Nuveen Enhanced Clo Income Fund

05/07/2026 | Press release | Distributed by Public on 05/07/2026 08:51

Semi-Annual Report by Investment Company (Form N-CSRS)

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  811-23999

Nuveen Enhanced CLO Income 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:  August 31
Date of reporting period:  February 28, 2026
Item 1.

Reports to Stockholders.

Interval
Funds
Nuveen
Interval
Funds
February
28,
2026
Semi-Annual
Report
This
semi-annual
report
contains
the
Fund's
unaudited
financial
statements.
Fund
Name
Class
A1
Class
A2
Class
I
Nuveen
Enhanced
CLO
Income
Fund
NCLYX
NCLZX
NCLOX
2
Table
of
Contents
Important
Notices
3
Common
Share
Information
4
About
the
Fund's
Benchmark
5
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
6
Expense
Examples
9
Portfolio
of
Investments
10
Statement
of
Assets
and
Liabilities
14
Statement
of
Operations
15
Statement
of
Changes
in
Net
Assets
16
Financial
Highlights
18
Notes
to
Financial
Statements
20
Additional
Fund
Information
28
Glossary
of
Terms
Used
in
this
Report
29
Important
Notices
3
Portfolio
manager
commentaries:
The
Fund
includes
portfolio
manager
commentary
in
its
annual
shareholder
report.
For
your
Fund's
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Discussion
of
Fund
Performance
section
of
the
Fund's
annual
shareholder
report.
Fund
changes:
For
changes
that
occurred
to
your
Fund
both
during
and
after
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
Fund
principal
investment
policies
and
principal
risks:
Refer
to
the
Fund's
prospectus
on
the
Fund's
website
at
www.nuveen.
com
for
information
on
the
Fund's
principal
investment
policies
and
principal
risks.
Fund
performance:
For
current
information
on
your
Fund's
average
annual
total
returns
please
refer
to
the
Fund's
website
at
www.
nuveen.com
.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
section
within
this
report.
4
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding
the
Fund's
distributions
is
current
as
of
February
28,
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
intends
to
declare
distributions
daily
and
pay
such
distributions
monthly
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.
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
September
2025
$
0.1710
$
0.1755
$
0.1835
October
2025
0.1710
0.1755
0.1835
November
2025
0.1710
0.1755
0.1835
December
2025
0.4013
0.4053
0.4133
January
2026
0.1715
0.1755
0.1835
February
2026
0.1715
0.1755
0.1835
Total
Distributions
from
Net
Investment
Income
$
1.2573
$
1.2828
$
1.3308
Class
A1
Class
A2
Class
I
Distribution
Rate
on
NAV*
11.69%
11.97%
12.51%
*Distribution
rate
represents
the
latest
declared
distribution,
annualized,
divided
by
the
Fund's
current
net
asset
value
(NAV)
as
of
the
end
of
the
reporting
period.
About
the
Fund's
Benchmark
5
S&P
UBS
Leveraged
Loan
Index
:
An
index
designed
to
measure
the
performance
of
the
USD-denominated
leveraged
loan
market.
The
index
includes
issuers
from
developed
countries;
issuers
from
developing
countries
are
excluded.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
the
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
repurchased,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
NAV
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
repurchase
of
Fund
shares.
Income
is
generally
exempt
from
regular
federal
income
taxes.
Some
income
may
be
subject
to
state
and
local
income
taxes
and
to
the
federal
alternative
minimum
tax.
Capital
gains,
if
any,
are
subject
to
tax.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A1
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund's
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund's
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
the
Fund's
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund's
Portfolio
of
Investments
for
individual
security
information.
The
Fund
uses
credit
quality
ratings
for
its
portfolio
securities
provided
by
Standard
&
Poor's
Group,
Moody's
Investors
Service,
Inc.
and
Fitch,
Inc.
If
all
three
provide
a
rating
for
a
security,
the
middle
is
used;
if
two
of
the
three
agencies
rate
a
security,
the
lower
rating
is
used;
and
if
only
one
rating
agency
rates
a
security,
that
rating
is
used.
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
CLO
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
28,
2026
7
Fund
Performance*
and
Expense
Ratios
*
Effective
on
the
close
of
business
on
January
10,
2025,
all
of
the
assets
of
a
Cayman
Islands
exempted
limited
partnership
through
which
a
private
fund
invested
(the
"Predecessor
Fund")
were
transferred
to
the
Fund
(the
"Reorganization")
and
the
Fund
com-
menced
investment
operations.
Performance
portrayed
prior
to
the
date
of
the
Reorganization
reflects
the
Predecessor
Fund
which
commenced
investment
operations
on
September
30,
2022.
The
Predecessor
Fund
was
not
registered
under
the
Investment
Com-
pany
Act
of
1940,
as
amended
(the
"1940
Act"),
and
therefore
was
not
subject
to
certain
investment
restrictions
imposed
by
the
1940
Act
on
registered
investment
companies.
If
the
Predecessor
Fund
had
been
registered
under
the
1940
Act,
the
Predecessor
Fund's
performance
may
have
been
adversely
affected.
The
performance
for
the
Predecessor
Fund
has
not
been
restated
to
reflect
the
current
expenses
of
the
Fund.
If
the
current
expenses
of
the
Fund
had
been
reflected,
the
performance
of
the
Predecessor
Fund
would
have
been
different
because
the
Fund
has
different
expenses
than
the
Predecessor
Fund.
For
purposes
of
Fund
perfor-
mance,
relative
results
are
measured
against
the
S&P
UBS
Leveraged
Loan
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
expense
ratios
reflect
the
expenses
