1
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
132.9% (100.0%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
131.6%
(99.1%
of
Total
Investments)
X
268,424,822
Alabama
-
3.4%
$
250
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2022,
4.750%,
11/01/49
11/32
at
100.00
N/R
$
202,952
220
Montgomery
Medical
Clinic
Board,
Alabama,
Health
Care
Facility
Revenue
Bonds,
Jackson
Hospital
&
Clinic,
Series
2015,
5.000%,
3/01/36
3/26
at
100.00
Ba3
208,232
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A:
1,554
4.500%,
5/01/32,
144A
5/29
at
100.00
N/R
1,453,643
5,540
5.250%,
5/01/44,
144A
5/29
at
100.00
N/R
5,012,592
Total
Alabama
6,877,419
Arizona
-
1.2%
110
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1,
4.150%,
12/01/57,
144A
12/31
at
100.00
BB
82,948
100
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Subordinate
Series
2022B,
5.750%,
12/15/57,
144A
12/31
at
100.00
N/R
79,420
150
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
Special
Assessment
Revenue
Bonds,
Montecito
Assessment
District
3,
Series
2021,
3.750%,
7/01/46
7/31
at
100.00
N/R
107,842
1,655
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Villa
Montessori,
Inc
Project,
Series
2023A,
5.500%,
7/01/53
7/32
at
100.00
BBB-
1,660,809
250
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A,
5.375%,
10/01/56
10/29
at
103.00
N/R
179,703
500
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2022A,
7.000%,
10/01/56
10/29
at
103.00
N/R
438,210
Total
Arizona
2,548,932
Arkansas
-
1.0%
1,000
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT),
144A
9/25
at
105.00
BB-
1,001,680
1,000
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
5.700%,
5/01/53,
(AMT)
5/26
at
105.00
BB-
1,015,660
Total
Arkansas
2,017,340
California
-
3.7%
1,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Mira
Vista
Hills Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
708,630
250
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021,
4.000%,
7/01/61,
144A
7/27
at
100.00
N/R
170,545
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
2
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
$
250
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A,
4.000%,
6/01/51,
144A
6/31
at
100.00
N/R
$
178,710
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A:
1,380
5.000%,
6/01/30,
144A
6/27
at
100.00
N/R
1,263,321
500
5.000%,
6/01/59,
144A
6/27
at
100.00
N/R
341,545
250
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Citizens
of
the
World
Charter,
Series
2022A,
6.250%,
4/01/52,
144A
4/30
at
100.00
BB-
250,240
100
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Refunding
Social
Series
2023,
5.500%,
8/01/47,
144A
8/33
at
100.00
BB+
100,302
250
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not
Academy
Obligated
Group,
Series
2021A,
4.000%,
6/01/51,
144A
6/27
at
100.00
N/R
179,752
245
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2021C,
4.000%,
9/02/51
9/31
at
100.00
N/R
206,515
500
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B,
8.000%,
4/01/56,
144A
4/31
at
100.00
N/R
390,795
250
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-2,
4.000%,
12/01/45,
144A
12/31
at
100.00
N/R
197,930
290
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Mezzanine
Lien
Series
2021B,
4.000%,
4/01/57,
144A
4/32
at
100.00
N/R
201,109
325
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Social
Bond
Series
2021A-2,
3.250%,
4/01/57,
144A
4/32
at
100.00
N/R
227,442
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
190,057
305
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
251,951
630
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-Hawthorne,
Mezzanine
Lien
Series
2021B,
4.000%,
7/01/58,
144A
7/32
at
100.00
N/R
443,048
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B,
4.000%,
7/01/58,
144A
7/32
at
100.00
N/R
173,365
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
6/01/57,
144A
6/31
at
100.00
N/R
172,693
10,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-
2,
0.000%,
6/01/66
12/31
at
27.75
N/R
1,091,400
1,000
Kaweah
Delta
Health
Care
District,
California,
Revenue
Bonds,
Series
2015B,
5.000%,
6/01/40
6/25
at
100.00
Ba1
841,330
Total
California
7,580,680
Colorado
-
17.1%
500
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021,
4.375%,
12/01/52
12/26
at
103.00
N/R
393,530
3
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
$
2,500
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A,
5.750%,
12/01/51
12/28
at
103.00
N/R
$
2,270,550
500
Berthoud-Heritage
Metropolitan
District
10,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2022A,
4.750%,
12/01/52
12/26
at
103.00
N/R
396,805
1,750
Bradley
Heights
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-3,
4.750%,
12/01/51
9/26
at
103.00
N/R
1,325,800
250
Brighton
Crossing
Metropolitan
District
4,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2017A,
5.000%,
12/01/47
7/23
at
103.00
N/R
235,325
Broadway
Station
Metropolitan
District
2,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A:
500
5.000%,
12/01/35
6/24
at
103.00
N/R
399,195
1,475
5.125%,
12/01/48
6/24
at
103.00
N/R
1,142,874
2,000
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
6/24
at
103.00
N/R
1,562,980
500
Canyons
Metropolitan
District
5,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Junior
Subordinate
Series
2016,
7.000%,
12/15/57
7/23
at
100.00
N/R
344,160
500
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Improvement
Bonds,
Series
2022,
6.500%,
12/01/53
12/27
at
103.00
N/R
505,215
1,000
Chambers
Highpoint
Metropolitan
District
No.
2,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2021,
5.000%,
12/01/51
9/26
at
103.00
N/R
848,770
247
Cherry
Hills
City
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Series
2020B-3,
8.000%,
12/15/47,
144A
12/25
at
103.00
N/R
221,754
500
Citadel
on
Colfax
Business
Improvement
District,
Aurora,
Colorado,
Special
Revenue
and
Tax
Supported
Bonds,
Senior
Series
2020A,
5.350%,
12/01/50
12/25
at
103.00
N/R
447,900
100
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Project,
Refunding
Bonds
Series
2023A.
