total
100%
Portfolio Composition
(% of total investments)
Tax Obligation/Limited
49.3%
Education and Civic
Organizations
20.5%
Long-Term Care
6.3%
Housing/Multifamily
6.1%
Consumer Discretionary
5.7%
Transportation
4.1%
Consumer Staples
3.3%
Other
4.7%
Variable Rate Senior Loan
Interests
0.0%
Total
100%
Expense Examples
11
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges
(loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1)
fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples
below include the interest and related expenses from inverse floaters that are reflected in the financial statements later within this
report, when applicable.
The examples are based on an investment of $10,000 invested at the beginning and held for the entire reporting period. The
examples are also based on the Fund's actual expenses, which may vary from the expense rates shown in the Fund's prospectus.
What were the Fund's costs for the last year? (based on a hypothetical $10,000 investment)
Cost of a
$10,000 investment
Cost paid as a percentage
of $10,000 investment
Class A1 Shares
$367
3.73%
Class A2 Shares
$343
3.48%
Class I Shares
$295
2.98%
12
Report of Independent Registered
Public Accounting Firm
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, 2026, the related statements of
operations and cash flows for the year ended March 31, 2026, the statement of changes in net assets for each of
the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each
of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of
its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the
period ended March 31, 2026 and the financial highlights for each of the periods indicated therein in conformity with
accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion
on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities
owned as of March 31, 2026 by correspondence with the custodian, agent banks and brokers. We believe that our
audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
May 28,
2026
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
13
Portfolio of Investments March 31, 2026
Enhanced High Yield Municipal Bond
See Notes to Financial Statements
/
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 138.7% (100.0% of Total Investments)
977227406
MUNICIPAL BONDS - 138.7% (100.0% of Total Investments)
977227406
ALABAMA - 0.4%
$
425,000
(a)
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024, (UB)
5.500
%
10/01/53
$
442,209
500,000
MidCity Improvement District, Alabama, Special Assessment
Revenue Bonds, Series 2024
6.500
11/01/44
491,104
550,000
MidCity Improvement District, Alabama, Special Assessment
Revenue Bonds, Series 2024
6.750
11/01/53
522,306
2,220,000
(b)
Montgomery Medical Clinic Board, Alabama, Health Care
Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015
5.000
03/01/33
177,600
1,000,000
(c)
University Beach Improvement District, Alabama, Special
Assessments Revenue Bonds, Series 2026
7.500
11/01/55
961,430
TOTAL ALABAMA
2,594,649
ARIZONA - 3.8%
2,000,000
(c)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Series 2021B
5.000
07/01/51
1,713,597
1,800,000
(c)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Taxable Series 2021A
5.000
07/01/51
1,538,136
3,530,000
(c)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, San Tab Charter Schools Project, Series 2025
6.875
02/01/65
3,493,550
2,500,000
(c)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Senior Series 2022A-1
4.000
12/01/41
1,672,318
1,000,000
(c)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Senior Series 2022A-1
4.000
12/01/51
589,293
110,000
(c)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Senior Series 2022A-1
4.150
12/01/57
63,674
100,000
(c)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Subordinate Series 2022B
5.750
12/15/57
68,340
1,625,000
(c)
Arizona Industrial Development Authority, Development First
Lien Revenue Bonds, Montanero Project, Alternative Minimum
Tax Series 2025, (AMT)
6.750
12/01/55
1,652,255
148,000
Estrella Mountain Ranch Community Facilities District,
Goodyear, Arizona, Special Assessment Revenue Bonds,
Montecito Assessment District 3, Series 2021
3.750
07/01/46
110,043
1,055,000
(c)
Maricopa County Industrial Development Authority, Arizona,
Charter School Revenue Bonds, Paradise Schools Project,
Series 2025
5.875
07/01/60
1,038,636
3,100,000
(c)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Sun Valley Academy, Series 2024A
6.625
07/01/59
3,161,881
1,000,000
(c)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Sun Valley Academy, Series 2024A
6.750
07/01/63
1,023,247
1,655,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Villa Montessori, Inc Project, Series
2023A
5.500
07/01/53
1,591,155
985,000
Phoenix Industrial Development Authority, Arizona, Multi-
Family Housing Revenue Bonds, 3rd and Indian Road Assisted
Living Project, Series 2016
5.400
10/01/36
792,735
1,450,000
(c)
Sierra Vista Industrial Development Authority, Arizona,
Economic Development Revenue Bonds, Convertible Capital
Appreciation Revenue Bonds, Series 2021A
5.375
10/01/56
1,183,892
1,500,000
Sierra Vista Industrial Development Authority, Arizona,
Economic Development Revenue Bonds, Convertible Capital
Appreciation Revenue Bonds, Series 2022A
7.000
10/01/56
1,508,433
500,000
(c)
Sierra Vista Industrial Development Authority, Arizona,
Economic Development Revenue Bonds, Taxable Series 2021B
6.250
10/01/36
434,225
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
14
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
3,000,000
(c)
Sierra Vista Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Flagstaff Junior Academy
Project, Series 2025
7.000
%
06/01/65
$
3,025,306
1,000,000
(c)
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Mirabella at ASU Project, Series 2017A
6.125
10/01/47
800,398
1,400,000
(c)
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Mirabella at ASU Project, Series 2017A
6.125
10/01/52
1,093,984
TOTAL ARIZONA
26,555,098
ARKANSAS - 0.6%
4,500,000
(c)
Arkansas Development Finance Authority, Charter School
Revenue Bonds, Academy of Math and Science - Little Rock
Project Series 2024A
7.000
07/01/59
4,245,448
TOTAL ARKANSAS
4,245,448
CALIFORNIA - 7.3%
2,000,000
(c)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4.000
02/01/56
1,272,283
4,725,000
(c)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments,
Series 2020A
5.000
02/01/50
3,737,475
12,300,000
(c)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5.000
04/01/49
9,938,284
250,000
(c)
California Enterprise Development Authority, Charter School
Revenue Bonds, Norton Science & Language Academy Project,
Series 2021
4.000
07/01/61
180,379
550,000
(c)
California Municipal Finance Authority, Revenue Bonds,
American Musical and Dramatic Academy Inc. AMDA Inc
Project, Taxable Series 2023B
9.500
07/01/30
558,302
1,255,000
(c)
California Municipal Finance Authority, Revenue Bonds,
American Musical and Dramatic Academy Inc., Series 2023A
7.250
07/01/53
1,272,701
1,470,000
California Public Finance Authority, Senior Living Revenue
Bonds, The James, Senior Series 2024A
6.500
06/01/54
1,373,327
7,300,000
California Public Finance Authority, Senior Living Revenue
Bonds, The James, Senior Series 2024A
6.375
06/01/59
6,643,454
1,750,000
(c)
California School Finance Authority, California, Charter School
Revenue Bonds, Alta Public Schools - Obligated Group, Series
2024
5.875
06/01/54
1,620,166
1,925,000
(c)
California School Finance Authority, California, Charter School
Revenue Bonds, Alta Public Schools - Obligated Group, Series
2024
6.000
06/01/64
1,776,652
250,000
(c)
California School Finance Authority, California, Charter School
Revenue Bonds, Girls Athletic Leadership School Los Angeles
Project, Series 2021A
4.000
06/01/51
180,176
1,360,000
(c)
California School Finance Authority, California, Charter School
Revenue Bonds, Hayward Twin Oaks Montessori Charter
School Project, Series 2024A
6.000
06/15/54
1,244,808
2,765,000
(c)
California School Finance Authority, California, Charter School
Revenue Bonds, Hayward Twin Oaks Montessori Charter
School Project, Series 2024A
6.125
06/15/64
2,504,194
5,000,000
(c)
California School Finance Authority, Charter School Lease
Revenue Bonds, Pathways to College Project, Series 2023A
7.500
06/15/63
5,023,609
500,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group,
Series 2020A
5.000
06/01/59
400,030
250,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Citizens of the World Charter, Series 2022A
6.250
04/01/52
248,437
100,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Partnerships to Uplift Communities Project, Refunding
Social Series 2023
5.500
08/01/47
100,520
250,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Russell Westbrook Academy Obligated Group, Series
2021A
4.000
06/01/51
185,547
15
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
500,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Scholarship Prep Public Schools Obligated Group,
Series 2023A
6.000
%
06/01/63
$
481,196
1,000,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Vibrant Minds Charter School Project, Series 2025
6.750
04/15/45
1,017,512
1,000,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Vibrant Minds Charter School Project, Series 2025
7.000
04/15/55
1,003,323
500,000
(c)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Subordinate Series
2021B
8.000
04/01/56
393,043
1,000,000
(c)
CMFA Special Finance Agency, California, Essential Housing
Revenue Bonds, Latitude 33, Senior Series 2021A-2
4.000
12/01/45
760,998
290,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, 1818 Platinum Triangle-
Anaheim, Mezzanine Lien Series 2021B
4.000
04/01/57
211,320
250,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek,
Mezzanine Lien Series 2021B
4.000
10/01/46
203,121
305,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek,
Senior Lien Series 2021A
4.000
10/01/56
247,281
3,000,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Center City Anaheim, Series
2020A
5.000
01/01/54
2,591,902
630,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Millennium South Bay-
Hawthorne, Mezzanine Lien Series 2021B
4.000
07/01/58
332,636
250,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Monterrey Station
Apartments, Series 2021B
4.000
07/01/58
148,335
250,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Mezzanine Lien Series 2021B
4.000
06/01/57
51,287
10,000,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0.000
06/01/66
1,002,158
1,100,000
(b)
Oroville, California, Revenue Bonds, Oroville Hospital Series
2019
5.250
04/01/54
759,000
15,000,000
Tobacco Securitization Authority of Southern California,
Tobacco Settlement Asset-Backed Bonds, San Diego County
Tobacco Asset Securitization Corporation, First Subordinate
CABs, Series 2006B
0.000
06/01/46
3,644,637
TOTAL CALIFORNIA
51,108,093
COLORADO - 33.6%
5,725,000
(c)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5.750
12/01/54
5,649,476
1,220,000
Andrews Farm Metropolitan District 1, Hudson, Colorado,
General Obligation Bonds, Limited Tax Series 2025A
6.375
12/01/55
1,239,183
533,000
Andrews Farm Metropolitan District 1, Hudson, Colorado,
General Obligation Bonds, Subordinate Limited Tax Series
2025B
8.375
12/15/55
526,750
3,025,000
Arista Metropolitan District, Broomfield County, Colorado,
General Obligation Limited Tax Bonds, Refunding and
Improvement Series 2023B
8.250
12/15/39
3,037,427
4,735,000
Aurora Crossroads Metropolitan District 2, Colorado, Limited
Tax General Obligation Bonds, Series 2025A-3
6.125
12/01/55
4,631,887
4,500,000
Aurora Highlands Community Authority Board, Adams
County, Colorado, Special Tax Revenue Bonds, Refunding &
Improvement Series 2021A
5.750
12/01/51
4,276,381
1,200,000
Baseline Metropolitan District 1, In the City and County of
Broomfield, Colorado, Special Revenue Bonds, Subordinate
Series 2024B
6.750
12/15/54
1,198,669
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
16
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
4,775,000
(c)
Bella Mesa Metropolitan District, Castle Rock, Colorado,
Limited Tax General Obligation Bonds, Subordinate Series
2024B
8.000
%
12/15/54
$
4,721,780
500,000
Berthoud-Heritage Metropolitan District 10, Larimer County,
Colorado, Limited Tax General Obligation Bonds, Senior Series
2022A
4.750
12/01/52
409,076
1,750,000
Bradley Heights Metropolitan District 2, Colorado Springs, El
Paso County, Colorado, General Obligation Limited Tax Bonds,
Series 2021A-3
4.750
12/01/51
1,370,695
5,000,000
Brickyard Metropolitan District 1, Castle Rock Town, Douglas
County, Colorado, General Obligation Limited Tax and Special
Revenue Bonds, Series 2025
7.250
12/01/57
4,761,360
500,000
(b)
Broadway Station Metropolitan District 2, Denver City and
County, Colorado, General Obligation Limited Tax Bonds,
Convertible to Unlimited Series 2019A
5.000
12/01/35
431,253
1,475,000
(b)
Broadway Station Metropolitan District 2, Denver City and
County, Colorado, General Obligation Limited Tax Bonds,
Convertible to Unlimited Series 2019A
5.125
12/01/48
1,035,033
4,675,000
Broadway Station Metropolitan District 3, Denver City and
County, Colorado, General Obligation Limited Tax Bonds,
Convertible to Unlimited Series 2019A
5.000
12/01/49
3,140,395
7,872,000
Broadway Station Metropolitan District 3, Denver County,
Colorado, Tax Increment Supported Revenue Bonds, Series
2023A
7.000
12/15/32
7,825,278
446,000
Buffalo Ridge Metropolitan District (In the City of Commerce
City), Adams County, Colorado, General Obligation Refunding
and Improvement Bonds, Series 2018B
7.375
12/15/47
445,937
500,000
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Improvement Bonds, Series 2022
6.500
12/01/53
522,808
140,000
(c)
Cherry Hills City Metropolitan District, Arapahoe County,
Colorado, General Obligation Limited Tax Bonds, Subordinate
Series 2020B-3
8.000
12/15/47
139,908
2,000,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Community Leadership Academy, Inc.