of
the
Fund
and
not
the
Predecessor
Fund.
The
Fund's
investment
adviser
has
contrac-
tually
agreed
to
waive
fees
and/or
reimburse
Fund
expenses
through
July
31,
2027
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
acquir-
ing
and
disposing
of
portfolio
securities,
litigation
expenses
and
extraordinary
expenses)
do
not
exceed
1.50%
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.
****
The
inception
date
for
the
performance
information
in
the
table
is
September
30,
2022,
the
date
the
Predecessor
Fund
com-
menced
investment
operations.
Total
Returns
as
of
February
28,
2026**
Expense
Ratios***
Cumulative
Average
Annual
Performance
Inception
Date****
6-Month
1-Year
Since
Inception****
Gross
Net
Class
A1
at
NAV
9/30/22
(4.31)%
(1.28)%
10.41%
2.29%
2.23%
Class
A1
at
maximum
Offering
Price
9/30/22
(6.70)%
(3.75)%
9.59%
-
-
S&P
UBS
Leveraged
Loan
Index
-
0.57%
3.88%
8.52%
-
-
Class
A2
9/30/22
(4.18)%
(1.07)%
10.50%
2.04%
1.98%
Class
I
9/30/22
(3.98)%
(0.57)%
10.68%
1.54%
1.48%
8
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
28,
2026
(continued)
Holdings
Fund
Allocation
(%
of
net
assets)
Asset-Backed
Securities
94
.0‌
%
Exchange-Traded
Funds
2
.0‌
%
Repurchase
Agreements
5
.9‌
%
Other
Assets
&
Liabilities,
Net
(1.9)%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investments)
A
4.3%
BBB
9.9%
BB
or
Lower
58.2%
N/R
(not
rated)
19.8%
N/A
(not
applicable)
7.8%
Total
100‌
%
Expense
Examples
9
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
are
based
on
an
investment
of
$10,000
invested
at
the
beginning and
held
for
the
entire
reporting
period.
The
examples
are
also
based
on
the
Fund's
actual
expenses,
which
may
vary
from
the
expense
rates
shown
in
the
Fund's
prospectus.
What
were
the
Fund's
costs
for
the
last
six
months?
(based
on
a
hypothetical
$10,000
investment)
Cost
of
a
$10,000
investment
Cost
paid
as
a
percentage
of
$10,000
investment*
Class
A1
Shares
$110
2.25%
Class
A2
Shares
$98
2.00%
Class
I
Shares
$74
1.50%
*
Annualized
for
period
less
than
one
year.
10
Portfolio
of
Investments
February
28,
2026
Enhanced
CLO
Income
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
96.0%
ASSET-BACKED
SECURITIES
-
94.0%
-
$
3,000,000
(a),(b)
AIMCO
CLO,
Series
2018
AA,
(TSFR3M
+
2.850%)
6
.518
%
10/17/37
$
3,016,662
1,000,000
(a),(b)
AIMCO
CLO,
Series
2018
AA,
(TSFR3M
+
5.250%)
8
.918
10/17/37
1,007,948
3,000,000
(a),(b)
Allegany
Park
CLO
Ltd,
Series
2019
1A,
(TSFR3M
+
6.400%)
10
.068
01/20/35
2,846,598
2,500,000
(a),(b)
Allegro
CLO
XIII
Ltd,
Series
2021
1A,
(TSFR3M
+
6.300%)
9
.968
07/20/38
2,507,392
2,500,000
(a),(b)
Allegro
CLO
XV
Ltd,
Series
2022
1A,
(TSFR3M
+
5.500%)
9
.811
04/20/38
2,366,495
1,714,459
(a),(b),(c)
Anchorage
Capital
CLO
19
Ltd,
Series
2021
19A
25
.320
10/15/38
886,771
1,000,000
(a),(b)
Apidos
CLO
LI
Ltd,
Series
2024
51A,
(TSFR3M
+
1.750%)
5
.418
01/20/38
1,002,048
500,000
(a),(b)
Apidos
CLO
XLVI
Ltd,
Series
2023
46A,
(TSFR3M
+
4.850%)
8
.762
10/24/38
493,682
2,000,000
(a),(b)
ARES
CLO
Ltd,
Series
2025
78A,
(TSFR3M
+
5.100%)
8
.837
01/15/39
1,977,898
2,000,000
(a),(b),(c)
ARES
LX
CLO
LTD,
Series
2021
60A
27
.108
07/18/34
673,198
1,000,000
(a),(b)
ARES
LX
CLO
LTD,
Series
2021
60A,
(TSFR3M
+
2.850%)
6
.518
07/18/34
1,001,037
750,000
(a),(b)
Ares
LXIII
CLO
Ltd,
Series
2022
63A,
(TSFR3M
+
6.000%)
9
.672
10/15/38
715,191
2,000,000
(a),(b),(c),(d)
ARES
XLV
CLO
Ltd,
Series
2017
45A
90
.000
10/15/30
28,160
3,000,000
(a),(b)
Ares
XXXIV
CLO
Ltd,
Series
2015
2A,
(TSFR3M
+
5.500%)
9
.168
07/17/38
2,943,510
750,000
(a),(b)
Barings
CLO
Ltd
2019-III,
Series
2019
3A,
(TSFR3M
+
5.850%)
10
.175
01/20/36
726,125
1,000,000
(a),(b)
Barings
CLO
Ltd
2023-II,
Series
2023
2A,
(TSFR3M
+
5.100%)
8
.768
10/20/38
1,002,722
3,000,000
(a),(b)
Basswood
Park
CLO
Ltd,
Series
2021
1A,
(I/O)
29
.497
04/20/34
42,663
3,000,000
(a),(b)
Basswood
Park
CLO
Ltd,
Series
2021
1A,
(I/O)
29
.158
04/20/34
18,369
3,000,000
(a),(b),(c)
Basswood
Park
CLO
Ltd,
Series
2021
1A
37
.680
04/20/34
814,701
1,000,000
(a),(b)
Battalion
CLO
XI
Ltd,
Series
2017
11A,
(LIBOR
3
M
+
7.112%)
8
.034
04/24/34
768,323
2,500,000
(a),(b)
Benefit
Street
Partners
CLO
IX
Ltd,
Series
2016
9A,
(TSFR3M
+
5.900%)
9
.568
10/20/37
2,445,892
1,500,000
(a),(b)
Benefit
Street
Partners
CLO
X
Ltd,
Series
2016
10A,
(TSFR3M
+
5.000%)
8
.668
07/20/38
1,442,701
2,000,000
(a),(b)
Benefit
Street
Partners
CLO
XXXVIII
Ltd,
Series
2024
38A,
(TSFR3M
+
4.000%)
7
.668
01/25/38
1,945,874
1,000,000
(a),(b)
Boyce
Park
CLO
Ltd,
Series
2022
1A,
(TSFR3M
+
6.250%)
9
.920
04/21/35
884,844
32,150,000
(a),(b),(c),(d)
Buttermilk
Park
CLO
Ltd,
Series
2018
1A
90
.000
10/15/31
568,444
1,778,000
(a),(b),(c),(d)
CARLYLE
US
CLO
2018-2
Ltd,
Series
2018
2A
90
.000
10/15/31
20,891
1,000,000
(a),(b)
CARLYLE
US
CLO
2021-2
Ltd,
Series
2021
2A,
(TSFR3M
+
2.850%)
6
.518
04/20/38
974,810
962,000
(a),(b)
Carlyle
US
CLO
2022-4
Ltd,
Series
2022
4A,
(TSFR3M
+
6.750%)
11
.376
07/25/36
953,433
1,000,000
(a),(b)
Carlyle
US
CLO
2023-3
Ltd,
Series
2023
3A,
(TSFR3M
+
5.400%)
9
.072
10/15/40
940,146
750,000
(a),(b)
Cayuga
Park
CLO
Ltd,
Series
2020
1A,
(TSFR3M
+
5.500%)
9
.168
10/17/38
683,565
1,500,000
(a),(b),(c)
CIFC
Funding
2017-III
Ltd,
Series
2017
3A
22
.476
04/20/37
323,094
6,825,000
(a),(b),(c)
CIFC
Funding
2018-II
Ltd,
Series
2018
2A
28
.259
10/20/37
2,430,621
4,250,000
(a),(b)
CIFC
Funding
2019-I
Ltd,
Series
2019
1A,
(TSFR3M
+
5.750%)
9
.418
10/20/37
4,206,051
2,775,000
(a),(b)
CIFC
Funding
2020-I
Ltd,
Series
2020
1A,
(TSFR3M
+
6.512%)
10
.184
07/15/36
2,783,891
2,500,000
(a),(b)
CIFC
Funding
2021-I
Ltd,
Series
2021
1A,
(TSFR3M
+
6.000%)
9
.668
07/25/37
2,475,075
1,216,700
(a),(b),(c)
CIFC
Funding
2021-II,
Series
2021
2A
17
.212
04/15/34
573,910
2,250,000
(a),(b)
CIFC
Funding
