0001193125-22-098345.txt : 20220407 0001193125-22-098345.hdr.sgml : 20220407 20220407095107 ACCESSION NUMBER: 0001193125-22-098345 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220407 DATE AS OF CHANGE: 20220407 EFFECTIVENESS DATE: 20220407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Managed Accounts Portfolios Trust CENTRAL INDEX KEY: 0001390204 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22023 FILM NUMBER: 22812564 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen Managed Account Pooled Shares Trust DATE OF NAME CHANGE: 20070215 0001390204 S000017347 Municipal Total Return Managed Accounts Portfolio C000048022 Common Shares NMTRX N-CSRS 1 d287174dncsrs.htm NUVEEN MANAGED ACCOUNTS PORTFOLIOS TRUST Nuveen Managed Accounts Portfolios Trust

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 811-22023

Nuveen Managed Accounts Portfolios Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2022

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

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

ITEM 1.

REPORTS TO STOCKHOLDERS.

Mutual Funds
31 January
2022
Nuveen Managed
Accounts Portfolios Trust
Fund Name  
Municipal Total Return Managed Accounts Portfolio NMTRX
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Fundelectronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
Semiannual Report

Life is Complex.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports right to your e-mail!
www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial professional or brokerage account.
or
www.nuveen.com/client-access
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE  

Chair’s Letter to Shareholders    
Dear Shareholders,
In February, the world witnessed Russia invade Ukraine. The scale of the humanitarian crisis and economic shock caused by these events cannot yet be quantified, and our thoughts remain with all those affected.
Given the fluidity of the situation, market uncertainty is currently high. Conditions were already challenging prior to the invasion, with inflation lingering at multi-decade highs, interest rates expected to continue rising, economic growth moderating from the post-pandemic recovery, and weakening performance across equity markets and some bond market segments. The Russia-Ukraine conflict has accelerated these trends in the short term. The spike in geopolitical risks led to surging prices for oil and other hard and soft commodities, driving both inflation and recession risks higher. The U.S. Federal Reserve (Fed) and other central banks now face an even more difficult task of slowing inflation without stifling economic growth. At their March 2022 meeting, Fed officials announced a quarter percentage point increase to the short-term interest rate, raising it from near zero for the first time since the pandemic was declared two years ago.
In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.
On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.
Terence J. Toth
Chair of the Board
March 23, 2022
 
4

Important Notices    
For Shareholders of
Nuveen Municipal Total Return Managed Accounts Portfolio
Portfolio Manager Commentaries in Semiannual Reports
Beginning with this semiannual shareholder report, the Fund will include portfolio manager commentaries only in its annual shareholder report. For the Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers' Comments section of the Fund's July 31, 2021 annual shareholder report.
For current information on your Fund's investment objectives, portfolio management team and average annual total returns please refer to the Fund's website at www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.
For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.
5

Risk Considerations and Dividend Information    
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s potential use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
Dividend Information
The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. 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 shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6  –  Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by the Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of the Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for the Fund as of its most recent tax year end is presented in Note 6  –  Income Tax Information within the Notes to Financial Statements of this report.
6

Fund Performance, Expense Ratios, Effective Leverage Ratios and Holding Summaries    
This is a specialized municipal bond Fund developed exclusively for use within Nuveen-sponsored seperately managed accounts.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, 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 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. Fund shares have no sales charge. 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 redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Expense Ratios
The expense ratios shown are as of the Fund's most recent prospectus. The expense rations shown reflect total operating expenses (before fee waivers and/or expense reimbursements).
Effective Leverage Ratios
Leverage is created whenever the Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of its investment capital. The effective leverage ratio shown for the Fund is the amount of investment exposure created either directly through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument. The Fund may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades. Such incidental borrowings, described generally in Notes to Financial Statements, Note 9—Borrowing Arrangements, are excluded from the calculation of the Fund’s effective leverage ratio.
Holdings Summaries
This 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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
7

Fund Performance, Expense Ratios, Effective Leverage Ratios and Holding Summaries (continued)
Municipal Total Return Managed Accounts Portfolio
Refer to the first page of this Fund Performance, Expense Ratios, Effective Leverage Ratios section and Holdings Summaries for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios*
  Total Returns as of January 31, 2022    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year 10-Year   Gross Net
Shares at NAV 5/31/07 (3.22)%   (1.14)% 4.33% 4.42%   0.10% 0.05%
Bloomberg 7 Year Municipal Bond Index - (3.34)%   (2.79)% 2.88% 2.62%   - -
*     For purposes of Fund performance, relative results are measured against the Bloomberg 7 Year Municipal Bond Index.
**     The Fund's investment adviser has contractually agreed irrevocably during the existence of the Fund to waive all fees and pay or reimburse all expenses of the Fund, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses.
Effective Leverage Ratio as of January 31, 2022
Effective Leverage Ratio 7.84%
8

Holdings Summaries as of January 31, 2022
Fund Allocation
(% of net assets) 		 
Long-Term Municipal Bonds 106.5%
Other Assets Less Liabilities 1.6%
Net Assets Plus Floating Rate Obligations 108.1%
Floating Rate Obligations (8.1)%
Net Assets 100%
    
Bond Credit Quality
(% of total investment
exposure) 		 
U.S. Guaranteed 4.4%
AAA 10.4%
AA 40.6%
A 22.9%
BBB 12.2%
BB or Lower 1.7%
N/R (not rated) 7.8%
Total 100%
Portfolio Composition
(% of total investments) 		 
Health Care 19.6%
Transportation 19.1%
Tax Obligation/Limited 16.3%
Tax Obligation/General 16.2%
Education and Civic Organizations 10.8%
Utilities 9.9%
Other 8.1%
Total 100%
States and Territories
(% of total investments) 		 
Texas 15.1%
Florida 9.2%
California 8.4%
Indiana 5.6%
New York 5.0%
Illinois 4.8%
Colorado 4.1%
Pennsylvania 3.5%
Ohio 3.0%
New Jersey 3.0%
District of Columbia 2.9%
Michigan 2.2%
Massachusetts 2.1%
North Carolina 2.0%
Connecticut 1.8%
Louisiana 1.8%
Wisconsin 1.7%
Utah 1.5%
Missouri 1.4%
Maryland 1.3%
Hawaii 1.3%
Other 1 18.3%
Total 100%
1 See Portfolio of Investments for the remaining states and territories comprising "other" and not listed in the States and Territories above.  
9

Yields    as of January 31, 2022
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. If the fund did not receive a fee waiver/expense reimbursement during the period under its most recent agreement, subsidized and unsubsidized yields will be equal. Refer to the Notes to Financial Statements, Note 7  –  Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium or discounts.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at an assumed tax rate. Your actual combined federal and state income tax rates may differ from the assumed rate. Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
 
Dividend Yield 2.76%
SEC 30-Day Yield - Subsidized 1.81%
SEC 30-Day Yield - Unsubsidized 1.76%
Taxable-Equivalent Yield - Subsidized (40.8%)1 3.06%
Taxable-Equivalent Yield - Unsubsidized (40.8%)1 2.97%
1         The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate as shown in the table above.
10

Expense Examples    
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples below do not include the interest related and expenses from inverse floaters that are reflected in the financial statements later within this report, when applicable.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended January 31, 2022.
The beginning of the period is August 1, 2021.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Actual Performance  
Beginning Account Value $1,000.00
Ending Account Value $ 967.77
Expenses Incurred During the Period $  —
Hypothetical Performance
(5% annualized return before expenses) 		 
Beginning Account Value $1,000.00
Ending Account Value $1,025.21
Expenses Incurred During the Period $  —
Expenses are equal to the Fund's annualized net expense ratio of 0.00% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
11

Municipal Total Return Managed Accounts Portfolio
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 106.5%        
    MUNICIPAL BONDS – 106.5%        
    Alabama – 1.2%        
$ 3,980   Baldwin County Public Building Authority, Alabama, Building Revenue Warrants, Jail Project, Series 2020, 4.000%, 3/01/45   3/30 at 100.00 AA $4,477,261
800   Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2020, 5.000%, 7/01/34 –  BAM Insured   7/30 at 100.00 AA 991,464
3,000   Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 7 Series 2021C-1, 4.000%, 10/01/52 (Mandatory Put 12/01/26)   9/26 at 100.68 N/R 3,299,430
1,270   DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Refunding Series 2015, 5.000%, 6/01/33   6/25 at 100.00 A 1,405,649
    Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2020B:        
930   3.000%, 6/01/50 –  AGM Insured   6/30 at 100.00 AA 933,023
2,660   3.000%, 6/01/50 –  AGM Insured (UB) (4)   6/30 at 100.00 AA 2,668,645
    Tuscaloosa County Board of Education, Alabama, Special Tax School Warrants, Series 2017:        
960   5.000%, 2/01/36   2/27 at 100.00 AA- 1,123,507
795   5.000%, 2/01/37   2/27 at 100.00 AA- 930,150
1,050   5.000%, 2/01/43   2/27 at 100.00 AA- 1,223,701
2,310   University of South Alabama, University Facilities Revenue Bonds, Series 2019A, 5.000%, 4/01/39 –  BAM Insured   4/29 at 100.00 AA 2,771,030
17,755   Total Alabama       19,823,860
    Alaska – 0.7%        
1,100   Alaska Housing Finance Corporation, General Obligation Bonds, State Capital Project II, Series 2015C, 5.000%, 6/01/31 (Pre-refunded 12/01/25)   12/25 at 100.00 AA+ (5) 1,250,282
3,000   Alaska Housing Finance Corporation, Mortgage Revenue Bonds, Series 2022B-1, 2.050%, 6/01/33   12/30 at 100.00 N/R 2,852,130
1,400   Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, 5.000%, 1/01/30 (AMT)   7/25 at 100.00 Baa2 1,503,208
1,500   Alaska Municipal Bond Bank, General Obligation Bonds, Three Series 2015, 5.250%, 10/01/31   4/25 at 100.00 A+ 1,662,795
2,860   Anchorage, Alaska, Port Revenue Bonds, Series 2020A, 5.000%, 12/01/50 (AMT)   12/30 at 100.00 A 3,306,675
    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1:        
545   5.000%, 6/01/32   6/31 at 100.00 A- 685,779
540   5.000%, 6/01/33   6/31 at 100.00 A- 677,900
10,945   Total Alaska       11,938,769
12

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Arizona – 1.2%        
    Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2017A:        
$ 1,000   5.000%, 7/01/36   7/24 at 100.00 AA $1,084,980
1,000   5.000%, 7/01/37   7/24 at 100.00 AA 1,085,480
1,250   5.000%, 7/01/38   7/24 at 100.00 AA 1,355,912
    Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D:        
35   3.000%, 7/01/22, 144A   No Opt. Call BB 35,217
100   5.000%, 7/01/37, 144A   7/27 at 100.00 BB 113,450
1,000   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 5.000%, 7/01/51, 144A   7/27 at 100.00 BB 1,119,370
115   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 4.000%, 3/01/27, 144A   No Opt. Call BB+ 121,026
    Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, GreatHearts Arizona Projects, Series 2021A:        
875   3.000%, 7/01/38   7/31 at 100.00 AA- 909,562
910   3.000%, 7/01/39   7/31 at 100.00 AA- 943,615
1,000   Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional School Project - Queen Creek and Casa Grande Campuses, Series 2013, 6.000%, 7/01/43 (Pre-refunded 7/01/23)   7/23 at 100.00 BB+ (5) 1,070,590
350   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Autism Charter Schools Project, Social Series 2021A, 4.000%, 7/01/51, 144A   7/29 at 100.00 BB 369,761
775   Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2021A, 3.000%, 9/01/39   3/31 at 100.00 A+ 800,180
1,325   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Variable Rate Demand Series 2019F, 3.000%, 1/01/49   7/30 at 100.00 AA- 1,356,098
    Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A:        
3,450   5.000%, 7/01/35   7/25 at 100.00 A1 3,854,443
1,000   5.000%, 7/01/45   7/25 at 100.00 A1 1,113,340
225   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 BBB- 238,417
130   Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Cambridge Academy-East, Inc. Project, Series 2010, 5.875%, 4/01/22   3/22 at 100.00 N/R 130,033
410   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A   2/28 at 100.00 N/R 464,920
1,040   Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical Center, Series 2021A, 4.000%, 4/01/40   4/31 at 100.00 A 1,192,807
    Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Inc Project, Refunding Series 2015A:        
135   3.900%, 9/01/24, 144A   No Opt. Call BB+ 139,529
1,500   5.000%, 9/01/34, 144A   3/25 at 100.00 BB+ 1,608,645
13

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Arizona (continued)        
$ 60   Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Inc Project, Series 2012, 4.625%, 3/01/22, 144A   No Opt. Call BB+ $ 60,153
17,685   Total Arizona       19,167,528
    Arkansas – 0.8%        
    Boone County, Arkansas, Hospital Revenue Bonds, North Arkansas Regional Medical Center, Refunding Series 2022:        
635   4.000%, 5/01/23   No Opt. Call N/R 652,564
300   4.000%, 5/01/24   No Opt. Call N/R 310,983
290   4.000%, 5/01/25   No Opt. Call N/R 303,853
    Boone County, Arkansas, Hospital Revenue Refunding Bonds, North Arkansas Regional Medical Center Project, Refunding Series 2021:        
1,035   4.000%, 5/01/26   No Opt. Call N/R 1,090,921
1,080   4.000%, 5/01/27   No Opt. Call N/R 1,140,750
1,150   2.625%, 5/01/30   5/27 at 100.00 N/R 1,083,346
1,000   Cabot, Arkansas, Sales and Use Tax Revenue Bonds, Refunding & Improvement Series 2021B, 3.000%, 12/01/56   12/28 at 100.00 A+ 1,006,060
655   Gravette School District 20, Benton County, Arkansas, General Obligation Bonds, Refunding Series 2020, 2.000%, 6/01/29   12/25 at 100.00 Aa2 660,718
    Hot Springs School District 6, Garland County, Arkansas, General Obligation Bonds, Refunding Series 2021:        
3,270   2.000%, 6/01/37   12/26 at 100.00 Aa2 2,973,902
3,335   2.000%, 6/01/38   12/26 at 100.00 Aa2 3,012,472
550   Saint Francis County, Arkansas, Sales and Use Tax Bonds, Series 2020, 4.000%, 8/01/27 –  BAM Insured   8/26 at 100.00 AA 609,708
13,300   Total Arkansas       12,845,277
    California – 8.9%        
100   Alum Rock Union Elementary School District, Santa Clara County, California, General Obligation Bonds, 2012 Election Series 2016C, 5.000%, 8/01/32   8/25 at 100.00 A1 112,226
125   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2012F-1, 5.000%, 4/01/22   No Opt. Call AA 125,970
100   California Educational Facilities Authority, Revenue Bonds, Loma Linda University Series 2017A, 5.000%, 4/01/35   4/27 at 100.00 A 115,479
655   California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2013-U3, 5.000%, 6/01/43   No Opt. Call AAA 926,163
3,240   California Health Facilities Financing Authority, 4.000%, 8/15/40 (UB) (4)   8/31 at 100.00 N/R 3,757,622
5,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/38 (UB) (4)   11/27 at 100.00 A1 5,923,500
1,185   California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Refunding Series 2016A, 4.000%, 3/01/35   3/26 at 100.00 A+ 1,279,196
2,090   California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health System, Series 2021A, 4.000%, 8/15/48 (UB) (4)   8/31 at 100.00 N/R 2,369,767
205   California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A, 5.000%, 8/15/35   8/27 at 100.00 BBB+ 239,206
14

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2:        
$ 5,000   4.000%, 11/01/38 (UB) (4)   11/27 at 100.00 AA- $5,584,500
5,000   5.000%, 11/01/47 (UB) (4)   No Opt. Call AA- 7,002,200
    California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital at Stanford, Series 2017A:        
775   5.000%, 11/15/37 (UB) (4)   11/27 at 100.00 AA- 917,205
1,000   5.000%, 11/15/42 (UB) (4)   11/27 at 100.00 AA- 1,179,860
115   California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 6.000%, 8/01/23 (ETM)   No Opt. Call BB (5) 120,720
100   California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A, 5.500%, 6/01/38, 144A   6/26 at 100.00 BB 110,376
1,180   California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A, 5.000%, 7/01/36, 144A   7/26 at 100.00 BB 1,309,824
    California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A:        
90   4.750%, 8/01/22   No Opt. Call BB 91,348
675   5.000%, 8/01/32   8/22 at 100.00 BB 682,479
365   California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A, 6.000%, 6/01/23   6/22 at 102.00 N/R 377,447
735   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A, 5.000%, 8/15/30   8/24 at 100.00 A- 785,656
685   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2017A, 5.000%, 8/15/30   8/27 at 100.00 A- 787,887
    California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A:        
1,000   5.000%, 7/01/29   7/27 at 100.00 Baa2 1,171,750
3,015   5.000%, 7/01/33   7/27 at 100.00 Baa2 3,525,078
1,750   4.000%, 7/01/42   7/27 at 100.00 Baa2 1,915,883
6,735   California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, 5.000%, 12/31/36 (AMT)   6/28 at 100.00 BBB- 7,813,610
890   California Municipal Finance Authority, Revenue Bonds, Southern California Institute of Architecture Project, Series 2017, 5.000%, 12/01/39   12/27 at 100.00 BBB+ 1,015,908
2,050   California Municipal Finance Authority, Student Housing Revenue Bonds, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series 2021, 4.000%, 5/15/39 –  BAM Insured   5/31 at 100.00 AA 2,349,833
855   California School Finance Authority School Facility Revenue Bonds, KIPP LA Projects, Series 2015A, 3.625%, 7/01/25, 144A   No Opt. Call BBB 887,122
1,000   California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2015A, 5.000%, 8/01/35, 144A   8/25 at 100.00 BBB 1,108,800
15