Second Campus Project, Series 2013
7.450
08/01/48
2,005,449
21,000,000
(c)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Senior Lien Series
2025A-1
6.875
02/01/59
21,948,847
170,000
(c)
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Rocky Mountain Classical Academy Project, Refunding
Series 2019
5.000
10/01/59
151,117
3,100,000
(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
American Baptist Homes of the Midwest Obligated Group,
Series 2013
8.000
08/01/43
1,951,591
117,279
(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Ralston Creek at Arvada Project, Series 2017A
5.250
11/01/32
3,518
349,229
(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Ralston Creek at Arvada Project, Series 2017A
5.500
11/01/37
10,477
651,547
(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Ralston Creek at Arvada Project, Series 2017A
5.750
11/01/47
19,547
435,233
(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Ralston Creek at Arvada Project, Series 2017A
6.000
11/01/52
13,057
500,000
(b),(c)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Sunny Vista Living Center Project, Refunding & Improvement
Series 2015A
5.500
12/01/30
423,568
500,000
(b),(c)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Sunny Vista Living Center Project, Refunding & Improvement
Series 2015A
6.250
12/01/50
346,767
2,055,000
Conexus Metropolitan District No. 1, Monument, El Paso
County, Colorado, Limited Tax General Obligation and Special
Revenue Bonds, Series 2025A
6.250
12/01/55
2,058,646
1,800,000
Copperleaf Metropolitan District 5, Arapahoe County,
Colorado, Limited Tax General Obligation Bonds, Refunding
Limited Tax Convertible to Unlimited Tax Series 2025A
6.500
12/01/55
1,817,015
17
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
500,000
Copperleaf Metropolitan District 6, Arapahoe County,
Colorado, Limited Tax, General Obligation Bonds, Subordinate
Series 2022B
6.000
%
12/15/41
$
505,753
4,900,000
(c)
Cottonwood Creek Metropolitan District 5, Arapahoe County
Colorado, Limited Tax General Obligation Bonds, Convertible
Capital Appreciation Series 2025
7.250
12/01/55
3,820,784
1,658,000
Crossroads Metropolitan District 1, El Paso County, Colorado,
Limited Tax General Obligation and Special Revenue Bonds,
Series 2022
6.500
12/01/51
1,616,161
5,000,000
(c)
Dawson Trails Metropolitan District 1, Castle Rock, Colorado,
Limited Tax General Obligation Bonds, Subordinate Series
2025B
9.250
12/15/55
4,756,429
1,398,667
Dawson Trails Metropolitan District 1, Colorado, In The
Town of Castle Rock, Limited Tax General Obligation Capital
Appreciation Turbo Bonds, Series 2024
0.000
12/01/31
912,963
2,000,000
DC Metropolitan District, Denver County, Colorado, Limited
Tax General Obligation Bonds, Convertible to Unlimited Tax
Series 2024A
5.875
12/01/54
1,953,833
1,250,000
DC Metropolitan District, Denver County, Colorado, Limited
Tax General Obligation Bonds, Convertible to Unlimited Tax
Series 2024B
8.000
12/15/54
1,235,192
5,465,000
Elora Metropolitan District, Elbert County, Colorado, General
Obligation Bonds, Limited Tax Convertible to Unlimited Tax,
Series 2025A
6.000
12/01/55
5,560,788
600,000
(c)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6.750
12/01/34
599,179
500,000
(c)
Glen Metropolitan District 3, El Paso County, Colorado, General
Obligation Limited Tax Bonds, Series 2021
4.250
12/01/51
403,615
1,277,000
Grand Avenue Metropolitan District, In the City of Aurora,
Arapahoe County, Colorado, Limited Tax General Obligation
Bonds, Series 2023
8.125
12/01/52
1,294,319
1,185,000
Haymeadow Metropolitan District 1, Eagle County, Colorado,
General Obligation Bonds, Limited Tax Subordinate Series
2025B
8.375
12/15/49
1,178,274
1,000,000
Haymeadow Metropolitan District 1, Eagle County, Colorado,
General Obligation Bonds, Subordinate Limited Tax Series
2025A
6.125
12/01/54
1,020,253
948,717
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 1,
Series 2024A-1
6.000
12/01/43
976,176
2,000,000
(c)
Kinston Metropolitan District 5, Loveland, Larimer County,
Colorado, Limited Tax General Obligation Bonds, Subordinate
Refunding and Improvement Series 2025B
8.250
12/15/55
1,941,316
1,000,000
(c)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6.625
12/01/56
959,935
2,000,000
Lakota Pointe Metropolitan District 1, Winter Park, Colorado,
Limited Tax General Obligation Bonds, Series 2025A
6.000
12/01/55
2,026,843
1,185,000
Lakota Pointe Metropolitan District 1, Winter Park, Colorado,
Limited Tax General Obligation Bonds, Subordinate Series
2025B
8.250
12/15/55
1,169,066
2,000,000
(c)
Ledge Rock Center Commercial Metropolitan District (In the
Town of Johnstown, Weld County, Colorado), Limited Tax
General Obligation Bonds, Series 2022
7.375
11/01/52
2,086,651
1,000,000
(c)
Ledge Rock Center Commercial Metropolitan District, In the
Town of Johnstown, Weld County, Colorado, Limited Tax
General Obligation Bonds, Series 2022A
7.000
11/01/52
1,011,476
500,000
Ledge Rock Center Residential Metropolitan District 1, Weld
County, Colorado, Limited Tax General Obligation Bonds,
Series 2024A
6.375
12/01/54
505,017
3,125,000
Legacy Community Authority, Wheat Ridge, Colorado, Limited
Tax Supported Revenue Bonds, Series 2025A
6.750
12/01/55
3,173,645
1,000,000
Legato Community Authority, Colorado, Commerce City
Colorado Limited Tax Supported Revenue Bonds District 12 3
& 7 Convertible Capital Appreciation Series 2021A-2
5.000
12/01/51
774,407
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
18
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
535,000
Lochbuie Station Metropolitan District, Colorado, General
Obligation Limited Tax Bonds, Subordinate General Obligation
Limited Tax Bonds, Series 2020B
6.250
%
12/15/44
$
538,724
2,000,000
(c)
Mayberry Springs Community Authority, El Paso County,
Colorado, Special Assessment Revenue Bonds, Special
Improvement District 1, Series 2025
7.125
12/01/45
2,022,974
500,000
(c)
Mineral Business Improvement District, Arapahoe County,
Colorado, General Obligation and Special Revenue Bonds,
Limited Tax Series 2024A
5.750
12/01/54
492,038
1,000,000
Mirabelle Metropolitan District 2, Douglas County, Colorado,
Limited Tax General Obligation Bonds, Subordinate Series
2025B
6.125
12/15/49
983,868
500,000
Mountain Brook Metropolitan District, Longmont, Boulder
County, Colorado, Limited Tax General Obligation Bonds,
Series 2021
4.750
12/01/51
395,776
1,000,000
Mulberry Metropolitan District 2, Fort Collins, Colorado,
Limited Tax General Obligation Bonds, Series 2022A
7.000
12/01/52
1,019,142
322,000
North Pine Vistas Metropolitan District 3, Castle Pines, Douglas
County, Colorado, Limited Tax General Obligation Bonds,
Subordinate Series 2021B - AGM Insured
4.625
12/15/51
279,815
2,175,000
(c)
Old Towne Metropolitan District, Douglas County, Colorado,
General Obligation Bonds, Refunding and Improvement
Limited Tax Series 2024
6.000
12/01/53
2,011,877
2,500,000
(c)
Orchard Park Place South Metropolitan District, Adams County,
Colorado, General Obligation Bonds, Limited Tax Series 2024
6.000
12/01/54
2,444,662
1,500,000
(b)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
5.000
12/01/49
1,297,600
2,005,000
(c),(d)
Palisade Metropolitan District 2, Broomfield County, Colorado,
General Obligation Limited Tax Bonds, Refunding Subordinate
Convertible Capital Appreciation Series 2024B
0.000
12/15/54
1,940,190
1,215,000
(c)
Palisade Metropolitan District 2, Broomfield County, Colorado,
General Obligation Limited Tax Bonds, Second Subordinate
Series 2024C
8.000
12/15/37
1,217,201
1,150,000
Parterre Metropolitan District 5, Thornton, Adams County,
Colorado, General Obligation Limited Tax Bonds, Series 2025A
6.125
12/01/55
1,197,028
2,500,000
Peak Metropolitan District 3, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Bonds, Series
2022A-1
7.500
12/01/52
2,521,595
3,500,000
Pinery Commercial Metropolitan District 2, Douglas County,
Colorado, Special Revenue Bonds, Series 2025
5.750
12/01/54
3,429,992
500,000
(d)
Pinon Pines Metropolitan District No. 3, El Paso County,
Colorado, General Obligation Limited Tax Convertible Capital
Appreciation Bonds, Series 2025
0.000
12/01/54
457,149
2,474,000
Pioneer Community Authority Board (Weld County, Colorado),
Special Revenue Bonds, Series 2022
6.500
12/01/34
2,400,681
500,000
(c)
Prairie Song Metropolitan District 4, Windsor, Colorado,
Limited Tax General Obligation Bonds, Series 2021
6.000
12/01/51
489,841
1,100,000
(c)
Reagan Ranch Metropolitan District 1, Colorado Springs,
Colorado, General Obligation Bonds, Limited Tax & Special
Revenue, Series 2025
6.125
12/01/54
1,078,101
1,000,000
Reagan Ranch Metropolitan District 1, Colorado Springs,
Colorado, General Obligation Bonds, Limited Tax Series
2021-3
5.375
12/01/51
882,682
1,000,000
Red Barn Metropolitan District, Mead, Colorado, Weld County,
Colorado, General Obligation Bond, Limited Tax Convertible to
Unlimited Tax, Refunding and Improvement, Series 2025A
5.500
12/01/55
997,437
1,000,000
Redlands 360 Metropolitan District 2, Grand Junction,
Colorado, Limited Tax General Obligation Bonds, Senior Series
2025A
7.125
12/01/55
987,453
1,000,000
Redtail Ridge Metropolitan District, City of Louisville, Boulder
County, Colorado, General Obligation Limited Tax Capital
Appreciation Turbo Bonds, Series 2025
0.000
12/01/32
636,419
19
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
933,584
(c)
Ridge at Johnstown Metropolitan District 8, Larimer County,
Colorado, Special Assessment Revenue Bonds, Special
Improvement District 1, Series 2024
5.875
%
12/01/44
$
912,571
590,000
Ritoro Metropolitan District In the Town of Elizabeth, Elbert
County, Colorado, Limited Tax General Obligation Bonds,
Subordinate Refunding Series 2025B
6.250
12/15/57
579,337
1,150,000
Riverpark Metropolitan District, Arapahoe County, Colorado,
Limited Tax General Obligation and Special Revenue Bonds,
Series 2024
6.375
12/01/54
1,168,049
1,250,000
Riverwalk Metropolitan District 2, Glendale, Arapahoe County,
Colorado, Special Revenue Bonds, Series 2022A
5.000
12/01/42
1,155,303
500,000
RRC Metropolitan District 2, Jefferson County, Colorado,
Limited Tax General Obligation Bonds, Series 2021
5.250
12/01/51
439,780
750,000
Sagebrush Farm Metropolitan District 1, Aurora, Adams
County, Colorado, General Obligation Limited Tax Bonds,
Series 2022A
6.375
12/01/42
790,421
2,545,000
Sagebrush Farm Metropolitan District 1, Aurora, Adams
County, Colorado, General Obligation Limited Tax Bonds,
Subordinate Series 2024
8.000
12/15/54
2,511,075
1,000,000
(c)
Saint Vrain Lakes Metropolitan District 4, Weld County,
Colorado, General Obligation Bonds, Firestone Subordinate
Limited Tax Series 2024B
8.750
09/20/54
989,561
500,000
Senac South Metropolitan District No. 1, Aurora, Colorado,
General Obligation Bonds, Limited Tax Series 2021A(3)
5.250
12/01/51
471,386
500,000
Siena Lake Metropolitan District, Gypsum, Colorado, General
Obligation Limited Tax Bonds, Series 2021
4.000
12/01/51
361,770
2,245,000
(c)
Sojourn at Idlewild Metropolitan District, Grand County,
Colorado, Limited Tax General Obligation Bonds, Winter Park
Series 2025A
6.125
12/01/55
2,288,774
7,370,000
South Aurora Regional Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Refunding Improvement
Series 2025
6.750
12/01/55
7,490,343
500,000
(c),(d)
St. Vrain Lakes Metropolitan District 4, Weld County, Colorado,
General Obligation Bonds, Firestone Convertible Capital
Appreciation Limited Tax Series 2024A
0.000
09/20/54
366,589
675,000
St. Vrain Lakes Metropolitan District No. 2, Weld County,
Colorado, Limited Tax General Obligation Bonds, Refunding
and Improvement Series 2024B
6.375
11/15/54
663,479
3,000,000
(c)
STC Metropolitan District 2, Superior, Boulder County,
Colorado, Limited Tax General Obligation and Special Revenue
Bonds, Refunding Second Lien Series 2025A-2
6.250
12/01/55
3,000,179
4,925,000
(c)
STC Metropolitan District 2, Superior, Boulder County,
Colorado, Subordinate Limited Tax General Obligation and
Special Revenue Bonds, Refunding & improvement Series
2025B
8.000
12/15/55
4,890,168
1,200,000
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported and Special Revenue Bonds,
Special District 4, Series 2024A
6.500
12/01/54
1,235,726
975,000
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported and Special Revenue Bonds,
Special District 4, Series 2024B
8.750
12/15/54
962,687
840,000
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported District 2, Refunding &
Improvement Subordinate Series 2025A - BAM Insured
6.875
12/15/55
838,279
2,805,000
(c)
Sterling Ranch Metropolitan District 1, El Paso County,
Colorado, General Obligation Limited Tax Convertible Capital
Appreciation Bonds, Series 2025
7.000
09/01/55
2,011,919
648,000
(c)
Sunset Parks Metropolitan District, Weld County, Colorado,
General Obligation Bonds, Limited Tax Subordinate Series
2024B
7.625
12/15/54
637,285
500,000
(c)
Third Creek Metropolitan District 1, Commerce City, Colorado,
Limited Tax General Obligation Bonds, Series 2022A-1
4.750
12/01/51
388,502
500,000
Trails at Crowfoot Metropolitan District 3, Parker, Colorado,
Limited Tax General Obligation Bonds, Refunding Series 2024B
6.875
12/15/52
495,531
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
20
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,000,000
Transport Metropolitan District 3, In the City of Aurora, Adams
County, Colorado, General Obligation Limited Bonds, Series
2021A-1
4.125
%
12/01/31
$
927,861
6,550,000
Transport Metropolitan District 3, In the City of Aurora, Adams
County, Colorado, General Obligation Limited Bonds, Series
2021A-1
5.000
12/01/41
5,720,183
8,710,000
Transport Metropolitan District 3, In the City of Aurora, Adams
County, Colorado, General Obligation Limited Bonds, Series
2021A-1
5.000
12/01/51
6,734,357
3,000,000
(c)
Tree Farm Metropolitan District, Eagle County, Colorado,
General Obligation Limited Tax Bonds, Series 2021
4.750
12/01/50
2,554,505
3,000,000
(c)
USAFA Visitors Center Business Improvement District,
Colorado Springs, Colorado, Special Revenue Bonds, Series
2022A,
5.000
12/01/52
2,711,921
500,000
(d)
Verve Metropolitan District 1, Jefferson County and the City
and County of Broomfield, Colorado, General Obligation
Bonds, Convertible Capital Appreciation Improvement Series
2024A
0.000
12/01/54
380,098
500,000
Villages at Johnstown Metropolitan District 7, Johnstown,
Colorado, Limited Tax General Obligation Bonds, Series
2022A(3)
6.250
12/01/52
485,156
1,500,000
(c)
Weems Neighborhood Metropolitan District, Lafayette,
Boulder County, Colorado, Limited Tax General Obligation
Bonds, Convertible to Unlimited Tax, Series 2025A
5.875
12/01/55
1,521,550
500,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6.750
12/01/52
500,082
3,000,000
(c)
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2024A-2
8.000
12/01/54
1,971,423
2,496,000
Westgate Metropolitan District, Colorado Springs, El Paso
County, Colorado, General Obligation Limited Tax Bonds,
Series 2022
5.125
12/01/51
2,140,097
1,146,000
(c)
Willow Springs Ranch Metropolitan District, Monument, El
Paso County, Colorado, Limited Tax General Obligation Bonds,
Subordinate Series 2024B
6.500
10/15/54
1,128,942
32,685,000
(c)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Convertible Capital
Appreciation Series 2021A-2
4.625
12/01/51
22,402,270
2,250,000
(c)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4.000
12/01/36
2,002,216
2,000,000
(c)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4.000
12/01/41
1,668,687
5,000,000
(c)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4.125
12/01/51
3,755,203
TOTAL COLORADO
236,570,480
CONNECTICUT - 0.2%
1,500,000
Stamford Housing Authority, Connecticut, Revenue Bonds,
Mozaic Concierge Living Project, Series 2025A
6.250
10/01/60
1,480,922
100,000
(c)
Steel Point Infrastructure Improvement District, Connecticut,
Special Obligation Revenue Bonds, Steelpointe Harbor Project,
Series 2024
6.000
04/01/52
105,254
TOTAL CONNECTICUT
1,586,176
DELAWARE - 0.1%
1,100,000
Delaware Economic Development Authority, Revenue Bonds,
ASPIRA of Delaware Charter Operations, Inc. Project, Series
2016A
5.000
06/01/51
970,016
TOTAL DELAWARE
970,016
21
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT OF COLUMBIA - 1.9%
$
300,000
District of Columbia Revenue Bonds, Rocketship Education DC
Public Charter School Inc., Obligated Group -Issue 3, Series
2024A
5.750
%
06/01/54
$
277,278
54,000,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006A
0.000
06/15/46
12,438,176
3,335,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006C
0.000
06/15/55
328,070
TOTAL DISTRICT OF COLUMBIA
13,043,524
FLORIDA - 10.9%
250,000
(c)
Alachua County Health Facilities Authority, Florida, Health
Facilities Revenue Bonds, Terraces at Bonita Springs Project,
Refunding Series 2022A
5.000
11/15/61
208,504
2,500,000
(c)
Capital Projects Finance Authority, Florida, Educational
Facilities Revenue Bonds, Imagine School at North Port, Series
2025A
6.750
06/15/65
2,504,067
1,600,000
(c)
Capital Projects Finance Authority, Florida, Senior Living
Revenue Bonds, Millenia Orlando Project, Series 2025A
7.250
01/01/55
1,670,694
2,715,000
(c)
Capital Projects Finance Authority, Florida, Senior Living
Revenue Bonds, Millenia Orlando Project, Series 2025A
7.125
01/01/65
2,785,589
2,483,703
(c)
Capital Trust Agency, Florida, Educational Facilities Revenue
Bonds, LLT Academy South Bay Project, Series 2020A
6.000
06/15/55
2,173,017
15,020,000
(c)
Capital Trust Agency, Florida, Revenue Bonds, Educational
Growth Fund, LLC, Charter School Portfolio Projects,
Subordinate Series 2021B
0.000
07/01/61
1,244,807
250,000
(c)
Capital Trust Agency, Florida, Senior Living Facilities Revenue
Bonds, Elim Senior Housing, Inc. Project, Series 2017
5.375
08/01/32
245,296
175,000
(c)
Capital Trust Agency, Florida, Senior Living Facilities Revenue
Bonds, Elim Senior Housing, Inc. Project, Series 2017
5.625
08/01/37
168,091
1,000,000
(c)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Babcock Neighborhood School Inc Project, Series 2024
6.000
08/15/63
960,964
500,000
(c)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Imagine School at West Pasco Project, Series 2023A
6.500
12/15/53
455,256
4,100,000
(c)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Imagine School at West Pasco Project, Series 2023A
6.500
12/15/58
3,692,596
1,750,000
(c)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A
6.250
06/15/53
1,772,635
2,600,000
(c)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A
6.375
06/15/58
2,639,206
2,800,000
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, LLT Academy South Bay Project, Series 2025
7.250
06/15/55
2,844,351
1,890,000
(b)
Celebration Pointe Community Development District 1,
Alachua County, Florida, Special Assessment Revenue Bonds,
Series 2021
4.000
05/01/53
1,512,000
195,000
(c)
Curiosity Creek Community Development District, Manatee
County, Florida, Capital Improvement Revenue Bonds,
Assessment Area 1, Series 2024
5.700
05/01/55
188,814
1,000,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Creative Inspiration Journey School
of St. Cloud, Series 2021A
5.000
06/15/51
850,284
4,600,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Creative Inspiration Journey School
of St. Cloud, Series 2021A
5.000
06/15/56
3,779,530
1,420,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Discovery High School Project, Series
2020A
5.000
06/01/40
1,100,859
100,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Dreamers Academy Project, Series
2022A
6.000
01/15/57
88,430
625,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Global Outreach Charter Academy,
Series 2021A
4.000
06/30/36
549,087
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
22
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
765,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Global Outreach Charter Academy,