2021-IV
Ltd,
Series
2021
4A,
(TSFR3M
+
6.200%)
9
.871
07/23/37
2,188,278
1,675,000
(a),(b)
CIFC
Funding
2021-VI
Ltd,
Series
2021
6A,
(TSFR3M
+
6.512%)
10
.184
10/15/34
1,653,632
2,000,000
(a),(b)
CIFC
Funding
2024-V
Ltd,
Series
2024
5A,
(TSFR3M
+
2.850%)
6
.519
01/22/38
1,994,000
1,000,000
(a),(b)
CIFC
Funding
Ltd,
Series
2025
7A,
(TSFR3M
+
4.750%)
8
.452
01/22/39
987,576
1,500,000
(a),(b)
Elmwood
CLO
14
Ltd,
Series
2022
1A,
(TSFR3M
+
5.500%)
9
.168
10/20/38
1,482,867
2,000,000
(a),(b)
Elmwood
CLO
26
Ltd,
Series
2024
1A,
(TSFR3M
+
6.450%)
10
.118
04/18/37
2,013,730
2,000,000
(a),(b),(c)
Elmwood
CLO
I
Ltd,
Series
2019
1A
22
.050
04/20/37
1,058,952
750,000
(a),(b)
Elmwood
CLO
VI
Ltd,
Series
2020
3A,
(TSFR3M
+
5.900%)
9
.784
07/18/37
740,380
5,000,000
(a),(b)
Elmwood
CLO
VII
Ltd,
Series
2020
4A,
(TSFR3M
+
5.900%)
9
.568
10/17/37
4,791,300
3,000,000
(a),(b)
Elmwood
CLO
VIII
Ltd,
Series
2021
1A,
(TSFR3M
+
6.250%)
9
.918
04/20/37
2,930,076
2,000,000
(a),(b)
Galaxy
32
CLO
Ltd,
Series
2023
32A,
(TSFR3M
+
5.850%)
9
.523
01/20/39
2,009,792
1,000,000
(a),(b)
Galaxy
XXV
CLO
Ltd,
Series
2018
25A,
(TSFR3M
+
5.750%)
9
.418
04/25/36
966,051
1,000,000
(a),(b)
Goldentree
Loan
Management
US
Clo
11
Ltd,
Series
2021
11A,
(TSFR3M
+
7.762%)
8
.563
10/20/34
935,404
1,500,000
(a),(b)
Goldentree
Loan
Management
US
CLO
12
Ltd,
Series
2022
12A,
(TSFR3M
+
5.700%)
9
.368
07/20/37
1,480,518
18,900,000
(a),(b),(c)
Hamlin
Park
CLO
Ltd,
Series
2024
1A
23
.102
10/20/37
11,407,832
37,700,000
(a),(b),(c)
Hamlin
Park
CLO
Ltd,
Series
2024
1A
16
.321
10/20/37
261,412
11
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
(continued)
$
2,000,000
(a),(b)
Invesco
US
CLO
2023-1
Ltd,
Series
2023
1A,
(TSFR3M
+
6.900%)
10
.569
%
04/22/37
$
1,921,664
1,500,000
(a),(b)
KKR
CLO
22
Ltd,
Series
2018
22A,
(TSFR3M
+
6.262%)
9
.929
07/20/31
1,471,723
5,000,000
(a),(b),(c)
KKR
CLO
32
Ltd,
Series
2020
32A
28
.215
04/15/37
1,681,275
1,000,000
(a),(b)
KKR
CLO
32
Ltd,
Series
2024
32A,
(TSFR3M
+
5.300%)
8
.972
04/15/37
1,002,978
4,000,000
(a),(b)
KKR
CLO
40
Ltd,
Series
E
40A,
(TSFR3M
+
7.250%)
10
.918
10/20/34
3,665,424
500,000
(a),(b)
Madison
Park
Funding
LI
Ltd,
Series
2021
51A,
(TSFR3M
+
2.900%)
6
.784
10/19/38
491,938
750,000
(a),(b)
Madison
Park
Funding
XXVIII
Ltd,
Series
2018
28A,
(TSFR3M
+
6.350%)
10
.022
01/15/38
686,563
1,250,000
(a),(b),(e)
Magnetite
LV
Ltd,
Series
2026
55A,
(TSFR3M
+
5.000%)
0
.000
04/15/39
1,253,125
750,000
(a),(b)
Magnetite
XIX
Ltd,
Series
2017
19A,
(TSFR3M
+
5.100%)
8
.768
04/17/34
744,809
1,500,000
(a),(b)
Magnetite
Xli
Ltd,
Series
2024
41A,
(TSFR3M
+
1.780%)
5
.448
01/25/38
1,504,398
1,500,000
(a),(b)
Magnetite
XXIII
Ltd,
Series
2019
23A,
(TSFR3M
+
1.600%)
5
.247
01/25/35
1,501,834
2,000,000
(a),(b)
Magnetite
XXXV
Ltd,
Series
2022
35A,
(TSFR3M
+
4.800%)
8
.518
01/25/39
1,975,314
750,000
(a),(b)
MidOcean
Credit
CLO
XVI,
Series
2024
16A,
(TSFR3M
+
2.000%)
6
.269
10/20/37
750,989
1,250,000
(a),(b)
Midocean
Credit
Clo
XX,
Series
2025
20A,
(TSFR3M
+
5.000%)
8
.731
01/20/39
1,234,794
7,750,000
(a),(b)
Neuberger
Berman
CLO
XXI
Ltd,
Series
2016
21A,
(TSFR3M
+
5.250%)
8
.918
01/20/39
7,665,913
4,135,000
(a),(b),(c)
Neuberger
Berman
CLO
XXI
Ltd,
Series
2016
21A
27
.189
01/20/39
1,990,469
3,000,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
24
Ltd,
Series
2017
24A,
(TSFR3M
+
7.000%)
10
.670
10/19/38
3,039,372
500,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
33
Ltd,
Series
2019
33A,
(TSFR3M
+
5.500%)
9
.394
04/16/39
494,549
2,500,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd,
Series
2019
34A,
(TSFR3M
+
5.000%)
8
.668
07/20/39
2,471,400
1,775,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd,
Series
2021
40A,
(TSFR3M
+
5.150%)
8
.821
10/16/37
1,758,079
1,500,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
41
Ltd,
Series
2021
41A,
(TSFR3M
+
5.750%)
9
.422
04/15/34
1,477,685
750,000
(a),(b)
Neuberger
Berman
Loan
Advisers
Clo
42
Ltd,
Series
2021
42A,
(TSFR3M
+
2.500%)
6
.171
07/16/36
743,577
1,250,000
(a),(b)
Neuberger
Berman
Loan
Advisers
Clo
51
Ltd,
Series
2022
51A,
(TSFR3M
+
5.700%)
9
.371
10/23/36
1,236,715
2,000,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
55
Ltd,
Series
2024
55A,
(TSFR3M
+
6.500%)
10
.169
04/22/38
2,015,638
1,550,000
(a),(b)
Neuberger
Berman
Loan
Advisers
Clo
61
Ltd,
Series
2025
61A,
(TSFR3M
+
1.800%)
5
.468
07/17/39
1,556,750
1,500,000
(a),(b)
Neuberger
Berman
Loan
Advisers
LaSalle
Street
Lending
CLO
II
Ltd,
Series
2024
2A,
(TSFR3M
+
7.500%)
11
.168
04/20/38
1,507,644
1,750,000
(a),(b)
Neuberger
Berman
Loan
Advisers
NBLA
CLO
52
Ltd,
Series
2022
52A,
(TSFR3M
+
6.000%)
9
.668
10/24/38
1,732,113
500,000
(a),(b)
OCP
CLO
2017-14
Ltd,
Series
2017
14A,
(TSFR3M
+
6.550%)
10
.434
07/20/37
503,087
2,000,000
(a),(b),(e)
OCP
CLO
2024-31
Ltd,
Series
2026
31A,
(TSFR3M
+
4.950%)
8
.870
04/20/39
2,009,792
2,000,000
(a),(b)
Octagon
52
Ltd,
Series
2021
1A,
(TSFR3M
+
7.330%)
11
.001
07/23/37
1,891,572
2,500,000
(a),(b)
Octagon
58
Ltd,
Series
2022
1A,
(TSFR3M
+
6.250%)
0
.000
04/15/38
2,434,095
750,000
(a),(b)
OHA
Credit
Funding
2
LTD,
Series
2019
2A,
(TSFR3M
+
3.700%)
7
.370
01/21/38
735,095
1,000,000
(a),(b)
OHA
Credit
Funding
4
Ltd,
Series
2019
4A,
(TSFR3M
+
2.700%)
6
.369
01/22/38
984,830
750,000
(a),(b)
OHA
Credit
Funding
8
Ltd,
Series
2021
8A,
(TSFR3M
+
1.750%)
5
.418
01/20/38
751,674
1,000,000
(a),(b)
OHA
Credit
Funding
8
Ltd,
Series
2021
8A,
(TSFR3M
+
2.650%)
6
.318
01/20/38
983,099
2,750,000
(a),(b),(c),(f)
Palmer
Square
CLO
2015-1
Ltd,
Series
2015
1A
90
.000
05/21/34
27,638
4,323,000
(a),(b),(c)
Palmer
Square
CLO
2021-4
Ltd,
Series
2021
4A
39
.103
07/15/38
1,353,985
1,000,000
(a),(b)
Palmer
Square
CLO
2021-4
Ltd,
Series
2021
4A,
(TSFR3M
+
8.000%)
11
.672
07/15/38