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2016:        
$ 25   5.000%, 8/01/24, 144A (ETM)   No Opt. Call N/R (5) $27,378
305   5.000%, 8/01/24, 144A   No Opt. Call BBB 331,727
35   5.000%, 8/01/25, 144A (ETM)   No Opt. Call N/R (5) 39,509
325   5.000%, 8/01/25, 144A   No Opt. Call BBB 363,438
65   5.000%, 8/01/26 (Pre-refunded 8/01/25), 144A   8/25 at 100.00 N/R (5) 73,375
725   5.000%, 8/01/26, 144A   8/25 at 100.00 BBB 809,956
25   5.000%, 8/01/27 (Pre-refunded 8/01/25), 144A   8/25 at 100.00 N/R (5) 28,221
225   5.000%, 8/01/27, 144A   8/25 at 100.00 BBB 251,226
1,000   California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Series 2020A-3, 5.000%, 8/01/40, 144A   8/28 at 100.00 BBB 1,158,220
1,485   California School Finance Authority, Charter School Revenue Bonds, Classical Academies Project, Series 2017A, 5.000%, 10/01/37, 144A   10/27 at 100.00 BBB- 1,690,806
755   California School Finance Authority, Charter School Revenue Bonds, Coastal Academy Project, Series 2013A, 5.000%, 10/01/33, 144A   10/22 at 100.00 BBB- 768,703
700   California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2016A, 5.000%, 6/01/31, 144A   6/25 at 100.00 N/R 756,266
    California School Finance Authority, Charter School Revenue Bonds, Rocketship Public Schools Obligated Group, Series 2017G:        
310   5.000%, 6/01/30, 144A   6/27 at 100.00 N/R 349,100
325   5.000%, 6/01/37, 144A   6/27 at 100.00 N/R 360,334
100   California School Finance Authority, Charter School Revenue Bonds, Santa Clarita Valley International School Project, Series 2021A, 4.000%, 6/01/41, 144A   6/31 at 100.00 N/R 104,506
640   California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/22   No Opt. Call BBB 651,347
1,075   California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2014A, 5.000%, 7/01/34   7/24 at 100.00 BBB 1,156,743
300   California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2017A, 5.000%, 7/01/25, 144A   No Opt. Call BBB 332,523
5,000   California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 5.000%, 8/01/36 (UB) (4)   8/26 at 100.00 Aa2 5,738,350
1,400   California State, General Obligation Bonds, Refunding Various Purpose Series 2021, 5.000%, 12/01/43   12/30 at 100.00 Aa2 1,740,046
    California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016:        
825   5.000%, 10/01/31   10/26 at 100.00 A- 943,850
830   5.000%, 10/01/32   10/26 at 100.00 A- 948,366
100   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54   12/24 at 100.00 BB 110,686
3,900   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/36, 144A   6/26 at 100.00 BB 4,404,153
165   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A, 5.250%, 12/01/38, 144A   6/28 at 100.00 BB 196,238
16

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 1,000   California Statewide Communities Development Authority, Student Housing Revenue Bonds, University of California, Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC, Series 2017, 5.000%, 5/15/36   5/27 at 100.00 Baa1 $1,160,640
1,600   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Orange City Portfolio, Senior Lien Series 2021A-1, 2.800%, 3/01/47, 144A   3/32 at 100.00 N/R 1,380,624
4,000   El Cajon Redevelopment Agency Successor Agency, San Diego County, California, Tax Allocation Bonds, Refunding Series 2018, 5.000%, 10/01/34 –  BAM Insured   10/28 at 100.00 AA 4,832,920
3,500   Foothill-De Anza Community College District, Santa Clara County, California, General Obligation Bonds, Election of 2020 Refunding Series 2021A, 3.000%, 8/01/39   8/31 at 100.00 AAA 3,774,365
750   Irvine, California, Special Tax Bonds, Community Facilities District 2004-1 Central Park, Series 2015A, 4.000%, 9/01/35   9/25 at 100.00 N/R 804,570
1,250   Irvine, California, Special Tax Bonds, Community Facilities District 2013-3 Great Park, Improvement Area 4, Series 2016, 4.000%, 9/01/35   9/23 at 103.00 N/R 1,336,088
50   Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35   No Opt. Call AA- 65,723
1,400   Long Beach, California, Harbor Revenue Bonds, Series 2017, 5.000%, 5/15/29 (AMT)   5/27 at 100.00 AA 1,636,306
    Long Beach, California, Harbor Revenue Bonds, Series 2019A:        
2,500   5.000%, 5/15/44 (UB) (4)   5/29 at 100.00 Aa2 3,047,725
2,500   5.000%, 5/15/49 (UB) (4)   5/29 at 100.00 Aa2 3,042,725
    Long Beach, California, Marina Revenue Bonds, Alamitos Bay Marina Project, Series 2015:        
320   5.000%, 5/15/24   No Opt. Call BBB 344,230
745   5.000%, 5/15/26   5/25 at 100.00 BBB 819,738
750   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/30 (AMT)   5/25 at 100.00 Aa2 829,178
    Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B:        
2,200   5.000%, 5/15/33 (AMT)   5/26 at 100.00 Aa3 2,491,676
500   5.000%, 5/15/34 (AMT)   5/26 at 100.00 Aa3 566,265
    Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2017A:        
1,000   5.000%, 5/15/33 (AMT)   5/27 at 100.00 Aa3 1,157,180
2,000   5.000%, 5/15/34 (AMT)   5/27 at 100.00 Aa3 2,315,320
1,135   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, 5.000%, 5/15/33 (AMT)   11/27 at 100.00 Aa3 1,325,986
365   Menifee Union School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2016A, 5.000%, 9/01/32 –  BAM Insured   9/25 at 100.00 AA 408,369
2,010   Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2013, 5.000%, 12/01/29 (Pre-refunded 12/01/23)   12/23 at 100.00 B+ (5) 2,151,444
    Ontario International Airport Authority, California, Revenue Bonds, Series 2021B:        
500   4.000%, 5/15/37 –  AGM Insured (AMT)   5/31 at 100.00 AA 568,455
475   4.000%, 5/15/38 –  AGM Insured (AMT)   5/31 at 100.00 AA 538,940
565   4.000%, 5/15/39 –  AGM Insured (AMT)   5/31 at 100.00 AA 640,043
150   Pittsburg Unified School District, Contra Costa County, California, General Obligation Bonds, Election 2010 Series 2012C, 4.250%, 8/01/52 (Pre-refunded 8/01/22)   8/22 at 100.00 A1 (5) 152,798
17

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    Rancho Mirage Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Northside Sub-Area, Refunding Series 2016A:        
$ 1,085   3.000%, 4/01/30 –  BAM Insured   4/26 at 100.00 AA $1,130,386
2,245   3.000%, 4/01/31 –  BAM Insured   4/26 at 100.00 AA 2,324,720
1,215   Sacramento Area Flood Control Agency, California, Special Assessment Bonds, Natomas Basin Local Assessment District, Series 2014, 5.000%, 10/01/32 –  BAM Insured   10/24 at 100.00 AA 1,329,781
    Sacramento Regional Transit District, California, Revenue Bonds, Refunding Series 2021A:        
1,000   4.000%, 3/01/40   3/31 at 100.00 A2 1,151,940
1,050   4.000%, 3/01/41   3/31 at 100.00 A2 1,207,721
    Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Refunding Series 2015F:        
615   5.000%, 9/01/26   9/25 at 100.00 BBB+ 688,579
1,290   5.000%, 9/01/27   9/25 at 100.00 BBB+ 1,440,104
295   San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/32   9/25 at 100.00 N/R 325,010
    San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A:        
1,000   5.000%, 7/01/34 (AMT)   7/27 at 100.00 A+ 1,159,460
500   5.000%, 7/01/35 (AMT)   7/27 at 100.00 A+ 579,755
    San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2019B:        
2,000   5.000%, 7/01/34 (AMT)   7/29 at 100.00 A+ 2,389,060
1,000   5.000%, 7/01/35 (AMT)   7/29 at 100.00 A+ 1,190,830
1,000   5.000%, 7/01/36 (AMT)   7/29 at 100.00 A+ 1,186,750
10,000   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, 5.000%, 5/01/45 (AMT) (UB) (4)   5/29 at 100.00 A1 11,831,501
1,280   San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Refunding Series 2016A, 5.000%, 8/01/33   8/26 at 100.00 A 1,476,262
2,000   State of California, 4.000%, 10/01/37 (UB) (4)   4/31 at 100.00 N/R 2,320,640
    Upland, California, Certificates of Participation, San Antonio Regional Hospital, Series 2017:        
585   5.000%, 1/01/25   No Opt. Call BBB 643,787
1,110   5.000%, 1/01/26   No Opt. Call BBB 1,254,056
530   5.000%, 1/01/28   No Opt. Call BBB 626,608
1,000   Yuba Levee Financing Authority, California, Revenue Bonds, Yuba County Levee Refinancing Project, Refunding Series 2017A, 5.000%, 9/01/31 –  BAM Insured   9/26 at 100.00 AA 1,143,320
128,420   Total California       147,713,260
    Colorado – 4.3%        
640   Adams and Weld Counties School District 27J, Brighton, Colorado, General Obligation Bonds, Series 2015, 5.000%, 12/01/40   12/25 at 100.00 AA 721,299
1,000   Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021, 4.375%, 12/01/52   12/26 at 103.00 N/R 978,910
18

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$ 1,270   Arkansas River Power Authority, Colorado, Power Supply System Revenue Bonds, Refunding Series 2018A, 5.000%, 10/01/30   10/28 at 100.00 BBB $1,485,113
4,275   Boulder Valley School District RE2, Boulder County, Colorado, General Obligation Bonds, Series 2019A, 5.250%, 12/01/32   6/29 at 100.00 AA+ 5,370,169
    Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2020:        
600   4.000%, 12/01/35 –  AGM Insured   12/30 at 100.00 AA 695,010
780   4.000%, 12/01/50 –  AGM Insured   12/30 at 100.00 AA 878,405
520   Chambers Highpoint Metropolitan District No. 2, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2021, 5.000%, 12/01/41   9/26 at 103.00 N/R 538,720
    Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement Certificates of Participation, Series 2016:        
1,000   5.000%, 6/15/33   6/26 at 100.00 Aa2 1,138,130
1,330   5.000%, 6/15/35   6/26 at 100.00 Aa2 1,509,510
500   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A, 5.000%, 7/01/36, 144A   7/25 at 100.00 BB 533,210
1,250   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, DSST Northeast Campus Project, Series 2021, 3.000%, 8/01/41   8/31 at 100.00 Aa3 1,277,175
300   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Littleton Preparatory Charter School, Series 2013, 5.000%, 12/01/42   12/22 at 100.00 BB+ 304,797
    Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pinnacle Charter School, Refunding & Improvement Series 2021A:        
1,370   4.000%, 12/01/36   12/30 at 100.00 A+ 1,564,855
1,670   4.000%, 12/01/41   12/30 at 100.00 A+ 1,887,334
800   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Boulder Community Health Project, Series 2020, 4.000%, 10/01/35   10/30 at 100.00 A- 900,928
    Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-1:        
1,975   5.000%, 8/01/31   8/29 at 100.00 BBB+ 2,390,718
3,000   5.000%, 8/01/32   8/29 at 100.00 BBB+ 3,626,430
3,500   5.000%, 8/01/33   8/29 at 100.00 BBB+ 4,223,695
520   4.000%, 8/01/37   8/29 at 100.00 BBB+ 577,907
575   4.000%, 8/01/38   8/29 at 100.00 BBB+ 636,295
400   4.000%, 8/01/44   8/29 at 100.00 BBB+ 437,068
550   Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/44   8/29 at 100.00 BBB+ 647,169
750   Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-1, 4.000%, 8/01/39   8/29 at 100.00 BBB+ 827,782
1,635   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 5.000%, 12/01/28 (UB) (4)   12/22 at 100.00 A+ 1,681,401
1,225   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A, 5.000%, 11/01/30   11/29 at 100.00 AA- 1,513,904
19

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$ 1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF2196, 19.710%, 1/01/35, 144A (IF) (4)   1/24 at 100.00 AA- $1,329,040
900   Colorado Science and Technology Park Metropolitan District No.1, Special Revenue Improvement Bonds, Refunding Series 2018, 5.000%, 12/01/33   12/23 at 103.00 N/R 956,718
630   Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2020R, 4.000%, 3/15/41   3/30 at 100.00 Aa2 719,498
    Colorado State, Certificates of Participation, Lease Purchase Agreement Department of Transportation Second Amended & Restated Headquarters Facilities, Refunding Series 2020:        
1,000   4.000%, 6/15/39   6/30 at 100.00 Aa2 1,141,330
1,320   4.000%, 6/15/40   6/30 at 100.00 Aa2 1,504,048
1,765   Colorado State, Certificates of Participation, Rural Series 2020A, 4.000%, 12/15/37   12/30 at 100.00 Aa2 2,035,045
2,500   Colorado State, Certificates of Participation, Rural Series 2021A, 5.000%, 12/15/34   12/31 at 100.00 Aa2 3,215,675
140   Costilla County School District R-30 Sierra Grande, Colorado, General Obligation Bonds, Series 2019, 5.000%, 12/01/26   No Opt. Call Aa2 162,954
4,000   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, 5.000%, 12/01/38 (AMT)   12/28 at 100.00 A+ 4,727,240
1,240   Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/28   12/26 at 100.00 Baa2 1,416,266
2,985   Groundwater Management Subdistrict, Adams, Morgan and Weld Counties, Colorado, Limited Tax General Obligation Bonds, Series 2021, 4.000%, 12/01/40 –  BAM Insured   12/31 at 100.00 AA 3,509,793
    Gunnison County, Colorado, Certificates of Participation, Series 2020B:        
310   5.000%, 12/01/30   No Opt. Call Aa3 388,114
200   5.000%, 12/01/31   12/30 at 100.00 Aa3 249,648
500   Hogback Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51   12/26 at 103.00 N/R 506,915
    Mesa County Valley School District 51, Grand Junction, Colorado, General Obligation Bonds, Series 2018:        
1,250   5.250%, 12/01/33   12/27 at 100.00 AA 1,510,387
1,665   5.500%, 12/01/36   12/27 at 100.00 AA 2,040,208
600   North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Senior Series 2021A, 4.000%, 12/01/41 –  AGM Insured   12/31 at 100.00 AA 673,626
1,130   Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42   12/27 at 100.00 AA 1,319,422
1,270   Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A, 4.000%, 7/15/33   No Opt. Call A- 1,506,766
3,320   Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 2012A, 5.000%, 11/01/32 (Pre-refunded 11/01/22)   11/22 at 100.00 AA+ (5) 3,430,423
595   Sorrel Ranch Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2020, 4.000%, 12/01/31 –  AGM Insured   12/30 at 100.00 AA 694,609
1,000   Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, 5.000%, 12/01/41   3/26 at 103.00 N/R 1,086,190
20

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$ 1,085   Weld County School District RE8, Colorado, General Obligation Bonds, Series 2017, 5.000%, 12/01/31   12/26 at 100.00 Aa2 $ 1,263,450
61,840   Total Colorado       71,733,299
    Connecticut – 1.9%        
1,000   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Avon Old Farms School, Series 2021D-1, 4.000%, 7/01/46   7/31 at 100.00 N/R 1,125,210
    Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1:        
500   5.000%, 7/01/36   7/27 at 100.00 A 578,245
410   5.000%, 7/01/37   7/27 at 100.00 A 473,718
    Connecticut State Health & Educational Facilities Authority:        
5,000   3.000%, 7/01/39 (UB) (4)   7/31 at 100.00 N/R 5,167,750
2,275   4.000%, 7/01/40 (UB) (4)   7/31 at 100.00 N/R 2,609,152
    Connecticut State, General Obligation Bonds, Series 2021A:        
4,000   3.000%, 1/15/35   1/31 at 100.00 Aa3 4,215,400
8,200   3.000%, 1/15/37   1/31 at 100.00 Aa3 8,594,174
    Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Refunding Series 2017:        
1,500   5.000%, 4/01/30, 144A   4/27 at 100.00 N/R 1,715,715
6,465   5.000%, 4/01/39, 144A   4/27 at 100.00 N/R 7,300,019
29,350   Total Connecticut       31,779,383
    Delaware – 0.2%        
515   Delaware Economic Development Authority, Delaware, Delaware, First State Montessori Academy, Inc. Project, Series 2019A, 4.000%, 8/01/29   No Opt. Call BBB- 542,176
340   Delaware Economic Development Authority, Delaware, Revenue Bonds, ASPIRA of Delaware Charter Operations Inc. DBA Las Americas ASPIRA Academy Project, Series 2022A, 4.000%, 6/01/42   6/32 at 100.00 N/R 359,152
290   Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Refunding Series 2016A, 2.800%, 9/01/26   No Opt. Call BBB+ 297,485
540   Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Series 2021, 4.000%, 9/01/41   9/31 at 100.00 BBB+ 600,907
700   Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2021, 4.000%, 1/01/40   1/32 at 100.00 N/R 816,487
2,385   Total Delaware       2,616,207
    District of Columbia – 3.1%        
2,000   District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Refunding Subordinate Lien Series 2016A, 5.000%, 10/01/39   4/26 at 100.00 AA+ 2,273,740
2,000   District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior Lien Series 2017B, 5.000%, 10/01/34   4/27 at 100.00 AAA 2,338,960
5,000   District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior Lien Series 2018B, 5.000%, 10/01/49 (UB) (4)   4/28 at 100.00 AAA 5,940,200
1,000   District of Columbia, General Obligation Bonds, Series 2016A, 5.000%, 6/01/41   6/26 at 100.00 Aaa 1,145,650
21

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    District of Columbia (continued)        
$ 1,000   District of Columbia, Hospital Revenue Bonds, Children's Hospital Obligated Group, Refunding Series 2015, 5.000%, 7/15/28   1/26 at 100.00 A1 $1,132,920
5,000   District of Columbia, Income Tax Secured Revenue Bonds, Series 2019A, 4.000%, 3/01/40 (UB) (4)   9/29 at 100.00 AAA 5,730,750
    District of Columbia, Income Tax Secured Revenue Bonds, Series 2020C:        
3,110   4.000%, 5/01/40   5/30 at 100.00 AAA 3,583,466
5,000   4.000%, 5/01/45 (UB) (4)   5/30 at 100.00 AAA 5,708,950
    District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 2011A:        
1,000   5.000%, 10/01/28 (Pre-refunded 10/01/23)   10/23 at 100.00 AA+ (5) 1,068,210
1,000   5.000%, 10/01/29 (Pre-refunded 10/01/23)   10/23 at 100.00 AA+ (5) 1,068,210
575   5.000%, 10/01/30 (Pre-refunded 10/01/23)   10/23 at 100.00 AA+ (5) 614,221
5,000   District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017, 5.000%, 4/01/33   4/27 at 100.00 A- 5,768,800
2,000   District of Columbia, Revenue Bonds, KIPP DC Issue, Refunding Series 2017A, 5.000%, 7/01/37   1/28 at 100.00 BBB+ 2,296,940
2,000   District of Columbia, Revenue Bonds, KIPP DC Issue, Refunding Series 2017B, 5.000%, 7/01/37   1/28 at 100.00 BBB+ 2,296,940
    District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2019:        
250   5.000%, 7/01/28   No Opt. Call BBB+ 295,298
250   5.000%, 7/01/29   No Opt. Call BBB+ 300,697
1,250   4.000%, 7/01/44   7/29 at 100.00 BBB+ 1,362,000
7,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A, 4.000%, 10/01/52 –  AGM Insured (WI/DD, Settling 2/16/22)   10/31 at 100.00 N/R 7,797,300
600   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2018A, 5.000%, 10/01/36 (AMT)   10/28 at 100.00 Aa3 714,456
45,035   Total District of Columbia       51,437,708
    Florida – 9.8%        
    Alachua County Health Facilities Authority, Florida, Continuing Care Retirement Community Revenue Bonds, Oak Hammock at the University of Florida, Inc. Project, Series 2021:        
325   4.000%, 10/01/30   10/27 at 103.00 BBB 359,791
800   4.000%, 10/01/40   10/27 at 103.00 BBB 866,456
750   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33   9/23 at 100.00 BBB 782,610
5,000   Brevard County School Board, Florida, Certificates of Participation, Refunding Series 2017A, 5.000%, 7/01/31   7/27 at 100.00 Aa3 5,868,550
1,930   Broward County, Florida, Airport System Revenue Bonds, Series 2017, 5.000%, 10/01/35 (AMT)   10/27 at 100.00 A1 2,249,820
    Broward County, Florida, Airport System Revenue Bonds, Series 2019A:        
2,750   5.000%, 10/01/37 (AMT)   10/29 at 100.00 A1 3,303,135
1,750   5.000%, 10/01/39 (AMT)   10/29 at 100.00 A1 2,095,730
22