Series 2021A
4.000
%
06/30/41
$
621,537
1,000,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Pepin Academies of Pasco County
Inc., Series 2020A
5.000
01/01/50
791,631
500,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Southwest Charter Foundation Inc
Projects, Series 2017A
6.125
06/15/47
493,073
30,430,000
(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put
7/15/28)
12.000
07/15/32
6,310,263
3,500,000
(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024A, (AMT), (Mandatory Put
7/15/28)
10.000
07/15/59
804,678
12,250,000
(c),(e)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
1.000
07/01/57
8,452,500
3,040,000
(c)
Florida Development Finance Corporation, Student Housing
Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series
2024B
6.500
06/01/59
2,829,485
2,000,000
(c)
Florida Local Government Finance Commission, Senior Living
Revenue Bonds, Fleet Landing at Nocatee Project Series 2025A
6.875
11/15/64
2,074,363
250,000
Hobe-Saint Lucie Conservancy District, Florida, Special
Assessment Revenue Bonds, Improvement Unit 1A, Series
2024
5.875
05/01/55
252,470
710,000
(c)
Kelly Park Community Development District, Florida, Special
Assessment Revenue Bonds, Assessment Area One Project
Series 2023
6.250
11/01/53
724,073
825,000
(c)
Lake County, Florida, Educational Facilities Revenue Bonds,
Imagine South Lake Charter School Project, Series 2019A
5.000
01/15/49
712,757
1,405,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Taylor Ranch Project, Series 2023
6.300
05/01/54
1,470,311
2,850,000
(c)
Lee County Industrial Development Authority, Florida, Charter
School Revenue Bonds, Lee County Community Charter
Schools, Series 2024A
6.250
06/15/42
2,892,377
85,000
(c)
Mandarin Grove Community Development District, Manatee
County, Florida, Special Assessment Revenue Bonds, 2022
Project Series 2022
6.625
05/01/53
95,961
750,000
(c)
Miami Dade County Industrial Development Authority, Florida,
Educational Facilities Revenue Bonds, Miami Community
Charter School Inc Project, Series 2025
6.375
06/01/65
756,738
1,000,000
(c)
Miami-Dade County Industrial Development Authority, Florida,
Industrial Development Revenue Bonds, CFC-MB I, LLC Collins
Park Housing Project Series 2023
6.250
01/01/59
1,022,981
6,000,000
(c),(d)
Miami-Dade County Industrial Development Authority, Florida,
Student Housing Revenue Bonds, PRG - Casa Properties LLC
Project, Subordinate Series 2026B
0.000
07/01/65
3,253,135
415,000
(c)
Middleton Community Development District A, Florida, Special
Assessment Revenue Bonds, Series 2022
6.200
05/01/53
428,749
110,000
(c)
Mirada Community Development District, Florida, Capital
Improvement Bonds, Assessment Area 3 Series 2024
6.000
05/01/55
109,398
70,000
(c)
North Powerline Road Community Development District, Polk
County, Florida, Special Assessment Revenue Bonds, Series
2022
5.625
05/01/52
71,162
1,000,000
(c)
Ocean and Highway Port Authority, Florida, Port Facilities
Revenue Bonds, Worldwide Terminals Fernandina, LLC Project,
Series 2019, (AMT)
5.500
12/01/49
790,767
2,560,000
Palm Beach County, Florida, Revenue Bonds, Provident Group
- LU Properties LLC Lynn University Housing Project, Series
2024A
6.125
06/01/54
2,504,711
23
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,240,000
Palm Beach County, Florida, Revenue Bonds, Provident Group
- LU Properties LLC Lynn University Housing Project, Series
2024A
6.250
%
06/01/59
$
2,211,592
1,000,000
(c)
Rye Ranch Community Development District, Florida, Special
Assessment Revenue Bonds, Pod B - Assessment Area 1 Series
2023
6.000
11/01/53
1,017,545
1,000,000
(c)
Saltleaf Community Development District, Florida, Capital
Improvement Revenue Bonds, Series 2024
6.000
05/01/56
1,002,396
1,500,000
(c)
Solaeris Community Development District, St. Lucie County,
Florida, Special Assessment Bonds, Area 2 Project, Series 2025
6.300
05/01/56
1,518,042
265,000
(c)
Three Rivers Community Development District, Florida, Special
Assessment Revenue Bonds, South Assessment Area Series
2021B
4.625
05/01/36
261,911
880,000
Tradition Community Development District 9, Port Saint Lucie,
Florida, Special Assessment Bonds, Series 2025
5.650
05/01/56
859,892
220,000
(c)
Village Community Development District 15, Florida, Special
Assessment Revenue Bonds, Series 2023
5.250
05/01/54
215,627
665,000
West Villages Improvement District, Florida, Special
Assessment Revenue Bonds, Unit of Development 7 Villages
F-3 and G-1B Series 2023
6.250
05/01/54
693,730
TOTAL FLORIDA
76,677,932
GEORGIA - 0.9%
3,910,000
Atlanta Development Authority, Georgia, Economic
Development Certificates, Gulch Enterprise Zone Project,
Convertible Capital Appreciation Series 2024A-1 Class A
6.500
12/15/48
3,531,810
1,950,000
(b)
Atlanta Development Authority, Georgia, Senior Health Care
Facilities Revenue Bonds, Georgia Proton Treatment Center
Project, Current Interest Series 2017A-1
7.000
01/01/40
877,500
1,750,000
(c)
Bulloch County Development Authority, Georgia, Charter
School Revenue Bonds, Statesboro Steam Academy Project
Series 2024
6.750
06/15/64
1,691,486
500,000
Cobb County Development Authority, Georgia, Charter School
Revenue Bonds, Northwest Classical Academy, Inc. Project,
Series 2023A
6.375
06/15/58
483,624
TOTAL GEORGIA
6,584,420
HAWAII - 0.1%
1,000,000
(c)
Hawaii County, Hawaii, Special Tax Revenue Bonds, Community
Facilities District 1-2021, Kaloko Heights Project, Series 2023
7.250
05/15/52
1,006,935
TOTAL HAWAII
1,006,935
IDAHO - 0.9%
121,000
(c)
Eagle Avimor Community Infrastructure District 1, Ada, Boise,
and Gem Counties, Idaho, Special Assessment Revenue Bonds,
Assessment Area 5 Series 2024
5.875
09/01/53
122,526
500,000
(c)
Eagle Avimor Community Infrastructure District 1, Ada, Boise,
and Gem Counties, Idaho, Special Assessment Revenue Bonds,
Assessment Area 6 Series 2024B
5.500
09/01/53
490,379
730,000
(c)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, Doral Academy of Idaho, Series 2021A
5.000
07/15/41
638,775
250,000
(c)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, Doral Academy of Idaho, Series 2021A
5.000
07/15/56
188,908
250,000
(c)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, Gem Prep Meridian South Charter School
Project, Series 2021
4.000
05/01/56
171,046
3,900,000
(c)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Assessment Area Two, Series 2025
6.250
09/01/54
3,994,486
500,000
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2024
6.250
09/01/53
510,144
TOTAL IDAHO
6,116,264
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
24
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS - 2.6%
$
2,135,000
(c)
Burbank, Cook County, Illinois, Educational Facility Revenue
Bonds, Intercultural Montessori Language School Project,
Series 2026
6.250
%
02/01/56
$
2,132,139
830,000
(c)
Illinois Finance Authority, Charter School Revenue Bonds, Art in
Motion AIM Project, Series 2021A
4.000
07/01/31
746,305
1,500,000
(c)
Illinois Finance Authority, Charter School Revenue Bonds, Art in
Motion AIM Project, Series 2021A
5.000
07/01/51
1,063,365
2,750,000
(c)
Illinois Finance Authority, Charter School Revenue Bonds, Art in
Motion AIM Project, Series 2021A
5.000
07/01/56
1,878,455
250,000
Illinois Finance Authority, Revenue Bonds, Admiral at the Lake
Project, Refunding Series 2017
5.500
05/15/54
210,887
386,043
(b)
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc.
Obligated Group, Refunding Series 2016
5.000
05/15/31
3,860
844,469
(b)
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc.
Obligated Group, Refunding Series 2016
5.000
05/15/36
8,445
150,798
(b)
Illinois Finance Authority, Revenue Bonds, Christian Horizons
Obligated Group, Series 2021A
4.000
05/15/41
1,508
215,000
(c)
Illinois Finance Authority, Revenue Bonds, Goodman Theatre
Project, Refunding Series 2025A
6.125
10/01/50
215,392
7,375,000
(c)
Illinois Finance Authority, Revenue Bonds, Roosevelt University,
Series 2019A
6.125
04/01/58
7,157,623
2,000,000
(c),(e)
Illinois Finance Authority, Solid Waste Revenue Bonds, LRS
Holdings LLC Project, Series 2023B, (Mandatory Put 9/01/33)
7.375
09/01/42
2,262,916
3,000,000
Palos Heights, Illinois, Revenue Bonds, Trinity Christian College
Association, Series 2024A
7.000
01/01/50
2,700,000
TOTAL ILLINOIS
18,380,895
INDIANA - 0.8%
85,000
(c)
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Circle City Preparatory Inc. Project, Series 2021A
5.000
12/01/30
85,578
1,325,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Seven Oaks Classical School Project, Series 2021A
5.000
06/01/51
1,112,208
775,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, University of Evansville Project, Series 2022A
5.250
09/01/57
711,446
1,250,000
Indiana Housing and Community Development Authority,
Multifamily Housing Revenue Bonds, Vita of New Whiteland
Project, Series 2022
6.750
01/01/43
1,172,762
1,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1
7.750
03/01/67
1,087,135
1,500,000
(c)
Valparaiso, Indiana, Revenue Bonds, Valparaiso University
Project, Series 2025A
6.250
10/01/50
1,489,957
TOTAL INDIANA
5,659,086
IOWA - 0.1%
1,000,000
Iowa Finance Authority Senior Living Facilities Revenue Bonds,
Sunrise Retirement Community Project, Refunding Series 2021
5.000
09/01/51
726,162
TOTAL IOWA
726,162
KANSAS - 0.7%
1,725,000
Kansas Development Finance Authority Revenue Bonds,
Village Shalom Project, Series 2018A
5.250
11/15/53
1,218,466
100,000
Overland Park Development Corporation, Kansas, Revenue
Bonds, Convention Center Hotel, Refunding & improvement
Series 2019
5.000
03/01/49
95,674
6,250,000
(b)
Overland Park, Kansas, Sales Tax Special Obligation Revenue
Bonds, Prairiefire at Lionsgate Project, Series 2012
5.250
12/15/29
2,875,000
1,000,000
Wichita, Kansas, Health Care Facilities Revenue Bonds,
Presbyterian Manors, Series 2024VIII
6.000
05/15/54
960,835
TOTAL KANSAS
5,149,975
25
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA - 2.5%
$
420,000
Juban Crossing Economic Development District, Louisiana,
Revenue Bonds, Drainage Projects, Subordinate Lien Series
2025B
6.250
%
09/15/55
$
415,596
485,000
Juban Crossing Economic Development District, Louisiana,
Revenue Bonds, Road Projects, Subordinate Lien Series 2025A
6.250
09/15/55
479,915
300,000
(c)
Lakeshore Villages Master Community Development District,
St. Tammany Parish, Louisiana, Special Assessment Revenue
Bonds, Series 2025
6.000
06/01/54
306,785
1,500,000
(c)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Lincoln Preparatory School Project, Series 2021A
5.250
06/01/60
1,111,854
2,635,000
(c)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5.000
04/01/49
2,255,290
1,000,000
(c)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5.000
04/01/57
826,009
480,000
(c)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Jefferson Rise Charter School Project, Series 2022A
6.000
06/01/37
490,959
1,000,000
(c)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Jefferson Rise Charter School Project, Series 2022A
6.250
06/01/52
986,831
950,000
(c)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Lincoln Preparatory School Project, Series 2022A
6.375
06/01/52
850,670
10,000,000
(a)
Louisiana Publics Facilities Authority, Louisiana, Revenue
Bonds, I-10 Calcasieu River Bridge Public-Private Partnership
Project, Senior Lien Series 2024, (AMT), (UB)
5.000
09/01/66
9,436,556
500,000
(c)
Plaquemines Port, Louisiana, Harbor and Terminal District
Facilities Revenue Bonds NOLA Terminal LLC Project Dock and
Wharf Series 2024A
9.000
12/01/44
434,025
TOTAL LOUISIANA
17,594,490
MAINE - 0.3%
2,000,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, Eastern Maine Medical Center Obligated
Group Issue, Series 2016A
5.000
07/01/46
1,831,563
TOTAL MAINE
1,831,563
MARYLAND - 0.0%
135,000
(c)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Imagine Andrews Public Charter School,
Series 2022A
5.500
05/01/52
123,972
TOTAL MARYLAND
123,972
MICHIGAN - 1.1%
5,306,799
(b)
Detroit City & General Retirement System Service Corporation,
Michigan, Certificates of Participation, Taxable Series 2005A -
FGIC Insured
3.000
06/15/26
5,956,882
330,000
Michigan Finance Authority, Public School Academy Limited
Obligation Revenue Bonds, Holly Academy Project, Refunding
Series 2021
4.000
12/01/51
250,941
290,000
Michigan Finance Authority, Public School Academy Limited
Obligation Revenue Bonds, Madison Academy Project,
Refunding Series 2021
5.000
12/01/46
254,622
40,000,000
Michigan Tobacco Settlement Finance Authority, Tobacco
Settlement Asset-Backed Revenue Bonds, Capital Appreciation
Turbo Term Series 2008C
0.000
06/01/58
879,604
185,000
Trillium Academy, Michigan, Public School Academy Revenue
Bonds, Refunding Series 2019
5.750
11/01/40
181,004
TOTAL MICHIGAN
7,523,053
MINNESOTA - 1.1%
500,000
Bethel, Minnesota, Charter School Lease Revenue Bonds, Level
Up Academy, Series 2021A
5.000
06/15/56
351,701
1,000,000
(c)
Deephaven, Minnesota, Charter School Lease Revenue Bonds,
Seven Hills Preparatory Academy Project, Series 2024A
6.125
06/15/61
907,430
770,000
(c)
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Spero Academy Project, Series 2017A
6.500
07/01/48
771,354
2,000,000
Rochester, Minnesota, Charter School Lease Revenue Bonds,
Rochester Math & Science Academy Project, Series 2018A
5.125
09/01/38
1,703,761
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
26
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
1,000,000
(b),(c)
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds,
Athlos Academy, Series 2022A
5.875
%
06/01/57
$
740,000
1,000,000
(c)
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Community School of
Excellence, Series 2023
5.250
03/01/43
997,307
660,000
(c)
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Metro Deaf School
Project, Series 2026
6.375
06/15/61
651,146
2,015,000
(c)
Woodbury, Minnesota, Charter School Lease Revenue Bonds,
Math and Science Academy Building Company, Refunding
Series 2025A
5.500
06/01/63
1,837,521
TOTAL MINNESOTA
7,960,220
MISSOURI - 1.0%
2,000,000
Independence Industrial Development Authority, Missouri,
Revenue Bonds, Tax Increment and Special Districts, Hub Drive
Redevelopment Project Series 2023
6.750
11/01/53
2,005,292
250,000
(c)
Kansas City Industrial Development Authority, Missouri,
Economic Activity Tax Revenue Bonds, Historic Northeast
Redevelopment Plan Series 2024A-1
5.000
06/01/54
238,414
1,000,000
Kirkwood Industrial Development Authority, Missouri,
Retirement Community Revenue Bonds, Aberdeen Heights
Project, Refunding Series 2017A
5.250
05/15/50
930,029
1,005,000
(c)
Missouri Development Finance Board, Tax Increment and
Special District Revenue Bonds, Lakeport Village Project, Series
2025A
6.750
06/15/55
971,198
2,500,000
(c)
Missouri Health and Educational Facilities Authority,
Educational Facilities Revenue Bonds, Missouri Baptist
University, Series 2025
6.250
10/01/55
2,500,817
468,982
(b)
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Christian Homes Inc., Senior Living Facilities Series
2018
5.000
05/15/32
4,690
687,639
(b)
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Christian Homes Inc., Senior Living Facilities Series
2018
5.000
05/15/36
6,876
595,652
(b)
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Christian Homes Inc., Senior Living Facilities Series
2018
5.000
05/15/40
5,957
100,000
Missouri Southern State University, Auxiliary Enterprise System
Revenue Bonds, Series 2021
4.000
10/01/34
97,240
100,000
Missouri Southern State University, Auxiliary Enterprise System
Revenue Bonds, Series 2021
4.000
10/01/44
88,597
232,598
(c)
North Outer Forty Transportation Development District,
Chesterfield, Missouri, Transportation Development Revenue
Notes, Refunding Series 2021A
4.000
12/01/46
189,555
TOTAL MISSOURI
7,038,665
NEVADA - 0.0%
895,855
(b),(c)
Director of Nevada State Department of Business & Industry,
Environmental Improvement Revenue Bonds, Fulcrum Sierra
BioFuels LLC Project, Green Series 2018, (AMT)
6.950
02/15/38
9
305,000
Neveda State Director of the Department of Business and
Industry, Charter School Revenue Bonds, Doral Academy of
Nevada, Series 2017A
5.000
07/15/47
276,486
TOTAL NEVADA
276,495
NEW HAMPSHIRE - 2.1%
550,000
(c)
National Finance Authority Special Revenue Capital
Appreciation Bonds,New Hampshire, The Astro Sunterra
Projects, Waller County, Texas Municipal Utility Districts, Series
2026.
0.000
12/15/34
311,372
1,500,000
(c)
National Finance Authority, New Hampshire ,Class A
Certificates, Avenue One Project Series 2025-2.
6.375
03/15/46
1,571,604
5,600,000
(c)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Aldeana, Azalea and Serenada Project, Capital
Appreciation Series 2026
0.000
12/01/40
1,920,557
27
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW HAMPSHIRE
(continued)
$
3,000,000
(c)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Forestar Group Houston Area Projects, Fort Bend,
Galveston, Montgomery, and Walker Counties, Texas, Series
2026
6.500
%
12/01/34
$
3,002,377
7,662,000
(c)
National Finance Authority, New Hampshire, Special Revenue
Bonds, The Chambers Creek Project, Montgomery County,
Texas Municipal Utility Districts, Capital Appreciation Series
2025
0.000
12/15/32
4,915,153
5,000,000
(c)
New Hampshire National Finance Authority, Travis and Burnet
Counties, Special Revenue Bonds, Thomas Ranch Project
Capital Appreciation Improvement Districts Series 2024
0.000
12/01/34
2,720,072
TOTAL NEW HAMPSHIRE
14,441,135
NEW JERSEY - 1.6%
11,000,000
(c)
New Jersey Economic Development Authority, New Jersey,
Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail
Terminal Project, Series 2025, (AMT)
6.625
01/01/45
11,496,828
TOTAL NEW JERSEY
11,496,828
NEW YORK - 7.1%
1,000,000
(c)
Build New York City Resource Corporation, New York, Revenue
Bonds, Riverspring Health Senior Living Inc Project, Series
2026A
7.000
12/15/55
1,006,768
3,000,000
(c)
Build New York City Resource Corporation, New York, Revenue
Bonds, Riverspring Health Senior Living Inc Project, Series
2026A
7.000
12/15/65
2,991,071
6,550,000
(c)
Dormitory Authority of the State of New York, General Revenue
Bonds, American Musical and Dramatic Academy Inc., Series
2023A
7.250
07/01/53
6,642,384
10,000,000
Erie County Tobacco Asset Securitization Corporation, New
York, Tobacco Settlement Asset-Backed Bonds, 1st Subordinate
Series 2005B
0.000
06/01/47
2,047,535
4,760,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016B
0.000
01/01/45
1,430,152
8,500,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016C
5.625
01/01/55
7,581,310
2,000,000
Monroe County Industrial Development Corporation, New
York, Revenue Bonds, Saint Anns Community Project, Series
2019
5.000
01/01/50
1,744,681
750,000
(b)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5.875
10/01/46
472,500
2,500,000
(c)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 3 Series
2014
7.250
11/15/44
2,502,103
12,235,000
(a)
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024 - AGM
Insured, (AMT), (UB)
5.250
06/30/60
12,298,949
750,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/28
650,076
1,450,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/29
1,208,121
150,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/30
121,627
4,135,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/31
3,288,919
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
28
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
1,010,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
%
01/01/32
$
790,677
3,050,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/33
2,359,047
630,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/34
482,524
2,200,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/35
1,671,359
650,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/36
490,437
250,000
(c)
Westchester County Local Development Corporation, New
York, Revenue Bond, Purchase Senior Learning Community, Inc.