878,917
1,500,000
(a),(b)
Palmer
Square
CLO
2022-4
Ltd,
Series
2022
4A,
(TSFR3M
+
5.500%)
10
.061
10/20/37
1,484,280
2,000,000
(a),(b)
Palmer
Square
CLO
2023-1
Ltd,
Series
2023
1A,
(TSFR3M
+
3.750%)
7
.418
01/20/38
1,964,632
2,500,000
(a),(b)
RAD
CLO
24
Ltd,
Series
2024
24A,
(TSFR3M
+
6.500%)
10
.168
07/20/37
2,515,438
1,500,000
(a),(b)
Rad
CLO
6
Ltd,
Series
2019
6A,
(TSFR3M
+
6.750%)
10
.418
10/20/37
1,410,213
1,000,000
(a),(b)
Rad
CLO
9
Ltd,
Series
2020
9A,
(TSFR3M
+
5.750%)
9
.422
01/15/38
947,274
Portfolio
of
Investments
February
28,
2026
(continued)
Enhanced
CLO
Income
12
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
ASSET-BACKED
SECURITIES
(continued)
$
1,350,000
(a),(b)
REESE
PARK
CLO
LTD,
Series
2020
1A,
(TSFR3M
+
6.000%)
9
.672
%
01/15/38
$
1,302,381
1,250,000
(a)
Regatta
XXIV
Funding
Ltd,
Series
2021
5X,
(TSFR3M
+
5.150%),
Reg
S
8
.818
01/20/38
1,223,125
1,250,000
(a),(b)
Rockford
Tower
CLO
2017-3
Ltd,
Series
2017
3A,
(LIBOR
3
M
+
6.012%)
6
.813
10/20/30
1,152,979
1,000,000
(a),(b)
Sixth
Street
CLO
VIII
Ltd,
Series
2017
8A,
(TSFR3M
+
6.750%)
10
.418
10/20/34
1,005,514
1,000,000
(a),(b)
Sixth
Street
CLO
XX
Ltd,
Series
2021
20A,
(TSFR3M
+
2.950%)
6
.618
07/17/38
981,027
9,000,000
(f),(g)
Stanwix-CLO
WH
0
.000
12/01/30
9,057,353
3,000,000
(a),(b)
TCW
CLO
2020-1
Ltd,
Series
2020
1A,
(TSFR3M
+
3.400%)
7
.284
04/20/34
2,951,061
3,000,000
(a),(b)
TCW
CLO
2024-1
Ltd,
Series
2024
1A,
(TSFR3M
+
7.090%)
10
.761
01/16/37
2,912,616
2,000,000
(a),(b)
TCW
CLO
2025-1
LTD,
Series
2025
1A,
(TSFR3M
+
5.900%)
9
.568
04/20/38
1,906,722
1,500,000
(a),(b)
Thayer
Park
CLO
Ltd,
Series
2017
1A,
(TSFR3M
+
9.132%)
1
.000
04/20/34
1,315,367
1,000,000
(a),(b)
TICP
CLO
XI
Ltd,
Series
2018
11A,
(TSFR3M
+
6.700%)
10
.368
04/25/37
1,005,350
1,000,000
(a),(b)
Trinitas
CLO
XVIII
Ltd,
Series
2021
18A,
(TSFR3M
+
7.312%)
10
.979
01/20/35
933,553
3,000,000
(a),(b),(c)
Unity-Peace
Park
CLO
Ltd,
Series
2022
1A
74
.633
04/20/35
932,064
1,500,000
(a),(b)
Upland
CLO
Ltd,
Series
2016
1A,
(TSFR3M
+
3.162%)
6
.829
04/20/31
1,503,983
1,750,000
(a),(b)
Wehle
Park
CLO
Ltd,
Series
2022
1A,
(TSFR3M
+
5.400%)
9
.349
10/21/38
1,706,714
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$213,062,291)
183,736,697
SHARES
DESCRIPTION
VALUE
3,995,216
EXCHANGE-TRADED
FUNDS
-
2
.0
%
3,995,216
159,426
(h)
Nuveen
AA-BBB
CLO
ETF
3,995,216
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$3,999,201)
3,995,216
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$217,061,492)
187,731,913
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
5.9%
11,450,000
REPURCHASE
AGREEMENTS
-
5
.9
%
11,450,000
11,450,000
(i)
Fixed
Income
Clearing
Corporation
3
.640
03/02/26
11,450,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$11,450,000)
11,450,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$11,450,000)
11,450,000
TOTAL
INVESTMENTS
-
101
.9
%
(Cost
$
228,511,492
)
199,181,913
OTHER
ASSETS
&
LIABILITIES,
NET
- (1.9)%
(
3,637,095
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
195,544,818
ETF
Exchange-Traded
Fund
I/O
Interest
only
security
LIBOR
London
Inter-Bank
Offered
Rate
M
Month
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
13
See
Notes
to
Financial
Statements
(a)
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.
(b)
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
$173,456,219
or
87.1%
of
Total
Investments.
(c)
CLO
subordinate
notes,
income
notes,
Y
notes
and
M
notes
are
considered
CLO
equity
positions.
CLO
equity
positions
are
entitled
to
recurring
distributions
which
are
generally
equal
to
the
remaining
cash
flow
of
payments
made
by
underlying
securities
less
contractual
payments
to
debt
holders
and
fund
expenses.
The
rate
shown
is
the
estimated
yield
based
upon
a
current
projection
of
the
amount
and
timing
of
these
recurring
distributions,
and
the
estimated
amount
of
repayment
of
principal
upon
termination.
Such
projections
are
periodically
reviewed
and
adjusted,
and
the
estimated
yield
may
not
ultimately
be
realized.
(d)
Security
is
in
the
process
of
liquidation.
(e)
When-issued
or
delayed
delivery
security.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Represents
an
investment
in
a
warehouse
facility,
which
is
a
financing
structure
intended
to
aggregate
loans
that
may
be
used
to
form
the
basis
of
a
CLO
position.
(h)
Affiliated
holding
(i)
Agreement
with
Fixed
Income
Clearing
Corporation,
3.640%
dated
2/27/26
to
be
repurchased
at
$11,453,473
on
3/2/26,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
7/31/29,
valued
at
$11,679,160.
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
14
February
28,
2026
(Unaudited)
Enhanced
CLO
Income
ASSETS
Long-term
investments,
at
value
†
$
183,736,697‌
Affiliated
investments,
at
value
++
3,995,216‌
Short-term
investments,
at
value
◊
11,450,000‌
Cash
346,776‌
Receivables:
Interest
1,550,595‌
Reimbursement
from
Adviser
52,216‌
Shares
sold
13,088‌
Other
37,012‌
Total
assets
201,181,600‌
LIABILITIES
Payables:
Management
fees
205,470‌
Dividends
2,035,320‌
Interest
53‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
3,245,000‌
Accrued
expenses:
Custodian
fees
82,734‌
Trustees
fees
2,247‌
Professional
fees
53,276‌
Shareholder
reporting
expenses
2,787‌
Shareholder
servicing
agent
fees
9,873‌
Distribution
and
service
fees
(12b-1)
22‌
Total
liabilities
5,636,782‌
Net
assets
applicable
to
common
shares
$
195,544,818‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Paid-in
capital
$
222,054,426‌
Total
distributable
earnings
(loss)
(
26,509,608‌
)
Net
assets
applicable
to
common
shares
$
195,544,818‌
†
Long-term
investments,
cost
$
213,062,291‌
++
Affiliated
investments,
cost
$
3,999,201‌
◊
Short-term
investments,
cost
$
11,450,000‌
Enhanced
CLO