Forward
Delivery,
4.000%,
5/15/48
5/28
at
103.00
BBB-
76,776
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Ralston
Creek
at
Arvada
Project,
Series
2017A:
225
5.250%,
11/01/32
(4)
11/25
at
102.00
N/R
108,000
670
5.500%,
11/01/37
(4)
11/25
at
102.00
N/R
321,600
1,250
5.750%,
11/01/47
(4)
11/25
at
102.00
N/R
600,000
835
6.000%,
11/01/52
(4)
11/25
at
102.00
N/R
400,800
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sunny
Vista
Living
Center
Project,
Refunding
&
Improvement
Series
2015A:
500
5.500%,
12/01/30,
144A
12/25
at
100.00
N/R
403,345
500
6.250%,
12/01/50,
144A
12/25
at
100.00
N/R
337,600
500
Copperleaf
Metropolitan
District
6,
Arapahoe
County,
Colorado,
Limited
Tax,
General
Obligation
Bonds,
Subordinate
Series
2022B,
6.000%,
12/15/41
3/27
at
103.00
N/R
482,630
1,000
Crossroads
Metropolitan
District
1,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2022,
6.500%,
12/01/51
12/29
at
103.00
N/R
965,440
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
4
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
$
600
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34,
144A
9/27
at
103.00
N/R
$
599,196
500
Glen
Metropolitan
District
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021,
4.250%,
12/01/51,
144A
12/26
at
103.00
N/R
368,605
1,277
Grand
Avenue
Metropolitan
District,
In
the
City
of
Aurora,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2023,
8.125%,
12/01/52
3/28
at
103.00
N/R
1,260,604
1,000
Green
Valley
Ranch
East
Metropolitan
District
6,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3,
5.875%,
12/01/50
9/25
at
103.00
N/R
963,780
1,000
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,
144A
11/29
at
103.00
N/R
1,000,510
500
Mountain
Brook
Metropolitan
District,
Longmont,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
4.750%,
12/01/51
12/26
at
103.00
N/R
383,870
1,000
Mulberry
Metropolitan
District
2,
Fort
Collins,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A,
7.000%,
12/01/52
12/27
at
103.00
N/R
1,021,870
500
North
Pine
Vistas
Metropolitan
District
3,
Castle
Pines,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B,
4.625%,
12/15/51
-
AGM
Insured
12/26
at
103.00
N/R
425,195
1,000
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1,
7.500%,
12/01/52
12/27
at
103.00
N/R
1,002,140
2,500
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022,
6.500%,
12/01/34
6/29
at
103.00
N/R
2,361,125
500
Prairie
Song
Metropolitan
District
4,
Windsor,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
6.000%,
12/01/51,
144A
12/28
at
103.00
N/R
442,885
2,515
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A,
4.750%,
12/01/45,
144A
12/30
at
100.00
N/R
1,710,200
1,000
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021-3,
5.375%,
12/01/51
12/26
at
103.00
N/R
848,660
500
RRC
Metropolitan
District
2,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
5.250%,
12/01/51
12/26
at
103.00
N/R
422,535
750
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022A,
6.375%,
12/01/42
12/29
at
103.00
N/R
755,475
500
Senac
South
Metropolitan
District
No.
1,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021A(3),
5.250%,
12/01/51
12/26
at
103.00
N/R
431,915
500
Third
Creek
Metropolitan
District
1,
Commerce
City,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1,
4.750%,
12/01/51,
144A
3/27
at
103.00
N/R
386,540
500
Tree
Farm
Metropolitan
District,
Eagle
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021,
4.750%,
12/01/50,
144A
12/26
at
103.00
N/R
429,565
1,000
USAFA
Visitors
Center
Business
Improvement
District,
Colorado
Springs,
Colorado,
Special
Revenue
Bonds,
Series
2022A,,
5.000%,
12/01/52,
144A
12/26
at
103.00
N/R
857,740
500
Villages
at
Johnstown
Metropolitan
District
7,
Johnstown,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A(3),
6.250%,
12/01/52
6/27
at
103.00
N/R
503,580
5
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
$
500
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/29
at
103.00
N/R
$
471,445
500
Westgate
Metropolitan
District,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
5.125%,
12/01/51
3/27
at
103.00
N/R
429,525
500
Westwood
Metropolitan
District,
Thornton,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2021A,
4.000%,
12/01/51,
144A
9/26
at
103.00
N/R
368,460
5,000
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2021A-2,
4.500%,
12/01/41,
144A
9/26
at
97.43
N/R
2,891,150
1,000
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1,
4.000%,
12/01/41,
144A
9/26
at
103.00
N/R
690,570
Total
Colorado
34,818,189
Connecticut
-
0.7%
1,500
Connecticut
Development
Authority,
Airport
Facilities
Revenue
Bonds,
Learjet
Inc.,
Series
2004,
7.950%,
4/01/26,
(AMT)
7/23
at
100.00
B2
1,499,730
Total
Connecticut
1,499,730
Florida
-
24.6%
250
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Refunding
Series
2022A,
5.000%,
11/15/61,
144A
11/29
at
103.00
N/R
171,135
250
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Taxable
Refunding
Series
2022B,
6.500%,
11/15/33,
144A
No
Opt.
Call
N/R
220,030
250
Avenir
Community
Development
District,
Palm
Beach
Gardens,
Florida,
Special
Assessment
Bonds,
Area
3
-
Master
Infrastructure
Project,
Series
2023,
5.625%,
5/01/54
5/33
at
100.00
N/R
246,983
15,020
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Educational
Growth
Fund,
LLC,
Charter
School
Portfolio
Projects,
Subordinate
Series
2021B,
0.000%,
7/01/61,
144A
No
Opt.