Project, Accd Inv Series 2021A
5.000
07/01/56
220,603
TOTAL NEW YORK
50,000,843
NORTH DAKOTA - 0.5%
3,725,000
(a)
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Social Series 2024A, (UB)
4.700
07/01/49
3,672,355
TOTAL NORTH DAKOTA
3,672,355
OHIO - 2.1%
240,000
(c)
Brecksville, Ohio, Tax Increment Financing Revenue Bonds,
Valor Acres Project, Series 2022
5.625
12/01/53
229,709
141,000,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Capital Appreciation Series 2020B-3 Class 2
0.000
06/01/57
10,312,514
1,250,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020B-2 Class 2
5.000
06/01/55
1,009,375
135,000
(c)
Cleveland-Cuyahoga County Port Authority, Ohio, Tax
Increment Financing Revenue Bonds, Flats East Bank Project,
Refunding Senior Series 2021A
4.000
12/01/55
102,061
95,000
Cleveland-Cuyahoga County Port Authority, Ohio, Tax
Increment Financing Revenue Bonds, Flats East Bank Project,
Refunding Subordinate Series 2021B
4.500
12/01/55
75,167
1,000,000
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Green Oaks of Holland Project, Series 2025A
6.300
01/01/45
1,018,309
1,360,000
(c)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Silver Birch Bedford Heights, Series 2025
6.375
01/01/45
1,414,523
250,000
(c)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Silver Birch of Mansfield Project, Series 2024
6.000
01/01/45
252,392
200,000
(c)
Port of Greater Cincinnati Development Authority, Ohio,
Multifamily Housing Revenue Bonds, Vivera Northbrook
Project, Series 2025A
6.500
01/01/45
208,335
TOTAL OHIO
14,622,385
OKLAHOMA - 0.2%
1,000,000
Osage County Industrial Authority, Oklahoma, Sales and Use
Tax Revenue Bonds, Refunding Series 2023
5.750
09/01/53
986,594
215,000
(c)
Tulsa Authority for Economic Opportunity, Tulsa County,
Oklahoma, Tax Apportionment Revenue Bonds, Vast Bank
Project, Series 2021
4.000
12/01/43
192,747
TOTAL OKLAHOMA
1,179,341
OREGON - 1.4%
4,250,000
(c)
Oregon Facilities Authority Charter School Revenue Bonds,
Oregon, Portland Village School Project, Series 2024
7.000
12/15/60
4,007,285
5,805,000
(c)
Oregon Facilities Authority, Oregon, Charter School Revenue
Bonds, Valley Inquiry Charter School Project, Series 2025A
6.750
06/15/55
5,773,914
TOTAL OREGON
9,781,199
29
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA - 3.0%
$
1,610,000
(c)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts
Project, Series 2023
6.250
%
05/01/42
$
1,627,854
26,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6.000
06/30/34
27,720
2,175,000
(d)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
0.000
06/30/44
1,605,335
1,215,000
(c)
Erie County, Industrial Development Authority, Pennsylvania,
Essential Housing Revenue Bonds, Senior-CFC-Erie I LLC Erie
Apartments, Series 2024A
6.750
09/01/61
1,179,748
11,500,000
(c)
Lehigh County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Provident Group -Lehigh Valley International
Airport Hotel Project First Tier Series 2025A-2
5.750
01/01/65
10,804,261
1,065,000
(c)
Lehigh County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Provident Group -Lehigh Valley International
Airport Hotel Project Second Tier Series 2025C
6.750
01/01/65
1,006,363
4,000,000
McCandless IDA, Pennsylvania, University Revenue Bonds
Series A and B of 2022 La Roche University
6.750
12/01/46
3,663,106
370,000
Montgomery County Redevelopment Authority, Pennsylvania,
Special Obligation Revenue Bonds, River Pointe Project Series
2023
6.500
09/01/43
379,563
495,000
(b),(f)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless
Hills LLC Project, Series 2021A
10.000
12/01/31
50
1,100,000
(c)
Quakertown General Authority, Pennsylvania, Special
Assessment Obligation Bonds, Milford Village Project, Series
2025
6.500
03/01/55
1,120,936
TOTAL PENNSYLVANIA
21,414,936
PUERTO RICO - 0.2%
20,000,000
Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-
Backed Bonds, Series 2008B
0.000
05/15/57
589,780
450,000
(b)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2007TT
5.000
01/01/27
286,211
160,000
(b)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010AAA
5.250
07/01/27
100,486
4,000
(b)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010ZZ
5.000
07/01/24
2,544
325,000
(b)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010ZZ
5.000
07/01/26
206,756
115,000
(b)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010ZZ
5.250
07/01/26
72,994
105,000
(b)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2013A
5.000
07/01/29
66,798
250,000
(b)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2007TT
5.000
07/01/37
157,450
115,000
(b)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2008WW
5.500
01/01/27
72,810
100,000
(b)
Puerto Rico Electric Power Authority, Revenue Bonds, Taxable
Series 2010EEE
5.950
07/01/30
65,747
100,000
(b)
Puerto Rico Electric Power Authority, Revenue Bonds, Taxable
Series 2010EEE
6.250
07/01/40
65,710
TOTAL PUERTO RICO
1,687,286
SOUTH CAROLINA - 2.2%
5,000,000
(c)
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Palmera Apartments
Project, Series 2025A
6.750
12/01/60
4,880,937
3,000,000
(c)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Libertas Woodruff
Project, Series 2025A
7.250
08/15/65
3,091,842
5,000,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Mountain View
Preparatory Project, Series 2025A
7.125
06/01/60
5,018,844
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
30
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH CAROLINA
(continued)
$
200,000
(c)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Virtus Academy Project,
Series 2021A
4.000
%
06/15/31
$
187,865
1,840,000
(c)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Virtus Academy Project,
Series 2021A
5.000
06/15/41
1,602,410
330,000
(c)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Virtus Academy Project,
Series 2021A
5.000
06/15/51
254,283
250,000
(c)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Virtus Academy Project,
Series 2023A
7.000
06/15/53
250,014
250,000
(c)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Virtus Academy Project,
Series 2023A
7.125
06/15/58
251,186
TOTAL SOUTH CAROLINA
15,537,381
TENNESSEE - 0.4%
2,985,000
(c)
Memphis-Shelby County Community Redevelopment Agency,
Tennessee, Revenue Notes Series 2016
7.250
04/01/38
2,987,312
100,000
(c)
Metropolitan Government of Nashville-Davidson County
Industrial Development Board, Tennessee, Special
Assessment Revenue Bonds, South Nashville Central Business
Improvement District, Series 2021A
4.000
06/01/51
84,660
TOTAL TENNESSEE
3,071,972
TEXAS - 11.4%
1,295,000
Abilene Convention Center Hotel Development Corporation,
Texas, Hotel Revenue Bonds, First-Lien Series 2021A
4.000
10/01/50
1,001,406
1,250,000
(c)
Abilene Convention Center Hotel Development Corporation,
Texas, Hotel Revenue Bonds, Second-Lien Series 2021B
5.000
10/01/50
1,053,421
200,000
(c)
Anna, Texas, Special Assessment Revenue Bonds, Meadow
Vista Public Improvement District Area 1 Project, Series 2024
5.750
09/15/54
201,039
1,190,000
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Legacy Traditional Schools - Texas
Project, Refunding Series 2021A
4.125
02/15/41
963,179
250,000
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Legacy Traditional Schools - Texas
Project, Refunding Series 2021A
4.500
02/15/56
175,691
3,330,000
(c)
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Legacy Traditional Schools - Texas
Project, Refunding Series 2022A
6.750
02/15/62
3,250,120
2,640,000
(c)
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Legacy Traditional Schools - Texas
Project, Series 2022A
6.375
02/15/52
2,502,611
1,825,000
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Odyssey Academy Inc Series
2023A
6.000
02/15/43
1,654,115
2,635,000
Baytown Municipal Development District, Texas, Hotel Revenue
Bonds, Baytown Convention Center Hotel, First-Lien Series
2021A
4.000
10/01/50
1,834,466
100,000
(c)
Bee Cave, Travis County, Texas, Special Assessment Revenue
Bonds, Backyard Public Improvement District Project, Series
2021
5.250
09/01/51
94,675
250,000
(c)
Buda, Texas, Special Assessment Revenue Bonds, Persimmon
Public improvement District Major Improvement Area Project,
Series 2025
6.750
09/01/55
243,630
1,600,000
(c)
Celina, Texas, Special Assessment Revenue Bonds, Cross Creek
Meadows Public Improvement District, Major Improvement
Area District Series 2023
6.125
09/01/53
1,607,146
1,000,000
(c)
Celina, Texas, Special Assessment Revenue Bonds, Parvin
Public Improvement District Project, Series 2023
6.750
09/01/53
995,184
3,000,000
(c)
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Valor Education Foundation, Series
2023A
6.250
06/15/53
2,858,554
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
550,000
(c)
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Valor Education Foundation, Series
2024A
6.000
%
06/15/54
$
506,022
2,050,000
Conroe Local Government Corporation, Texas, Hotel Revenue
Bonds, Conroe Convention Center Hotel, First-Lien Series
2021A
4.000
10/01/50
1,563,065
7,390,000
Conroe Local Government Corporation, Texas, Hotel Revenue
Bonds, Conroe Convention Center Hotel, Second-Lien Series
2021B
5.000
10/01/50
5,803,658
1,250,000
(c)
Corpus Christi, Nueces, Aransas, San Patricio, ad Kleberg
Counties, Texas, Special Assessment Revenue Bonds, Whitecap
Public Improvement District 1 Improvement Area 1 Project
Series 2024
6.125
09/15/44
1,257,471
1,000,000
(c)
Corpus Christi, Nueces, Aransas, San Patricio, ad Kleberg
Counties, Texas, Special Assessment Revenue Bonds, Whitecap
Public Improvement District 1 Improvement Area 1 Project
Series 2024
6.500
09/15/54
989,440
700,000
(c)
Denton County, Texas, Special Assessment Revenue
Bonds, Green Meadows Public Improvement District Major
Improvement Area Project, Series 2025
6.125
12/31/55
714,689
2,000,000
Denton County, Texas, Special Assessment Revenue Bonds,
Tabor Ranch Public Improvement District Improvement Area 1
Project, Junior Lien Series 2024B
6.125
12/31/54
1,988,864
2,150,000
(c)
Denton County, Texas, Special Assessment Revenue Bonds,
Tabor Ranch Public Improvement District Major Improvement
Area Project, Series 2024
6.000
12/31/44
2,182,320
1,320,000
(c)
Denton County, Texas, Special Assessment Revenue Bonds,
Tabor Ranch Public Improvement District Major Improvement
Area Project, Series 2024
6.250
12/31/54
1,291,291
1,070,000
(c)
Dorchester, Texas, Special Assessment Revenue Bonds,
Cottonwood Public Improvement District Improvement Area 1
Project Series 2024
6.000
09/15/44
1,052,030
1,988,000
(c)
Forney, Texas, Special Assessment Revenue Bonds, Bellagio
Public Improvement District 1 Phase I Project Series 2023
6.500
09/15/53
1,919,235
3,490,000
Friendswood, Harris and Galveston Counties, Texas, Special
Assessment Revenue Bonds, City Center Public Improvement
District, Initial Major Improvements Project Series 2024
7.000
09/15/54
3,480,322
1,650,000
(c)
Granbury, Hood County, Texas, Special Assessment Revenue
Bonds, Lakeview Landing Public Improvement District Project,
Series 2025
7.250
09/15/45
1,705,499
1,000,000
(c)
Granbury, Hood County, Texas, Special Assessment Revenue
Bonds, Lakeview Landing Public Improvement District Project,
Series 2025
7.500
09/15/55
1,020,647
2,205,000
(c)
Kyle, Texas, Special Assessment Revenue Bonds, Porter County
Public Improvement District Improvement Area 1 Project,
Series 2023
6.000
09/01/53
2,184,862
512,000
(c)
Kyle, Texas, Special Assessment Revenue Bonds, Southwest
Kyle Public Improvement District 1 Improvement Area 2
Project, Series 2023
6.750
09/01/48
531,962
1,625,000
(c)
Lewisville, Denton and Dallas Counties, Texas, Special
Assessment Revenue Bonds, Lakeside Crossing Public
Improvement District Series 2023
8.000
09/01/53
1,678,020
3,932,000
(c)
Lockhart, Texas, Special Assessment Revenue Bonds, Seawillow
Public Improvement District Major Improvement Area, Series
2026
7.500
09/01/56
3,893,868
250,000
(c)
Manor, Texas, Special Assessment Revenue Bonds, Entradaglen
Public Improvement District Improvement Area 1 Project,
Series 2025
7.000
09/15/55
260,608
1,000,000
(c)
Marble Falls, Burnet County, Texas, Special Assessment
Revenue Bonds, Thunder Rock Public Improvement District
Remainder Area Project, Series 2024
7.625
09/01/54
985,431
1,645,000
(c)
Mission Economic Development Corporation, Texas, Utility
Revenue Bonds, Permian Basin Water Resources Project, Series
2025A, (AMT)
7.000
08/15/60
1,671,759
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
770,000
(c)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Education Revenue Bonds, Beta Academy, Series 2019A
5.000
%
08/15/49
$
693,549
70,000
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Retirement Facility Revenue Bonds, Buckingham Senior
Living Community, Inc. Project, Series 2021A-1
7.500
11/15/37
70,000
435,000
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Retirement Facility Revenue Bonds, Buckingham Senior
Living Community, Inc. Project, Series 2021A-2
7.500
11/15/36
435,000
3,229,663
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Retirement Facility Revenue Bonds, Buckingham Senior
Living Community, Inc. Project, Series 2021B, (cash 2.000%, PIK
2.000%)
0.000
11/15/61
1,486,812
135,933
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project, Series
2015A
5.000
08/01/25
133,214
650,000
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project, Series
2015A
5.000
07/01/27
637,000
500,000
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project, Series
2015A
5.000
07/01/30
492,522
1,000,000
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project, Series
2015A
5.000
07/01/35
978,757
2,500,000
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project, Series
2015A
5.000
07/01/47
2,351,489
1,275,000
(c)
New Hope Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Southwest Preparatory School
Series 2023A
6.375
08/15/53
1,313,922
85,000
(c)
New Hope Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Southwest Preparatory School
Taxable Series 2023A
8.000
08/15/30
86,705
500,000
(c)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
6.375
09/15/55
511,031
250,000
(c)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
6.375
09/15/55
255,515
250,000
(c)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
7.125
09/15/55
255,510
215,000
(c)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
7.125
09/15/55
219,738
465,000
(c)
Plano, Collin and Denton Counties, Texas, Special Assessment
Revenue Bonds, Haggard Farm Public Improvement District
Project, Area 1 Project Series 2023
7.500
09/15/53
484,349
1,000,000
(c)
Plano, Collin and Denton Counties, Texas, Special Assessment
Revenue Bonds, Haggard Farm Public Improvement District
Project, Major Improvement Area Project Series 2023
8.500
09/15/53
1,040,155
4,000,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
3.000
01/01/50
2,413,835
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
250,000
(c)
Princeton, Texas, Special Assessment Revenue Bonds, Sicily
Public Improvement District Improvement Area 1 Project,
Series 2023
7.000
%
09/01/53
$
253,169
500,000
(c)
Princeton, Texas, Special Assessment Revenue Bonds, Sicily
Public Improvement District Major Improvement Area Project,
Series 2023
7.875
09/01/53
510,802
125,000
(b)
Red River Health Facilities Development Corporation, Texas,
First Mortgage Revenue Bonds, Eden Home Inc., Series 2012
3.000
12/15/32
71,250
500,000
(b)
Red River Health Facilities Development Corporation, Texas,
First Mortgage Revenue Bonds, Eden Home Inc., Series 2012
3.000
12/15/42
285,000
305,000
(b)
Red River Health Facilities Development Corporation, Texas,
First Mortgage Revenue Bonds, Eden Home Inc., Series 2012
3.000
12/15/47
173,850
1,970,000
(c)
Rockdale, Milam County, Texas, Special Assessment Revenue
Bonds, Cornerstone Public Improvement District Improvement
Area 1, Series 2023
7.500
09/15/54
2,023,808
610,000
(c)
Sachse, Texas, Special Assessment Bonds, Sachse Public
Improvement District 1 Improvement Areas 2-3 Project, Series
2022
7.000
09/15/52
661,210
720,000
Salado, Bell County, Texas, Special Assessment Revenue
Bonds, Sanctuary East Public Improvement District
Improvement Area 1 Project Series 2024
6.250
09/01/44
728,949
1,500,000
(c)
San Marcos City, Hays, Caldwell and Guadalupe Counties,
Texas, Special Assessment Revenue Bonds, San Marcos Trace
Public Improvement District Series 2024
6.000
09/01/48
1,482,123
100,000
(c)
Sinton, San Patricio County, Texas, Special Assessment Revenue
Bonds, Somerset Public Improvement District 1 Series 2022
5.250
09/01/51
97,170
500,000
(b)
Tarrant County Cultural Education Facilities Finance
Corporaton, Texas, Retirement Facility Revenue Bonds, C.C.