Income
CLASS
A1:
Net
assets
$
21,998
Common
Shares
outstanding
1,250
Net
asset
value
("NAV")
per
common
share
$
17.60
Maximum
sales
charge
2.50%
Offering
price
per
common
share
(NAV
per
common
share
plus
maximum
sales
charge)
$
18.05
CLASS
A2:
Net
assets
$
21,998
Common
Shares
outstanding
1,250
NAV
and
offering
price
per
common
share
$
17.60
CLASS
I:
Net
assets
$
195,500,822
Common
Shares
outstanding
11,106,209
NAV
and
offering
price
per
common
share
$
17.60
Authorized
shares
-
per
class
Unlimited
Par
value
per
common
share
$
0.01
Statement
of
Operations
See
Notes
to
Financial
Statements
15
``
Six
Months
Ended
February
28,
2026
(Unaudited)
Enhanced
CLO
Income
INVESTMENT
INCOME
Dividends
from
affiliated
investments
$
16,341‌
Interest
18,445,469‌
Total
investment
income
18,461,810‌
EXPENSES
-
Management
fees
1,391,283‌
Distribution
and
service
fees
(12b-1)
-
Class
A1
88‌
Distribution
and
service
fees
(12b-1)
-
Class
A2
59‌
Shareholder
servicing
agent
fees
-
Class
A1
2‌
Shareholder
servicing
agent
fees
-
Class
A2
2‌
Shareholder
servicing
agent
fees
-
Class
I
20,012‌
Interest
expense
490‌
Trustees
fees
4,976‌
Custodian
expenses
39,512‌
Registration
fees
32,279‌
Professional
fees
136,442‌
Other
711‌
Total
expenses
before
fee
waiver/expense
reimbursement
1,625,856‌
Fee
waiver/expense
reimbursement
(73,336‌)
Net
expenses
1,552,520‌
Net
investment
income
(loss)
16,909,290‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(133,905‌)
Net
realized
gain
(loss)
(133,905‌)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(25,020,158‌)
Affiliated
investments
(3,985‌)
Net
change
in
unrealized
appreciation
(depreciation)
(25,024,143‌)
Net
realized
and
unrealized
gain
(loss)
(25,158,048‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
(8,248,758‌)
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
16
Enhanced
CLO
Income
Unaudited
Six
Months
Ended
2/28/26
For
the
period
1/10/25
(commencement
of
operations)
through
8/31/25
OPERATIONS
Net
investment
income
(loss)
$
16,909,290‌
$
14,966,598‌
Net
realized
gain
(loss)
(
133,905‌
)
(
54,684‌
)
Net
change
in
unrealized
appreciation
(depreciation)
(
25,024,143‌
)
(
4,305,436‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(
8,248,758‌
)
10,606,478‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends:
Class
A1
(
1,572‌
)
(
1,497‌
)
Class
A2
(
1,604‌
)
(
1,534‌
)
Class
I
(
14,708,230‌
)
(
14,153,086‌
)
Total
distributions
(
14,711,406‌
)
(
14,156,117‌
)
FUND
SHARE
TRANSACTIONS
Fund
Reorganization
-‌
220,120,449‌
Subscriptions
1,625,635‌
300,000‌
Reinvestments
of
distributions
696‌
3,959‌
Redemptions
(
46,118‌
)
-‌
Net
increase
(decrease)
applicable
to
common
shares
from
Fund
share
transactions
1,580,213‌
220,424,408‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
21,379,951‌
)
216,874,769‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
period
216,924,769‌
50,000‌
Net
assets
applicable
to
common
shares
at
the
end
of
period
$
195,544,818‌
$
216,924,769‌
Financial
Highlights
18
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
CLO
Income
Class
A1
2/28/26
(d)
$
19.67
$
1.46
$
(2.27)
$
(0.81)
$
(1.26)
$
-
$
(1.26)
$
17.60
8/31/25
(f)
20.00
1.26
(0.39)
0.87
(1.20)
-
(1.20)
19.67
Class
A2
2/28/26
(d)
19.67
1.48
(2.27)
(0.79)
(1.28)
-
(1.28)
17.60
8/31/25
(f)
20.00
1.30
(0.40)
0.90
(1.23)
-
(1.23)
19.67
Class
I
2/28/26
(d)
19.68
1.53
(2.28)
(0.75)
(1.33)
-
(1.33)
17.60
8/31/25
(f)
20.00
1.36
(0.40)
0.96
(1.28)
-
(1.28)
19.68
(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)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
period
January
10,
2025
(commencement
of
operations)
through
August
31,
2025.
See
Notes
to
Financial
Statements
19
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
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
(4.31‌)
%
$
22
2.32‌
%
(e)
2.25‌
%
(e)
15.52‌
%
(e)
15‌
%
4.51‌
25
2.29‌
(e)
2.23‌
(e)
10.07‌
(e)
29‌
(4.18‌)
22
2.07‌
(e)
2.00‌
(e)
15.77‌
(e)
15‌
4.66‌
25
2.04‌
(e)
1.98‌
(e)
10.32‌
(e)
29‌
(3.98‌)
195,501
1.57‌
(e)
1.50‌
(e)
16.30‌
(e)
15‌
5.02‌
216,876
1.54‌
(e)
1.48‌
(e)
10.81‌
(e)
29‌
20
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Fund
Information:
The
fund
covered
in
this
report
is
Nuveen
Enhanced
CLO
Income
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
August
29,
2024.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Fund
is
February
28,
2026,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
February
28,
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.
Fund
Reorganization:
Prior
to
commencement
of
the
Fund's
operations,
all
of
the
assets
of
a
Cayman
Islands
exempted
limited
partnership,
Nuveen
CLO
Opportunities
Master
Fund
LP
(the
"Master
Fund"),
through
which
Nuveen
CLO
Opportunities
Fund
LP,
a
private
fund
relying
on
an
exemption
from
registration
under
section
3(c)(7)
of
the
1940
Act
(the
"Predecessor
Fund"),
invested
were
transferred
to
the
Fund
and
the
Predecessor
Fund
and
the
Master
Fund
ceased
operations
(the
"Reorganization").
The
Predecessor
Fund
distributed
11,006,022
Class
I
Common
Shares
of
the
Fund,
valued
at
$220,120,449,
obtained
in
the
Reorganization
to
limited
partners
("LPs")
in
the
Predecessor
Fund,
with
each
LP
receiving
Class
I
Common
Shares
equal
in
value
to
the
value
of
their
holdings
in
the
Predecessor
Fund
immediately
prior
to
the
Reorganization.
Thereafter,
the
Predecessor
Fund
and
the
Master
Fund
ceased
operations
and
were
dissolved
under
state
law.
The
Predecessor
Fund
was
originally
organized
as
a
Delaware
limited
partnership
on
August
15,
2022
and
commenced
investment
operations
on
September
30,
2022.
The
Predecessor
Fund
(through
its
investments
in
the
Master
Fund)
had
investment
policies,
an
investment
objective,