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$ 1,425   Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, Capital Projects Loan Program, Refunding Series 2020A-1, 5.000%, 10/01/30   No Opt. Call Baa3 $1,711,981
3,680   Central Florida Expressway Authority, Revenue Bonds, Senior Lien Series 2018, 5.000%, 7/01/43   7/28 at 100.00 A+ 4,359,144
    Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2021A:        
250   4.000%, 10/01/41 (AMT), 144A   10/31 at 100.00 N/R 259,988
110   4.000%, 10/01/51 (AMT), 144A   10/31 at 100.00 N/R 112,988
3,035   City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41   9/25 at 100.00 AA- 3,384,389
500   Clearwater, Florida, Water and Sewer Revenue Bonds, Refunding Series 2020, 5.000%, 12/01/32   12/29 at 100.00 AA+ 626,290
    Cocoa, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2018C:        
1,225   5.000%, 10/01/36   10/28 at 100.00 AA 1,482,532
1,315   5.000%, 10/01/37   10/28 at 100.00 AA 1,587,271
1,000   5.000%, 10/01/38   10/28 at 100.00 AA 1,204,550
    Deerfield Beach, Florida, Capital Improvement Revenue Bonds, Series 2018:        
2,865   5.000%, 12/01/37   12/28 at 100.00 AA 3,492,836
1,200   5.000%, 12/01/38   12/28 at 100.00 AA 1,460,736
    Florida Atlantic University FAU Finance Corporation, Capital Improvement Revenue Bonds, Student Housing Project, Series 2019B:        
2,495   4.000%, 7/01/37   7/29 at 100.00 A1 2,800,637
2,295   4.000%, 7/01/38   7/29 at 100.00 A1 2,571,846
340   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A, 5.750%, 7/01/24   No Opt. Call N/R 352,400
    Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C:        
175   5.150%, 7/01/27, 144A   No Opt. Call N/R 188,255
385   5.750%, 7/01/47, 144A   7/27 at 101.00 N/R 424,151
1,700   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Imagine School at Broward Project, Series 2021A, 4.000%, 12/15/51, 144A   12/29 at 100.00 N/R 1,749,317
170   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A   6/25 at 100.00 N/R 189,876
2,000   Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49, 144A (AMT)   1/24 at 107.00 N/R 2,173,100
4,525   Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.500%, 1/01/49 (Mandatory Put 1/01/29), 144A (AMT)   3/22 at 103.00 N/R 4,590,386
750   Florida Development Finance Corporation, Healthcare Facilities Revenue Bonds, UF Health - Jacksonville Project, Series 2022A, 4.000%, 2/01/41 –  AGM Insured   2/32 at 100.00 N/R 844,837
560   Florida Governmental Utility Authority, Utility Revenue Bonds, Aloha Utility System, Refunding Series 2019, 5.000%, 10/01/29 –  AGM Insured   No Opt. Call AA 694,714
1,000   Florida Gulf Coast University Financing Corporation, Capital Improvement Revenue Bonds, Refunding Housing Project, Series 2019A, 3.000%, 2/01/39   2/30 at 100.00 A+ 1,031,940
23

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
    Florida State Board of Governors, Dormitory Revenue Bonds, Florida International University, Refunding Series 2021A:        
$ 1,200   2.000%, 7/01/38 –  BAM Insured   7/31 at 100.00 AA $1,120,272
1,080   2.000%, 7/01/40 –  BAM Insured   7/31 at 100.00 AA 994,788
1,385   2.000%, 7/01/41 –  BAM Insured   7/31 at 100.00 AA 1,261,223
3,465   Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%, 10/01/44   10/28 at 100.00 Aa3 3,892,962
    Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2019A:        
2,560   5.000%, 10/01/26 (AMT)   No Opt. Call Aa3 2,943,642
4,000   5.000%, 10/01/28 (AMT)   No Opt. Call Aa3 4,789,160
    Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A:        
1,010   5.000%, 10/01/32 (AMT)   10/27 at 100.00 A1 1,177,387
400   5.000%, 10/01/34 (AMT)   10/27 at 100.00 A1 466,436
715   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2018E, 5.000%, 10/01/35 (AMT)   10/28 at 100.00 Aa3 851,644
3,000   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.500%, 10/01/28 (AMT)   10/23 at 100.00 A1 3,202,500
10,535   Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 4.000%, 8/01/50   2/31 at 100.00 A 11,688,899
1,110   Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University Project, Series 2018B, 5.000%, 6/01/53, 144A   6/28 at 100.00 N/R 1,231,001
1,650   Jacksonville, Florida, Health Care Facilities Revenue Bonds, Baptist Health Properties, Refunding Series 2017, 5.000%, 8/15/35   8/27 at 100.00 AA 1,917,943
725   Jacksonville, Florida, Health Care Facilities Revenue Bonds, Brooks Rehabilitation, Series 2020, 4.000%, 11/01/39   11/29 at 100.00 A 808,397
1,000   Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A, 5.000%, 6/15/24   6/22 at 100.00 BB- 1,008,340
    Lee County, Florida, Solid Waste System Revenue Bonds, Refunding Series 2016:        
1,110   5.000%, 10/01/24 (AMT)   No Opt. Call AA- 1,215,483
605   5.000%, 10/01/26 (AMT)   No Opt. Call AA- 696,549
1,225   Lee County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2019A, 5.000%, 10/01/30   10/29 at 100.00 Aa2 1,534,447
1,155   Marco Island, Florida, Utility System Revenue Bonds, Refunding Series 2016, 3.000%, 10/01/33   10/26 at 100.00 Aa3 1,198,555
5,000   Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial Medical Center, Series 2019, 4.000%, 1/01/46 (UB) (4)   1/29 at 100.00 AA 5,537,400
24

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
    Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Refunding 2014:        
$ 850   5.000%, 11/15/23   No Opt. Call A- $909,372
250   5.000%, 11/15/26   11/24 at 100.00 A- 275,243
375   5.000%, 11/15/27   11/24 at 100.00 A- 412,942
500   5.000%, 11/15/28   11/24 at 100.00 A- 550,570
    Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014:        
900   5.000%, 10/01/27   10/24 at 100.00 A- 984,699
920   5.000%, 10/01/28   10/24 at 100.00 A- 1,006,029
500   5.000%, 10/01/30   10/24 at 100.00 A- 546,640
1,800   Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Port of Miami Tunnel Project, Refunding Series 2012, 5.000%, 3/01/30 (Pre-refunded 3/01/23), 144A   3/23 at 100.00 N/R (5) 1,881,702
4,870   Miami-Dade County Health Facilities Authority, Florida, Variety Children's Hospital Obligated Group Project, Series 2021A, 4.000%, 8/01/42 (UB) (4)   8/31 at 100.00 A+ 5,574,397
705   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/25 (Pre-refunded 10/01/22) (AMT)   10/22 at 100.00 A2 (5) 725,508
1,145   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/28 (AMT)   10/24 at 100.00 A2 1,245,623
1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41   10/26 at 100.00 A 1,155,190
4,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2018A, 5.000%, 10/01/38 (AMT)   10/28 at 100.00 A 4,713,440
8,000   Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2021A-1, 4.000%, 10/01/41 –  AGM Insured (AMT)   10/31 at 100.00 AA 8,996,160
1,400   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021, 4.000%, 10/01/44   4/31 at 100.00 AA- 1,613,094
2,290   Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2016B, 4.000%, 10/01/34   10/26 at 100.00 Aa2 2,548,747
1,000   Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th Cent Contract Payments, Refunding Senior Series 2017A, 5.000%, 11/01/35 –  AGM Insured   11/27 at 100.00 AA 1,177,750
    Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1:        
400   5.000%, 10/01/35   10/29 at 100.00 BBB+ 480,304
250   5.000%, 10/01/36   10/29 at 100.00 BBB+ 299,465
250   5.000%, 10/01/38   10/29 at 100.00 BBB+ 298,432
250   5.000%, 10/01/39   10/29 at 100.00 BBB+ 297,753
495   Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Series 2019, 5.000%, 8/15/27   No Opt. Call AA- 587,397
2,000   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Lifespace Community Inc., Series 2018B, 5.000%, 5/15/33   5/27 at 100.00 N/R 2,249,220
425   Palm Beach County School Board, Florida, Certificates of Participation, Series 2015C, 5.000%, 8/01/30   8/25 at 100.00 Aa3 476,807
505   Pinellas County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2017A, 5.000%, 7/01/37   7/27 at 100.00 Aa3 590,724
25

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$ 850   Reedy Creek Improvement District, Orange and Osceola Counties, Florida, Utilities Revenue Bonds, Series 2018-1, 5.000%, 10/01/36   10/28 at 100.00 A1 $1,016,251
1,360   Saint Petersburg, Florida, Public Utility Revenue Bonds, Series 2021A, 4.000%, 10/01/41   4/31 at 100.00 Aa2 1,591,839
    Seminole County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A:        
265   4.000%, 6/15/30, 144A   No Opt. Call Ba1 293,156
280   4.000%, 6/15/31, 144A   No Opt. Call Ba1 310,436
    South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016:        
65   5.000%, 5/01/23   No Opt. Call AA 68,425
2,000   4.000%, 5/01/33   5/26 at 100.00 AA 2,179,460
500   Tallahassee, Florida, Consolidated Utility Systems Revenue Bonds, Refunding Series 2015, 5.000%, 10/01/35   10/23 at 100.00 AA+ 534,020
1,310   Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2016A, 5.500%, 9/01/29   9/26 at 100.00 A+ 1,532,779
1,100   Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2020A, 0.000%, 9/01/39   9/30 at 70.57 A+ 604,549
    Tampa, Florida, Water and Wastewater Systems Revenue Bonds, Series 2020A:        
1,500   4.000%, 10/01/44 (UB) (4)   10/30 at 100.00 AAA 1,733,655
6,000   4.000%, 10/01/48 (UB) (4)   10/30 at 100.00 AAA 6,878,340
10   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6)   5/22 at 100.00 N/R 9,986
5   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/22 (7)   No Opt. Call N/R  —
20   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 6.610%, 5/01/40   3/22 at 100.00 N/R 20,059
15   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (6)   3/22 at 100.00 N/R 11,864
15   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)   3/22 at 100.00 N/R  —
1,500   Village Community Development District 13, Wildwood, Florida, Special Assessment Revenue Bonds, Series 2021, 2.850%, 5/01/36   5/29 at 100.00 N/R 1,466,970
    Wildwood Utility Dependent District, Florida, Revenue Bonds, South Sumter Utility Project, Series 2021:        
750   5.000%, 10/01/36 –  BAM Insured   10/31 at 100.00 AA 930,082
1,000   5.000%, 10/01/41 –  BAM Insured   10/31 at 100.00 AA 1,227,050
1,250   5.000%, 10/01/46 –  BAM Insured   10/31 at 100.00 AA 1,516,900
144,110   Total Florida       161,880,313
    Georgia – 1.2%        
5,000   Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Series 2019D, 4.000%, 7/01/40 (AMT) (UB) (4)   7/29 at 100.00 Aa3 5,569,400
220   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Tender Option Bond Trust 2015-XF0234, 22.565%, 3/01/23, 144A (IF) (4)   1/30 at 0.00 Aa2 350,051
26

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Georgia (continued)        
    Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A:        
$ 1,335   4.000%, 7/01/44 (UB) (4)   7/29 at 100.00 AA+ $1,496,588
3,665   4.000%, 7/01/49 (UB) (4)   7/29 at 100.00 AA+ 4,072,511
    Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A:        
2,390   5.000%, 4/01/35   4/27 at 100.00 A 2,770,608
1,380   5.000%, 4/01/37   4/27 at 100.00 A 1,599,765
100   Dalton Development Authority, Georgia, Revenue Bonds, Hamilton Health Care System Inc., Series 2012A, 3.000%, 8/15/25   8/22 at 100.00 AA- 100,948
    Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2019A:        
600   2.300%, 6/01/27   No Opt. Call AAA 616,224
675   2.350%, 12/01/27   No Opt. Call AAA 694,906
1,315   Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2021A, 4.000%, 7/01/52 (Mandatory Put 9/01/27)   6/27 at 100.65 AA- 1,473,786
1,120   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2021, 4.000%, 4/01/39   4/31 at 100.00 AA- 1,276,901
17,800   Total Georgia       20,021,688
    Hawaii – 1.4%        
    Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Mid-Pacific Project, Series 2020:        
300   4.000%, 1/01/25   No Opt. Call BBB+ 318,177
500   4.000%, 1/01/26   No Opt. Call BBB+ 538,085
665   4.000%, 1/01/27   No Opt. Call BBB+ 725,076
350   4.000%, 1/01/28   No Opt. Call BBB+ 385,721
360   4.000%, 1/01/29   No Opt. Call BBB+ 400,302
250   4.000%, 1/01/30   No Opt. Call BBB+ 280,145
275   4.000%, 1/01/31   1/30 at 100.00 BBB+ 306,680
270   4.000%, 1/01/32   1/30 at 100.00 BBB+ 299,897
200   4.000%, 1/01/33   1/30 at 100.00 BBB+ 222,006
1,600   Hawaii Department of Transportation - Airports Division, Lease Revenue Certificates of Participation, Series 2013, 5.000%, 8/01/28 (AMT)   8/23 at 100.00 A 1,685,600
2,000   Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/41 (AMT)   7/25 at 100.00 A+ 2,207,700
8,800   Hawaii State, Airport System Revenue Bonds, Taxable Series 2020A, 5.000%, 7/01/34 (AMT)   7/30 at 100.00 A+ 10,707,664
2,000   Hawaii State, General Obligation Bonds, Series 2019FW, 5.000%, 1/01/37   1/29 at 100.00 AA+ 2,436,060
500   Honolulu Board of Water Supply, Hawaii, Water System Revenue Bonds, Series 2021A, 3.000%, 7/01/41   7/31 at 100.00 AAA 532,150
2,000   Honolulu City and County, Hawaii, General Obligation Bonds, Series 2015A, 5.000%, 10/01/37   10/25 at 100.00 Aa1 2,238,560
20,070   Total Hawaii       23,283,823
27

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Idaho – 0.9%        
    Boise State University, Idaho, General Revenue Bonds, Series 2018A:        
$ 575   5.000%, 4/01/38   4/28 at 100.00 Aa3 $681,300
600   5.000%, 4/01/39   4/28 at 100.00 Aa3 710,148
    Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Refunding Series 2015:        
500   5.000%, 6/01/29   12/24 at 100.00 A3 548,390
1,000   5.000%, 6/01/30   12/24 at 100.00 A3 1,095,030
2,090   5.000%, 6/01/31   12/24 at 100.00 A3 2,285,561
    Canyon County School District 139, Idaho, General Obligation Bonds, Series 2019B:        
1,000   5.000%, 9/15/37   3/29 at 100.00 Aaa 1,220,380
750   5.000%, 9/15/39   3/29 at 100.00 Aaa 912,713
3,000   Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual Appropriation Series 2021, 5.250%, 5/15/51, 144A   5/26 at 102.00 N/R 2,886,990
1,250   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2018A, 5.000%, 3/01/37   9/28 at 100.00 A- 1,480,963
710   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2021A, 4.000%, 3/01/39   3/32 at 100.00 A 814,881
865   Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Series 2015, 5.500%, 12/01/29   6/25 at 100.00 AA- 977,943
100   Idaho State University, General Revenue Bonds, Refunding Series 2016, 5.000%, 4/01/23   No Opt. Call A1 104,604
1,070   Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 4.600%, 9/01/27   9/22 at 100.00 A3 1,094,867
13,510   Total Idaho       14,813,770
    Illinois – 5.2%        
    Beford Park Village, Illinois, Hotel and Motel Tax Revenue Bonds, Refunding Series 2015A:        
920   4.000%, 12/01/22   No Opt. Call Baa2 937,167
1,395   4.000%, 12/01/23   No Opt. Call Baa2 1,447,550
1,000   Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Refunding Series 2021A, 4.000%, 4/01/40 –  BAM Insured   4/31 at 100.00 AA 1,126,590
1,985   Champaign County Community Unit School District 4, Illinois, General Obligation Bonds, School Building Series 2020A, 5.000%, 1/01/34   1/28 at 100.00 AA 2,370,884
570   Chicago Heights, Illinois, General Obligation Bonds, Series 2021, 4.000%, 12/01/28 –  BAM Insured   No Opt. Call N/R 633,002
662   Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Pullman Park/Chicago Redevelopment Project, Series 2013A, 7.125%, 3/15/33   2/22 at 100.00 N/R 662,528
    Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Second Lien Series 2014A:        
2,000   5.000%, 1/01/27 (AMT)   1/24 at 100.00 A 2,140,900
3,000   5.000%, 1/01/30 (AMT)   1/24 at 100.00 A 3,196,620
28