Young Memorial Home Project, Series 2016A
3.750
02/15/37
406,250
3,000,000
(c)
Terrell, Texas, Special Assessment Revenue Bonds, Arboretum
Estates Public Improvement District 6 Major Improvement Area
Project, Series 2025
7.000
09/15/55
3,038,194
800,000
(c)
Venus, Johnson County, Texas, Special Assessment Revenue
Bonds, Brahman Ranch Public Improvement District, Series
2022
6.500
09/15/52
770,711
80,000
Viridian Municipal Management District, Texas, Assessment
Revenue Bonds, Series 2017
4.250
12/01/44
72,792
900,000
(c)
Vista Lago, Travis County, Texas, Special Assessment Revenue
Bonds, Tessera on Lake Travis Public Improvement District
Improvement Area #3 Project, Series 2024
6.000
09/01/54
909,310
TOTAL TEXAS
80,459,991
UTAH - 12.1%
500,000
(c)
Black Desert Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds Subordinate Series 2021B
7.375
09/15/51
450,829
1,615,000
(c)
Chelsey Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds Series 2024
7.250
03/01/54
1,639,246
5,168,000
(c)
Chelsey Public Infrastructure District 1, Utah, Special
Assessment Bonds Chelsey Assessment Area 1 Series 2024
7.000
12/01/42
5,393,183
500,000
(c)
Coral Junction Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Series 2022A-1
6.500
03/01/53
479,233
1,255,000
(c)
Courtyards at Shurtz Canyon Public Infrastructure District, Utah,
Limited Tax General Obligation Bonds, Series 2025A-1
7.000
03/01/55
1,285,563
776,000
(c)
Courtyards at Shurtz Canyon Public Infrastructure District, Utah,
Limited Tax General Obligation Bonds, Subordinate Series
2025B
9.500
03/15/55
787,455
2,945,000
(c)
Courtyards at Shurtz Canyon Public Infrastructure District,
Utah, Special Assessment Bonds, Courtyards at Shurtz Canyon
Assessment Area, Series 2025A-2
6.875
12/01/45
3,050,906
1,137,000
(c)
Desert Edge Public Infrastructure District No. 1, Grantsville,
Tooele County, Utah, General Obligation Bonds, Limited Tax
Subordinate Series 2025B
8.500
03/15/55
1,154,527
4,000,000
(c),(d)
Desert Edge Public Infrastructure District No. 1, Grantsville,
Tooele County, Utah, Limited Tax General Obligation
Convertible Capital Appreciation Bonds, Series 2025A
0.000
03/01/55
3,186,424
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
34
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
2,000,000
(c)
Downtown East Streetcar Sewer Public Infrastructure District,
South Salt Lake, Salt Lake County, Utah, Limited Tax General
Obligation Bonds, Series 2022A
6.000
%
03/01/53
$
1,917,831
825,000
(c)
Fields Estates Public Infrastructure District, Utah, General
Obligation Bonds, Limited Tax Series 2024A-1
6.125
03/01/55
822,993
7,452,000
(c)
Fox Hollow Infrastructure Financing District, Saratoga Springs,
Utah County, Utah, Special Assessment Bonds, Fox Hollow
Assessment Area, Series 2025
6.125
12/01/54
7,245,770
1,000,000
(c)
Gateway at Sand Hollow, Public Infrastructure District 1, Utah,
Limited Tax General Obligation Bonds, Series 2021A
5.500
03/01/51
778,284
1,715,000
(c)
GLH Public Infrastructure District 1, Utah, Limited Tax General
Obligation Bonds, Series 2025
6.875
03/01/55
1,804,166
4,130,000
(c)
High Star Ranch Infrastructure Financing District, Utah, Special
Assessment Bonds, High Star Ranch Assessment Area, Series
2026
6.250
12/01/55
4,130,469
1,595,000
(c)
Jordanelle Ridge Public Infrastructure District 2, Utah, General
Obligation Bonds, Limited Tax Series 2023A
7.750
03/01/54
1,654,783
2,143,000
(c)
Medical School Campus Public Infrastructure District, Utah,
Limited Tax General Obligation Bonds, Series 2020A
5.250
02/01/40
1,906,797
4,415,000
(c)
Medical School Campus Public Infrastructure District, Utah,
Limited Tax General Obligation Bonds, Series 2020A
5.500
02/01/50
3,546,475
500,000
(c)
Mida Cormont Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds, Series 2025A-1
6.250
06/01/55
520,992
500,000
(c)
Mida Cormont Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds, Series 2025A-2
6.750
06/01/55
428,734
3,747,000
(c)
Mida Cormont Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds, Subordinate Series 2025B
8.500
06/15/55
3,820,135
800,000
(c)
MIDA Mountain Village Public Infrastructure District, Utah, Tax
Allocation Revenue Bonds, Series 2025-1
5.750
06/01/60
806,090
660,000
(c)
Moonlight Village, Public Infrastructure District 1, Utah, Limited
Tax General Obligation Bonds, Series 2025A
6.000
03/01/56
661,712
4,800,000
(c)
Nordic Village Public Infrastructure District 1, Weber County,
Utah, Limited Tax General Obligation and Special Revenue
Bonds, Series 2025
6.500
03/01/55
4,913,717
1,000,000
(c)
Northpoint Infrastructure Financing District, Salt Lake City,
Salt Lake County, Utah, Special Assessment Bonds Northpoint
Assessment Area, Series 2026
6.625
12/01/55
985,210
750,000
(c)
Northwest Quadrant Public Infrastructure District, Utah, Limited
Tax General Obligation Bonds, Series 2025A
6.125
03/01/56
750,361
1,329,000
Northwest Quadrant Public Infrastructure District, Utah, Limited
Tax General Obligation Bonds, Series 2025B
8.250
03/15/56
1,315,673
951,000
Olympia Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Subordinate Series 2024B
8.000
03/15/55
964,290
1,000,000
(c)
Panorama Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Series 2025A
6.250
03/01/55
1,002,103
1,000,000
(c)
Ridges Estates Infrastructure Financing District, Utah, Special
Assessment Bonds, Alpine Hollow Assessment Area, Series
2025
6.250
12/01/53
1,024,820
865,000
(c)
Sienna Hills Public Infrastructure District No. 1 Limited Tax
General Obligation and Sales Tax Revenue Bonds, Utah, Series
2023A
6.750
07/01/35
908,857
1,005,000
(c)
Slate Canyon Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds, Series 2025A
6.250
03/01/55
1,020,574
690,000
(c)
Soleil Hills Public Infrastructure District No. 1, Utah, Limited Tax
General Obligation and Special Revenue Bonds, Series 2025A
5.875
03/01/55
682,130
1,000,000
(c)
Sun Stone Infrastructure Financing District, Utah, Special
Assessment Bonds, Assessment Area 1, Series 2024
6.750
06/01/54
1,018,702
1,810,000
(c)
Trails at Shurtz Canyon Public Infrastructure District, Utah,
Limited Tax General Obligation Bonds, Series 2025A-1
6.750
03/01/55
1,854,522
1,815,000
(c)
Trails at Shurtz Canyon Public Infrastructure District, Utah,
Limited Tax General Obligation Bonds, Subordinate Series
2025B
9.000
03/15/55
1,842,382
3,995,000
(c)
Trails at Shurtz Canyon Public Infrastructure District, Utah,
Special Assessment Bonds, Series 2025A-2
6.625
12/01/45
4,139,957
35
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
7,065,000
TV Public Infrastructure District, Utah, Limited Tax and Tax
Differential Convertible Capital Appreciation Bonds, Series
2025
8.000
%
03/01/56
$
4,859,982
375,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Bridge Elementary Project, Series 2021A
4.000
06/15/41
312,595
245,000
(c)
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Saint George Academy Project, Series 2021A
5.000
06/15/56
184,194
7,000,000
(c)
Ventana Resort Village Public Infrastructure District, Utah,
General Obligation Bonds, Limited Tax Series 2024
5.500
03/01/54
6,819,490
1,925,000
(c)
Verk Industrial Regional Public Infrastructure District, Utah, Tax
Differential Revenue Bonds, Series 2025
6.625
09/01/47
2,029,699
500,000
(c)
Wakara Ridge Public Infrastructure District, Utah, Special
Assessment Bonds, Wakara Ridge Assessment Area, Series
2025
5.625
12/01/54
507,024
1,015,000
(c)
Wohali Public Infrastructure District 1, Utah, Special Assessment
Revenue Bonds, Assessment Area 1 Series 2023
7.000
12/01/42
841,283
TOTAL UTAH
85,450,162
VIRGIN ISLANDS - 1.4%
6,270,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchman's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
6.000
12/01/55
6,101,267
200,000
(c)
Virgin Islands Water and Power Authority, Electric System
Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A
6.750
07/01/26
200,126
1,070,000
Virgin Islands Water and Power Authority, Electric System
Revenue Bonds, Series 2007B
5.000
07/01/26
1,062,461
2,745,000
Virgin Islands Water and Power Authority, Electric System
Revenue Bonds, Series 2007B
5.000
07/01/31
2,392,618
250,000
(c)
West Indian Company Limited, Virgin Islands, Port Facilities
Revenue Bonds WICO Financing Series 2022B, (AMT)
6.500
04/01/52
238,594
TOTAL VIRGIN ISLANDS
9,995,066
VIRGINIA - 1.3%
300,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6.875
12/01/58
325,663
4,350,000
(c)
Powhatan County Economic Development Authority, Virginia,
Grant Revenue Bonds, Chesterfield Hotel Project, Senior Series
2025A
6.125
09/01/60
4,272,430
4,145,000
Virginia Beach Development Authority, Virginia, Residential
Care Facility Revenue Bonds, Westminster Canterbury on
Chesapeake Bay, Series 2023A
7.000
09/01/59
4,503,757
TOTAL VIRGINIA
9,101,850
WASHINGTON - 1.5%
4,445,000
Washington State Housing Finance Commission, Nonprofit
Housing Revenue Bonds, Horizon House Project, Refunding
Series 2025A
6.250
01/01/61
4,406,307
6,000,000
(c)
Washington State Housing Finance Commission, Nonprofit
Revenue Bonds, Provident Group SH II Properties LLC, Blakeley
& Laurel Villages Portfolio, Series 2025A
7.000
07/01/64
6,171,186
TOTAL WASHINGTON
10,577,493
WEST VIRGINIA - 0.4%
480,000
Huntington, West Virginia, Tax Increment Revenue Bonds,
Kinetic Park Project 3, Refunding Series 2024
5.625
05/01/50
472,203
935,000
(c),(d)
Monongalia County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, University Town Centre Economic
Opportunity Development District, Subordinate Improvement
and Refunding Series 2023B
0.000
06/01/53
205,841
440,000
(c)
Monongalia County, West Virginia, Tax Increment Revenue
Bonds, University Town Centre Development District 4, Senior
Refunding and Improvement Series 2023A
6.000
06/01/53
458,804
185,000
(c)
South Charleston, West Virginia, Special District Excise Tax
Revenue Improvement Bonds, South Charleston Park Place
Project, Series 2022A
4.250
06/01/42
154,617
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
36
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST VIRGINIA
(continued)
$
250,000
(c)
South Charleston, West Virginia, Special District Excise Tax
Revenue Improvement Bonds, South Charleston Park Place
Project, Series 2022A
4.500
%
06/01/50
$
199,145
2,285,000
(b),(c)
West Virginia Economic Development Authority, Dock and
Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC
Project, Series 2020
7.625
12/01/40
1,142,500
TOTAL WEST VIRGINIA
2,633,110
WISCONSIN - 18.9%
3,020,000
(a)
Ashwaubenon Community Development Authority, Wisconsin,
Lease Revenue Bonds, Brown County Expo Center Project,
Series 2019
0.000
06/01/54
717,795
2,980,000
Public Finance Authority of Wisconsin, Capital Appreciation
Bonds, Texas Infrastructure Program, Capital Creek Ranch
Project, Revenue Anticipation Series 2025
0.000
12/15/39
1,148,064
255,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Alamance Community School, Series 2021A
5.000
06/15/51
218,268
1,100,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Cherokee Classical Academy, Series 2025A
7.000
06/15/65
1,100,378
2,775,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Corvian Community School Bonds, North Carolina,
Series 2019A
5.000
06/15/49
2,293,390
900,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Discovery Charter School Project, Series 2022A
6.625
06/01/52
857,258
1,425,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Discovery Charter School Project, Series 2022A
6.750
06/01/62
1,351,156
600,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Founders Academy of Las Vegas, Series 2023A
6.625
07/01/53
617,258
550,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Founders Academy of Las Vegas, Series 2023A
6.750
07/01/58
567,746
1,000,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Freedom Classical Academy Inc., Series 2020A
5.000
01/01/56
822,912
2,385,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Hapeville Charter Project, Series 2025A
6.875
06/15/54
2,354,170
2,495,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A
5.000
06/15/36
2,296,382
415,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A
5.000
06/15/46
333,182
1,110,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Quality Education Academy Project, Series 2023A
6.250
07/15/53
1,132,858
1,175,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Quality Education Academy Project, Series 2023A
6.500
07/15/63
1,206,963
7,125,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Vegas Vista Academy, Series 2024A
7.000
06/01/59
6,465,466
1,520,000
(c)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6.250
01/01/65
1,490,194
1,250,000
(c)
Public Finance Authority of Wisconsin, Contract Revenue
Bonds, Mercer Crossing Public Improvement District Project,
Series 2017
7.000
03/01/47
1,265,361
300,000
(c)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Casa Esperanza Montessori, Series 2021A
4.375
06/01/46
239,066
100,000
(c)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Casa Esperanza Montessori, Series 2021A
4.500
06/01/56
73,991
1,000,000
(c)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Corvian Community School, North Carolina Series
2023A
6.250
06/15/53
957,701
500,000
(c)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Mater Academy of Nevada, - East Las Vegas Campus
Project, Series 2024A
5.000
12/15/54
451,750
750,000
Public Finance Authority of Wisconsin, Educational Facilities
Revenue Bonds, Cincinnati Classical Academy, Series 2024A
5.875
06/15/54
731,346
37
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
1,000,000
(c)
Public Finance Authority of Wisconsin, Educational Facility
Revenue Bonds, Dreamhouse Refunding Series 2025A
7.375
%
06/15/60
$
984,362
1,185,000
(b),(c)
Public Finance Authority of Wisconsin, Limited Obligation
Grant Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017A
6.250
08/01/27
865,050
500,000
(b),(c)
Public Finance Authority of Wisconsin, Limited Obligation
Grant Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017B
5.625
08/01/27
450,000
2,000,000
(c)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
5.000
12/01/27
1,560,000
4,500,000
(c)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
6.750
12/01/42
3,510,000
55,800,000
(c)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
7.000
12/01/50
43,524,000
5,935,000
(c)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream Meadowlands Project,
Series 2017
6.500
12/01/37
4,629,300
4,690,000
(c)
Public Finance Authority of Wisconsin, Multifamily Housing
Revenue Bonds, Promenade Apartments Project, Series 2024
6.250
02/01/39
4,764,361
1,000,000
(c)
Public Finance Authority of Wisconsin, Multifamily Housing
Revenue Bonds, Renaissance Hall at Old Course LLC Project,
Subordinate Series 2024
8.000
06/01/67
928,934
250,000
(c)
Public Finance Authority of Wisconsin, Retirement Facility
Revenue Bonds, Penick Village, Series 2019
5.000
09/01/54
226,095
2,045,000
Public Finance Authority of Wisconsin, Revenue Anticipation
Capital Appreciation Bonds, Creekhaven, Wildrye, and Furst
Ranch Projects, Texas Infrastructure Program, Series 2026
0.000
12/15/36
1,042,171
13,650,000
(c)
Public Finance Authority of Wisconsin, Revenue Anticipation
Capital Appreciation Bonds, Texas Infrastructure Authority
Program, Myrtle Creek Project, Series 2025
0.000
12/15/41
5,088,128
2,700,000
(b),(c)
Public Finance Authority of Wisconsin, Revenue Bonds, Procure
Proton Therapy Center, Senior Series 2018A
7.000
07/01/48
1,890,000
700,000
(c)
Public Finance Authority of Wisconsin, Revenue Bonds,
Revolution Academy, Refunding Series 2023A
6.250
10/01/58
707,078
250,000
(c)
Public Finance Authority of Wisconsin, Revenue Bonds, Senior
Revenue Bonds, Proton International Arkansas, LLC, Series
2021A
6.850
01/01/51
169,321
3,350,000
(c)
Public Finance Authority of Wisconsin, Revenue Bonds, Viticus
Group Project, Series 2025A
6.750
12/01/65
3,413,034
1,000,000
(b),(c)
Public Finance Authority of Wisconsin, Senior Revenue Bonds,
Maryland Proton Treatment Center, Series 2018A-1
6.375
01/01/48
450,000
100,000
(b),(f)
Public Finance Authority of Wisconsin, Wisconsin Revenue
Note, KDC Agribusiness LLC Project, Series 2022B
15.000
12/31/26
10
15,165,000
(c)
Public Finance Authority, Wisconsin, Anticipation Capital
Appreciation Bonds, Milo Farms Project, Series 2025
0.000
12/15/39
5,507,423
1,730,000
(c)
Public Finance Authority, Wisconsin, Revenue Bonds, Two Step
Project, Series 2024
0.000
12/15/34
1,024,193
7,635,000
(c)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Subordinate Bonds, World Center Project Series 2024B
8.000
06/15/42
7,662,116
100,000
(c)
Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds,
Refunding Senior Series 2021
5.000
09/30/41
90,805
290,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Covenant Communities Inc, Second Tier Series 2018B
4.375
07/01/38
274,800
250,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project,
Series 2024
6.125
10/01/59
257,228
1,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Oakwood Lutheran Senior
Ministries, Series 2021
4.000
01/01/57
766,350
Portfolio of Investments March 31, 2026
(continued)
Enhanced High Yield Municipal Bond
38
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
6,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Senior Living Revenue Bonds, Chiara Housing and
Services, Inc. Project, Series 2024
5.875
%
07/01/55
$
5,968,771
6,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Senior Living Revenue Bonds, Chiara Housing and
Services, Inc. Project, Series 2024
6.000
07/01/60
6,014,323
2,500,000
(c)
Wisconsin Housing and Economic Development Authority,
Multifamily Housing Bonds, Meadow Village Project Series
2020A
5.000
07/01/37
2,319,954
TOTAL WISCONSIN
132,780,462
TOTAL MUNICIPAL BONDS
(Cost $1,046,245,968)
977,227,406
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
8642
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
8642
CAPITAL GOODS - 0.0%
128,676
(b),(f)
KDC Agribusiness Fairless Hills LLC
12.000
09/17/26
13
TOTAL CAPITAL GOODS
13
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
45,154
(b),(f)
Jackson Hospital
13.000
04/30/26
3,612
62,714
(b),(f)
Jackson Hospital, Inc. and Jackson Hospital Financing, LLC
13.000
04/30/26
5,017
TOTAL HEALTH CARE EQUIPMENT & SERVICES
8,629
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $236,347)
8,642
SHARES
DESCRIPTION
MATURITY
VALUE
51,825
WARRANTS - 0.0% (0.0% of Total Investments)
51,825
TRANSPORTATION - 0.0%
41,460
(f)
BL TRAIN HOLDINGS WEST LLC
11/26/35
51,825
TOTAL TRANSPORTATION
51,825
TOTAL WARRANTS
(Cost $0)
51,825
TOTAL LONG-TERM INVESTMENTS
(Cost $1,046,482,315)
977,287,873
BORROWINGS - (0.6)% (g)
(4,137,692)
FLOATING RATE OBLIGATIONS - (2.9)%
(20,580,000)
MFP SHARES, NET - (38.8)%(h)
(273,432,035)
OTHER ASSETS & LIABILITIES, NET - 3.6%
25,430,945
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
704,569,091
AMT
Alternative Minimum Tax
PIK
Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(b)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(c)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $629,651,008 or 64.4% of Total Investments.