guidelines
and
restrictions
that
were,
in
all
material
respects,
equivalent
to
those
of
the
Fund.
The
Predecessor
Fund
and
the
Master
Fund
were
also
managed
by
the
Sub-Adviser.
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.
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.
Collateralized
Loan
Obligations
("CLOs")
equity
investments
recognize
investment
income
by
utilizing
an
effective
interest
methodology
based
upon
an
effective
yield
to
maturity
utilizing
projected
cash
flow,
as
required
by
ASC
Topic
325-40,
Beneficial
Interest
in
Securitized
Financial
21
Assets.
The
Fund
monitors
the
expected
residual
payments,
and
effective
yield
is
determined
and
updated
periodically,
as
needed.
Accordingly,
investment
income
recognized
on
CLO
equity
tranches
in
the
U.S.
GAAP
statement
of
operations
differs
from
both
the
tax-basis
investment
income
and
from
the
cash
distributions
actually
received
by
the
Fund
during
the
quarterly
period.
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.
Organizational
Expenses:
Prior
to
the
commencement
of
operations
on
January
10,
2025,
the
Fund
had
no
operations
other
than
those
related
to
organizational
matters
and
the
Fund's
initial
contribution
of
$50,000
by
the
Adviser.
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. Management
is
currently
evaluating
the
implications
of
these
changes
on
the
financial
statements.
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.
22
Notes
to
Financial
Statements
(continued)
dollars
at
the
prevailing
rates
of
exchange
on
the
valuation
date.
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.
The
prices
of
CLOs
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,
spreads
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.
For
certain
securities
that
are
less
liquid
and
of
lower
quality,
such
as
CLO
equity
tranches,
pricing
services
may
incorporate
information
regarding
the
security,
its
issuer,
or
relevant
market
activity
as
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2
or
Level
3
depending
on
the
availability
of
observable
market
information.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
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
following
is
a
reconciliation
of
the
Funds'
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
The
table
below
presents
the
transfers
in
and
out
of
the
three
valuation
levels
for
the
Funds
as
of
the
end
of
the
reporting
period
when
compared
to
the
valuation
levels
at
the
end
of
the
previous
fiscal
year.
Changes
in
valuation
inputs
or
methodologies
may
result
in
transfers
into
or
out
of
an
assigned
level
within
the
fair
value
hierarchy.
Transfers
in
or
out
of
levels
are
generally
due
to
the
availability
of
publicly
available
information
and
to
the
significance
or
extent
the
Adviser
determines
that
the
valuation
inputs
or
methodologies
may
impact
the
valuation
of
those
securities.
Enhanced
CLO
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Asset-Backed
Securities
$
-
$
174,651,706
$
9,084,991
$
183,736,697
Exchange-Traded
Funds
3,995,216
-
-
3,995,216
Short-Term
Investments:
Repurchase
Agreements
-
11,450,000
-
11,450,000
Total
$
3,995,216
$
186,101,706
$
9,084,991
$
199,181,913
Level
3
Enhanced
CLO
Income
Asset-Backed
Securities
Balance
at
the
beginning
of
period
$
-
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
57,353
Purchases
at
cost
9,000,000
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
27,638
Transfers
(out
of)
-
Balance
at
the
end
of
period
$
9,084,991
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$
(441,728)
Level
1
Level
2
Level
3
Enhanced
CLO
Income
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Asset-Backed
Securities
$-
$-
$-
$(27,638)
$27,638
$-
23
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
current
fiscal
period,
were
as
follows:
4.
Portfolio
Securities
Collateralized
Loan
Obligations:
Collateralized
Loan
Obligations
("CLOs")
are
asset-backed
securities
that
are
typically
collateralized
principally
by
a
pool
of
loans,
which
may
include,
among
others,
domestic
and
foreign
senior
secured
loans,
senior
unsecured
loans,
and
subordinate
corporate
loans,
including
loans
that
may
be
rated
below
investment
grade
(commonly
known
as
"high
yield"
or
"junk"
bonds).
The
special
purpose
entity
typically
issues
one
or
more
classes
(sometimes
referred
to
as
"tranches")
of
rated
debt
securities,
one
or
more
unrated
classes
of
debt
securities
that
are
generally
treated
as
equity
interests,
and
a
residual
equity
interest.
The
Fund
may
also
invest
in
warehouse
facilities,
which
are
financing
structures
intended
to
aggregate
loans
that
may
be
used
to
form
the
basis
of
a
CLO
vehicle.
The
tranches
of
CLOs
typically
have
different
interest
rates,
projected
weighted
average
lives
and
ratings,
with
the
higher
rated
tranches
paying
lower
interest
rates.
One
or
more
forms
of
credit
enhancement
are
almost
always
necessary
in
a
CLO
structure
to
obtain
the
desired
credit
ratings
for
the
most
highly
rated
debt
securities
issued
by
a
CLO.
The
types
of
credit
enhancement
used
include
"internal"
credit
enhancement
provided
by
the
underlying
assets
themselves,
such
as
subordination,
excess
spread
and
cash
collateral
accounts.
The
key
feature
of
the
CLO
structure
is
the
prioritization
of
the
cash
flows
from
a
pool
of
securities
among
the
several
tranches
of
the
CLO.
As
interest
payments
are
received,
the
CLO
makes
contractual
interest
payments
to
each
tranche
of
debt
based
on
its
seniority.
If
there
are
funds
remaining
after
each
tranche
of
debt
receives
its
contractual
interest
rate
and
the
CLO
meets
or
exceeds
required
collateral
coverage
levels
(or
other
similar
covenants),
the
remaining
funds
may
be
paid
to