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
    Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 2019A:        
$ 725   5.000%, 12/01/38   12/29 at 100.00 AA+ $892,779
760   5.000%, 12/01/39   12/29 at 100.00 AA+ 927,816
795   5.000%, 12/01/40   12/29 at 100.00 AA+ 966,474
770   5.000%, 12/01/41   12/29 at 100.00 AA+ 936,112
    Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 2019B:        
930   5.000%, 12/01/38   12/29 at 100.00 AA+ 1,149,043
975   5.000%, 12/01/39   12/29 at 100.00 AA+ 1,204,642
6,415   Hoffman Estates Park District, Cook County, Illinois, General Obligation Bonds, Refunding Series 2020A, 5.000%, 12/01/40 –  BAM Insured   12/30 at 100.00 AA+ 7,741,173
100   Illinois Finance Authority Revenue Bonds, OSF Healthcare System, Refunding Series 2018A, 5.000%, 5/15/25   No Opt. Call A 111,954
    Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident Group - UIC Surgery Center, LLC - University of Illinois Health Services Facility Project, Series 2020:        
875   5.000%, 10/01/34   10/30 at 100.00 BBB+ 1,072,444
750   5.000%, 10/01/35   10/30 at 100.00 BBB+ 918,150
115   Illinois Finance Authority, Local Government Program Revenue Bonds, Elmhurst Community Unit School District 205 Project, Series 2019, 5.000%, 1/01/29   1/28 at 100.00 AA+ 138,181
    Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015:        
145   5.000%, 5/01/45 (UB) (4)   5/25 at 100.00 N/R 161,907
900   5.000%, 5/01/45 (Pre-refunded 5/01/25) (UB) (4)   5/25 at 100.00 AA (5) 1,006,461
4,000   Illinois Finance Authority, Revenue Bonds, Ann & Robert H Lurie Children's Hospital of Chicago, Refunding Series 2017, 5.000%, 8/15/35 (UB) (4)   8/27 at 100.00 AA 4,665,560
360   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 2016-XF2339, 17.692%, 9/01/32, 144A (IF) (4)   9/22 at 100.00 AA+ 396,641
4,500   Illinois Finance Authority, Revenue Bonds, Edward-Elmhurst Healthcare, Refunding Series 2018A, 4.250%, 1/01/44   1/28 at 100.00 A 5,014,125
    Illinois Finance Authority, Revenue Bonds, Edward-Elmhurst Healthcare, Series 2017A:        
100   5.000%, 1/01/23   No Opt. Call A 103,887
3,000   5.000%, 1/01/36   1/27 at 100.00 A 3,421,080
5,000   Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A, 4.000%, 7/01/37   7/26 at 100.00 AA- 5,458,300
    Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 2017A:        
170   5.000%, 7/15/22   No Opt. Call AA+ 173,490
2,400   4.000%, 7/15/36 (UB) (4)   1/28 at 100.00 AA+ 2,706,696
1,500   4.000%, 7/15/37 (UB) (4)   1/28 at 100.00 AA+ 1,689,990
475   4.000%, 7/15/47 (UB) (4)   1/28 at 100.00 AA+ 530,736
1,000   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 4.000%, 11/15/33   11/25 at 100.00 A 1,079,570
29

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
$ 220   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/23   No Opt. Call A3 $233,240
5,000   Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Fixed Period Series 2021A, 4.000%, 8/15/39   8/31 at 100.00 AA- 5,776,950
830   Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds, CHF-Collegiate Housing Foundation - Chicago LLC University of Illinois at Chicago Project, Series 2017A, 5.000%, 2/15/26   No Opt. Call Baa3 928,131
4,830   Knox & Warren Counties Community Unit School District 205 Galesburg, Illinois, General Obligation Bonds, Series 2019A, 5.500%, 12/01/37   12/27 at 100.00 AA- 5,918,440
710   Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding Series 2017A, 5.000%, 11/01/33 –  AGM Insured   11/26 at 100.00 AA 819,404
2,275   McHenry and Lake Counties Community High School District 156, Illinois, General Obligation Bonds, Series 2019, 5.000%, 2/01/30   2/28 at 100.00 Aa3 2,734,573
570   Mount Prospect, Cook County, Illinois, General Obligation Bonds, Series 2019B, 3.000%, 12/01/37   12/26 at 100.00 AA+ 597,451
    Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021:        
1,300   4.000%, 10/01/38 –  BAM Insured   4/31 at 100.00 AA 1,478,659
850   4.000%, 10/01/39 –  BAM Insured   4/31 at 100.00 AA 965,311
400   4.000%, 10/01/41 –  BAM Insured   4/31 at 100.00 AA 452,760
1,000   Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Refunding Series 2018B, 5.000%, 10/01/39   4/25 at 100.00 BBB 1,080,440
150   Saint Charles, Illinois, General Obligation Bonds, Corporate Purpose Series 2013A, 4.000%, 12/01/32 (Pre-refunded 12/01/22)   12/22 at 100.00 Aa1 (5) 154,261
    Saint Charles, Illinois, General Obligation Bonds, Corporate Purpose Series 2020A:        
610   4.000%, 12/01/29   12/28 at 100.00 Aa1 707,472
535   4.000%, 12/01/31   12/28 at 100.00 Aa1 617,802
425   Saint Charles, Illinois, General Obligation Bonds, Refunding Corporate Purpose Series 2020B, 4.000%, 12/01/29   12/28 at 100.00 Aa1 492,911
700   Sangamon County, Illinois, General Obligation Bonds, Limited Tax Series 2021, 3.000%, 12/15/37 –  BAM Insured   12/29 at 100.00 N/R 723,835
    Stephenson County School District 145, Freeport, Illinois, General Obligation Bonds, Limited School Series 2018A:        
140   5.000%, 2/01/34  –  AGM Insured (Pre-refunded 2/01/28)   2/28 at 100.00 AA (5) 167,758
610   5.000%, 2/01/34 –  AGM Insured   2/28 at 100.00 AA 728,242
100   University of Illinois, Auxiliary Facilities System Revenue Bonds, Series 2014A, 5.000%, 4/01/39   4/24 at 100.00 A+ 107,206
50   University of Illinois, UIC South Campus Development Project Revenue Bonds, Series 2003, 5.000%, 1/15/23 –  NPFG Insured   3/22 at 100.00 A+ 50,185
4,000   Will County, Illinois, General Obligation Bonds, Alternate Revenue Source Series 2019, 4.000%, 11/15/47   11/29 at 100.00 AA+ 4,553,840
1,000   Wilmette, Illinois, General Obligation Bonds, Series 2014, 4.000%, 12/01/43   12/22 at 100.00 Aaa 1,023,350
74,597   Total Illinois       85,294,673
30

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Indiana – 5.9%        
$ 5,195   Center Grove Multi-Facility School Building Corporation, Johnson County, Indiana, Ad Valorem Property Tax First Mortgage Bonds, Series 2020C, 5.500%, 7/10/39   1/31 at 100.00 AA+ $6,658,899
2,000   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2021, 5.000%, 7/15/35   1/31 at 100.00 N/R 2,508,780
1,000   Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, 6/01/55, 144A   6/30 at 100.00 N/R 1,062,790
    GCS School Building Corporation One, Elkhart County, Indiana, First Mortgage Bonds, Series 2019:        
565   5.000%, 1/15/26   No Opt. Call AA+ 641,964
580   5.000%, 7/15/26   No Opt. Call AA+ 667,342
590   5.000%, 1/15/27   No Opt. Call AA+ 686,972
605   5.000%, 7/15/27   No Opt. Call AA+ 712,067
620   5.000%, 1/15/28   No Opt. Call AA+ 737,434
635   5.000%, 7/15/28   No Opt. Call AA+ 762,483
655   5.000%, 1/15/29   No Opt. Call AA+ 793,958
670   5.000%, 7/15/29   No Opt. Call AA+ 819,872
685   5.000%, 1/15/30   7/29 at 100.00 AA+ 843,906
405   5.000%, 7/15/30   7/29 at 100.00 AA+ 498,948
720   5.000%, 1/15/31   7/29 at 100.00 AA+ 884,772
740   5.000%, 7/15/31   7/29 at 100.00 AA+ 909,386
    Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2018:        
700   5.000%, 7/15/35   1/28 at 100.00 AA+ 826,903
795   5.000%, 7/15/36   1/28 at 100.00 AA+ 936,947
500   5.000%, 7/15/37   1/28 at 100.00 AA+ 589,005
1,000   5.000%, 7/15/38   1/28 at 100.00 AA+ 1,175,800
    Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2014A:        
560   5.000%, 2/01/26   2/24 at 100.00 A- 600,757
425   5.000%, 2/01/27   2/24 at 100.00 A- 455,957
    Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Series 2019:        
1,100   5.000%, 2/01/33   8/29 at 100.00 A- 1,327,711
1,350   5.000%, 2/01/35   8/29 at 100.00 A- 1,626,399
    Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Series 2021:        
1,610   4.000%, 2/01/42   8/31 at 100.00 A- 1,823,776
1,675   4.000%, 2/01/43   8/31 at 100.00 A- 1,892,717
2,420   Indiana Finance Authority, Educational Facilities Revenue Bonds, Depauw University Project, Series 2019, 5.000%, 7/01/37   7/29 at 100.00 Baa1 2,839,580
3,725   Indiana Finance Authority, Educational Facilities Revenue Bonds, Rose Hulman Institute Of Technology Project, Series 2018, 5.000%, 6/01/40   12/28 at 100.00 A2 4,388,460
31

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Indiana (continued)        
$ 250   Indiana Finance Authority, Health Facilities Revenue Bonds, Good Samaritan Hospital Project, Series 2016A, 5.000%, 4/01/37   4/26 at 100.00 Baa3 $276,020
850   Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health, Series 2018A, 4.000%, 11/01/48   11/28 at 100.00 AA- 942,072
2,800   Indiana Finance Authority, State Revolving Fund Program Bonds, Green Bond Series 2019A, 5.000%, 2/01/38   2/29 at 100.00 AAA 3,422,468
3,500   Indiana Finance Authority, State Revolving Fund Program Bonds, Green Bonds, Series 2019C, 5.000%, 2/01/32   2/29 at 100.00 AAA 4,299,120
    Indiana Finance Authority, State Revolving Fund Program Bonds, Series 2019D:        
1,715   5.000%, 2/01/35 (AMT)   2/29 at 100.00 AAA 2,070,417
1,800   5.000%, 2/01/36 (AMT)   2/29 at 100.00 AAA 2,171,322
800   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Refunding First Lien Series 2021-1, 4.000%, 10/01/36   10/31 at 100.00 AA- 940,352
2,020   Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2011A-1, 5.000%, 11/15/34   11/25 at 100.00 AA+ 2,273,268
    Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016C:        
1,240   5.000%, 1/01/27   7/26 at 100.00 A+ 1,435,672
1,420   5.000%, 1/01/38   7/26 at 100.00 A+ 1,629,606
1,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A, 5.250%, 1/01/32 (Pre-refunded 7/01/23)   7/23 at 100.00 A+ (5) 1,061,980
670   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2017A, 5.000%, 1/01/42   1/28 at 100.00 A+ 789,086
5,000   Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus Bonds, Courthouse & Jail Project, Series 2019A, 5.000%, 2/01/49 (UB) (4)   2/29 at 100.00 AAA 5,894,000
1,625   Ivy Tech Community College, Indiana, Student Fee Revenue Bonds, Series 2018V, 5.000%, 7/01/36   7/28 at 100.00 AA 1,939,649
400   Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A, 5.000%, 4/01/27   4/22 at 100.00 Baa3 402,904
1,000   Lawrence Township School Building Corporation, Indiana, First Mortgage Bonds, Series 2020, 2.000%, 7/15/34   7/30 at 100.00 AA+ 947,690
2,240   Lawrenceburg Multi-School Building Corporation, Indiana, Ad Valorem Property Tax First Mortgage Bonds, Series 2021, 4.000%, 7/15/39   7/31 at 100.00 AA+ 2,601,939
720   Noblesville Multi School Building Corporation, Hamilton County, Indiana, First Mortgage Revenue Bonds, Series 2021, 3.000%, 7/15/37   7/29 at 100.00 AA+ 759,895
    North Montgomery High School Building Corporation, Indiana, First Mortgage Bonds, Series 2018:        
2,375   5.000%, 7/15/35   7/26 at 100.00 AA+ 2,722,700
2,480   5.000%, 7/15/36   7/26 at 100.00 AA+ 2,840,790
    Plymouth Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2018:        
1,655   5.000%, 1/15/34   7/28 at 100.00 AA+ 1,985,487
3,655   5.000%, 7/15/36   7/28 at 100.00 AA+ 4,359,245
32

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Indiana (continued)        
    Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2015A:        
$ 500   5.000%, 1/01/28   1/25 at 100.00 A $549,045
815   5.000%, 1/01/29   1/25 at 100.00 A 893,721
    Silver Creek School Building Corporation, Indiana, Ad Valorem Property Tax First Mortgage Bonds, Series 2021:        
1,300   3.000%, 1/15/36   7/31 at 100.00 AA+ 1,393,678
725   3.000%, 1/15/37   7/31 at 100.00 AA+ 773,611
    Vinton-Tecumseh School Building Corporation, Tippecanoe County, Indiana, First Mortgage Bonds, Series 2021:        
1,200   3.000%, 7/15/39   1/31 at 100.00 AA+ 1,277,028
1,250   3.000%, 7/15/40   1/31 at 100.00 AA+ 1,327,813
500   3.000%, 1/15/41   1/31 at 100.00 AA+ 530,315
    Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage Bonds, Series 2019:        
1,590   5.000%, 7/15/37   1/30 at 100.00 AA+ 1,939,084
3,300   5.000%, 7/15/38   1/30 at 100.00 AA+ 4,017,552
1,710   5.000%, 1/15/39   1/30 at 100.00 AA+ 2,079,001
83,630   Total Indiana       98,220,115
    Iowa – 0.5%        
    Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Senior Class 1 Series 2021A-2:        
1,000   4.000%, 6/01/34   6/31 at 100.00 N/R 1,161,720
1,000   4.000%, 6/01/35   6/31 at 100.00 N/R 1,158,650
800   4.000%, 6/01/36   6/31 at 100.00 A- 924,064
1,410   4.000%, 6/01/37   6/31 at 100.00 A- 1,623,502
800   4.000%, 6/01/38   6/31 at 100.00 A- 918,664
1,000   4.000%, 6/01/39   6/31 at 100.00 A- 1,145,610
1,000   4.000%, 6/01/40   6/31 at 100.00 A- 1,142,900
7,010   Total Iowa       8,075,110
    Kansas – 1.0%        
1,075   Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016, 5.000%, 12/01/36   12/26 at 100.00 Ba1 1,173,631
4,000   Kansas Department of Transportation, Highway Revenue Bonds, Series 2018A, 5.000%, 9/01/36   9/27 at 100.00 AA 4,709,160
205   Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood Facility, Series 2015A, 5.000%, 12/01/28   12/25 at 100.00 A3 231,648
1,250   Kansas State Independent College Finance Authority, Revenue Anticipation Notes, Ottawa University, Private Education Short-Term Loan Program, Series 2021C, 4.125%, 5/01/22   No Opt. Call N/R 1,255,575
2,100   Kansas State Turnpike Authority, Turnpike Revenue Bonds, Refunding Series 2019A, 5.000%, 9/01/37   9/29 at 100.00 Aa2 2,597,637
33

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Kansas (continued)        
$ 1,495   Sedgwick County Unified School District 266 Maize, Harvey County, Kansas, General Obligation Bonds, Series 2019A, 4.000%, 9/01/31   9/27 at 100.00 AA $1,684,088
2,000   University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/35   9/25 at 100.00 AA- 2,242,100
2,690   University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of Kansas Health System, Series 2019B, 5.000%, 3/01/33   3/30 at 100.00 AA- 3,347,866
14,815   Total Kansas       17,241,705
    Kentucky – 0.5%        
775   Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Series 2008A, 2.000%, 2/01/32 (AMT)   6/31 at 100.00 A1 760,136
375   Hazard, Kentucky, Healthcare Revenue Bonds, Appalachian Regional Healthcare Project, Series 2021, 3.000%, 7/01/46   7/31 at 100.00 A 378,716
750   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.000%, 6/01/26   No Opt. Call Baa2 854,168
1,180   Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2016A, 1.300%, 9/01/44 (Mandatory Put 9/01/27) (AMT)   No Opt. Call A1 1,162,406
    University of Louisville, Kentucky, Revenue Bonds, General Receipts Series 2020A:        
1,315   4.000%, 9/01/29 –  AGM Insured   9/28 at 100.00 AA 1,504,281
1,415   2.000%, 9/01/32 –  AGM Insured   9/28 at 100.00 AA 1,363,819
1,525   2.125%, 9/01/34 –  AGM Insured   9/28 at 100.00 AA 1,477,847
7,335   Total Kentucky       7,501,373
    Louisiana – 1.9%        
1,850   Ascension Parishwide School District, Louisiana, General Obligation Bonds, School Series 2020, 4.000%, 3/01/39   3/30 at 100.00 AA 2,138,840
    Cameron Parish School District 15, Louisiana, General Obligation Bonds, Series 2021:        
350   4.000%, 10/01/34   10/30 at 100.00 BBB 379,487
350   4.000%, 10/01/35   10/30 at 100.00 BBB 378,193
350   4.000%, 10/01/36   10/30 at 100.00 BBB 376,943
350   4.000%, 10/01/37   10/30 at 100.00 BBB 375,963
    Greater New Orleans Expressway Commission, Louisiana, Toll Revenue Bonds, Subordinate Lien Series 2017:        
1,000   5.000%, 11/01/36 –  AGM Insured   11/25 at 100.00 AA 1,129,360
805   5.000%, 11/01/37 –  AGM Insured   11/25 at 100.00 AA 909,135
4,000   5.000%, 11/01/42 –  AGM Insured   11/25 at 100.00 AA 4,492,520
700   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Ragin Cajun Facilities, Inc. Lewis Street Parking Garage Project, Refunding Series 2021, 4.000%, 10/01/40 –  AGM Insured   10/30 at 100.00 AA 798,938
200   Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A, 5.000%, 6/01/31, 144A   No Opt. Call N/R 216,784
860   Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Series 2021, 4.000%, 10/01/38   10/31 at 100.00 Baa1 964,172
34