(d)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(e)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(f)
For fair value measurement disclosure purposes, investment classified as Level 3.
39
See Notes to Financial Statements
(g)
Borrowings as a percentage of Total Investments is 0.4%.
(h)
MFP Shares, Net as a percentage of Total Investments is 28.0%.
Statement of Assets and Liabilities
See Notes to Financial Statements
40
March 31, 2026
Enhanced High
Yield Municipal
Bond
ASSETS
Long-term investments, at value
†
$
977,287,873
Receivables:
Interest
28,011,684
Investments sold
60,000
Reimbursement from Adviser
2,700
Shares sold
1,493,708
Other
69,790
Total assets
1,006,925,755
LIABILITIES
Cash overdraft
323,720
Borrowings
4,137,692
Floating rate obligations
20,580,000
MFP Shares, Net
**
273,432,035
Payables:
Management fees
788,266
Dividends
1,447,739
Interest
109,126
Investments purchased - regular settlement
983,950
Accrued expenses:
Custodian fees
139,631
Trustees fees
18,490
Professional fees
58,451
Shareholder reporting expenses
24,913
Shareholder servicing agent fees
63,979
Distribution and service fees (12b-1)
244,070
Other
4,602
Total liabilities
302,356,664
Commitments and contingencies
(1)
Net assets applicable to common shares
$
704,569,091
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Paid-in capital
$
766,100,714
Total distributable earnings (loss)
(61,531,623)
Net assets applicable to common shares
$
704,569,091
†
Long-term investments, cost
$
1,046,482,315
**
MFP Shares, liquidation preference
$
274,500,000
(1)
As disclosed in Notes to Financial Statements.
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
41
Enhanced High
Yield Municipal
Bond
CLASS A1:
Net assets
$
248,194,849
Common Shares outstanding
35,315,767
Net asset value ("NAV") per common share
$
7.03
Maximum sales charge
2.50%
Offering price per common share (NAV per common share plus maximum sales charge)
$
7.21
CLASS A2:
Net assets
$
201,864,857
Common Shares outstanding
28,686,051
NAV and offering price per common share
$
7.04
CLASS I:
Net assets
$
254,509,385
Common Shares outstanding
36,221,420
NAV and offering price per common share
$
7.03
Authorized shares - per class
Unlimited
Par value per common share
$
0.01
Statement of Operations
See Notes to Financial Statements
42
``
Year Ended March 31, 2026
Enhanced High
Yield Municipal
Bond
INVESTMENT INCOME
Interest
$
72,593,472
Total investment income
72,593,472
EXPENSES
-
Management fees
9,269,726
Distribution and service fees (12b-1) - Class A1
1,797,546
Distribution and service fees (12b-1) - Class A2
1,051,714
Shareholder servicing agent fees - Class A1
92,050
Shareholder servicing agent fees - Class A2
80,952
Shareholder servicing agent fees - Class I
96,675
Interest expense and amortization of offering costs
10,826,901
Trustees fees
48,125
Custodian expenses, net
119,400
Excise tax liability expense
53,322
Registration fees
131,313
Professional fees
264,703
Shareholder reporting expenses
62,352
Other
43,272
Total expenses before fee waiver/expense reimbursement
23,938,051
Fee waiver/expense reimbursement
(
185,464
)
Net expenses
23,752,587
Net investment income (loss)
48,840,885
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(
749,295
)
Net realized gain (loss)
(
749,295
)
Change in unrealized appreciation (depreciation) on:
Investments
(
68,679,478
)
Net change in unrealized appreciation (depreciation)
(
68,679,478
)
Net realized and unrealized gain (loss)
(
69,428,773
)
Net increase (decrease) in net assets applicable to common shares from operations
$
(
20,587,888
)
Statement of Changes in Net Assets
See Notes to Financial Statements
43
Enhanced High Yield Municipal Bond
Year Ended
3/31/26
Year Ended
3/31/25
OPERATIONS
Net investment income (loss)
$
48,840,885
$
32,290,773
Net realized gain (loss)
(749,295)
5,671,191
Net change in unrealized appreciation (depreciation)
(68,679,478)
(2,954,918)
Net increase (decrease) in net assets applicable to common shares from operations
(20,587,888)
35,007,046
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends:
Class A1
(12,919,597)
(10,205,584)
Class A2
(11,908,864)
(8,448,860)
Class I
(15,542,559)
(12,308,575)
Total distributions
(40,371,020)
(30,963,019)
FUND SHARE TRANSACTIONS
Subscriptions
183,532,694
378,764,023
Reinvestments of distributions
22,963,529
17,235,803
Repurchases and redemptions
(159,790,167)
(76,605,470)
Net increase (decrease) applicable to common shares from Fund share transactions
46,706,056
319,394,356
Net increase (decrease) in net assets applicable to common shares
(14,252,852)
323,438,383
Net assets applicable to common shares at the beginning of period
718,821,943
395,383,560
Net assets applicable to common shares at the end of period
$
704,569,091
$
718,821,943
Statement of Cash Flows
See Notes to Financial Statements
44
Year Ended March 31, 2026
Enhanced High
Yield Municipal
Bond
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
$
(20,587,888)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in)
operating activities:
Purchases of investments
(451,610,631)
Proceeds from sale and maturities of investments
427,515,993
Amortization (Accretion) of premiums and discounts, net
(11,870,406)
Amortization of deferred offering costs
(331,785)
(Increase) Decrease in:
Receivable for interest
(9,381,383)
Receivable for investments sold
1,538,156
Receivable for reimbursement from Adviser
(2,700)
Other assets
8,345
Increase (Decrease) in:
Payable for interest
(3,844)
Payable for investments purchased - regular settlement
(2,701,050)
Payable for investments purchased - when-issued/delayed-delivery settlement
(2,406,835)
Payable for management fees
(5,355)
Accrued custodian fees
54,917
Accrued distribution and service fees (12b-1)
(4,042)
Accrued Trustees fees
5,602
Accrued professional fees
54,893
Accrued shareholder reporting expenses
12,945
Accrued shareholder servicing agent fees
30,270
Accrued shelf offering costs
(3,000)
Accrued other expenses
(145,911)
Net realized (gain) loss from investments
749,295
Net realized (gain) loss from paydowns
264,814
Net change in unrealized (appreciation) depreciation of investments
68,679,478
Net cash provided by (used in) operating activities
(140,122)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
126,612,157
(Repayments) of borrowings
(140,479,164)
Proceeds from floating rate obligations
17,285,000
(Repayments of) floating rate obligations
(10,270,000)
Increase (Decrease) in:
Cash overdraft
323,720
Cash distributions paid to common shareholders
(17,251,364)
Subscriptions
183,434,940
Repurchases
(159,790,167)
Net cash provided by (used in) financing activities
(134,878)
Net increase (decrease) in cash
(275,000)
Cash at the beginning of period
275,000
Cash at the end of period
$
-
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Enhanced High
Yield Municipal
Bond
Cash paid for interest
$
10,672,093
Non-cash financing activities not included herein consists of reinvestments of common share distributions
22,963,529
Financial Highlights
45
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Common
Share
Net Asset
Value,
End of
Period
Enhanced High Yield Municipal Bond
Class
A1
3/31/26
$
7.65
$
0.48
$
(0.71)
$
(0.23)
$
(0.39)
$
-
$
(0.39)
$
7.03
3/31/25
7.50
0.41
0.14
0.55
(0.39)
(0.01)
(0.40)
7.65
3/31/24
7.25
0.38
0.26
0.64
(0.39)
-
(0.39)
7.50
3/31/23
8.54
0.41
(1.32)
(0.91)
(0.38)
-
(0.38)
7.25
3/31/22
(e)
10.00
0.31
(1.59)
(1.28)
(0.18)
-
(0.18)
8.54
Class
A2
3/31/26
7.66
0.49
(0.70)
(0.21)
(0.41)
-
(0.41)
7.04
3/31/25
7.51
0.44
0.13
0.57
(0.41)
(0.01)
(0.42)
7.66
3/31/24
7.26
0.41
0.25
0.66
(0.41)
-
(0.41)
7.51
3/31/23
(g)
8.08
0.29
(0.84)
(0.55)
(0.27)
-
(0.27)
7.26
Class
I
3/31/26
7.65
0.53
(0.71)
(0.18)
(0.44)
-
(0.44)
7.03
3/31/25
7.50
0.47
0.13
0.60
(0.44)
(0.01)
(0.45)
7.65
3/31/24
7.25
0.43
0.26
0.69
(0.44)
-
(0.44)
7.50
3/31/23
8.54
0.47
(1.32)
(0.85)
(0.44)
-
(0.44)
7.25
3/31/22
(e)
10.00
0.30
(1.54)
(1.24)
(0.22)
-
(0.22)
8.54
(a)
Based on average common shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes
to Financial Statements and the interest expense and fees paid on preferred shares and borrowings, as described in Notes to Financial
Statements.
(d)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(e)
For the period June 30, 2021 (commencement of operations) through March 31, 2022.
(f)
Annualized.
(g)
For the period July 29, 2022 (commencement of operations) through March 31, 2023.
See Notes to Financial Statements
46
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Ratios to Average Net Assets
Common
Share
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Including
Interest
(c)
Gross
Expenses
Excluding
Interest
Net
Expenses
Including
Interest
(c),(d)
Net
Expenses
Excluding
Interest
(d)
NII
(Loss)
(d)
Portfolio
Turnover
Rate
(3.02)
%
$
248,195
3.75
%
2.21
%
3.73
%
2.19
%
6.62
%
43
%
7.32
245,749
3.79
2.16
3.75
2.12
5.32
20
9.21
139,764
4.09
2.34
3.89
2.14
5.35
41
(10.70)
48,252
3.98
2.76
3.48
2.26
5.49
46
(13.00)
13,849
2.91
(f)
2.62
(f)
2.58
(f)
2.29
(f)
4.43
(f)
88
(2.75)
201,865
3.50
1.96
3.48
1.94
6.86
43
7.60
218,073
3.55
1.92
3.51
1.88
5.63
20
9.47
85,656
3.84
2.09
3.64
1.89
5.64
41
(6.71)
26,007
3.43
(f)
2.21
(f)
3.03
(f)
1.81
(f)
5.94
(f)
46
(2.26)
254,509
3.00
1.46
2.98
1.44
7.37
43
8.11
255,000
3.04
1.41
3.00
1.37
6.07
20
10.03
169,964
3.34
1.59
3.14
1.39
6.05
41
(9.99)
54,680
3.25
2.03
2.77
1.55
6.28
46
(12.59)
46,795
2.05
(f)
1.76
(f)
1.72
(f)
1.43
(f)
4.18
(f)
88
Financial Highlights (continued)
47
The following table sets forth information regarding the Fund's outstanding securities as of the end of the
Fund's last five fiscal periods, as applicable.
Borrowings
MFP Shares
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$1,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(c)
Enhanced High Yield Municipal Bond
3/31/26
$
-
$
-
$
274,500
$
356,674
3/31/25
-
-
274,500
361,866
3/31/24
-
-
139,500
383,429
3/31/23
-
-
27,500
568,873
3/31/22
(d)
20,000
4,032
-
-
(a)
Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if
applicable, as of the end of the relevant fiscal year.
(b)
Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented
by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's borrowings (excluding
temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities
consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the
economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments
were included, the asset coverage amounts presented would be lower.
(c)
Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's liabilities and indebtedness not
represented by senior securities from the Fund's total assets, dividing the result by the aggregate of the involuntary liquidation preference
of the outstanding preferred shares and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist
of preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other
investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage
effects of such investments were included, the asset coverage amounts presented would be lower.
(d)
For the period June 30, 2021 (commencement of operations) through March 31, 2022.
48
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 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, 2026, and the period covered by these Notes to Financial
Statements is the fiscal year ended March 31, 2026 (the "current fiscal period").
Investment Adviser and Sub-Adviser:
The Fund's investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC
("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall
responsibility for management of the Fund, oversees the management of the Fund's portfolio, manages the Fund's business affairs and provides
certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-
advisory agreement with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages
the investment portfolio of the Fund.
Share Classes and Sales Charges:
Class A1 Shares are generally sold with an up-front sales charge. Class A1 Share purchases of $250,000 or more
are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1.50%
if repurchased before the first day of the month in which the one-year anniversary of the purchase falls. Class A2 Shares and Class I Shares are sold
without an upfront sales charge.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America
("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ
from those estimates. The Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board ("FASB")
Accounting Standards Codification 946, Financial Services - Investment Companies. The NAV for financial reporting purposes may differ from
the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share
transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.
The following is a summary of the significant accounting policies consistently followed by the Fund.
Compensation:
The Fund pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Fund
from the Adviser or its affiliates. The Fund's Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees
that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised
funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Custodian Fee Credit:
As an alternative to overnight investments, the Fund has an arrangement with its custodian bank, State Street Bank and
Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on the Fund's cash on deposit
with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount
of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the
current fiscal period, the custodian fee credit earned by the Fund was as follows:
Distributions to Common Shareholders:
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and
timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications:
Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of
the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general
indemnifications to other parties. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may
be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects
the risk of loss to be remote.
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains
and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is
recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income
also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in
lieu of cash.
Fund
Gross
Custodian Fee
Credits
Enhanced High Yield Municipal Bond
$
-
49
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 master repurchase
agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").
Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific counterparty, when
applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages
its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting
agreements, collateral posted to the Fund is held in a segregated account by the Fund's custodian and/or with respect to those amounts which can
be sold or repledged, are presented in the Fund's Portfolio of Investments or Statement of Assets and Liabilities.
The Fund's investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
The Fund represents a single operating segment. The officers of the Fund act as the chief operating decision maker
("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of the Fund as a whole and is responsible for the Fund's long-term
strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's
portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes
in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the
segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is
consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as
"total assets" and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2023-09):
In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,
Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09
is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes
paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal
period, the Funds adopted the new guidance. See Note 7 for more income tax information.
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270)
Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are
required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual
reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within
annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the
implications of these changes on the financial statements.
3. Investment Valuation and Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly
transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy
which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.
Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's
assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best
information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 - Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of
investments).
A description of the valuation techniques applied to the Fund's major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price
or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade
on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to
U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when
the exchange on which they are traded closes and the time when the Fund's net assets are calculated, such securities will be valued at fair value in
accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no
valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price
or official closing price, these securities are generally classified as Level 2.
50
Notes to Financial Statements
(continued)
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and
oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or
prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,
evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider
information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Fund's investments as of the end of the current fiscal period, based on the inputs used to
value them:
The Fund holds liabilities in floating rate obligations and preferred shares, which are not reflected in the tables above. The fair values of the
Fund's liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and
further described in these Notes to Financial Statements. The fair values of the Fund's liabilities for preferred shares approximate their liquidation
preference. Preferred shares are generally classified as Level 2 and further described in these Notes to Financial Statements.
4. Portfolio Securities
Inverse Floating Rate Securities:
The Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created
by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option
bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating
rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b)
an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters
typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value,
which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity
Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as the Fund. The income received
by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater
holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation
of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is
dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the
Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by the Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly
more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust
to the Fund, thereby collapsing the TOB Trust.
A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party
or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse
Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse
Floater"). The Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first
owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited
Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) - Underlying bond of
an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the
Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB
Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in
"Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB
Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component
of "Interest expense and amortization of offering costs" on the Statement of Operations. Earnings due from the Underlying Bond and interest due
to the holders of the Floaters as of the end of the current fiscal period are recognized as components of "Receivable for interest" and "Payable for
interest" on the Statement of Assets and Liabilities, respectively.
Enhanced High Yield Municipal Bond
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
977,227,346
$
60
$
977,227,406
Variable Rate Senior Loan Interests
-
-
8,642
8,642
Warrants
-
-
51,825
51,825
Total
$
-
$
977,227,346
$
60,527
$
977,287,873
51
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 current fiscal 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
current fiscal period, there were no loans outstanding under any such facility.
The Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such
agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in
certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum
of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any
shortfalls in interest cash flows (referred to herein as "Shortfall Payment"). Under these agreements, a Fund's potential exposure to losses related
to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to
holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse
Trusts" on the Statement of Assets and Liabilities.