Call
N/R
992,822
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017:
250
5.375%,
8/01/32,
144A
8/24
at
103.00
N/R
212,240
175
5.625%,
8/01/37,
144A
8/24
at
103.00
N/R
140,261
1,895
Celebration
Pointe
Community
Development
District
1,
Alachua
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021,
4.000%,
5/01/53
5/31
at
100.00
N/R
1,518,104
1,000
Charlotte
County
Industrial
Development
Authority,
Florida,
Utility
System
Revenue
Bonds,
Town
&
Country
Utilities
Project,
Series
2021A,
4.000%,
10/01/51,
(AMT),
144A
10/31
at
100.00
N/R
766,000
1,420
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Discovery
High
School
Project,
Series
2020A,
5.000%,
6/01/40,
144A
6/29
at
100.00
N/R
1,275,941
100
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Dreamers
Academy
Project,
Series
2022A,
6.000%,
1/15/57,
144A
1/28
at
101.00
N/R
75,069
360
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Miami
Arts
Charter
School
Projects,
Series
2014,
5.625%,
6/15/29,
144A
6/24
at
100.00
N/R
331,315
500
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Southwest
Charter
Foundation
Inc
Projects,
Series
2017A,
6.125%,
6/15/47,
144A
6/27
at
100.00
N/R
460,350
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
6
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Florida
(continued)
$
1,400
Florida
Development
Finance
Corporation,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Pro
USA,
Inc.
Project,
Series
2023,
6.125%,
7/01/32,
(AMT),
(Mandatory
Put
7/01/26),
144A
4/26
at
100.00
N/R
$
1,409,814
15,485
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Brightline
Passenger
Rail
Project,
Green
Series
2019B,
7.375%,
1/01/49,
(AMT),
144A
1/24
at
107.00
N/R
15,382,489
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Virgin
Trains
USA
Passenger
Rail
Project,
Series
2019A:
4,000
6.250%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/24),
144A
7/23
at
101.00
N/R
3,986,280
4,240
6.375%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/26),
144A
7/23
at
102.00
N/R
4,091,854
2,000
6.500%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/29),
144A
7/23
at
102.00
N/R
1,920,400
4,900
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023A,
7.500%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
7/23
at
101.00
N/R
4,822,825
4,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Passenger
Rail
Expansion
Project,
Series
2022A,
7.250%,
7/01/57,
(AMT),
(Mandatory
Put
10/03/23),
144A
7/23
at
103.00
N/R
4,068,640
200
Mandarin
Grove
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Revenue
Bonds,
2022
Project
Series
2022,
6.625%,
5/01/53,
144A
5/42
at
100.00
N/R
209,938
3,000
Miami-Dade
County
Housing
Finance
Authority,
Florida,
Multifamily
Mortgage
Revenue
Bonds,
Wynwood
Works,
Series
2023B,
5.780%,
6/01/27,
(Mandatory
Put
6/01/26),
144A
No
Opt.
Call
N/R
3,008,010
1,000
Miami-Dade
County
Industrial
Development
Authority,
Florida,
Industrial
Development
Revenue
Bonds,
CFC-MB
I,
LLC
Collins
Park
Housing
Project
Series
2023,
6.250%,
1/01/59,
144A
1/33
at
100.00
N/R
989,430
420
Middleton
Community
Development
District
A,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022,
6.200%,
5/01/53,
144A
11/30
at
100.00
N/R
436,918
100
North
Powerline
Road
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022,
5.625%,
5/01/52,
144A
5/32
at
100.00
N/R
98,726
580
Pinellas
County
Health
Facilities
Authority,
Florida,
Health
Care
Facilities
Revenue
Bonds,
Mease
Life,
Inc.
Project,
Refunding
Series
2021,
7.000%,
1/01/57,
144A
7/23
at
108.00
N/R
552,763
500
Sawyers
Landing
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021,
4.250%,
5/01/53,
144A
5/31
at
100.00
N/R
398,375
Seminole
County
Industrial
Development
Authority,
Florida,
Retirement
Facility
Revenue
Bonds,
Legacy
Pointe
At
UCF
Project,
Series
2019A:
415
5.000%,
11/15/29
11/26
at
103.00
N/R
377,301
500
5.500%,
11/15/49
11/26
at
103.00
N/R
388,575
1,000
5.750%,
11/15/54
11/26
at
103.00
N/R
792,720
170
Seminole
County
Industrial
Development
Authority,
Florida,
Retirement
Facility
Revenue
Bonds,
Legacy
Pointe
At
UCF
Project,
Series
2019B,
4.250%,
11/15/26
7/23
at
100.00
N/R
157,733
465
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
South
Assessment
Area
Series
2021B,
4.625%,
5/01/36,
144A
9/23
at
100.00
N/R
438,090
225
Village
Community
Development
District
15,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2023,
5.250%,
5/01/54,
144A
,
(WI/DD)
5/31
at
100.00
N/R
228,573
Total
Florida
50,169,704
7
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Hawaii
-
0.5%
$
1,000
Hawaii
County,
Hawaii,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
1-2021,
Kaloko
Heights
Project,
Series
2023,
7.250%,
5/15/52,
144A
5/33
at
100.00
N/R
$
993,880
Total
Hawaii
993,880
Idaho
-
0.5%
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Doral
Academy
of
Idaho,
Series
2021A:
730
5.000%,
7/15/41,
144A
7/26
at
103.00
N/R
628,369
250
5.000%,
7/15/56,
144A
7/26
at
103.00
N/R
198,433
250
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
South
Charter
School
Project,
Series
2021,
4.000%,
5/01/56,
144A
11/25
at
100.00
N/R
168,842
100
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2021,
3.750%,
9/01/51,
144A
12/26
at
103.00
N/R
76,125
Total
Idaho
1,071,769
Illinois
-
1.0%
428
Chicago,
Illinois,
Certificates
of
Participation,
Tax
Increment
Allocation
Revenue
Note,
North
Pullman
Chicago
Neighborhood
Initiative,
Inc.