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Louisiana (continued)        
    Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017:        
$ 2,000   5.000%, 5/15/33   5/27 at 100.00 A $2,311,240
2,000   5.000%, 5/15/34   5/27 at 100.00 A 2,307,980
2,640   5.000%, 5/15/35   5/27 at 100.00 A 3,042,230
100   Louisiana State University and Agricultural and Mechanical College Board of Supervisors, Auxiliary Revenue Bonds, Refunding Series 2014, 5.000%, 7/01/22   No Opt. Call A+ 101,811
    New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B:        
400   5.000%, 1/01/34 (AMT)   1/27 at 100.00 A2 458,976
500   5.000%, 1/01/35 (AMT)   1/27 at 100.00 A2 573,925
355   5.000%, 1/01/36 (AMT)   1/27 at 100.00 A2 407,057
    Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2018B:        
3,000   5.000%, 4/01/37 –  AGM Insured (AMT)   4/28 at 100.00 AA 3,479,760
860   5.000%, 4/01/38 –  AGM Insured (AMT)   4/28 at 100.00 AA 995,072
2,000   Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017B-1, 2.125%, 6/01/37 (Mandatory Put 7/01/24)   No Opt. Call BBB- 2,041,460
    Tangipahoa Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, North Oaks Health System Project, Refunding Series 2021:        
1,625   4.000%, 2/01/37   2/31 at 100.00 A- 1,845,529
1,720   4.000%, 2/01/39   2/31 at 100.00 A- 1,946,576
28,015   Total Louisiana       31,671,951
    Maine – 0.1%        
1,155   Portland, Maine, General Airport Revenue Bonds, Refunding Green Series 2019, 4.000%, 1/01/40   1/30 at 100.00 BBB+ 1,277,014
    Maryland – 1.4%        
250   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B, 5.000%, 7/01/32   7/27 at 100.00 Baa3 279,473
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015:        
1,200   4.000%, 7/01/35 (Pre-refunded 7/01/25)   7/25 at 100.00 A+ (5) 1,310,508
625   5.000%, 7/01/40 (Pre-refunded 7/01/25)   7/25 at 100.00 A+ (5) 703,387
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2012:        
1,000   5.000%, 7/01/25   7/22 at 100.00 BBB+ 1,015,980
1,000   5.000%, 7/01/26   7/22 at 100.00 BBB+ 1,015,920
2,120   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 (Pre-refunded 7/01/24)   7/24 at 100.00 A (5) 2,317,648
1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/28   7/27 at 100.00 A 1,183,380
35

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Maryland (continued)        
$ 650   Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2021A, 3.000%, 7/01/38   7/31 at 100.00 Aa2 $689,682
7,700   Prince George's County, Maryland, Certificates of Participation, University of Maryland Capital Region Medical Center, Series 2018, 5.000%, 10/01/48   10/28 at 100.00 AA+ 9,203,425
5,000   Prince George's County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2018A, 5.000%, 7/15/31   7/28 at 100.00 AAA 6,077,600
20,545   Total Maryland       23,797,003
    Massachusetts – 2.3%        
4,335   Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 2021A-1, 4.000%, 7/01/39   7/31 at 100.00 AA 5,077,195
1,060   Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2021A, 2.000%, 5/01/37   5/30 at 100.00 Aa2 960,604
1,660   Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated Group Issue, Series 2015F, 5.000%, 8/15/30   8/25 at 100.00 A 1,853,921
    Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2021G:        
350   5.000%, 7/01/38   7/31 at 100.00 A- 438,466
400   5.000%, 7/01/39   7/31 at 100.00 A- 500,320
    Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series 2021:        
680   4.000%, 7/01/46   7/31 at 100.00 Baa2 748,354
2,355   4.000%, 7/01/51   7/31 at 100.00 Baa2 2,580,609
    Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A:        
1,350   5.000%, 7/01/34   1/29 at 100.00 BBB+ 1,599,034
1,255   5.000%, 7/01/36   1/29 at 100.00 BBB+ 1,481,804
    Massachusetts Port Authority, Revenue Bonds, Refunding Series 2021B:        
1,060   5.000%, 7/01/36 (AMT)   7/31 at 100.00 Aa2 1,324,332
1,000   5.000%, 7/01/37 (AMT)   7/31 at 100.00 Aa2 1,248,460
3,500   Massachusetts Port Authority, Revenue Bonds, Series 2019B, 5.000%, 7/01/44   7/29 at 100.00 Aa2 4,263,175
2,085   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated Series 2018B, 4.000%, 2/15/43   2/24 at 100.00 AA+ 2,198,737
3,500   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017A, 5.000%, 4/01/37   4/27 at 100.00 Aa1 4,121,670
3,885   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 5.000%, 11/01/44   11/27 at 100.00 Aa1 4,619,187
4,000   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020D, 5.000%, 7/01/48   7/30 at 100.00 Aa1 4,876,680
32,475   Total Massachusetts       37,892,548
    Michigan – 2.3%        
1,200   Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2020-I, 4.000%, 5/01/39   5/30 at 100.00 AA 1,386,948
36

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Michigan (continued)        
    Coldwater Community Schools, Branch County, Michigan, General Obligation Bonds, School Building & Site Series 2018:        
$ 510   5.000%, 5/01/41   5/28 at 100.00 AA $606,722
1,220   5.000%, 5/01/42   5/28 at 100.00 AA 1,449,177
    Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Healthcare Group, Inc., Refunding Series 2016:        
5   5.000%, 5/15/26 (ETM)   No Opt. Call N/R (5) 5,765
95   5.000%, 5/15/26   No Opt. Call A2 109,396
335   Kent Hospital Finance Authority, Michigan, Revenue Bonds, Mary Free Bed Rehabilitation Hospital, Series 2021A, 4.000%, 4/01/36   4/31 at 100.00 N/R 378,068
1,000   Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43 (UB) (4)   11/28 at 100.00 Aa3 1,188,640
    Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Calvin University, Refunding Series 2021:        
505   5.000%, 9/01/36   9/31 at 100.00 A- 620,983
1,205   5.000%, 9/01/37   9/31 at 100.00 A- 1,479,812
385   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017, 5.900%, 7/15/46, 144A   7/27 at 100.00 N/R 346,912
4,450   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015MI, 5.000%, 12/01/34 (Pre-refunded 6/01/22)   6/22 at 100.00 AA- (5) 4,517,907
1,000   Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Series 2020A-CL-1, 4.000%, 6/01/36   12/30 at 100.00 A- 1,152,390
1,000   Michigan Mathematics & Science Initiative, Michigan, Public School Academy Revenue Bonds, Series 2021, 4.000%, 1/01/41   1/31 at 100.00 BB+ 1,076,870
810   Michigan State, General Obligation Bonds, Environmental Program, Series 2020A, 4.000%, 5/15/40   5/30 at 100.00 Aa1 938,547
    Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program Series 2020B:        
5,000   4.000%, 11/15/45 (UB) (4)   11/30 at 100.00 AA+ 5,699,550
1,300   4.000%, 11/15/45   11/30 at 100.00 AA+ 1,481,883
5,100   Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2021A, 5.000%, 11/15/35   11/31 at 100.00 AA+ 6,547,023
    Oakland University, Michigan, General Revenue Bonds, Series 2019:        
930   5.000%, 3/01/39   3/29 at 100.00 A1 1,121,794
1,000   5.000%, 3/01/40   3/29 at 100.00 A1 1,204,520
1,025   5.000%, 3/01/41   3/29 at 100.00 A1 1,233,926
1,900   Ottawa County, Michigan, General Obligation Bonds, Refunding Water Supply System Series 2015, 5.000%, 8/01/30   2/25 at 100.00 Aaa 2,115,289
2,200   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/33   3/24 at 100.00 A+ 2,363,790
1,140   Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/35   11/25 at 100.00 Aa3 1,286,969
33,315   Total Michigan       38,312,881
37

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Minnesota – 0.6%        
$ 4,580   Forest Lake, Minnesota Charter School Lease Revenue Bonds, North Lakes Academy, Refunding Series 2021A, 5.000%, 7/01/41   7/31 at 100.00 N/R $4,977,361
710   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 4.500%, 8/01/26   8/22 at 102.00 BB+ 733,302
    Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Series 2019:        
1,155   3.000%, 12/01/29   No Opt. Call BBB- 1,186,786
1,895   5.000%, 12/01/39   12/29 at 100.00 BBB- 2,246,864
790   Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 4.000%, 1/01/24   1/23 at 100.00 N/R 787,527
9,130   Total Minnesota       9,931,840
    Mississippi – 0.6%        
750   Medical Center Educational Building Corporation, Mississippi, Revenue Bonds, University of Mississippi Medical Center Facilities Expansion and Renovation Project, Series 2012A, 5.000%, 6/01/41 (Pre-refunded 6/01/22)   6/22 at 100.00 Aa2 (5) 761,445
    Mississippi Development Bank, Special Obligation Bonds, Meridian Water and Sewer System, Green Series 2020:        
350   4.000%, 7/01/39 –  BAM Insured   7/30 at 100.00 AA 401,450
500   4.000%, 7/01/40 –  BAM Insured   7/30 at 100.00 AA 572,535
2,500   4.000%, 7/01/45 –  BAM Insured   7/30 at 100.00 AA 2,834,275
1,135   Mississippi Development Bank, Special Obligation Bonds, Rankin County School District General Obligation Project, Series 2019, 5.000%, 6/01/40   6/29 at 100.00 AA 1,383,440
2,000   Mississippi State, General Obligation Bonds, Series 2021A, 3.000%, 6/01/40   6/30 at 100.00 AA 2,126,000
2,135   Mississippi State, General Obligation Bonds, Series 2021C, 4.000%, 10/01/38   10/28 at 100.00 N/R 2,430,719
9,370   Total Mississippi       10,509,864
    Missouri – 1.5%        
    Central Southwest Missouri Community College District, Missouri, Certificates of Participation, Ozarks Technical Community College, Series 2021:        
585   3.000%, 3/01/40   3/29 at 100.00 AA- 613,601
500   3.000%, 3/01/41   3/29 at 100.00 AA- 523,795
1,000   Greene County, Missouri, Certificates of Participation, Capital Projects, Series 2018, 5.000%, 9/01/36   9/28 at 100.00 Aa3 1,195,450
2,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2021A, 3.000%, 7/01/38   7/31 at 100.00 AA 2,115,120
5,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2020, 4.000%, 6/01/50   6/30 at 100.00 A+ 5,598,550
500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2017A, 4.000%, 5/15/42 (UB) (4)   5/25 at 102.00 A+ 539,780
5,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2021, 4.000%, 2/01/42   2/29 at 103.00 N/R 5,570,350
38

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Missouri (continued)        
    Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Missouri Project Series 2019:        
$ 250   4.000%, 12/01/35   12/25 at 100.00 AA+ $272,110
430   4.000%, 12/01/37   12/25 at 100.00 AA+ 466,361
850   4.000%, 12/01/38   12/25 at 100.00 AA+ 917,609
835   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2019A, 5.000%, 7/01/39   7/29 at 100.00 A2 1,006,417
269   Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28   3/22 at 100.00 N/R 141,814
1,500   Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 4.500%, 6/01/36   6/26 at 100.00 BBB 1,585,725
    Wentzville, Missouri, Certificates of Participation, Series 2019:        
895   5.000%, 11/01/28   11/27 at 100.00 A3 1,060,011
590   5.000%, 11/01/30   11/27 at 100.00 A3 694,170
1,040   5.000%, 11/01/31   11/27 at 100.00 A3 1,220,513
1,090   5.000%, 11/01/32   11/27 at 100.00 A3 1,277,894
22,334   Total Missouri       24,799,270
    Montana – 0.6%        
    Bozeman, Montana, Tax Increment Revenue Bonds, Bozeman Midtown Urban Renewal District, Series 2020:        
500   4.000%, 7/01/35 –  AGM Insured   7/30 at 100.00 AA 569,750
425   4.000%, 7/01/40 –  AGM Insured   7/30 at 100.00 AA 481,053
510   Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Refunding Series 2016, 5.000%, 2/15/23   No Opt. Call A+ 531,349
    Montana Facility Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman Deaconess Health Services Obligated Group, Series 2018:        
675   5.000%, 6/01/36   6/28 at 100.00 A 801,927
1,255   5.000%, 6/01/37   6/28 at 100.00 A 1,490,099
2,685   Montana State University, Facilities Revenue Bonds, Series 2018E, 5.000%, 11/15/43   11/27 at 100.00 Aa3 3,178,208
2,980   Yellowstone County K-12 School District 26 Lockwood, Montana, General Obligation Bonds, School Building Series 2018, 5.000%, 7/01/35   7/28 at 100.00 A 3,549,895
9,030   Total Montana       10,602,281
    Nebraska – 0.7%        
    Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017:        
1,045   5.000%, 11/15/36   5/27 at 100.00 AA- 1,204,216
1,070   5.000%, 11/15/37   5/27 at 100.00 AA- 1,234,769
900   Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/29   11/25 at 100.00 A 1,008,720
    Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A:        
1,000   5.000%, 7/01/27   No Opt. Call BBB 1,169,750
1,500   5.000%, 7/01/28   7/27 at 100.00 BBB 1,724,970
39

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Nebraska (continued)        
$ 525   Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018, 5.000%, 7/01/29   7/25 at 100.00 BBB $582,425
600   Omaha Airport Authority, Nebraska, Airport Facilities Revenue Refunding Bonds, Series 2017A, 5.000%, 12/15/34 (AMT)   12/26 at 100.00 Aa3 688,572
1,000   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2017A, 5.000%, 2/01/42   12/27 at 100.00 AA 1,179,720
2,800   Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018, 5.000%, 12/15/47   6/28 at 100.00 Aa1 3,282,524
10,440   Total Nebraska       12,075,666
    Nevada – 1.0%        
    Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A:        
505   5.000%, 9/01/31   9/27 at 100.00 A- 583,740
1,000   5.000%, 9/01/33   9/27 at 100.00 A- 1,151,930
115   Clark County, Nevada, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019D, 5.000%, 7/01/25   No Opt. Call Aa3 128,971
4,000   Clark County, Nevada, Airport Revenue Bonds, Senior Series 2015A, 5.000%, 7/01/40   7/25 at 100.00 Aa2 4,449,120
2,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement Series 2016A, 5.000%, 6/01/41 (UB) (4)   6/26 at 100.00 Aa1 2,288,580
    Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 24, Series 2015:        
1,175   4.000%, 12/01/23   No Opt. Call N/R 1,219,450
940   4.250%, 12/01/24   No Opt. Call N/R 998,976
450   Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 814 Summerlin Village 21& 24A, Series 2019, 3.250%, 6/01/24   No Opt. Call N/R 462,294
2,425   Nevada System of Higher Education, Certificates of Participation, Series 2020A, 3.000%, 7/01/40   7/29 at 100.00 AA 2,470,445
    Nevada System of Higher Education, Universities Revenue Bonds, Series 2021:        
1,255   3.000%, 7/01/40   7/31 at 100.00 Aa2 1,319,281
1,295   3.000%, 7/01/41   7/31 at 100.00 Aa2 1,359,154
15,160   Total Nevada       16,431,941
    New Hampshire – 0.4%        
580   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 5.000%, 7/01/27   7/22 at 100.00 BBB+ 588,056
    New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2017:        
3,145   5.000%, 7/01/35   7/27 at 100.00 BBB+ 3,590,961
1,950   5.000%, 7/01/37   7/27 at 100.00 BBB+ 2,223,994
750   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, Series 2021A, 4.000%, 10/01/37   4/31 at 100.00 AA- 862,808
160   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2018A, 5.000%, 8/01/36   2/28 at 100.00 A 190,165
6,585   Total New Hampshire       7,455,984
40

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey – 3.1%        
$ 1,050   Essex County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Institute of Technology CHF-Newark, LLC-NJIT Student Housing Project, Series 2021A, 4.000%, 8/01/46 –  BAM Insured   8/31 at 100.00 AA $1,202,586
    New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017:        
460   5.000%, 7/15/23   No Opt. Call BBB- 483,975
485   5.000%, 7/15/24   No Opt. Call BBB- 521,453
510   5.000%, 7/15/25   No Opt. Call BBB- 560,781
535   5.000%, 7/15/26   No Opt. Call BBB- 599,853
560   5.000%, 7/15/27   No Opt. Call BBB- 638,669
3,000   New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Series 2020A, 5.000%, 11/01/34   11/29 at 100.00 Baa1 3,580,110
1,000   New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2015XX, 5.000%, 6/15/25   No Opt. Call Baa1 1,117,040
1,465   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2019LLL, 5.000%, 6/15/44   12/29 at 100.00 Baa1 1,718,035
    New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017:        
1,755   5.000%, 10/01/22 (AMT)   No Opt. Call Baa3 1,802,016
1,525   5.000%, 10/01/23 (AMT)   No Opt. Call Baa3 1,625,116
1,800   5.000%, 10/01/24 (AMT)   No Opt. Call Baa3 1,984,266
1,000   5.000%, 10/01/37 (AMT)   10/27 at 100.00 Baa3 1,148,870
5,000   New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Refunding Series 2017, 5.000%, 10/01/29   4/28 at 100.00 Baa1 5,877,650
1,500   New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, 4.000%, 6/01/30   No Opt. Call A3 1,724,340
625   New Jersey State, General Obligation Bonds, Various Purpose Series 2014, 5.000%, 6/01/28   6/25 at 100.00 A3 696,862
2,235   New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2018A, 5.000%, 6/15/28   6/26 at 100.00 A+ 2,558,069
4,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Forward Delivery Series 2022A, 5.000%, 6/15/34   12/31 at 100.00 N/R 4,929,160
1,700   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 5.250%, 6/15/32   12/24 at 100.00 Baa1 1,884,756
265   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 (Pre-refunded 6/15/22)   6/22 at 100.00 Baa1 (5) 269,420
325   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/33   6/22 at 100.00 Baa1 330,359
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA:        
330   5.250%, 6/15/33   6/23 at 100.00 Baa1 347,523
645   5.000%, 6/15/36   6/23 at 100.00 Baa1 676,528
200   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/32   6/25 at 100.00 Baa1 225,020
41