As of the end of the current fiscal 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:
Fund
Floating Rate
Obligations: Self-
Deposited
Inverse Floaters
Floating Rate
Obligations:
Externally-Deposited
Inverse Floaters
Total
Enhanced High Yield Municipal Bond
$
20,580,000
$
-
$
20,580,000
Fund
Average Floating
Rate Obligations
Outstanding
Average Annual
Interest Rate
And Fees
Enhanced High Yield Municipal Bond
$
20,620,479
3.17
%
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
$
20,580,000
$
-
$
20,580,000
52
Notes to Financial Statements
(continued)
Zero Coupon Securities:
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the
holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the
security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices
of securities that pay interest periodically.
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period,
such amounts are recognized on the Statement of Assets and Liabilities. The Fund has invested in an unfunded commitment, in which, the Fund
assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty,
the Fund's maximum amount of loss is the unrealized appreciation of the unsettled transaction. Any unrealized appreciation (depreciation) for an
unfunded commitment is separately presented on the Statement of Assets and Liabilities. An unfunded commitment is priced at its fair market value
and any unrealized appreciation (depreciation) is separately presented on the Statement of Assets and Liabilities. As of the end of the reporting
period, the Fund was no longer invested in an unfunded commitment.
Puerto Rico Electric Power Authority Bonds:
On March 28, 2025, the Financial Oversight and Management Board for Puerto Rico (the "FOMB")
filed the Fifth Amended Plan of Adjustment (the "Fifth Amended Plan") that would reduce PREPA debt from approximately $10 billion to the
equivalent of $2.6 billion of Base Consideration for creditors in cash or bonds, reflecting the projections and findings of a new PREPA fiscal plan that
was certified by the FOMB on February 6, 2025.
The Fund's holdings in Puerto Rico Electric Power Authority bonds experienced notable developments during the reporting period related to the
utility's bankruptcy proceedings. Specifically, the federal government's decision in August 2025 to remove several FOMB members. This action
created additional uncertainty regarding the composition of the FOMB as well as the proposed plan's vability.
In response to these evolving circumstances, the Fund, along with other bondholders, chose to allow their Bond Purchase Agreement with the FOMB
to expire on October 1, 2025. Instead, the Fund joined the amended and restated cooperation agreement with other non-settling bondholders and
insurers. This coalition now represents nearly 90% of PREPA's outstanding revenue bonds. This unified creditor group seeks more favorable debt
recovery terms and equitable treatment for all bondholders. As the bankruptcy court awaits appointment of new FOMB members and potential
mediation proceedings the ultimate resolution timeline and terms remain subject to court approval and continued negotiation among stakeholders.
5. Derivative Investments
The Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
Market and Counterparty Credit Risk:
In the normal course of business the Fund may invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of the Fund's exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties
may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has
instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold amount.
6. Fund Shares
Quarterly Repurchase Offer:
In order to provide liquidity to common shareholders, the Fund has adopted a fundamental policy, which may only
be changed by a majority vote of shareholders, to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at
NAV, reduced by any applicable repurchase fee. Subject to approval of the Board, for each quarterly repurchase offer, the Fund currently expects
to offer to repurchase 7.5% of the outstanding Common Shares at NAV. The Fund does not currently expect to charge a repurchase fee and no
amounts were charged during the current fiscal period. However, the Fund may charge a repurchase fee of up to 2.00% of the repurchase proceeds,
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
Enhanced High Yield Municipal Bond
$
451,610,631
$
427,515,993
53
which the Fund would retain to help offset non-de minimis estimated costs related to the repurchase incurred by the Fund, directly or indirectly, as
a result of repurchasing Common Shares, thus allocating estimated transaction costs to the Common Shareholder whose Common Shares are being
repurchased.
During the current fiscal period, the Fund engaged in quarterly repurchase offers as follows:
Common Share Transactions
Transactions in common shares during the Fund's current and prior fiscal period were as follows:
2
Preferred Shares
MuniFund Preferred Shares:
The Fund has issued and has outstanding MuniFund Preferred ("MFP") Shares, with a $100,000 liquidation preference
per share. These MFP Shares were issued via private placement and are not publicly available.
The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier
redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an
alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as
follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.
• Variable Rate Remarketed Mode ("VRRM") - Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore,
the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts
tender of their shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained
by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of
unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to
the remarketing agent are recognized as "Remarketing fees" on the Statement of Operations.
• Variable Rate Mode ("VRM") - Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed
"spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be
required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
Repurchase
Request
Deadline
Repurchase Offer
Amount (as a
percentage of
outstanding shares)
Number of
Shares
Repurchased
Percentage of
Outstanding Shares
Repurchased
06 May 2025
7.50%
3,684,295
3.78%
05 Aug 2025
7.50%
7,465,449
7.40%
05 Nov 2025
7.50%
4,783,904
4.79%
06 Feb 2026
7.50%
6,149,812
5.93%
Year Ended
3/31/26
Year Ended
3/31/25
Enhanced High Yield Municipal Bond
Shares
Value
Shares
Value
Subscriptions:
Class A1
7,871,192
$56,637,306
14,053,734
$108,729,762
Class A2
4,344,303
31,480,810
16,442,568
128,026,665
Class I
13,011,285
93,699,988
18,294,557
142,007,596
Class I - exchange of Class A2
238,344
1,714,590
-
-
Total subscriptions
25,465,124
183,532,694
48,790,859
378,764,023
Reinvestments of distributions:
Class A1
1,140,376
8,191,470
860,836
6,670,923
Class A2
1,362,392
9,805,608
899,925
6,994,250
Class I
691,880
4,966,451
460,211
3,570,630
Total reinvestments of distributions
3,194,648
22,963,529
2,220,972
17,235,803
Repurchases and redemptions:
Class A1
(5,810,391)
(41,343,146)
(1,424,068)
(11,153,624)
Class A2
(5,474,310)
(39,341,047)
(287,329)
(2,238,178)
Class A2 - exchange to Class I
(238,344)
(1,714,590)
-
-
Class I
(10,805,473)
(77,391,384)
(8,086,978)
(63,213,668)
Total repurchases and redemptions
(22,328,518)
(159,790,167)
(9,798,375)
(76,605,470)
Net increase (decrease)
6,331,254
$46,706,056
41,213,456
$319,394,356
54
Notes to Financial Statements
(continued)
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares
remains roughly in line with the "spread' being demanded by investors on instruments having similar terms in the current market. During the current
fiscal period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.
• Variable Rate Demand Mode ("VRDM") - Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore,
the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional
liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase
shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully
remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a
specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. The Fund is required to redeem any shares
that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the
Fund to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement of
Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of "MFP
Shares, Net" on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting
purposes. Unpaid dividends on MFP shares are recognized as a component on "Payable for interest" on the Statement of Assets and Liabilities.
Dividends accrued on MFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of
Operations.
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be
required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the
applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but
unpaid dividends.
Costs incurred by the Fund in connection with its offering of MFP Shares, which were recorded as a deferred charge and are being amortized over
the life of the shares. These offering costs are recognized as a component of "MFP Shares, Net" on the Statement of Assets and Liabilities and
"Interest expense and amortization of offering costs" on the Statement of Operations.
As of the end of the current fiscal period, the Fund had $273,432,035 MFP Shares at liquidation preference, net of deferred offering costs.
Further details of the Fund's MFP Shares outstanding as of the end of the current fiscal period, were as follows:
* Subject to early termination by either the Fund or the holder.
The average liquidation preference of MFP Shares outstanding and the annualized dividend rate during the current fiscal period were as follows:
Preferred Share Transactions:
Transactions in preferred shares during the Fund's prior fiscal period, where applicable, are noted in the following
table.
Transactions in MFP Shares for the Fund, where applicable, were as follows:
7. Income Tax Information
The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the
requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax
provision is required.
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption
Date
Mode
Mode
Termination
Date
A
1,295
$129,500,000
September 1, 2042
VRM
September 24, 2026
B
1,450
$145,000,000
July 1, 2043
VRM
July 1, 2043*
Fund
Average Liquidation Preference of
MFP Shares Outstanding
Annualized Dividend Rate
Enhanced High Yield Municipal Bond
$274,500,000
3.57%
Year Ended 3/31/25
Series
Shares
Amount
MFP Shares Issued
A
750
$75,000,000
MFP Shares Issued
B
600
$60,000,000
55
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
are 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.
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 adjustments related to PREPA bonds, nondeductible expenses, paydowns,
taxable market discount, and taxes paid. Temporary and permanent differences have no impact on a Fund's net assets.
As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as
follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of year end, the components of accumulated earnings on a tax basis were as follows:
The tax character of distributions paid was as follows:
As of year end, the Fund had capital loss carryforwards, which will not expire:
As of year end, the Fund utilized the following capital loss carryforwards:
8. Management Fees and Other Transactions with Affiliates
Management Fees:
The Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and
general office facilities. The Sub-Adviser is compensated for its services to the Fund from the management fees paid to the Adviser.
The Fund's management fee consists of two components - a fund-level fee, based only on the amount of assets within the Fund, and a complex-
level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables the Fund's shareholders
to benefit from growth in the assets within the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Enhanced High Yield Municipal Bond
$
1,022,157,106
$
24,069,671
$
(89,518,904)
$
(65,449,233)
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
$
8,299,708
$
77,229
$
-
$
(65,449,233)
$
(1,026,799)
$
-
$
(3,432,528)
$
(61,531,623)
1
Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period March 2, 2026 through March 31, 2026
and paid on April 1, 2026.
3/31/26
3/31/25
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital Gains
Enhanced High Yield Municipal Bond
$
40,195,282
$
175,738
$
-
$
30,102,445
$
366,305
$
494,269
1
The Fund designates these amounts paid during the period as Exempt Interest Dividends.
Fund
Short-Term
Long-Term
Total
Enhanced High Yield Municipal Bond
1
$
1,026,799
$
-
$
1,026,799
1
A portion of Enhanced High Yield Municipal Bond's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.
Fund
Utilized
Enhanced High Yield Municipal Bond
$
1,067,917
56
Notes to Financial Statements
(continued)
The annual fund-level fee, payable monthly, is calculated according to the following schedule:
The annual complex-level fee, payable monthly, for the Fund is calculated according to the following schedule:
* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual
Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments
in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively
financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in
certain circumstances.
As of the end of the current fiscal period, 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, 2028, so that the total annual operating expenses of the Fund
(excluding any distribution and/or service fees that may be applicable to a particular class of shares, issuance and dividend costs of preferred shares
that may be issued by the Fund, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio
securities, litigation expenses and extraordinary expenses) do not exceed 1.05% of the average daily managed assets of any class of Fund shares.
This expense limitation may be terminated or modified prior to that date only with the approval of the Board.
Distribution and Service Fees:
The Fund has adopted a Distribution and Servicing Plan for Class A1 Common Shares and Class A2 Common
Shares of the Fund. The Distribution and Servicing Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the
manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its Common Shares. Although the
Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under
the 1940 Act which permits it to, among other things, impose distribution and shareholder servicing fees. The Distribution and Servicing Plan permits
the Fund to compensate the Nuveen Securities, LLC (the "Distributor"), a wholly-owned subsidiary of Nuveen, for using reasonable efforts to secure
purchasers of the Fund's Common Shares, including by providing continuing information and investment services and/or by making payments to
certain authorized institutions in connection with the sale of Common Shares or servicing of shareholder accounts. Most or all of the distribution and/
or service fees are paid to financial firms through which Shareholders may purchase or hold Class A1 Common Shares and/or Class A2 Common
Shares. The maximum annual rates at which the distribution and/or servicing fees may be paid under the Distribution and Servicing Plan for Class
A1 Common Shares (calculated as a percentage of the Fund's average daily net assets attributable to the Class A1 Common Shares) is 0.75%. The
maximum annual rates at which the distribution and/or servicing fees may be paid under the Distribution and Servicing Plan for Class A2 Common
Shares (calculated as a percentage of the Fund's average daily net assets attributable to the Class A2 Common Shares) is 0.50%. During the current
fiscal period the annual rate paid by the Fund for Class A1 Shares and Class A2 Shares was 0.75% and 0.50%, respectively.
Other Transactions with Affiliates:
The Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the
Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board
("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by
virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7
under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring
broker commissions.
During the current fiscal period, the Fund engaged in cross-trades pursuant to these procedures as follows:
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
0.8000
%
For the next $125 million
0.7875
For the next $250 million
0.7750
For the next $500 million
0.7625
For the next $1 billion
0.7500
For the next $3 billion
0.7250
For managed assets over $5 billion
0.7125
Complex-Level Asset Breakpoint Level*
Complex-Level Fee
For the first $124.3 billion
0.1600
%
For the next $75.7 billion
0.1350
For the next $200 billion
0.1325
For eligible assets over $400 billion
0.1300
Fund
Complex-Level Fee
Enhanced High Yield Municipal Bond
0.1563
%
57
The Distributor also received 12b-1 service fees on Class A1 Shares and Class A2 Shares, substantially all of which were paid to compensate financial
intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as
follows:
The remaining 12b-1 fees charged to the Fund were paid to compensate financial intermediaries for providing services to shareholders relating to
their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
As of the end of the current fiscal period TIAA owned less than 1% of Fund shares.
9. Commitments and Contingencies
In the normal course of business, the Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include
recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes
to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the
current fiscal period, the Fund did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when
applicable.
From time to time, the Fund may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to
the enforcement of the Fund's rights under contracts. As of the end of the current fiscal period, the Fund is not subject to any material legal
proceedings.
10. Borrowing Arrangements
Line of Credit:
The Fund, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established
a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other
than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its
associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the
size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to
those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating
Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a)
OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed.
Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense and amortization of
offering costs" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a
component of "Interest expense and amortization of offering costs" on the Statement of Operations, and along with commitment fees, have been
allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors
deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Fund utilized this facility. The Fund's maximum outstanding balance during the utilization period was as follows:
Fund
Purchases
Sales
Realized
Gain (Loss)
Enhanced High Yield Municipal Bond
$
2,546,190
$
42,901,796
$
1,337,285
Fund
Commission
Advances
(Unaudited)
Enhanced High Yield Municipal Bond
$
766,338
Fund
CDSC
Retained
(Unaudited)
Enhanced High Yield Municipal Bond
$
154,998
Fund
Maximum
Outstanding
Balance
Enhanced High Yield Municipal Bond
$
34,100,000
58
Notes to Financial Statements
(continued)
During the Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the
Borrowings were as follows:
Borrowings outstanding as of the end of the current fiscal period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
Enhanced High Yield Municipal Bond
97
$
13,289,816
5.32
%
59
Important Tax Information
(U
naudited)
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
$
-
60
Additional Fund Information
(U
naudited)
Board of Trustees
Joseph A. Boateng
Michael A. Forrester
Thomas J. Kenny
Amy B.R. Lancellotta
Joanne T. Medero
Albin F. Moschner
John K. Nelson
Loren M. Starr
Matthew Thornton III
Terence J. Toth
Margaret L. Wolff
Robert L. Young
Investment Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
& Trust Company
One Congress Street
Suite 1
Boston, MA 02111
Legal Counsel
Chapman and Cutler
LLP
Chicago, IL 60603
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers
LLP
One North Wacker Drive
Chicago, IL 60606
Transfer Agent and
Shareholder Services
DST Asset Manager Solutions,
Inc. (DST)
333 West 11th Street
5th Floor
Kansas City, MO 64105
(800) 257-8787
Portfolio of Investments Information
The Fund is required to file its complete schedule of portfolio holdings with
the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its
report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies
relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge,
upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a
description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio
securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this
information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
FINRA BrokerCheck:
The Financial Industry Regulatory Authority (FINRA) provides information regarding the
disciplinary history of FINRA member firms and associated investment professionals. This information as well as an
investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline
number at (800) 289-9999 or by visiting www.FINRA.org.
Glossary of Terms Used in this Report
61
(Unaudited)
Average Annual Total Return
: This is a commonly used method to express an investment's performance over a particular, usually
multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative
performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time
period being considered.
Effective Leverage:
Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see
leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender
Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
Inverse Floating Rate Securities:
Inverse floating rate securities are the residual interest in a tender option bond (TOB)
trust, sometimes referred to as "inverse floaters," are created by depositing a municipal bond, typically with a fixed interest rate,
into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest
rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an
inverse floating rate certificate (sometimes referred to as an "inverse floater'') to an investor (such as a Fund) interested in gaining
investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely
with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater
bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits
disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an
investment in the underlying bond on a leveraged basis.
Leverage:
Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100%
of the investment capital.
Net Asset Value (NAV) Per Share:
A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and
receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
Regulatory Leverage:
Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part
of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
Tax Obligation/General Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the
ability to increase taxes by an unlimited amount to pay the bonds back.
Tax Obligation/Limited Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn't
have the ability to increase taxes by an unlimited amount to pay the bonds back.
Total Investment Exposure:
Total investment exposure is a fund's assets managed by the Adviser that are attributable to
financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments
in the residual interest certificates (also called inverse floating rate securities) in the residual interest certificates (also called inverse
floating rate securities) in tender option bond (TOB) trusts, including the portion of assets heId by a TOB trust that has been
effectively financed by the trust's issuance of floating rate securities.
62
Board Members & 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:
Joseph A. Boateng
1963
333 W. Wacker Drive
Chicago, IL 60606
Board Member
2019
Class II
Chief Investment Officer, Casey Family Programs (since 2007);
formerly, Director of U.S. Pension Plans, Johnson & Johnson
(2002-2006); Board Member, Lumina Foundation (since 2019)
and Waterside School (since 2021); Board Member (2012-2019)
and Emeritus Board Member (since 2020), Year-Up Puget Sound;
Former Investment Advisory Committee Member and Chair (2007-
2024), Seattle City Employees' Retirement System; Investment
Committee Member (since 2019), The Seattle Foundation; Trustee
(2018-2023), the College Retirement Equities Fund; Manager
(2019-2023), TIAA Separate Account VA-1.
209
Michael A. Forrester
1967
333 W. Wacker Drive
Chicago, IL 60606
Board Member
2007
Class I
Formerly, Chief Executive Officer (2014-2021) and Chief Operating
Officer (2007-2014), Copper Rock Capital Partners, LLC; Director,
Aflac Incorporated (since 2025); Trustee, Dexter Southfield
School (since 2019); Member (since 2020), Governing Council
of the Independent Directors Council (IDC); Trustee, the College
Retirement Equities Fund and Manager, TIAA Separate Account
VA-1 (2007-2023).