Redevelopment
Project-Whole
Foods
Warehouse
&
Distribution
Facility,
Series
2016A,
5.000%,
3/15/34,
144A
7/23
at
100.00
N/R
425,256
250
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A,
5.000%,
7/01/56,
144A
7/31
at
100.00
N/R
188,243
250
Illinois
Finance
Authority,
Revenue
Bonds,
Admiral
at
the
Lake
Project,
Refunding
Series
2017,
5.500%,
5/15/54
5/24
at
103.00
N/R
193,830
500
Illinois
Finance
Authority,
Revenue
Bonds,
Roosevelt
University,
Series
2019A,
6.125%,
4/01/58,
144A
10/28
at
100.50
N/R
462,630
685
Southwestern
Illinois
Development
Authority,
Environmental
Improvement
Revenue
Bonds,
US
Steel
Corporation
Project,
Series
2012,
5.750%,
8/01/42,
(AMT)
7/23
at
100.00
B1
687,891
Total
Illinois
1,957,850
Indiana
-
0.8%
85
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Circle
City
Preparatory
Inc.
Project,
Series
2021A,
5.000%,
12/01/30,
144A
12/27
at
103.00
N/R
79,538
775
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
University
of
Evansville
Project,
Series
2022A,
5.250%,
9/01/57
9/32
at
100.00
BBB-
723,827
750
Indiana
Housing
and
Community
Development
Authority,
Multifamily
Housing
Revenue
Bonds,
Vita
of
New
Whiteland
Project,
Series
2022,
6.750%,
1/01/43
1/33
at
100.00
N/R
744,375
Total
Indiana
1,547,740
Kansas
-
2.0%
500
Kansas
Development
Finance
Authority
Revenue
Bonds,
Village
Shalom
Project,
Series
2018A,
5.250%,
11/15/53
11/23
at
103.75
N/R
355,575
5,250
Overland
Park,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Prairiefire
at
Lionsgate
Project,
Series
2012,
5.250%,
12/15/29
7/23
at
100.00
N/R
2,703,750
1,000
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Village
East
Project
Areas
2B
3
and
5,
Series
2022,
5.750%,
3/01/41,
144A
3/29
at
103.00
N/R
950,990
Total
Kansas
4,010,315
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
8
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Louisiana
-
5.6%
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Encore
Academy
Project,
Series
2021A:
$
100
5.000%,
6/01/41,
144A
(4)
6/31
at
100.00
N/R
$
75,000
100
5.000%,
6/01/51,
144A
(4)
6/31
at
100.00
N/R
75,000
1,500
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2021A,
5.250%,
6/01/60,
144A
6/31
at
100.00
N/R
1,217,520
10,000
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2017B,
5.000%,
1/01/48,
(AMT),
(UB)
(5)
1/27
at
100.00
A
10,149,175
Total
Louisiana
11,516,695
Maryland
-
0.4%
845
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/46
9/27
at
100.00
B
771,527
135
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Imagine
Andrews
Public
Charter
School,
Series
2022A,
5.500%,
5/01/52,
144A
5/30
at
100.00
N/R
125,263
Total
Maryland
896,790
Michigan
-
1.1%
330
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Holly
Academy
Project,
Refunding
Series
2021,
4.000%,
12/01/51
12/31
at
100.00
BB+
240,501
290
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Madison
Academy
Project,
Refunding
Series
2021,
5.000%,
12/01/46
12/27
at
100.00
N/R
233,882
40,000
Michigan
Tobacco
Settlement
Finance
Authority,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Capital
Appreciation
Turbo
Term
Series
2008C,
0.000%,
6/01/58
6/33
at
11.41
N/R
1,593,600
100
Summit
Academy
North,
Michigan,
Revenue
Bonds,
Public
School
Academy,
Refunding
Series
2021,
4.000%,
11/01/41
11/28
at
103.00
BB
82,408
185
Trillium
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019,
5.750%,
11/01/40
11/26
at
103.00
BB
165,036
Total
Michigan
2,315,427
Minnesota
-
1.1%
500
Bethel,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Level
Up
Academy,
Series
2021A,
5.000%,
6/15/56
6/29
at
102.00
N/R
360,135
1,000
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Academy,
Series
2022A,
5.875%,
6/01/57,
144A
6/30
at
102.00
N/R
925,000
1,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023,
5.250%,
3/01/43,
144A
3/33
at
100.00
Ba1
919,420
Total
Minnesota
2,204,555
Missouri
-
2.5%
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A:
2,000
5.250%,
5/15/42
5/27
at
100.00
BB-
1,618,460
1,000
5.250%,
5/15/50
5/27
at
100.00
BB-
760,010
3,200
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B,
5.000%,
2/01/50,
144A
2/28
at
100.00
N/R
2,344,544
9
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Missouri
(continued)
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021:
$
100
4.000%,
10/01/34
10/31
at
100.00
N/R
$
93,853
100
4.000%,
10/01/44
10/31
at
100.00
N/R
82,538
241
North
Outer
Forty
Transportation
Development
District,
Chesterfield,
Missouri,
Transportation
Development
Revenue
Notes,
Refunding
Series
2021A,
4.000%,
12/01/46
No
Opt.