the
subordinated
tranche
(often
referred
to
as
the
"residual"
or
"equity"
tranche).
The
contractual
provisions
setting
out
this
order
of
payments
are
set
out
in
detail
in
the
relevant
CLO's
indenture.
These
provisions
are
referred
to
as
the
"priority
of
payments"
or
the
"waterfall"
and
determine
the
terms
of
payment
of
any
other
obligations
that
may
be
required
to
be
paid
ahead
of
payments
of
interest
and
principal
on
the
securities
issued
by
a
CLO.
In
addition,
for
payments
to
be
made
to
each
tranche,
after
the
most
senior
tranche
of
debt,
there
are
various
tests
that
must
be
complied
with,
which
are
different
for
each
CLO.
If
a
coverage
test
is
failing,
proceeds
will
be
diverted
to
repay
principal
on
the
senior
tranches
until
the
test
passes.
Repurchase
Agreements:
In
connection
with
transactions
in
repurchase
agreements,
it
is the
Fund's
policy
that
its
custodian
take
possession
of
the
underlying
collateral
securities,
the
fair
value
of
which
exceeds
the
principal
amount
of
the
repurchase
transaction,
including
accrued
interest,
at
all
times.
If
the
counterparty
defaults,
and
the
fair
value
of
the
collateral
declines,
realization
of
the
collateral
may
be
delayed
or
limited.
The
following
table
presents
the
repurchase
agreements
for
the
Fund
that
are
subject
to
netting
agreements
as
of
the
end
of
the
current
fiscal
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
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.
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Enhanced
CLO
Income
Asset-Backed
Securities
$9,057,353
Enterprise
Value
Acquisition
Cost
$100.60
N/A
27,638
Market
Quotes
Recovery
Proceeds
$1.01
N/A
Total
$9,084,991
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
Enhanced
CLO
Income
Fixed
Income
Clearing
Corporation
$
11,450,000
$
(11,679,160)
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
Enhanced
CLO
Income
$
30,240,176
$
40,541,732
24
Notes
to
Financial
Statements
(continued)
5.
Derivative
Investments
The Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
the
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose the
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
the
Fund's
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
The Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of the
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when the
Fund
has
an
unrealized
loss,
the
Fund
has
instructed
the
custodian
to
pledge
assets
of
the
Fund
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Quarterly
Repurchase
Offer:
In
order
to
provide
liquidity
to
common
shareholders,
the
Fund
has
adopted
a
fundamental
policy,
which
may
only
be
changed
by
a
majority
vote
of
shareholders,
to
make
quarterly
offers
to
repurchase
between
5%
and
25%
of
its
outstanding
Common
Shares
at
NAV,
reduced
by
any
applicable
repurchase
fee.
Subject
to
approval
of
the
Board,
for
each
quarterly
repurchase
offer,
the
Fund
currently
expects
to
offer
to
repurchase
7.5%
of
the
outstanding
Common
Shares
at
NAV.
The
Fund
does
not
currently
expect
to
charge
a
repurchase
fee
and
no
amounts
were
charged
during
the
current
fiscal
period.
However,
the
Fund
may
charge
a
repurchase
fee
of
up
to
2.00%
of
the
repurchase
proceeds,
which
the
Fund
would
retain
to
help
offset
non-de
minimis
estimated
costs
related
to
the
repurchase
incurred
by
the
Fund,
directly
or
indirectly,
as
a
result
of
repurchasing
Common
Shares,
thus
allocating
estimated
transaction
costs
to
the
Common
Shareholder
whose
Common
Shares
are
being
repurchased.
During
the
current
fiscal
period,
the
Fund
engaged
in
quarterly
repurchase
offers
as
follows:
Common
Share
Transactions
Transactions
in common
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Repurchase
Request
Deadline
Repurchase
Offer
Amount
(as
a
percentage
of
outstanding
shares)
Number
of
Shares
Repurchased
Percentage
of
Outstanding
Shares
Repurchased
05
Nov
2025
7.50%
157
-*
06
Feb
2026
7.50%
2,365
-*
*
Value
rounded
to
zero.
Six
Months
Ended
2/28/26
*
For
the
period
1/10/25
(commencement
of
operations)
through
8/31/25
*
Enhanced
CLO
Income
Shares
Value
Shares
Value
Shares
issued
in
the
Reorganization:
Class
I
-
$-
11,006,022
$220,120,449
Total
Reorganization
-
-
11,006,022
220,120,449
Subscriptions:
Class
I
87,280
1,625,635
15,189
300,000
Total
subscriptions
87,280
1,625,635
15,189
300,000
Reinvestments
of
distributions:
Class
I
38
696
202
3,959
Total
reinvestments
of
distributions
38
696
202
3,959
Repurchases
and
redemptions:
Class
I
(2,522)
(46,118)
-
-
Total
repurchases
and
redemptions
(2,522)
(46,118)
-
-
Net
increase
(decrease)
84,796
$1,580,213
11,021,413
$220,424,408
25
7.
Income
Tax
Information
The
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
The
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
the
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Fund
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
The Fund's
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Fund
from
the
management
fees
paid
to
the
Adviser.
The Fund's
management
fee
consists
of
two
components
-
a
fund-level
fee,
based
only
on
the
amount
of
assets
within the
Fund,
and
a
complex-
level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables the
Fund's
shareholders
to
benefit
from
growth
in
the
assets
within
the
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly, is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
the
Fund
is
calculated
according
to
the
following
schedule:
*
Prior
to
the
commencement
of
operations,
the
Adviser
owned
1,250
of
Class
A1
and
1,250
of
Class
A2
shares,
which
are
still
held
as
of
the
end
of
the
current
fiscal
period.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Enhanced
CLO
Income
$
230,239,089
$