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey (continued)        
$ 1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB, 4.000%, 6/15/44   12/28 at 100.00 Baa1 $1,087,250
2,145   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA, 5.000%, 6/15/37   12/30 at 100.00 Baa1 2,591,096
1,060   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2021A, 4.000%, 6/15/36   6/31 at 100.00 Baa1 1,184,561
2,000   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 1/01/32   1/27 at 100.00 A+ 2,329,640
    New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057:        
194   17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (4)   7/22 at 100.00 N/R 208,786
116   17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (4)   7/22 at 100.00 A+ 124,669
900   Newark, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2020A, 5.000%, 10/01/27 –  AGM Insured   No Opt. Call AA 1,055,016
    Passaic County Improvement Authority, New Jersey, County Guaranteed Governmental Loan Revenue Bond, Patterson City Board of Education Project, Green Series 2020:        
500   3.000%, 2/01/39   2/30 at 100.00 Aa1 530,475
1,055   3.000%, 2/01/40   2/30 at 100.00 Aa1 1,117,456
    South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate Series 2017B:        
2,100   5.000%, 1/01/34 (AMT)   1/28 at 100.00 Baa1 2,404,374
1,300   5.000%, 1/01/35 (AMT)   1/28 at 100.00 Baa1 1,485,302
1,250   5.000%, 1/01/36 (AMT)   1/28 at 100.00 Baa1 1,424,762
45,590   Total New Jersey       52,045,844
    New Mexico – 0.3%        
850   Albuquerque, New Mexico, Refuse Removal and Disposal Revenue Bonds, Series 2020, 5.000%, 7/01/38   7/30 at 100.00 AA 1,059,542
1,000   Las Cruces, New Mexico, Utility Revenue Bonds, Improvement Series 2018, 4.000%, 6/01/32   6/26 at 100.00 Aa3 1,093,330
2,880   New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2012A, 5.000%, 8/01/42 (Pre-refunded 8/01/22)   8/22 at 100.00 AA (5) 2,945,174
4,730   Total New Mexico       5,098,046
    New York – 5.3%        
    Build New York City Resource Corporation, New York, Revenue Bonds, Academic Leadership Charter School, Series 2021:        
310   4.000%, 6/15/26   No Opt. Call BBB- 338,046
300   4.000%, 6/15/28   No Opt. Call BBB- 334,680
250   Build NYC Resource Corporation, New York, Revenue Bonds, Richmond Preparatory Charter School Project, Social Impact Project Series 2021A, 4.000%, 6/01/31, 144A   6/29 at 100.00 N/R 264,813
    Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2017-1:        
1,750   4.000%, 7/01/36 (UB) (4)   7/27 at 100.00 AA 1,951,162
1,750   4.000%, 7/01/37 (UB) (4)   7/27 at 100.00 AA 1,952,125
42

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
$ 3,000   Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2020A, 3.000%, 9/01/50 –  AGM Insured   3/30 at 100.00 AA $3,026,760
250   Dormitory Authority of the State of New York, Revenue Bonds, Northwell Healthcare Inc, Series 2019A, 5.000%, 5/01/30   5/29 at 100.00 A- 302,540
    Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals Obligated Group, Series 2020A:        
2,670   4.000%, 7/01/50 (UB) (4)   7/30 at 100.00 A 2,956,064
2,670   4.000%, 7/01/53 (UB) (4)   7/30 at 100.00 A 2,952,673
300   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/29, 144A   6/27 at 100.00 BBB- 349,620
750   Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2012B, 5.000%, 7/01/38   7/22 at 100.00 Aa1 763,612
1,260   Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Refunding Series 2017, 5.000%, 7/01/37   7/27 at 100.00 BBB 1,432,217
4,500   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/36   2/27 at 100.00 Aa3 5,209,560
320   Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35   No Opt. Call A2 424,397
340   Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37   No Opt. Call A2 473,134
1,455   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44   9/24 at 100.00 A 1,578,559
1,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2015B, 5.000%, 9/01/36   9/25 at 100.00 A 1,119,560
2,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/36   9/27 at 100.00 A 2,365,120
150   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015B, 5.000%, 11/15/33   5/25 at 100.00 A3 164,361
925   Monroe County Industrial Development Corporation, New York, Revenue Bonds, Nazareth College of Rochester, Series 2017A, 5.000%, 10/01/31   10/27 at 100.00 BBB+ 1,071,649
1,500   Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2020A, 5.000%, 12/01/31   12/30 at 100.00 BBB+ 1,862,730
2,500   Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26   2/22 at 100.00 CCC+ 2,573,125
    New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A:        
1,245   5.000%, 7/01/31   7/25 at 100.00 BBB 1,371,816
370   5.000%, 7/01/32   7/25 at 100.00 BBB 407,377
1,020   New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A, 3.000%, 1/01/39 –  AGM Insured   1/31 at 100.00 AA 1,055,068
1,930   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46 (UB) (4)   6/25 at 100.00 AA+ 2,132,843
43

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
$ 5,000   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2016 Subseries CC-1, 5.000%, 6/15/38   12/26 at 100.00 AA+ $5,766,900
5,000   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series EE, 5.000%, 6/15/39   12/25 at 100.00 AA+ 5,618,550
3,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1, 5.000%, 8/01/38   8/26 at 100.00 AAA 3,444,390
2,500   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2021 Subseries C-1, 4.000%, 5/01/39   11/30 at 100.00 AAA 2,857,100
775   New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1, 5.000%, 8/01/38 (UB) (4)   8/26 at 100.00 AA 889,801
5,000   New York City, New York, General Obligation Bonds, Fiscal 2019 Series D-1, 5.000%, 12/01/39   12/28 at 100.00 AA 6,075,600
    New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016B:        
540   5.000%, 6/01/29   6/26 at 100.00 A 612,711
250   5.000%, 6/01/31   6/26 at 100.00 A- 282,163
2,840   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A   11/24 at 100.00 N/R 3,054,448
1,170   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by Port Authority Consolidated Bonds, Refunding Series 1WTC-2021, 3.000%, 2/15/42   2/30 at 100.00 N/R 1,188,732
3,000   New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects-Second Resolution Bonds,, 5.000%, 6/15/42   6/27 at 100.00 AAA 3,485,820
    New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2005B:        
500   5.500%, 10/15/27 (ETM)   No Opt. Call AAA (5) 609,110
1,000   5.500%, 4/15/35 (ETM)   No Opt. Call AAA (5) 1,358,510
100   New York State Thruway Authority, General Revenue Bonds, Series 2014J, 5.000%, 1/01/23   No Opt. Call A1 103,962
1,065   New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 4.000%, 7/01/33 (AMT)   7/24 at 100.00 BBB 1,112,009
    Newburgh, Orange County, New York, General Obligation Bonds, Deficit Liquidation, Series 2012B:        
605   5.000%, 6/15/24   6/22 at 100.00 Baa2 615,206
635   5.000%, 6/15/25   6/22 at 100.00 Baa2 645,712
915   Newburgh, Orange County, New York, General Obligation Bonds, Series 2012A, 5.000%, 6/15/25 –  AGC Insured   6/22 at 100.00 Baa2 930,436
1,530   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Seventh Series 2018, 5.000%, 9/15/27 (AMT)   No Opt. Call Aa3 1,804,482
600   Poughkeepsie City, New York, General Obligation Bonds, Refunding Public Improvement Series 2019., 5.000%, 6/01/31   6/26 at 100.00 Ba1 667,428
100   Suffolk County, New York, General Obligation Bonds, Public Improvement Series 2018A, 5.000%, 6/01/26 –  AGM Insured   No Opt. Call AA 114,973
44

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
$ 260   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2017A2, 5.000%, 11/15/42   5/27 at 100.00 AA- $303,885
2,895   Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2020A, 5.000%, 11/15/54   11/30 at 100.00 AA- 3,513,227
3,000   Westchester County, New York, General Obligation Bonds, Series 2021A, 3.000%, 10/15/31   10/29 at 100.00 N/R 3,299,940
465   Yonkers Economic Development Corporation, New York, Educational Revenue Bonds, Lamartine/Warburton LLC-Charter School of Educational Excellence Project, Series 2019A, 5.000%, 10/15/54   10/29 at 100.00 N/R 518,694
77,260   Total New York       87,307,400
    North Carolina – 2.2%        
    Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017B:        
1,000   5.000%, 7/01/42 (AMT)   7/27 at 100.00 Aa3 1,157,850
1,000   5.000%, 7/01/47 (AMT)   7/27 at 100.00 Aa3 1,157,340
    Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2019B:        
890   5.000%, 7/01/29 (AMT)   No Opt. Call Aa3 1,076,606
935   5.000%, 7/01/30 (AMT)   7/29 at 100.00 Aa3 1,132,855
985   5.000%, 7/01/31 (AMT)   7/29 at 100.00 Aa3 1,190,412
4,080   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015, 5.000%, 7/01/40   7/25 at 100.00 AAA 4,578,209
    New Hanover County, North Carolina, Limited Obligation Bonds, New Hanover County Financing Corporation, Series 2021:        
1,635   4.000%, 8/01/33   8/31 at 100.00 AA+ 1,948,577
1,635   4.000%, 8/01/34   8/31 at 100.00 AA+ 1,946,255
    North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015 A:        
125   5.000%, 10/01/41 (Pre-refunded 10/01/25) (UB) (4)   10/25 at 100.00 AA+ (5) 142,156
1,020   5.000%, 10/01/55 (Pre-refunded 10/01/25) (UB) (4)   10/25 at 100.00 AA+ (5) 1,159,995
    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A:        
1,000   5.000%, 1/01/25 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R (5) 1,018,950
1,500   5.000%, 1/01/26 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R (5) 1,528,425
3,155   North Carolina Medial Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2020A, 4.000%, 7/01/49 (UB) (4)   1/30 at 100.00 AA- 3,481,795
    North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Lutheran Services for the Aging, Series 2021A:        
305   5.000%, 3/01/28   No Opt. Call N/R 350,915
2,500   4.000%, 3/01/51   3/28 at 103.00 N/R 2,624,250
750   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2017A, 5.000%, 10/01/37 (Pre-refunded 10/01/23)   10/23 at 103.00 BBB (5) 822,015
45

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    North Carolina (continued)        
$ 1,000   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017, 5.000%, 1/01/32   1/27 at 100.00 BBB $1,142,140
3,500   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Series 2018, 5.000%, 1/01/31   1/29 at 100.00 BBB 4,164,055
    Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2017A:        
1,110   5.000%, 5/01/31 (AMT)   5/27 at 100.00 Aa3 1,283,604
1,750   5.000%, 5/01/32 (AMT)   5/27 at 100.00 Aa3 2,023,770
1,135   5.000%, 5/01/33 (AMT)   5/27 at 100.00 Aa3 1,312,775
500   Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2020A, 5.000%, 5/01/33 (AMT)   5/30 at 100.00 Aa3 607,865
31,510   Total North Carolina       35,850,814
    North Dakota – 0.4%        
1,190   Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021, 4.000%, 12/01/37   12/31 at 100.00 Baa2 1,359,182
    Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021:        
490   3.000%, 5/01/35   5/27 at 100.00 Baa2 498,477
2,320   3.000%, 5/01/41   5/27 at 100.00 Baa2 2,338,073
1,365   North Dakota Public Finance Authority, Capital Financing Program Revenue Bonds, Series 2015B, 5.250%, 6/01/27   6/25 at 100.00 AA- 1,539,311
1,485   Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C, 5.000%, 6/01/34   6/28 at 100.00 BBB- 1,718,442
6,850   Total North Dakota       7,453,485
    Ohio – 3.1%        
    Bethel Local School District, Miami County, Ohio, Certificates of Participation, Series 2020:        
500   4.000%, 12/01/32 –  BAM Insured   6/28 at 100.00 AA 565,830
1,000   4.000%, 12/01/36 –  BAM Insured   6/28 at 100.00 AA 1,128,030
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1:        
975   4.000%, 6/01/37   6/30 at 100.00 A- 1,104,636
945   4.000%, 6/01/38   6/30 at 100.00 A- 1,067,349
945   4.000%, 6/01/39   6/30 at 100.00 A- 1,063,843
    City of Elyria, Ohio, General Obligation Various Purpose Bonds, Series 2018:        
1,315   5.000%, 12/01/39  –  BAM Insured (Pre-refunded 6/01/23)   6/23 at 100.00 AA (5) 1,388,771
3,045   5.000%, 12/01/43  –  BAM Insured (Pre-refunded 6/01/23)   6/23 at 100.00 AA (5) 3,215,824
2,920   Cleveland, Ohio, General Obligation Bonds, Various Purpose Series 2019A, 4.000%, 12/01/34   12/29 at 100.00 AA+ 3,390,149
    Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2:        
115   5.000%, 10/01/37 (Pre-refunded 10/01/23)   10/23 at 100.00 N/R (5) 122,449
335   5.000%, 10/01/37 (Pre-refunded 10/01/23)   10/23 at 100.00 AA+ (5) 357,850
46

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Ohio (continued)        
$ 870   Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Subordinate Lien Series 2018A, 5.000%, 10/01/38   4/28 at 100.00 AA $1,038,676
1,000   Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2018, 5.000%, 12/01/37   6/26 at 100.00 Aa1 1,136,640
2,000   Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/35   5/25 at 100.00 AA+ 2,217,920
    Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018:        
2,250   5.000%, 6/01/36   6/28 at 100.00 AAA 2,717,910
2,250   5.000%, 6/01/37   6/28 at 100.00 AAA 2,716,290
5,000   Hamilton County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children's Hospital Medical Center, Series 2019CC, 5.000%, 11/15/49   No Opt. Call AA 7,180,000
550   Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27   2/23 at 100.00 BB+ 569,377
1,150   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 N/R 1,127,932
    Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2017:        
500   5.000%, 7/01/34   7/27 at 100.00 A 583,370
495   5.000%, 7/01/42   7/27 at 100.00 A 572,859
455   Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/37   1/30 at 100.00 A3 540,895
2,500   Ohio State, Capital Facilities Lease-Appropriation Bonds, Special Obligation, Administrative Building Fund Projects, Series 2017A, 5.000%, 4/01/35   4/27 at 100.00 AA 2,904,825
3,350   Ohio State, General Obligation Bonds, Common Schools Series 2019A, 5.000%, 6/15/35   6/29 at 100.00 AA+ 4,131,990
2,040   Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2017A, 5.000%, 1/01/32   1/28 at 100.00 AA 2,441,064
2,450   Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2019, 5.000%, 6/01/44   12/29 at 100.00 AAA 3,016,146
2,500   Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Refunding Series 2019B, 5.000%, 12/01/39   12/29 at 100.00 AAA 3,092,950
2,245   Ross County, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2019, 5.000%, 12/01/44   12/29 at 100.00 A- 2,682,348
43,700   Total Ohio       52,075,923
    Oklahoma – 0.5%        
2,000   Edmond Public Works Authority, Oklahoma, Sales Tax and Utility Systems Revenue Bonds, Series 2017, 5.000%, 7/01/42   7/27 at 100.00 AA- 2,338,360
2,170   Kingfisher Special Projects Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Kingfisher Public Schools Project, Series 2020, 4.000%, 3/01/28   No Opt. Call A 2,445,373
500   Marshall County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Madill Public Schools Project, Series 2017A, 5.000%, 9/01/32   9/27 at 100.00 A- 585,155
1,370   Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 5.000%, 1/01/37   1/26 at 100.00 AA- 1,550,032
47

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Oklahoma (continued)        
$ 800   Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2021, 4.000%, 9/01/33   9/31 at 100.00 N/R $ 912,264
6,840   Total Oklahoma       7,831,184
    Oregon – 0.3%        
950   Clatsop County, Oregon, General Obligation Bonds, Series 2019, 5.000%, 6/15/38   6/29 at 100.00 Aa2 1,160,681
2,000   Lane County School District 4J Eugene, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/31   6/27 at 100.00 Aa1 2,365,460
150   Oregon Special Districts Association, Certificates of Participation, Flexlease Program, Series 2013A, 4.000%, 1/01/24   7/22 at 100.00 N/R 151,488
1,060   Oregon State, General Obligation Bonds, Article XI-M Seismic Projects Series 2017C, 5.000%, 6/01/34   6/27 at 100.00 AA+ 1,247,811
4,160   Total Oregon       4,925,440
    Pennsylvania – 3.7%        
650   Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2016, 5.000%, 10/15/22   No Opt. Call Baa3 667,362
100   Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2018, 5.000%, 5/01/33, 144A   5/28 at 100.00 Ba3 114,546
    Berks County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Tower Health Project, Series 2017:        
650   5.000%, 11/01/24   No Opt. Call BB- 696,716
710   5.000%, 11/01/29   11/27 at 100.00 BB- 779,637
50   5.000%, 11/01/37   11/27 at 100.00 BB- 53,791
160   4.000%, 11/01/47   11/27 at 100.00 BB- 158,838
    Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & Medical Center Project, Series 2012A:        
1,300   5.000%, 11/01/40   5/22 at 100.00 BB- 1,307,462
1,155   5.000%, 11/01/44   5/22 at 100.00 BB- 1,161,329
835   Bucks County Industrial Development Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke's University Health Network Project, Series 2021, 3.000%, 8/15/53   8/30 at 100.00 A- 834,791
2,595   Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Main Line Health System, Series 2020A, 4.000%, 9/01/41   9/30 at 100.00 AA 2,960,895
    Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2017:        
1,750   5.000%, 6/01/32   6/25 at 102.00 BB 1,880,165
1,760   5.000%, 6/01/37   6/25 at 102.00 BB 1,879,909
1,350   Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2019A, 5.000%, 7/01/49   7/29 at 100.00 BBB- 1,530,522
    Luzerne County, Pennsylvania, General Obligation Bonds, Refunding Series 2017A:        
1,000   5.000%, 12/15/26   No Opt. Call AA 1,152,360
500   5.000%, 12/15/27   No Opt. Call AA 588,175
    Luzerne County, Pennsylvania, General Obligation Bonds, Refunding Series 2017B:        
500   5.000%, 12/15/26   No Opt. Call AA 576,180
500   5.000%, 12/15/27   No Opt. Call AA 588,175
48

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Pennsylvania (continued)        
$ 3,600   Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A, 5.000%, 9/01/34   9/28 at 100.00 A $4,277,088
1,125   Montgomery County Higher Education and Health Authority, Pennsylvania, Thomas Jefferson University Revenue Bonds, Series 2022B, 5.000%, 5/01/34   5/32 at 100.00 N/R 1,415,666
1,000   Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 4.125%, 12/31/38 (AMT)   6/26 at 100.00 BBB 1,101,470
2,290   Pennsylvania HIgher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Refunding Series 2015A, 5.000%, 9/01/45   3/25 at 100.00 A 2,521,862
    Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2019:        
2,000   4.000%, 8/15/44 (UB) (4)   8/29 at 100.00 AA 2,268,040
3,000   4.000%, 8/15/49 (UB) (4)   8/29 at 100.00 AA 3,371,700
3,000   Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Subordinate Series 2021B, 4.000%, 12/01/38   12/31 at 100.00 A+ 3,453,270
500   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45   6/25 at 100.00 A+ 555,120
5,385   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2019A, 5.000%, 12/01/38   12/29 at 100.00 A1 6,569,700
3,050   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 4.000%, 12/01/44   12/30 at 100.00 A 3,392,515
1,845   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Fixed Rate Series 2017A, 5.000%, 9/01/36   3/27 at 100.00 A 2,126,196
430   Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/27   8/25 at 100.00 A 483,987
1,500   Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2015A, 5.000%, 6/15/26 (AMT)   6/25 at 100.00 A2 1,674,870
3,000   Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 7/01/35 (AMT)   7/27 at 100.00 A2 3,478,530
600   Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue Bonds, First Lien Series 2019A, 5.000%, 9/01/32 –  AGM Insured   9/29 at 100.00 AA 738,876
4,740   Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2019A, 5.000%, 6/01/38 (UB) (4)   6/29 at 100.00 Aa3 5,771,424
725   Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2017, 5.000%, 1/01/35 (AMT)   1/28 at 100.00 Baa3 823,237
590   Upper Merion Area School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2016, 5.000%, 1/15/35   1/25 at 100.00 Aa1 651,431
53,945   Total Pennsylvania       61,605,835
    Rhode Island – 0.4%        
1,500   Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Providence College, Refunding Series 2015, 5.000%, 11/01/40   11/25 at 100.00 A 1,680,135
49