209
Thomas J. Kenny
1963
333 W. Wacker Drive
Chicago, IL 60606
Board Member
2011
Class I
Formerly, Advisory Director (2010-2011), Partner (2004-2010),
Managing Director (1999-2004) and Co-Head of Global Cash and
Fixed Income Portfolio Management Team (2002-2010), Goldman
Sachs Asset Management; Chairman of the Board (since 2025),
Apeel Sciences; Director (since 2015) and Chair of the Finance and
Investment Committee (since 2018), Aflac Incorporated; Director
(since 2018), ParentSquare; formerly, Director (2021-2022) and
Finance Committee Chair (2016-2022), Sansum Clinic; formerly,
Advisory Board Member (2017-2019), B'Box; formerly, Member
(2011-2012), the University of California at Santa Barbara Arts
and Lectures Advisory Council; formerly, Investment Committee
Member (2012-2020), Cottage Health System; formerly, Board
member (2009-2019) and President of the Board (2014-2018),
Crane Country Day School; Trustee (2011-2023) and Chairman
(2017-2023), the College Retirement Equities Fund; Manager
(2011-2023) and Chairman (2017-2023), TIAA Separate Account
VA-1.
209
Amy B. R. Lancellotta
1959
333 W. Wacker Drive
Chicago, IL 60606
Board Member
2021
Class II
Formerly, Managing Director, 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);
Formerly President (2023-2025) and Member (2020-2025) of the
Board of Directors, Jewish Coalition Against Domestic Abuse
(JCADA).
209
63
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
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).
209
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).
209
John K. Nelson
1962
333 W. Wacker Drive
Chicago, IL 60606
Board Member
2013
Class II
Formerly, Member of Board of Directors of Core12 LLC (2008-
2023) (private firm which develops branding, marketing and
communications strategies for clients); formerly, Member of The
President's Council of Fordham University (2010-2019); formerly,
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); formerly,
Trustee and Chairman of the Board of Trustees of Marian University
(2010-2013); 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.
209
64
Board Members & Officers
(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
Loren M. Starr
1961
333 W. Wacker Drive
Chicago, IL 60606
Board Member
2022
Class III
Independent Consultant/Advisor (since 2021); formerly, Vice
Chair, Senior Managing Director (2020-2021), Chief Financial
Officer, Senior Managing Director (2005-2020), Invesco Ltd.;
Director (since 2023) and Chair of the Board (since 2025), formerly,
Chair of the Audit Committee (2024-2025), AMG; formerly, Chair
and Member of the Board of Directors (2014-2021), Georgia
Leadership Institute for School Improvement (GLISI); formerly,
Chair and Member of the Board of Trustees (2014-2018), Georgia
Council on Economic Education (GCEE); Trustee, the College
Retirement Equities Fund and Manager, TIAA Separate Account
VA-1 (2022-2023).
209
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. 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); Member of the
Executive Leadership Council (ELC) (since 2014).
209
Terence J. Toth
1959
333 W. Wacker Drive
Chicago, IL 60606
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); formerly, Chair and
Member of the Board of Directors (2021-2024), Kehrein Center for
the Arts (philanthropy); Member of the Board of Directors (since
2008), Catalyst Schools of Chicago (philanthropy); Member of the
Board of Directors (since 2012), formerly, Investment Committee
Chair (2017-2022), Mather Foundation Board (philanthropy);
formerly, Member (2005-2016), Chicago Fellowship Board
(philanthropy); 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).
209
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 of the Board of Trustees (since
2004) formerly, Chair (2015-2022) 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.
209
65
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
Robert L. Young
1963
333 W. Wacker Drive
Chicago, IL 60606
Chair and Board
Member
2017
Class I
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).
209
66
Board Members & Officers
(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 (Principal
Executive Officer)
2015
Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC
and Nuveen; has previously held various positions with Nuveen.
Brett E. Black
1972
333 W. Wacker Drive
Chicago, IL 60606
Vice President
and Chief
Compliance
Officer
2022
Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President
(2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance
Officer (2017-2022) of BMO Funds, Inc.
Marc Cardella
1984
8500 Andrew Carnegie
Blvd.
Charlotte, NC 28262
Vice President
and Controller
(Principal
Financial Officer)
2024
Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior
Managing Director of Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC,
Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing
Director of Teachers Insurance and Annuity Association of America and TIAA SMA
Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer
of TIAA Separate Account VA-1 and the College Retirement Equities Fund; Senior
Managing Director, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment
Group, LLC.
Joseph T. Castro
1964
333 W. Wacker Drive
Chicago, IL 60606
Vice President
2025
Executive Vice President, Chief Risk and Compliance Officer, formerly, Senior
Managing Director and Head of Compliance, Nuveen; Executive Vice President and
Chief Risk and Compliance Officer, formerly, Senior Managing Director, Nuveen
Securities, LLC and Nuveen, LLC; formerly, Senior Managing Director, Nuveen Fund
Advisors, LLC.
Mark J. Czarniecki
1979
901 Marquette Avenue
Minneapolis, MN 55402
Vice President
and Assistant
Secretary
2013
Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen
Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen;
Managing Director, Assistant Secretary and Associate General Counsel of Nuveen
Asset Management, LLC; has previously held various positions with Nuveen;
Managing Director, Associate General Counsel and Assistant Secretary of Teachers
Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director,
Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence,
Inc. and Brooklyn Investment Group, LLC.
Jeremy D. Franklin
1983
8500 Andrew Carnegie
Blvd.
Charlotte, NC 28262
Vice President
and Assistant
Secretary
2024
Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing
Director, Associate General Counsel and Assistant Secretary, Nuveen Asset
Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management,
LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity
Association of America; Vice President and Assistant Secretary, TIAA-CREF Funds
and TIAA-CREF Life Funds; Vice President, Associate General Counsel, and Assistant
Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund.
Diana R. Gonzalez
1978
8500 Andrew Carnegie
Blvd.
Charlotte, NC 28262
Vice President
and Assistant
Secretary
2017
Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President,
Associate General Counsel and Assistant Secretary of Nuveen Asset Management,
LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice
President and Associate General Counsel of Nuveen.
Nathaniel T. Jones
1979
333 W. Wacker Drive
Chicago, IL 60606
Vice President
2016
Senior Managing Director, Head of Public Product of Nuveen; President. formerly,
Senior Managing Director, of Nuveen Fund Advisors, LLC; has previously held
various positions with Nuveen; Chartered Financial Analyst.
Brian H. Lawrence
1982
8500 Andrew Carnegie
Blvd.
Charlotte, NC 28262
Vice President
and Assistant
Secretary
2023
Director and Associate General Counsel of Nuveen; Vice President, Associate
General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF
Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton
(2018-2022).
Tina M. Lazar
1961
333 W. Wacker Drive
Chicago, IL 60606
Vice President
2002
Managing Director of Nuveen Securities, LLC.
67
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
Brian J. Lockhart
1974
333 W. Wacker Drive
Chicago, IL 60606
Vice President
2019
Senior Managing Director and Head of Investment Oversight of Nuveen; Senior
Managing Director of Nuveen Fund Advisors, LLC; has previously held various
positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk
Manager.
John M. McCann
1975
8500 Andrew Carnegie
Blvd.
Charlotte, NC 28262
Vice President
and Assistant
Secretary
2022
Senior Managing Director, Division General Counsel of Nuveen; Senior Managing
Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Senior
Managing Director, Associate General Counsel and Assistant Secretary of Nuveen
Asset Management, LLC Teachers Advisors, LLC and TIAA-CREF Investment
Management, LLC; Managing Director and Assistant Secretary of TIAA SMA
Strategies LLC; Managing Director, Associate General Counsel and Assistant
Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-
CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association
of America and Nuveen Alternative Advisors LLC; Senior Managing Director,
Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence,
Inc. and Brooklyn Investment Group, LLC; has previously held various positions with
Nuveen/TIAA.
Kevin J. McCarthy
1966
333 W. Wacker Drive
Chicago, IL 60606
Vice President
and Assistant
Secretary
2007
Executive Vice President, Secretary and General Counsel of Nuveen Investments,
Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities,
LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of
Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment
Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice
President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds
and TIAA-CREF Life Funds; has previously held various positions with Nuveen;
Vice President and Secretary of Winslow Capital Management, LLC; Executive Vice
President, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC;
formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment
Management Company, LLC and Santa Barbara Asset Management, LLC.
R. Tanner Page
1985
333 W. Wacker Drive
Chicago, IL 60606
Vice President
and Treasurer
2025
Managing Director, formerly, Vice President of Nuveen; has previously held various
positions with Nuveen.
William A. Siffermann
1975
333 W. Wacker Drive
Chicago, IL 60606
Vice President
2017
Senior Managing Director of Nuveen.
Mark L. Winget
1968
333 W. Wacker Drive
Chicago, IL 60606
Vice President
and Secretary
2008
Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund
Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of
Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen
Asset Management, LLC; Vice President and Associate General Counsel of Nuveen;
Vice President, Associate General Counsel and Assistant Secretary, Brooklyn
Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.
Rachael Zufall
1973
8500 Andrew Carnegie
Blvd.
Charlotte, NC 28262
Vice President
and Assistant
Secretary
2022
Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC;
Managing Director, Associate General Counsel and Assistant Secretary of the
College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF
Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel
and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment
Management, LLC; Managing Director of Nuveen, LLC and of TIAA.
(1)
Board Members serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the
year in which the director was first elected or appointed to any fund in the Nuveen Fund Complex.
(2)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was
first elected or appointed to any fund in the Nuveen Fund Complex.
Nuveen Securities, LLC, member FINRA and SIPC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
RAN-HYIF-0326P 5366794
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable
investment solutions through continued adherence to proven, long-term investing principles. Today,
we offer a range of high quality solutions designed to be integral components of a well-diversified core
portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global
asset managers, with specialist knowledge across all major asset classes and particular strength
in solutions that provide income for investors and that draw on our expertise in alternatives and
responsible investing. Nuveen is driven not only by the independent investment processes across
the firm, but also the insights, risk management, analytics and other tools and resources that a truly
world-class platform provides. As a global asset manager, our mission is to work in partnership with
our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your
financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information
provided carefully before you invest. Investors should consider the investment objective and policies,
risk considerations, charges and expenses of any investment carefully. Where applicable, be sure
to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,
please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/interval-funds
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
| Item 2. |
Code of Ethics. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.
| 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") had 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 members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson and Loren M. Starr, who are "independent" for purposes of Item 3 of Form N-CSR.
Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).
Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).
| Item 4. |
Principal Accountant Fees and Services. |
Nuveen Enhanced High Yield Municipal Bond Fund
The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, 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 pre-approval exception for services provided directly to the Registrant 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 Registrant during the fiscal year in which the services are provided; (B) the Registrant 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.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair.
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT
| Fiscal Year Ended |
Audit Fees Billed to Registrant1 |
Audit-Related Fees Billed to Registrant2 |
Tax Fees Billed to Registrant3 |
All Other Fees Billed to Registrant4 |
||||||||||||
|
March 31, 2026 |
$59,888 | $0 | $0 | $0 | ||||||||||||
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% | ||||||||||||
|
March 31, 2025 |
$61,078 | $5,000 | $0 | $0 | ||||||||||||
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% | ||||||||||||
| 1 |
"Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings. |
| 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 Registrant's common shares and leverage. |
| 3 |
"Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning. |
| 4 |
"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". |
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS
The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant 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 Registrant's audit is completed.
| 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, 2026 |
$0 | $0 | $0 | |||||||||||
|
Percentage approved pursuant to pre-approval exception |
0% | 0% | 0% | |||||||||||
|
March 31, 2025 |
$0 | $0 | $0 | |||||||||||
|
Percentage approved pursuant to pre-approval exception |
0% | 0% | 0% | |||||||||||
NON-AUDIT SERVICES
The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.
| Fiscal Year Ended |
Total Non-Audit Fees Billed to Registrant |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant) |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
|
March 31, 2026 |
$0 | $0 | $11,629,068 | $11,629,068 | ||||||||||||
|
March 31, 2025 |
$0 | $0 | $0 | $0 | ||||||||||||
"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the independent registered public accounting firm'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 independent registered public accounting firm'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 Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.
Item 4(i) and Item 4(j) are not applicable to the Registrant.
| 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)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Terence J. Toth, Matthew Thorton III and Margaret L. Wolff.
| Item 6. |
Investments. |
| (a) | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR. |
| (b) | Not applicable. |
| Item 7. |
Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 8. |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 9. |
Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable.
| Item 12. |
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 13. |
Portfolio Managers of Closed-End Management Investment Companies. |
Nuveen Fund Advisors, LLC is the registrant's investment adviser (also referred to as the "Adviser"). The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC ("Nuveen Asset Management" or "Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:
(a)(1) Portfolio Manager Biographies
As of the date of filing this report, the following individuals at the Sub-Adviser (the "Portfolio Managers") have primary responsibility for the day-to-day implementation of the registrant's investment strategies:
Steven M. Hlavin is a Managing Director and portfolio manager at Nuveen. As a member of the High Yield Municipal Portfolio Management Team, he is responsible for supporting all High Yield Municipal strategies and is specifically responsible for managing the Enhanced High Yield Municipal Bond, High Yield Municipal Opportunities LP, Municipal Opportunities and Short Duration High Yield Municipal Bond Strategies. He oversees a number of state-specific, tax-exempt portfolios including the Kansas Municipal Bond, Louisiana Municipal Bond and Wisconsin Municipal Bond Strategies. He is also responsible for the tender option bond/inverse floating rate program used by some of the firm's closed-end and open-end funds. Steven began his career with Nuveen in 2003, also working as a senior analyst responsible for risk management and performance measurement processes, developing yield curve strategies and portfolio optimization techniques. He received his B.A. in Finance and Accounting and an M.B.A. in Finance from Miami University.
Daniel J. Close, CFA, Managing Director at Nuveen Asset Management, serves as chief investment officer and head of Nuveen's municipal fixed income department - the largest and most experienced team of investment professionals in the industry. He is the lead portfolio manager for high yield municipal strategies, as well as tax-exempt and taxable municipal strategies across open-end funds, closed-end funds and customized institutional portfolios. Prior to his current role, Dan was a long-serving portfolio manager for several municipal mutual funds and played a key role in establishing and expanding Nuveen's institutional platform as head of Taxable Municipals. He also chairs the Municipal Investment Oversight Committee, helping to set the strategic direction of all municipal strategies managed by Nuveen. As a leading expert in the municipal market, Dan is a trusted voice on the complexities of state and local government debt. Dan joined Nuveen in 2000 as a municipal fixed income research analyst, covering the corporate-backed, energy, transportation, and utility sectors. He began his investment career in 1998 as an analyst at Banc of America Securities. He holds a B.S. in Business from Miami University and an M.B.A. from Northwestern University's J. L. Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.
Stephen J. Candido, CFA, Managing Director at Nuveen Asset Management, is a portfolio manager for high yield municipal strategies at Nuveen, managing high yield funds and institutional accounts. He also has responsibility for tax-exempt open-end funds and closed-end funds that allocate to both investment grade and high yield municipals. Stephen started working in the investment industry in 1996 when he joined Nuveen in the Unit Trust Division. Prior to his current role, he was a vice president and senior research analyst specializing in high yield sectors including land secured credits, project finance and housing. Stephen was also an assistant vice president for Nuveen's Global Structured Products team beginning in 2005. He also served as the manager of the Fixed Income Unit Trust Product Management and Pricing Group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Stephen graduated with a B.S. in Finance from Miami University and an M.B.A. in Finance from the University of Illinois at Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.
(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 M. Hlavin |
Registered Investment Company | 16 | $34.98 billion | |||||
| Other Pooled Investment Vehicles | 1 | $295.28 million | ||||||
| Other Accounts | 0 | $0 | ||||||
|
Daniel J. Close |
Registered Investment Company | 18 | $29.66 billion | |||||
| Other Pooled Investment Vehicles | 2 | $389.46 million | ||||||
| Other Accounts | 41 | $16.57 billion | ||||||
|
Stephen J. Candido |
Registered Investment Company | 30 | $55.64 billion | |||||
| Other Pooled Investment Vehicles | 2 | $389.46 million | ||||||
| Other Accounts | 3 | $183.98 million | ||||||
| * | Assets are as of March 31, 2026. 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 a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer's capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act
in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account's investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.
The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.
(a)(3) Fund Manager Compensation
As of the most recently completed fiscal year end, the primary Portfolio Managers' compensation is as follows:
Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.
Base salary. A portfolio manager's base salary is determined based upon an analysis of the portfolio manager's general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms' annual profits. Profits interests are allocated to each portfolio manager based on such person's overall contribution to the firms.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.
(a)(4) Beneficial Ownership of HYIF Securities
As of March 31, 2026, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.
| 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 M. Hlavin |
X | |||||||||||||
|
Daniel J. Close |
X | |||||||||||||
|
Stephen J. Candido |
X | |||||||||||||
| Item 14. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
| Item 16. |
Controls and Procedures. |
| (a) |
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) |
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
| Item 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| Item 19. |
Exhibits. |
| (a)(1) |
Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
|
| (a)(2) | Not applicable. | |
| (a)(3) | ||
| (a)(4) | Not applicable. | |
| (a)(5) | Not applicable. | |
| (b) | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Nuveen Enhanced High Yield Municipal Bond Fund
| Date: August 17, 2026 | By: /s/ David J. Lamb | |||
| David J. Lamb | ||||
| Chief Administrative Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Date: August 17, 2026 | By: /s/ David J. Lamb | |||
| David J. Lamb | ||||
|
Chief Administrative Officer (principal executive officer) |
||||
| Date: August 17, 2026 | By: /s/ Marc Cardella | |||
| Marc Cardella | ||||
|
Vice President and Controller (principal financial officer) |
||||
Nuveen Enhanced High Yield Municipal Bond Fund published this content on August 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 17, 2026 at 14:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]