440,331
$
(31,497,507)
$
(31,057,176)
Fund
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
CLO
Income
$
5,157,861
$
-
$
(6,622,579)
$
(61,863)
$
-
$
(2,022,863)
$
(3,549,444)
Fund
Short-Term
Long-Term
Total
Enhanced
CLO
Income
$
61,863
$
-
$
61,863
Average
Daily
Managed
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
1.1900
%
For
the
next
$125
million
1.1775
For
the
next
$250
million
1.1650
For
the
next
$500
million
1.1525
For
the
next
$1
billion
1.1400
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
26
Notes
to
Financial
Statements
(continued)
*
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,
2027,
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
1.50%
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
did
not
engage
in
cross-trades
pursuant
to
these
procedures.
Affiliated
Investments:
Investments
in
other
investment
companies
advised
by
the
Adviser
are
deemed
to
be "affiliated
investments".
A
complete
schedule
of
the
portfolio
holdings
for
each
of
the
affiliated
investments
is
filed
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT
and
is
available
on
the
SEC's
website
at
www.sec.gov.
A
copy
of
the
annual
report,
semi-annual
report
and
financial
statements
is
available
for
each
of
the
affiliated
investments
at
https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses,
or
upon
request
by
calling
(800)
257-
8787.
Information
regarding
transactions
with
affiliated investments
is
as
follows:
Fund
Complex-Level
Fee
Enhanced
CLO
Income
0.1555
%
Issue
Value
at
8/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Shares
at
2/28/26
Value
at
2/28/26
Dividend
Income
Enhanced
CLO
Income
Exchange-Traded
Funds
Nuveen
AA-BBB
CLO
ETF
$-
$3,999,201
$-
$-
$(3,985)
159,426
$3,995,216
$16,341
Total
$-
$3,999,201
$-
$-
$(3,985)
159,426
$3,995,216
$16,341
27
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.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Fund
did
not
have
any
unfunded
commitments
other
than
those
disclosed
in
the
Notes
to
Financial
Statements,
when
applicable.
From
time
to
time,
the
Fund
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Fund's
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Fund
is not
subject
to
any
material
legal
proceedings.
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"
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
"Interest
expense"
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
did
not
utilize
this
facility.
28
Additional
Fund
Information
(Unaudited)
Board
of
Trustees
Joseph
A.
Boateng
Michael
A.
Forrester
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
333
West
11th
Street
5th
Floor
Kansas
City,
MO
64105
(800)
257-8787
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC's
website
at
http://www.sec.gov.
Nuveen
Funds'
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen's
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
29
(Unaudited)
Asset-Backed
Securities
(ABS):
Securities
whose
value
and
income
payments
are
derived
from
and
collateralized
by
a
specific
pool
of
underlying
assets.
The
pool
of
assets
typically
is
a
group
of
small
and/or
illiquid
assets
that
may
be
difficult
to
sell
individually.
The
underlying
pools
of
asset-backed
securities
often
include
payments
from
credit
cards,
auto
loans
or
mortgage
loans.
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.
Collateralized
Loan
Obligation
(CLO)
:
A
security
backed
by
a
pool
of
debt,
often
low
rated
corporate
loans.
Collateralized
loan
obligations
(CLOs)
are
similar
to
collateralized
mortgage
obligations,
except
for
the
different
type
of
underlying
loan.
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.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
5278659
RSA-CLO-0226
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world's
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/interval-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6.

Investments.

(a)

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

(b)

Not applicable.

Item 7.

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

Not applicable to closed-end investment companies.

Item 8.

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

Not applicable to closed-end investment companies.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10.

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

Not applicable to closed-end investment companies.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12.

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

Not applicable to this filing.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 14.

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

Not applicable.

Item 15.

Submission of Matters to a Vote of Security Holders.

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

Item 16.

Controls and Procedures.

(a)

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

(b)

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

Item 17.

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

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits.

(a)(1)

Not applicable to this filing.

(a)(2)

Not applicable to this filing.

(a)(3)
(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 CLO Income Fund

Date: May 7, 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: May 7, 2026 By:

/s/ David J. Lamb

David J. Lamb
Chief Administrative Officer
(principal executive officer)
Date: May 7, 2026 By:

/s/ Marc Cardella

Marc Cardella
Vice President and Controller
(principal financial officer)
Nuveen Enhanced Clo Income Fund published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 07, 2026 at 14:52 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]