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Rhode Island (continued)        
    Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016:        
$ 1,500   5.000%, 5/15/30   5/26 at 100.00 BBB+ $1,687,455
2,200   5.000%, 5/15/31   5/26 at 100.00 BBB+ 2,467,916
5,200   Total Rhode Island       5,835,506
    South Carolina – 1.0%        
    Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2019:        
1,000   5.000%, 7/01/36   7/29 at 100.00 A1 1,218,000
800   5.000%, 7/01/37   7/29 at 100.00 A1 973,816
3,005   South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Wofford College, Series 2019, 5.000%, 4/01/49   4/29 at 100.00 A- 3,502,057
    South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, York Preparatory Academy Project, Series 2014A:        
75   5.750%, 11/01/23 (ETM)   No Opt. Call N/R (5) 79,499
180   7.000%, 11/01/33 (Pre-refunded 11/01/24)   11/24 at 100.00 N/R (5) 207,576
785   South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.000%, 7/01/33 (Pre-refunded 7/01/25) (AMT)   7/25 at 100.00 A+ (5) 882,332
    South Carolina State Ports Authority, Revenue Bonds, Series 2018:        
2,840   5.000%, 7/01/34 (AMT)   7/28 at 100.00 A+ 3,364,065
450   5.000%, 7/01/48 (AMT)   7/28 at 100.00 A+ 526,752
    Spartanburg County School District 7, South Carolina, General Obligation Bonds, Series 2018B:        
825   5.000%, 3/01/30   3/29 at 100.00 Aa1 1,010,592
1,495   5.000%, 3/01/38   3/29 at 100.00 Aa1 1,826,606
    Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Series 2020A:        
1,000   5.000%, 4/15/33 –  AGM Insured   4/30 at 100.00 AA 1,228,190
1,050   5.000%, 4/15/35 –  AGM Insured   4/30 at 100.00 AA 1,286,859
13,505   Total South Carolina       16,106,344
    South Dakota – 0.3%        
350   Lincoln County, South Dakota, Economic Development Revenue Bonds, The Augustana College Association Project, Series 2021A, 4.000%, 8/01/41   8/31 at 100.00 BBB- 379,687
1,000   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Refunding Series 2017, 5.000%, 7/01/35   7/27 at 100.00 AA- 1,170,310
2,765   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017, 5.000%, 9/01/40   9/27 at 100.00 AA- 3,208,783
4,115   Total South Dakota       4,758,780
    Tennessee – 0.8%        
1,820   Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad Health, Series 2018A, 5.000%, 7/01/35   7/28 at 100.00 A 2,152,350
1,400   Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017, 5.000%, 4/01/27   No Opt. Call BBB 1,627,458
50

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tennessee (continued)        
    Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A:        
$ 105   4.625%, 6/15/27, 144A (7)   No Opt. Call N/R $57,750
300   5.500%, 6/15/37, 144A (7)   6/27 at 100.00 N/R 165,000
830   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/35   7/26 at 100.00 A3 952,516
1,500   Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Series 2013, 5.000%, 7/01/40 (Pre-refunded 7/01/23)   7/23 at 100.00 AA (5) 1,587,720
1,350   Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2015B, 5.000%, 7/01/32 (AMT)   7/25 at 100.00 A1 1,494,923
3,000   Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2021A, 4.000%, 12/01/51 (Mandatory Put 9/01/28)   6/28 at 100.68 A1 3,344,040
1,245   Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Refunding Series 2015B, 5.000%, 11/01/35 (Pre-refunded 11/01/25)   11/25 at 100.00 AA+ (5) 1,415,328
11,550   Total Tennessee       12,797,085
    Texas – 16.1%        
1,535   Alamo Community College District, Bexar County, Texas, General Obligation Bonds, Refunding Limited Tax Series 2017, 5.000%, 8/15/36   8/27 at 100.00 AAA 1,818,837
2,000   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Great Hearts America - Texas, Series 2021A, 3.000%, 8/15/41   8/31 at 100.00 Aaa 2,089,820
560   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Refunding Series 2017A, 5.000%, 12/01/35   6/27 at 100.00 AAA 654,662
1,125   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2016A, 2.750%, 12/01/26   No Opt. Call BBB- 1,138,388
485   Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, Round Rock Campus, Refunding Series 2015, 5.000%, 8/01/27   8/25 at 100.00 AA 544,476
    Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A:        
500   5.000%, 1/01/32   1/27 at 100.00 BB+ 549,870
500   5.000%, 1/01/33   1/27 at 100.00 BB+ 548,450
    Austin, Texas, Airport System Revenue Bonds, Series 2017A:        
890   5.000%, 11/15/35   11/26 at 100.00 A1 1,035,506
5,000   5.000%, 11/15/41   11/26 at 100.00 A1 5,793,000
5,000   Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (AMT)   11/26 at 100.00 A1 5,713,450
2,000   Austin, Texas, Airport System Revenue Bonds, Series 2019B, 5.000%, 11/15/33 (AMT)   11/29 at 100.00 A1 2,421,520
3,200   Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (4)   11/25 at 100.00 AA 3,557,536
51

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Brazoria County Municipal Utility District 28, Texas, General Obligation Bonds, Refunding Series 2021:        
$ 285   3.000%, 9/01/26 –  AGM Insured   No Opt. Call AA $303,052
910   2.000%, 9/01/27 –  AGM Insured   9/26 at 100.00 AA 921,566
645   2.000%, 9/01/28 –  AGM Insured   9/26 at 100.00 AA 649,999
985   2.000%, 9/01/29 –  AGM Insured   9/26 at 100.00 AA 988,428
505   2.000%, 9/01/30 –  AGM Insured   9/26 at 100.00 AA 504,864
520   2.000%, 9/01/31 –  AGM Insured   9/26 at 100.00 AA 515,523
360   2.000%, 9/01/32 –  AGM Insured   9/26 at 100.00 AA 352,940
1,750   Brazoria County Toll Road Authority, Texas, Toll Road Revenue Bond, Refunding Limited Contract Tax & Subordinate Lien Series 2020, 5.000%, 3/01/49   3/27 at 100.00 AA+ 2,007,705
1,825   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 1/01/33 (Pre-refunded 1/01/23)   1/23 at 100.00 A- (5) 1,896,631
1,210   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2016, 5.000%, 1/01/28   1/26 at 100.00 BBB+ 1,360,439
    Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2021B:        
900   5.000%, 1/01/38   1/31 at 100.00 A- 1,101,663
1,150   5.000%, 1/01/39   1/31 at 100.00 A- 1,405,587
    Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:        
360   5.000%, 1/01/35 (Pre-refunded 7/01/25)   7/25 at 100.00 A- (5) 405,407
1,695   5.000%, 1/01/40 (Pre-refunded 7/01/25)   7/25 at 100.00 A- (5) 1,908,790
50   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A, 3.100%, 12/01/22   No Opt. Call BBB- 50,768
150   Corpus Christi, Texas, General Obligation Bonds, General Improvement Series 2013, 5.000%, 3/01/27 (Pre-refunded 3/01/23)   3/23 at 100.00 AA (5) 156,975
4,120   Cypress-Fairbanks Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2015, 4.000%, 2/15/32   2/25 at 100.00 AAA 4,432,420
5,345   Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/41 (Pre-refunded 12/01/25)   12/25 at 100.00 AA+ (5) 6,096,774
5,980   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2014B, 4.500%, 11/01/45 (Pre-refunded 11/01/22) (AMT)   11/22 at 100.00 A+ (5) 6,149,772
765   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 6.625%, 9/01/31 (Pre-refunded 9/01/23)   9/23 at 100.00 N/R (5) 826,583
290   Galveston County Municipal Utility District 56, Texas, General Obligation Bonds, Series 2020, 4.500%, 12/01/25 –  AGM Insured   No Opt. Call AA 321,355
    Garland, Dallas, Collin and Rockwell Counties, Texas, Electric Utility System Revenue Bonds, Refunding Series 2019:        
1,280   5.000%, 3/01/30   3/29 at 100.00 AA- 1,533,850
1,190   5.000%, 3/01/31   3/29 at 100.00 AA- 1,430,570
1,790   5.000%, 3/01/32   3/29 at 100.00 AA- 2,144,760
52

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Garland, Dallas, Collin and Rockwell Counties, Texas, Electric Utility System Revenue Bonds, Refunding Series 2019A:        
$ 350   4.000%, 3/01/34   3/30 at 100.00 AA- $401,716
370   4.000%, 3/01/35   3/30 at 100.00 AA- 424,005
390   4.000%, 3/01/36   3/30 at 100.00 AA- 446,511
540   4.000%, 3/01/37   3/30 at 100.00 AA- 618,041
590   4.000%, 3/01/38   3/30 at 100.00 AA- 674,046
500   4.000%, 3/01/39   3/30 at 100.00 AA- 570,425
1,000   Garland, Dallas, Collin and Rockwell Counties, Texas, Electric Utility System Revenue Bonds, Refunding Series 2020, 4.000%, 3/01/45   3/30 at 100.00 AA- 1,128,870
    Garland, Dallas, Collin and Rockwell Counties, Texas, Electric Utility System Revenue Bonds, Refunding Series 2021A:        
1,250   3.000%, 3/01/37   3/31 at 100.00 AA- 1,308,763
1,330   4.000%, 3/01/38   3/31 at 100.00 AA- 1,534,847
    Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding First Tier Series 2020C:        
4,165   4.000%, 10/01/45 (UB) (4)   4/30 at 100.00 A+ 4,663,884
4,990   4.000%, 10/01/49   4/30 at 100.00 A+ 5,544,838
5,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2018A Tela Supported, 5.000%, 10/01/43 (UB) (4)   4/28 at 100.00 AA+ 6,011,150
    Hackberry, Texas, Combination Special Assessment and Contract Revenue Road and Utility Bonds, Hidden Cove Improvement District 2, Series 2017:        
955   4.500%, 9/01/32   9/27 at 100.00 BBB- 1,059,735
1,230   4.500%, 9/01/32   9/27 at 100.00 BBB- 1,364,894
9,000   Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 4.000%, 10/01/37   10/27 at 100.00 AAA 10,052,100
800   Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A, 5.000%, 12/01/35 (WI/DD, Settling 2/10/22)   12/31 at 100.00 N/R 967,560
6,000   Highland Park Independent School District, Dallas County, Texas, General Obligation Bonds, School Building Series 2016, 4.000%, 2/15/33   2/25 at 100.00 Aaa 6,449,460
    Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018A:        
2,625   5.000%, 7/01/31 (AMT)   7/28 at 100.00 A1 3,106,582
2,000   5.000%, 7/01/35 (AMT)   7/28 at 100.00 A1 2,367,860
1,750   5.000%, 7/01/36 (AMT)   7/28 at 100.00 A1 2,072,542
1,665   Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018C, 5.000%, 7/01/32 (AMT)   7/28 at 100.00 AA 1,972,209
1,630   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/29 (Pre-refunded 7/01/22) (AMT)   7/22 at 100.00 A (5) 1,660,204
2,000   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2021A, 4.000%, 7/01/46 (AMT)   7/31 at 100.00 A1 2,199,300
2,855   Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2013A, 5.000%, 3/01/28 (Pre-refunded 3/01/23)   3/23 at 100.00 AA (5) 2,986,159
53

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 2,500   Keller Independent School District, Tarrant County, Texas, General Obligation Bonds, Refunding Series 2015A, 4.000%, 2/15/34 (Pre-refunded 2/15/25)   2/25 at 100.00 AAA (5) $2,711,700
1,400   Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/35   8/25 at 100.00 A 1,557,430
    Lake Houston Redevelopment Authority, Texas, Tax Increment Contract Revenue Bonds, Series 2021:        
350   3.000%, 9/01/38   9/31 at 100.00 BBB- 345,226
350   3.000%, 9/01/40   9/31 at 100.00 BBB- 342,220
4,220   3.000%, 9/01/44   9/31 at 100.00 BBB- 4,091,585
    Lazy Nine Municipal Utility District 1B, Travis County, Texas, General Obligation Water and Sewer Bonds, Series 2021A:        
525   2.000%, 3/01/35 –  AGM Insured   3/27 at 100.00 AA 458,105
530   2.000%, 3/01/37 –  AGM Insured   3/27 at 100.00 AA 456,272
4,825   Little Elm Independent School District, Denton County, Texas, General Obligation Bonds, School Building Series 2018, 5.000%, 8/15/46   2/28 at 100.00 AAA 5,710,773
1,695   Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue Financing System Bonds, Refunding Series 2021, 3.000%, 2/15/36   2/31 at 100.00 AA 1,787,801
2,000   Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, 5.000%, 11/01/32 (AMT)   11/25 at 100.00 A1 2,232,340
1,250   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2021, 5.000%, 5/15/41   5/30 at 100.00 A+ 1,530,887
2,550   Lubbock, Texas, Electric Light and Power Revenue Bonds, Series 2021, 4.000%, 4/15/39   4/30 at 100.00 A+ 2,893,561
    Martin County Hospital District, Texas, General Obligation Bonds, Refunding Series 2021:        
350   4.000%, 4/01/33   4/30 at 100.00 A3 385,483
350   4.000%, 4/01/35   4/30 at 100.00 A3 384,927
    Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2015:        
500   5.000%, 1/01/24   No Opt. Call A 533,750
300   5.000%, 1/01/25   1/24 at 100.00 A 321,372
1,000   Montgomery County Municipal Utility District 47, Texas, Waterworks and Sewer System Unlimited Tax Bonds, Series 2020, 1.500%, 10/01/29   10/25 at 100.00 Aa3 961,820
    Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien Series 2018:        
1,585   5.000%, 9/15/29   9/25 at 100.00 BBB- 1,760,570
1,060   5.000%, 9/15/31   9/25 at 100.00 BBB- 1,173,558
585   New Hope Cultural Education Facilities Finance Corporation, Texas, Capital Improvement Revenue Bonds, CHF-Collegiate Housing Denton, LLC - Texas Woman's University Housing Project, Series 2018A-1, 5.000%, 7/01/38 –  AGM Insured   7/27 at 100.00 AA 686,562
    New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A:        
1,500   5.000%, 7/01/23   No Opt. Call Caa1 1,290,000
750   5.000%, 7/01/30   7/25 at 100.00 Caa1 645,000
54

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 2,895   North East Regional Mobility Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 1/01/29   1/26 at 100.00 BBB $3,246,742
2,950   North East Regional Mobility Authority, Texas, Revenue Bonds, Subordinate Lien Series 2016B, 5.000%, 1/01/36   1/26 at 100.00 BBB- 3,278,836
2,120   North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Refunding Series 2019A, 4.000%, 12/15/38   12/29 at 100.00 AA- 2,451,356
    North Houston Development Corporation, Texas, Tax Increment Contract Revenue Bonds, Refunding Series 2019:        
880   3.000%, 9/01/36 –  AGM Insured   9/29 at 100.00 AA 891,132
1,000   3.000%, 9/01/37 –  AGM Insured   9/29 at 100.00 AA 1,014,240
1,150   North Texas Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2012A, 5.125%, 12/01/42 (Pre-refunded 6/01/22)   6/22 at 100.00 BBB- (5) 1,167,641
3,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 (Pre-refunded 1/01/25)   1/25 at 100.00 A+ (5) 3,455,040
1,500   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2018, 5.000%, 1/01/31   1/28 at 100.00 A 1,782,630
    Port Freeport, Brazoria County, Texas, Revenue Bonds, Senior Lien Series 2018:        
1,050   5.000%, 6/01/34 (AMT)   6/28 at 100.00 A+ 1,219,764
1,105   5.000%, 6/01/35 (AMT)   6/28 at 100.00 A+ 1,282,253
5,000   Port of Houston Authority, Harris County, Texas, General Obligation Bonds, First Lien Series 2021, 4.000%, 10/01/39   4/32 at 100.00 N/R 5,867,350
1,000   San Antonio Education Facilities Corporation, Texas, Higher Education Revenue Bonds, University Incarnate Word Project, Refunding & Improvement Series 2021A, 4.000%, 4/01/41   4/31 at 100.00 Baa1 1,098,190
1,500   San Antonio, Texas, Airport System Revenue Bonds, Improvement Series 2015, 5.000%, 7/01/45 (AMT)   7/25 at 100.00 A1 1,653,165
4,140   San Antonio, Texas, Water System Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/29   5/22 at 100.00 AA+ 4,194,441
890   Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University Project, Refunding Series 2017, 5.000%, 10/01/39   10/27 at 100.00 AA- 1,055,549
3,975   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Cook Childrens Medical Center, Series 2020, 3.000%, 12/01/40   12/29 at 100.00 AA 4,133,006
1,405   Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Refunding Series 2021, 5.000%, 12/15/30   No Opt. Call A3 1,706,415
    Texas Municipal Power Agency, Revenue Bonds, Transmission System, Refunding Series 2021:        
3,000   2.000%, 9/01/33 –  AGM Insured   9/26 at 100.00 AA 2,795,130
1,000   3.000%, 9/01/36 –  AGM Insured   9/26 at 100.00 AA 1,047,430
    Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A:        
2,000   5.000%, 12/31/31   12/29 at 100.00 Baa2 2,436,800
3,185   5.000%, 12/31/34   12/29 at 100.00 Baa2 3,860,570
2,420   5.000%, 12/31/36   12/29 at 100.00 Baa2 2,923,578
55