Call
N/R
175,669
Total
Missouri
5,075,074
Nevada
-
0.4%
1,000
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2018,
6.950%,
2/15/38,
(AMT),
144A
8/28
at
100.00
N/R
910,350
Total
Nevada
910,350
New
Hampshire
-
1.6%
1,000
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2018B,
4.625%,
11/01/42,
144A
7/23
at
100.00
B3
863,400
1,585
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2018C,
4.875%,
11/01/42,
(AMT),
144A
7/23
at
100.00
B3
1,414,137
1,000
National
Finance
Authority,
New
Hampshire,
Revenue
Bonds,
GHI
Kiran
Capital
LLC
Project,
Series
2022,
6.250%,
9/01/30,
144A
7/23
at
100.00
N/R
960,130
Total
New
Hampshire
3,237,667
New
York
-
4.5%
10,000
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
1st
Subordinate
Series
2005B,
0.000%,
6/01/47
7/23
at
25.16
N/R
1,932,800
1,000
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Neighborhood
Green
Series
2020D-1B,
2.400%,
11/01/50
5/28
at
100.00
Aa2
616,570
750
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007,
2.350%,
10/01/46
(4)
7/23
at
100.00
N/R
600,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A:
1,000
5.000%,
1/01/31,
(AMT)
1/26
at
100.00
C
773,130
820
5.000%,
1/01/32,
(AMT)
1/26
at
100.00
C
633,573
3,000
5.000%,
1/01/33,
(AMT)
1/26
at
100.00
C
2,305,110
550
5.000%,
1/01/34,
(AMT)
1/26
at
100.00
C
416,839
2,000
5.000%,
1/01/35,
(AMT)
1/26
at
100.00
C
1,494,000
250
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bond,
Purchase
Senior
Learning
Community,
Inc.
Project,
Accd
Inv
Series
2021A,
5.000%,
7/01/56,
144A
7/27
at
104.00
N/R
196,780
250
Western
Regional
Off-Track
Betting
Corporation,
New
York,
Tax
Exempt
Revenue
Bonds,
Additional
Secured
General
Obligation
Series
2021,
4.125%,
12/01/41,
144A
6/31
at
100.00
N/R
189,215
Total
New
York
9,158,017
North
Dakota
-
0.4%
1,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C,
5.000%,
6/01/53
6/28
at
100.00
BB+
786,890
Total
North
Dakota
786,890
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
10
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Ohio
-
7.5%
$
245
Brecksville,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Valor
Acres
Project,
Series
2022,
5.625%,
12/01/53,
144A
12/32
at
100.00
N/R
$
231,035
5,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
N/R
620,450
10,550
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
N/R
9,895,373
150
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Senior
Series
2021A,
4.000%,
12/01/55,
144A
12/29
at
100.00
BB
127,966
95
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Subordinate
Series
2021B,
4.500%,
12/01/55
12/29
at
100.00
N/R
83,820
750
County
of
Lucas,
Ohio,
Hospital
Revenue
Bonds,
ProMedica
Healthcare
Obligated
Group,
Series
2018A,
5.250%,
11/15/48
11/28
at
100.00
BB-
655,372
250
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29
No
Opt.
Call
BBB-
227,208
Southern
Ohio
Port
Authority,
Ohio,
Facility
Revenue
Bonds,
Purecycle
Project,
Series
2020A:
500
6.500%,
12/01/30,
(AMT),
144A
12/27
at
103.00
N/R
427,625
2,420
7.000%,
12/01/42,
(AMT),
144A
12/27
at
103.00
N/R
1,814,492
1,250
Southern
Ohio
Port
Authority,
Ohio,
Facility
Revenue
Bonds,
Purecycle
Project,
Series
2020B,
10.000%,
12/01/27,
(AMT),
144A
12/26
at
105.00
N/R
1,147,813
Total
Ohio
15,231,154
Oklahoma
-
0.6%
1,085
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B,
5.000%,
8/15/38
8/28
at
100.00
BB-
1,017,437
100
Tulsa
Authority
for
Economic
Opportunity,
Tulsa
County,
Oklahoma,
Tax
Apportionment
Revenue
Bonds,
Santa
Fe
Square
Project,
Series
2021,
4.375%,
12/01/41,
144A
12/31
at
100.00
N/R
84,003
250
Tulsa
Authority
for
Economic
Opportunity,
Tulsa
County,
Oklahoma,
Tax
Apportionment
Revenue
Bonds,
Vast
Bank
Project,
Series
2021,
4.000%,
12/01/43,
144A
12/31
at
100.00
N/R
197,830
Total
Oklahoma
1,299,270
Oregon
-
1.4%
1,000
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2016A,
5.000%,
11/15/46
11/24
at
102.00
N/R
798,610
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2021A:
2,290
5.000%,
11/15/46
11/28
at
103.00
N/R
1,828,817
250
5.000%,
11/15/56
11/28
at
103.00
N/R
186,250
Total
Oregon
2,813,677
Pennsylvania
-
2.8%
500
Allegheny
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
Hills
Charter
School
of
Entrepreneurship,
Series
2021A,
4.000%,
6/15/51
6/31
at
100.00
BB
367,415
500
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Tower
Health
Project,
Series
2017,
4.000%,
11/01/47
11/27
at
100.00
B
298,910
11
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
3,000
McCandless
Industrial
Development
Authority,
Pennsylvania,
La
Roche
University
Revenue
Bonds,
Series
A
and
B
of
2022,
6.750%,
12/01/46
12/32
at
100.00
N/R
$
2,844,780
495
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31
(4),(6)
No
Opt.
Call
N/R
411,672
1,715
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022,
5.250%,
6/30/53,
(AMT)
12/32
at
100.00
BBB-
1,783,857
Total
Pennsylvania
5,706,634
Puerto
Rico
-
13.5%
105
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2012A,
5.000%,
7/01/29
(4)
7/23
at
100.00
D
39,637
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007TT:
450
5.000%,
7/01/17
(4)
No
Opt.
Call
N/R
168,750
190
3.957%,
7/01/32
(4)
7/23
at
100.00
D
71,725
250
3.957%,
7/01/37
(4)
7/23
at
100.00
D
94,375
160
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA,
5.250%,
7/01/27
(4)
7/23
at
100.00
D
60,400
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ:
329
5.000%,
7/01/24
(4)
7/23
at
100.00
D
124,198
115
5.250%,
7/01/26
(4)
7/23
at
100.00
D
43,412
115
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
WW,
5.500%,
7/01/18
(4)
No
Opt.
Call
N/R
43,125
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Taxable
Build
America
Bond
Series
2010EE:
100
5.950%,
7/01/30
(4)
7/23
at
100.00
D
37,750
100
4.061%,
7/01/40
(4)
7/23
at
100.00
D
37,750
4,250
Puerto
Rico
Highway
and
Transportation
Authority,
Restructured
Toll
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/62
7/32
at
100.00
N/R
4,143,750
3,000
Puerto
Rico
Highway
and
Transportation
Authority,
Restructured
Toll
Revenue
Bonds,
Series
2022C,
5.000%,
7/01/53
1/33
at
100.00
N/R
1,837,470
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
16,775
0.000%,
7/01/46
7/28
at
41.38
N/R
4,733,402
6,500
4.750%,
7/01/53
7/28
at
100.00
N/R
6,209,970
3,000
5.000%,
7/01/58
7/28
at
100.00
N/R
2,932,080
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
82
5.625%,
7/01/27
No
Opt.
Call
N/R
86,161
78
5.750%,
7/01/31
No
Opt.
Call
N/R
85,473
74
4.000%,
7/01/33
7/31
at
103.00
N/R
70,537
3,057
4.000%,
7/01/37
7/31
at
103.00
N/R
2,752,097
3,500
4.000%,
7/01/41
7/31
at
103.00
N/R
3,050,180
1,000
4.000%,
7/01/46
7/31
at
103.00
N/R
848,460
Total
Puerto
Rico
27,470,702
South
Carolina
-
0.5%
500
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Palmetto
Scholars
Academy
Project,
Series
2015A,
5.125%,
8/15/35,
144A
2/25
at
100.00
BB
453,290
330
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2021A,
5.000%,
6/15/51,
144A
6/29
at
100.00
N/R
267,660
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
12
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
South
Carolina
(continued)
$
250
South
Carolina
Jobs-Economic
Development
Authority,
Retirement
Community
Revenue
Notes,
Kiawah
Life
Plan
Village,
Inc.
Project,
Series
2021A,
8.750%,
7/01/25
7/23
at
100.00
N/R
$
275,220
Total
South
Carolina
996,170
Tennessee
-
0.2%
430
Knoxville
Industrial
Development
Board,
Tennessee,
Multifamily
Revenue
Bonds,
Pines
Apartments
Project,
Series
2008,
6.070%,
8/01/48,
(Mandatory
Put
9/01/23)
9/23
at
100.00
N/R
429,531
100
Metropolitan
Government
of
Nashville-Davidson
County
Industrial
Development
Board,
Tennessee,
Special
Assessment
Revenue
Bonds,
South
Nashville
Central
Business
Improvement
District,
Series
2021A,
4.000%,
6/01/51,
144A
6/31
at
100.00
N/R
82,172
Total
Tennessee
511,703
Texas
-
12.3%
250
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
Second-Lien
Series
2021B,
5.000%,
10/01/50,
144A
10/31
at
100.00
N/R
205,837
250
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2021A,
4.500%,
2/15/56
2/30
at
100.00
N/R
174,975
785
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2022A,
6.750%,
2/15/62,
144A
2/30
at
100.00
N/R
769,096
1,825
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Odyssey
Academy
Inc
Series
2023A,
6.000%,
2/15/43
2/31
at
100.00
BB
1,820,675
100
Bee
Cave,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Backyard
Public
Improvement
District
Project,
Series
2021,
5.250%,
9/01/51,
144A
9/31
at
100.00
N/R
92,819
1,600
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Cross
Creek
Meadows
Public
Improvement
District,
Major
Improvement
Area
District
Series
2023,
6.125%,
9/01/53,
144A
,
(WI/DD)
9/33
at
100.00
N/R
1,609,584
3,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Valor
Education
Foundation,
Series
2023A,
6.250%,
6/15/53,
144A
6/31
at
100.00
N/R
2,967,780
275
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
Second-Lien
Series
2021B,
5.000%,
10/01/50
10/31
at
100.00
BB-
226,726
2,000
Forney,
Texas,
Special
Assessment
Revenue
Bonds,
Bellagio
Public
Improvement
District
1
Phase
I
Project
Series
2023,
6.500%,
9/15/53,
144A
,
(WI/DD)
9/33
at
100.00
N/R
1,938,220
3,000
Hidalgo
County
Regional
Mobility
Authority,
Texas,
Toll
and
Vehicle
Registration
Fee
Revenue
Bonds,
Refunding
Junior
Lien
Series
2022B,
0.000%,
12/01/46
12/31
at
53.69
BB+
734,400
500
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.
-
Terminal
Improvement
Project,
Refunding
Series
2011,
6.625%,
7/15/38,
(AMT)
7/23
at
100.00
BB-
501,415
2,205
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
Porter
County
Public
Improvement
District
Improvement
Area
1
Project,
Series
2023,
6.000%,
9/01/53,
144A
9/33
at
100.00
N/R
2,198,649
1,000
Legato
Community
Authority,
Commerce
City,
Texas,
Limited
Tax
Supported
Revenue
Bonds,
District
1,
2,
3
&
7,
Convertible
Capital
Appreciation
Series
2021A-2,
5.000%,
12/01/51
6/26
at
100.67
N/R
654,030
13
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
70
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-1,
7.500%,
11/15/37
No
Opt.
Call
N/R
$
53,990
435
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-2,
7.500%,
11/15/36
No
Opt.
Call
N/R
357,161
3,073
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021B,
5.625%,
11/15/61
11/26
at
105.00
N/R
1,227,934
5,010
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Senior
Living
Revenue
Bonds,
Sanctuary
LTC
LLC
Project,
Series
2021A-1,
5.500%,
1/01/57
1/28
at
103.00
N/R
3,601,539
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project, Series
2015A:
500
5.000%,
7/01/30
(4)
7/25
at
100.00
Caa2
452,500
1,000
5.000%,
7/01/35
(4)
7/25
at
100.00
Caa2
905,000
1,275
New
Hope
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School
Series
2023A,
6.375%,
8/15/53,
144A
,
(WI/DD)
8/30
at
103.00
BB+
1,278,659
100
New
Hope
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School
Taxable
Series
2023A,
8.000%,
8/15/30,
144A
,
(WI/DD)
No
Opt.
Call
BB+
100,084
1,000
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2020,
3.625%,
1/01/35,
(AMT),
144A
7/23
at
102.00
N/R
799,830
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012:
125
7.000%,
12/15/32
(4)
7/23
at
100.00
N/R
75,000
500
7.250%,
12/15/42
(4)
7/23
at
100.00
N/R
300,000
305
7.250%,
12/15/47
(4)
7/23
at
100.00
N/R
183,000
610
Sachse,
Texas,
Special
Assessment
Bonds,
Sachse
Public
Improvement
District
1
Improvement
Areas
2-3
Project,
Series
2022,
7.000%,
9/15/52,
144A
9/32
at
100.00
N/R
627,379
100
Sinton,
San
Patricio
County,
Texas,
Special
Assessment
Revenue
Bonds,
Somerset
Public
Improvement
District
1
Series
2022,
5.250%,
9/01/51,
144A
9/32
at
100.00
N/R
94,279
500
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
C.C.
Young
Memorial
Home
Project,
Series
2016A,
6.250%,
2/15/37
(4)
2/27
at
100.00
N/R
275,000
800
Venus,
Johnson
County,
Texas,
Special
Assessment
Revenue
Bonds,
Brahman
Ranch
Public
Improvement
District,
Series
2022,
6.500%,
9/15/52,
144A
9/32
at
100.00
N/R
809,824
80
Viridian
Municipal
Management
District,
Texas,
Assessment
Revenue
Bonds,
Series
2017,
4.250%,
12/01/44
12/25
at
100.00
N/R
71,766
Total
Texas
25,107,151
Utah
-
5.9%
500
Black
Desert
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B,
7.375%,
9/15/51,
144A
9/26
at
103.00
N/R
412,960
500
Coral
Junction
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1,
6.500%,
3/01/53
6/27
at
103.00
N/R
480,835
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
14
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utah
(continued)
Downtown
East
Streetcar
Sewer
Public
Infrastructure
District,
South
Salt
Lake,
Salt
Lake
County,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A:
$
1,000
5.750%,
3/01/42,
144A
9/27
at
103.00
N/R
$
1,000,510
1,000
6.000%,
3/01/53,
144A
9/27
at
103.00
N/R
998,240
1,000
Gateway
at
Sand
Hollow,
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.500%,
3/01/51,
144A
12/26
at
103.00
N/R
770,850
Medical
School
Campus
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2020A:
1,180
5.250%,
2/01/40,
144A
9/25
at
103.00
N/R
1,032,158
2,915
5.500%,
2/01/50,
144A
9/25
at
103.00
N/R
2,477,429
1,000
MIDA
Mountain
Village
Public
Infrastructure
District,
Utah,
Special
Assessment
Revenue
Bonds,
Mountain
Village
Assessment
Area
2,
Series
2021,
4.000%,
8/01/50,
144A
8/31
at
100.00
N/R
757,020
1,250
Military
Installation
Development
Authority,
Utah,
Tax
Allocation
and
Hotel
Tax
Revenue
Bonds,
Series
2021A-1,
4.000%,
6/01/52
9/26
at
103.00
N/R
936,312
1,000
Military
Installation
Development
Authority,
Utah,
Tax
Allocation
Revenue
Bonds,
Series
2021A-2,
4.000%,
6/01/41
9/26
at
103.00
N/R
803,960
865
Sienna
Hills
Public
Infrastructure
District
No.
1,
Utah,
Limited
Tax
General
Obligation
and
Sales
Tax
Revenue
Bonds,
Series
2023A,
6.750%,
7/01/35,
144A
7/28
at
103.00
N/R
871,626
375
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Bridge
Elementary
Project,
Series
2021A,
4.000%,
6/15/41
6/28
at
103.00
N/R
287,423
250
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Saint
George
Academy
Project,
Series
2021A,
5.000%,
6/15/56,
144A
12/30
at
101.00
N/R
175,848
1,015
Wohali
Public
Infrastructure
District
1,
Utah,
Special
Assessment
Revenue
Bonds,
Assessment
Area
1
Series
2023,
7.000%,
12/01/42,
144A
,
(WI/DD)
9/28
at
103.00
N/R
1,016,167
Total
Utah
12,021,338
Virgin
Islands
-
0.5%
240
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Senior
Series
2021A,
6.750%,
7/01/26,
144A
No
Opt.
Call
N/R
229,409
500
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B,
5.000%,
7/01/31
7/23
at
100.00
CC
468,565
250
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022B,
6.500%,
4/01/52,
(AMT),
144A
10/29
at
104.00
N/R
242,687
Total
Virgin
Islands
940,661
West
Virginia
-
0.4%
South
Charleston,
West
Virginia,
Special
District
Excise
Tax
Revenue
Improvement
Bonds,
South
Charleston
Park
Place
Project,
Series
2022A:
185
4.250%,
6/01/42,
144A
6/31
at
100.00
N/R
147,909
250
4.500%,
6/01/50,
144A
6/31
at
100.00
N/R
193,570
585
West
Virginia
Economic
Development
Authority,
Dock
and
Wharf
Facilities
Revenue
Bonds,
Empire
Trimodal
Terminal,
LLC
Project,
Series
2020,
7.625%,
12/01/40,
144A
12/27
at
103.00
N/R
473,031
Total
West
Virginia
814,510
15
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Wisconsin
-
11.9%
$
3,020
Ashwaubenon
Community
Development
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Brown
County
Expo
Center
Project,
Series
2019,
0.000%,
6/01/54
(5)
6/29
at
37.80
AA
$
690,916
250
Gillett,
Wisconsin,
Solid
Waste
Disposal
Revenue
Bonds,
WI
RNG
Hub
North
LLC
Renewable
Natural
Gas
Production
Plant
Project,
Series
2021A,
5.500%,
12/01/32,
144A
12/26
at
100.00
N/R
209,210
255
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Alamance
Community
School,
Series
2021A,
5.000%,
6/15/51,
144A
6/29
at
100.00
N/R
200,014
1,425
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Discovery
Charter
School
Project,
Series
2022A,
6.750%,
6/01/62,
144A
6/30
at
100.00
N/R
1,377,476
1,380
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Eno
River
Academy
Project,
Series
2020A,
5.000%,
6/15/54,
144A
6/30
at
100.00
Ba1
1,243,932
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A:
3,750
5.000%,
6/15/36,
144A
6/26
at
100.00
N/R
3,241,537
625
5.000%,
6/15/46,
144A
6/26
at
100.00
N/R
476,250
500
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Phoenix
Academy
Charter
School,
North
Carolina,
Series
2017A,
5.875%,
6/15/47,
144A
6/24
at
100.00
N/R
447,840
845
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
The
Foundation
of
the
University
of
North
Carolina
at
Charlotte
Inc.,
Series
2021A,
4.000%,
9/01/56
9/31
at
100.00
N/R
623,086
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Casa
Esperanza
Montessori,
Series
2021A:
300
4.375%,
6/01/46,
144A
6/31
at
100.00
N/R
215,715
100
4.500%,
6/01/56,
144A
6/31
at
100.00
N/R
68,655
1,000
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A,
6.250%,
6/15/53,
144A
6/33
at
100.00
N/R
986,620
1,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Subordinate
Lien
Series
2022B,
6.000%,
2/01/62,
144A
2/32
at
100.00
N/R
1,017,360
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A:
1,105
3.125%,
8/01/27,
144A
(4)
No
Opt.
Call
N/R
843,944
1,100
6.750%,
8/01/31,
144A
(4)
No
Opt.
Call
N/R
770,000
500
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017B,
5.625%,
8/01/24,
144A
(4)
No
Opt.
Call
N/R
381,875
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017:
1,000
6.500%,
12/01/37,
144A
12/27
at
100.00
N/R
899,290
6,750
7.000%,
12/01/50,
144A
12/27
at
100.00
N/R
6,149,452
2,700
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Procure
Proton
Therapy
Center,
Senior
Series
2018A,
7.000%,
7/01/48,
144A
7/28
at
100.00
N/R
2,185,947
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
SearStone
Retirement
Community,
Series
2023A:
250
5.000%,
6/01/37
6/28
at
103.00
N/R
232,655
250
5.000%,
6/01/52
6/28
at
103.00
N/R
204,430
250
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Senior
Revenue
Bonds,
Proton
International
Arkansas,
LLC,
Series
2021A,
6.850%,
1/01/51,
144A
1/32
at
100.00
N/R
187,428
Nuveen
Enhanced
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
16
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Wisconsin
(continued)
$
245
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021,
4.250%,
7/01/54,
(AMT)
7/31
at
100.00
N/R
$
174,886
100
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Viticus
Group
Project,
Series
2022A,
4.000%,
12/01/41,
144A
12/31
at
100.00
N/R
81,662
1,000
Public
Finance
Authority
of
Wisconsin,
Senior
Revenue
Bonds,
Maryland
Proton
Treatment
Center,
Series
2018A-1,
6.375%,
1/01/48,
144A
1/28
at
100.00
N/R
615,000
100
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B,
15.000%,
8/31/23
(4),(6)
No
Opt.
Call
N/R
15,250
100
Saint
Croix
Chippewa
Indians
of
Wisconsin,
Revenue
Bonds,
Refunding
Senior
Series
2021,
5.000%,
9/30/41,
144A
9/28
at
100.00
N/R
75,206
290
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Covenant
Communities
Inc,
Second
Tier
Series
2018B,
4.375%,
7/01/38
7/23
at
103.00
BB+
228,703
560
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Hope
Christian
Schools
Obligated
Group,
Series
2021,
3.000%,
12/01/31
12/26
at
100.00
N/R
472,500
Total
Wisconsin
24,316,839
Total
Municipal
Bonds
(cost
$280,283,820)
268,424,822
Shares
Description
(1)
Value
X
–
COMMON
STOCKS
-
1.2%
(0.9%
of
Total
Investments)
X
2,456,211
Electric
Utilities
-
1.2%
12,035
Talen
Energy
Corp
(7)
$
584,697
38,522
Talen
Energy
Supply
LLC
(7)
1,871,514
Total
Electric
Utilities
2,456,211
Total
Common
Stocks
(cost
$1,535,120)
2,456,211
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(3)
Value
–
CORPORATE
BONDS
-
0.1%
(0.0%
of
Total
Investments)
X
100,000
Trading
Companies
&
Distributors
-
0.1%
$
100
KDC
Agribusiness
Fairless
Hills
LLC
(6)
12.000%
9/17/23
N/R
$
100,000
Total
Trading
Companies
&
Distributors
100,000
Total
Corporate
Bonds
(cost
$100,000)
100,000
Total
Long-Term
Investments
(cost
$281,918,940)
270,981,033
Borrowings
-
(0.9)%
(8)
(1,900,000)
Floating
Rate
Obligations
-
(3.7)%
(7,500,000)
MFP
Shares,
Net
-
(26.5)%(9)
(54,041,549)
Other
Assets
&
Liabilities,
Net
- (1.8)%
(3,589,138)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
203,950,346
17
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
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).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
267,997,900
$
426,922
$
268,424,822
Common
Stocks
–
2,456,211
–
2,456,211
Corporate
Bonds
–
–
100,000
100,000
Total
$
–
$
270,454,111
$
526,922
$
270,981,033
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
The
ratings
disclosed
are
the
lowest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(6)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(7)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(8)
Borrowings
as
a
percentage
of
Total
Investments
is
0.7%.
(9)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
19.9%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.