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 1,000   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A, 4.000%, 12/31/32   12/30 at 100.00 Baa2 $1,140,520
    Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility, Series 2013:        
335   7.000%, 12/31/38 (AMT)   9/23 at 100.00 Baa3 366,939
455   6.750%, 6/30/43 (AMT)   9/23 at 100.00 Baa3 496,369
1,200   Texas State, General Obligation Bonds, College Student Loan Series 2014, 6.000%, 8/01/25 (AMT)   8/24 at 100.00 AAA 1,343,628
3,955   Texas State, General Obligation Bonds, College Student Loan Series 2020A, 4.500%, 8/01/30 (AMT)   2/30 at 100.00 AAA 4,747,542
    Texas State, General Obligation Bonds, Refunding College Student Loan Series 2019:        
4,230   5.000%, 8/01/32 (AMT)   No Opt. Call AAA 5,431,616
4,445   5.000%, 8/01/33 (AMT)   No Opt. Call AAA 5,779,611
2,000   Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014A, 5.000%, 10/01/26   10/24 at 100.00 AAA 2,201,120
7,000   Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2015A, 5.000%, 10/01/34   10/25 at 100.00 AAA 7,898,940
1,330   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22)   8/22 at 100.00 A (5) 1,362,080
1,140   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding Second Tier Series 2015C, 5.000%, 8/15/29   8/24 at 100.00 A- 1,242,874
7,000   Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2015A, 4.000%, 10/15/34   10/25 at 100.00 AAA 7,647,360
1,250   Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2016, 5.000%, 10/15/46   10/26 at 100.00 AAA 1,436,800
    Travis County Water Control and Improvement District 17, Steiner Ranch Defined Area, Texas, General Obligation Bonds, Refunding Series 2020:        
1,250   3.000%, 5/01/28 –  BAM Insured   No Opt. Call AA 1,340,312
1,105   3.000%, 5/01/29 –  BAM Insured   No Opt. Call AA 1,187,897
2,000   University of Houston, Texas, Consolidated Revenue Bonds, Refunding Series 2017C, 5.000%, 2/15/29   2/26 at 100.00 AA 2,284,960
1,185   Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Refunding Series 2021, 3.000%, 9/01/38   9/31 at 100.00 Baa2 1,211,212
1,645   Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2017A, 5.000%, 9/01/39   9/26 at 100.00 BBB 1,822,973
2,000   Viridian Municipal Management District, Texas, Unlimited Tax Revenue Bonds, Road Improvement Series 2021, 2.250%, 12/01/37 –  AGM Insured   12/27 at 100.00 AA 1,778,580
1,070   Viridian Municipal Management District, Texas, Unlimited Tax Revenue Bonds, Utility Improvement Series 2021, 2.250%, 12/01/37 –  AGM Insured   12/27 at 100.00 AA 951,540
56

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Washington County Junior College District, Texas, Combined Fee Revenue Bonds, Refunding Series 2020:        
$ 1,700   5.000%, 10/01/29 –  AGM Insured   No Opt. Call AA $2,091,068
1,775   5.000%, 10/01/30 –  AGM Insured   No Opt. Call AA 2,203,254
1,385   4.000%, 10/01/31 –  AGM Insured   10/30 at 100.00 AA 1,592,113
800   Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Refunding Series 2015C, 6.500%, 8/15/28   8/24 at 100.00 Aaa 904,720
238,435   Total Texas       266,203,865
    Utah – 1.6%        
2,870   Emery County School District, Utah, General Obligation Bonds, Series 2021, 2.000%, 6/15/41   12/30 at 100.00 Aaa 2,575,337
1,255   Lehi, Utah, Sales Tax Revenue Bonds, Series 2018, 5.250%, 6/01/38   6/28 at 100.00 AA+ 1,510,781
1,955   MIDA Military Installation Development Authority Golf and Equestrian Center Public Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021, 4.500%, 6/01/51, 144A   12/26 at 103.00 N/R 1,863,115
    Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A:        
1,875   5.000%, 7/01/34 (AMT)   7/27 at 100.00 A 2,173,987
2,280   5.000%, 7/01/35 (AMT)   7/27 at 100.00 A 2,643,683
2,000   Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, 7/01/30 (AMT)   7/28 at 100.00 A 2,365,600
    Utah Charter School Finance Authority, Charter School Revenue Bonds, Bridge Elementary Project, Series 2021A:        
560   4.000%, 6/15/31, 144A   6/28 at 103.00 N/R 572,152
145   4.000%, 6/15/41, 144A   6/28 at 103.00 N/R 143,069
    Utah Charter School Finance Authority, Charter School Revenue Bonds, Utah Charter Academies Project, Series 2018:        
500   5.000%, 10/15/29   10/27 at 100.00 AA 578,340
500   5.000%, 10/15/31   10/27 at 100.00 AA 577,470
    Utah Charter School Finance Authority, Utah, Charter School Revenue Bonds, Spectrum Academy Project, Series 2020:        
250   4.000%, 4/15/29   No Opt. Call Aa2 281,870
705   4.000%, 4/15/30   No Opt. Call Aa2 802,523
760   4.000%, 4/15/32   4/30 at 100.00 Aa2 859,925
5,000   Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc, Series 2020A, 5.000%, 5/15/43 (UB) (4)   5/30 at 100.00 AA+ 6,128,400
400   Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2016B, 4.000%, 5/15/47   5/24 at 100.00 AA+ 421,348
750   Utah Infrastructure Agency, Telecommunications Revenue Bonds, Series 2021, 4.000%, 10/15/38   4/31 at 100.00 BBB- 838,305
1,600   Weber Basin Water Conservancy District, Utah, Water Revenue Bonds, Series 2021A, 4.000%, 4/01/46   4/29 at 100.00 AAA 1,809,264
23,405   Total Utah       26,145,169
57

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Vermont – 0.2%        
    Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Green Series 2016B:        
$ 1,270   5.000%, 12/01/37   6/26 at 100.00 A+ $1,441,831
1,500   5.000%, 12/01/38   6/26 at 100.00 A+ 1,701,600
2,770   Total Vermont       3,143,431
    Virginia – 1.2%        
1,065   Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, 5.000%, 7/01/41 –  AGM Insured   7/26 at 100.00 AA 1,231,087
3,375   Fairfax County Economic Development Authority, Virginia, Transportation Contract Revenue Bonds, Route 28 Project, Refunding Series 2016B, 3.000%, 4/01/36   4/26 at 100.00 AA+ 3,538,586
2,000   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB) (4)   5/28 at 100.00 AA+ 2,215,220
1,400   Fredericksburg Economic Development Authority, Virginia, Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2014, 5.000%, 6/15/33   6/24 at 100.00 A3 1,510,838
3,000   Front Royal and Warren County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Valley Health System Obligated Group, Series 2018, 4.000%, 1/01/50   1/25 at 103.00 A+ 3,243,690
2,135   Lynchburg, Virginia, General Obligation Bonds, Public Improvement, Series 2020, 5.000%, 8/01/28   No Opt. Call AA+ 2,606,984
1,005   Norfolk Redevelopment and Housing Authority, Virginia, Revenue Bonds, Fort Norfolk Retirement Community, Inc. - Harbor's Edge Project, Refunding Series 2014, 5.375%, 1/01/35   1/25 at 100.00 N/R 1,077,400
475   Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016, 5.000%, 6/15/27   6/26 at 100.00 A3 545,367
815   Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.750%, 1/01/34   No Opt. Call AA 1,140,389
1,750   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/47 (AMT)   6/27 at 100.00 BBB 2,037,245
40   Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing, OPCO LLC Project, Senior Lien Series 2012, 4.750%, 1/01/25 (AMT)   7/22 at 100.00 BBB 40,686
17,060   Total Virginia       19,187,492
    Washington – 1.4%        
    Camas, Washington, Water and Sewer Revenue Bonds, Series 2019:        
720   5.000%, 12/01/44   12/28 at 100.00 Aa3 858,766
1,255   5.000%, 12/01/47   12/28 at 100.00 Aa3 1,490,225
3,000   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/35 (UB) (4)   11/26 at 100.00 AAA 3,472,710
1,915   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2019A, 5.000%, 7/01/36   7/29 at 100.00 Aa2 2,347,349
1,705   King County School District 415 Kent, Washington, General Obligation Bonds, Series 2019, 4.000%, 12/01/38   12/29 at 100.00 Aaa 1,981,056
1,355   Lakewood Water District, Pierce County, Washington, Water Revenue Bonds, 2019A, 5.000%, 12/01/44 (AMT)   12/28 at 100.00 AA 1,592,477
58

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Washington (continued)        
$ 2,500   Pierce County School District 403, Bethel, Washington, General Obligation Bonds, Series 2019, 5.000%, 12/01/37   6/29 at 100.00 Aaa $3,066,275
400   Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/28   No Opt. Call BBB+ 484,284
2,000   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2017A, 5.000%, 10/01/47 (UB) (4)   10/27 at 100.00 Aa2 2,316,440
    Washington State, Certificates of Participation, State & Local Agency Real & Personal Property Series 2020B:        
2,100   5.000%, 7/01/39   7/30 at 100.00 Aa1 2,604,735
2,190   5.000%, 7/01/40   7/30 at 100.00 Aa1 2,711,921
19,140   Total Washington       22,926,238
    West Virginia – 0.6%        
1,000   Marshall University, West Virginia, University Revenue Bonds, Refunding & Improvement Series 2020A, 3.000%, 5/01/46 –  AGM Insured   5/30 at 100.00 AA 1,025,090
250   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding Series 2016A, 4.000%, 6/01/35   6/26 at 100.00 A 271,155
1,035   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Series 2018A, 4.000%, 6/01/51   6/28 at 100.00 N/R 1,132,124
2,545   West Virginia State, General Obligation Bonds, State Road Series 2019A, 5.000%, 6/01/41   6/29 at 100.00 Aa2 3,119,814
2,840   West Virginia State, General Obligation Bonds, State Road Series 2021A, 5.000%, 6/01/38   6/31 at 100.00 Aa2 3,598,933
1,250   West Virginia Water Development Authority, Infrastructure Excess Lottery Revenue Bonds, Chesapeake Bay/Greenbrier River Projects, Series 2014A, 5.000%, 7/01/34   7/24 at 100.00 AAA 1,360,588
8,920   Total West Virginia       10,507,704
    Wisconsin – 1.8%        
    Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Renown Regional Medical Center Project, Refunding Series 2020A:        
2,950   5.000%, 6/01/38   6/30 at 100.00 A+ 3,599,147
5,000   4.000%, 6/01/39   6/30 at 100.00 A+ 5,650,700
1,775   Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A, 5.000%, 6/15/38, 144A   6/26 at 100.00 BBB- 1,916,592
485   University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 2015-XF0127, 17.694%, 4/01/38 (Pre-refunded 4/01/23), 144A (IF) (4)   4/23 at 100.00 AA- (5) 580,109
2,410   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016B, 5.000%, 2/15/34   2/26 at 100.00 A- 2,710,913
335   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014, 5.000%, 5/01/25   5/24 at 100.00 BBB+ 361,197
    Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A:        
1,840   5.000%, 9/01/28 (Pre-refunded 9/01/27)   9/27 at 100.00 N/R (5) 2,174,825
700   5.000%, 9/01/29 (Pre-refunded 9/01/27)   9/27 at 100.00 N/R (5) 827,379
5,000   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A, 5.000%, 4/01/35   4/27 at 100.00 AA 5,769,500
59

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Wisconsin (continued)        
    Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Hope Christian Schools Obligated Group, Series 2021:        
$ 1,000   4.000%, 12/01/51   12/26 at 100.00 N/R $1,022,000
1,000   4.000%, 12/01/56   12/26 at 100.00 N/R 1,017,470
1,505   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 5.000%, 2/15/30 (Pre-refunded 8/15/25)   8/25 at 100.00 N/R (5) 1,697,113
100   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/26   7/24 at 100.00 A 108,697
800   Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2021C, 2.100%, 9/01/32   9/30 at 100.00 N/R 761,856
1,850   Wisconsin State, Transportation Revenue Bonds, Series 2021A, 3.000%, 7/01/41   7/30 at 100.00 AAA 1,988,361
26,750   Total Wisconsin       30,185,859
    Wyoming – 0.1%        
1,000   Wyoming Municipal Power Agency, Power Supply System Revenue Bonds, Refunding Series 2017A, 5.000%, 1/01/34  –  BAM Insured (Pre-refunded 1/01/27)   1/27 at 100.00 A2 (5) 1,172,840
$ 1,553,581   Total Long-Term Investments (cost $1,722,969,751)       1,763,310,388
    Floating Rate Obligations – (8.1)%       (133,455,000)
    Other Assets Less Liabilities – 1.6%       25,197,593
    Net Assets  –  100%       $ 1,655,052,981
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(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) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(6) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(7) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
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  
ETM Escrowed to maturity  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
WI/DD Purchased on a when-issued or delayed delivery basis.  
See accompanying notes to financial statements.
60

Statement of Assets and Liabilities
January 31, 2022
(Unaudited)
   
Assets  
Long-term investments, at value (cost $1,722,969,751) $1,763,310,388
Cash 19,644,358
Receivable for:  
Interest 16,775,518
Investments sold 3,252,500
Reimbursement from Adviser 68,027
Shares sold 1,808,532
Other assets 113,869
Total assets 1,804,973,192
Liabilities  
Floating rate obligations 133,455,000
Payable for:  
Dividends 1,041,305
Interest 379,120
Investments purchased - regular settlement 1,425,533
Investments purchased - when-issued/delayed-delivery settlement 8,893,878
Shares redeemed 4,279,787
Accrued expenses:  
Trustees fees 73,694
Other 371,894
Total liabilities 149,920,211
Commitments and contingencies (as disclosed in Note 8)  
Net assets $1,655,052,981
Shares outstanding 145,104,342
Net assets value ("NAV") per share $ 11.41
Fund level net assets consist of:  
Capital paid-in $1,617,874,659
Total distributable earnings (loss) 37,178,322
Fund level net assets $1,655,052,981
Authorized shares Unlimited
Par value per share $ 0.01
See accompanying notes to financial statements.
61

Statement of Operations
Six Months Ended January 31, 2022
(Unaudited)
   
Investment Income $ 22,630,049
Expenses  
Shareholder servicing agent fees 135,106
Interest expense 358,128
Custodian fees 87,798
Professional fees 62,282
Trustees fees 26,989
Shareholder reporting expenses 8,120
Federal and state registration fees 58,615
Other 13,971
Total expenses before fee waiver/expense reimbursement 751,009
Fee waiver/expense reimbursement (402,397)
Net expenses 348,612
Net investment income (loss) 22,281,437
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from investments 293,089
Change in net unrealized appreciation (depreciation) of investments (77,483,461)
Net realized and unrealized gain (loss) (77,190,372)
Net increase (decrease) in net assets from operations $(54,908,935)
See accompanying notes to financial statements.
62

Statement of Changes in Net Assets
 
  Unaudited
Six Months Ended
1/31/22 		Year Ended
7/31/21
Operations    
Net investment income (loss) $ 22,281,437 $ 41,524,230
Net realized gain (loss) from investments 293,089 2,220,950
Change in net unrealized appreciation (depreciation) of investments (77,483,461) 29,773,634
Net increase (decrease) in net assets from operations (54,908,935) 73,518,814
Distributions to Shareholders    
Dividends (22,438,166) (41,655,713)
Decrease in net assets from distributions to shareholders (22,438,166) (41,655,713)
Fund Share Transactions    
Proceeds from sale of shares 242,661,941 487,203,451
Proceeds from shares issued to shareholders due to reinvestment of distributions 16,215,214 29,181,377
  258,877,155 516,384,828
Cost of shares redeemed (157,550,599) (276,057,563)
Net increase (decrease) in net assets from Fund share transactions 101,326,556 240,327,265
Net increase (decrease) in net assets 23,979,455 272,190,366
Net assets at the beginning of period 1,631,073,526 1,358,883,160
Net assets at the end of period $1,655,052,981 $1,631,073,526
See accompanying notes to financial statements.
63

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64

Financial Highlights
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Year Ended July 31, Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV
2022(f) $11.95 $0.16 $(0.54) $(0.38)   $(0.16) $ — $(0.16) $11.41
2021 11.71 0.33 0.24 0.57   (0.33)  — (0.33) 11.95
2020 11.50 0.35 0.21 0.56   (0.35)  — (0.35) 11.71
2019 10.94 0.38 0.56 0.94   (0.38)  — (0.38) 11.50
2018 11.12 0.38 (0.18) 0.20   (0.38)  — (0.38) 10.94
2017 11.46 0.38 (0.35) 0.03   (0.37)  — (0.37) 11.12
65

               
  Ratios/Supplemental Data
    Ratios to Average Net Assets  
Total
Return(b) 		Ending
Net
Assets
(000) 		Gross
Expenses
Including
Interest(c) 		Gross
Expenses
Excluding
Interest 		Net
Expenses
Including
Interest(c), (d) 		Net
Expenses
Excluding
Interest(d) 		Net
Investment
Income
(Loss)(d) 		Portfolio
Turnover
Rate(e)
(3.22) % $1,655,053 0.09%* 0.05%* 0.04%*  —%* 2.64%* 7%
4.96 1,631,074 0.10 0.05 0.05  — 2.80 7
5.00 1,358,883 0.18 0.06 0.12  — 3.07 19
8.75 1,220,749 0.18 0.06 0.12  — 3.41 20
1.81 958,897 0.16 0.07 0.09  — 3.45 30
0.34 786,210 0.11 0.06 0.05  — 3.49 11
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4  –  Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 9 - Borrowing Arrangements.
(d) After fee waiver and/or expense reimbursement from the Adviser, when applicable. See Note 7 - Management Fees for more information.
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(f) Unaudited. For the six months ended January 31, 2022.
* Annualized.
See accompanying notes to financial statements.
66

Notes to Financial Statements    
(Unaudited)
1.  General Information
Trust and Fund Information
The Nuveen Managed Accounts Portfolios Trust (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust is comprised of Municipal Total Return Managed Accounts Portfolio (the "Fund"), as a diversified fund. The Trust was organized as a Massachusetts business trust on November 14, 2006.
The Fund is developed exclusively for use within separately managed accounts sponsored by Nuveen, LLC ("Nuveen"). the Fund is a specialized municipal bond fund to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund enables certain Nuveen municipal separately managed account investors to achieve greater diversification and return potential that smaller managed accounts might otherwise achieve by using lower quality, higher yielding securities and to gain access to special investment opportunities normally available only to institutional investors.
The end of the reporting period for the Fund is January 31, 2022, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2022 (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. 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.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund's normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2.  Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value ("NAV") for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.
Compensation
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust 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 Shareholders
Distributions to 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.
67

Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust 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 the accretion of discounts and the 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.
Netting Agreements
In the ordinary course of business, the Fund may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.
The Fund's investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 - Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Fund may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Fund's investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Fund's financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Fund’s financial statements.
3.  Investment Valuation and Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure 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.).
68

Notes to Financial Statements (Unaudited) (continued)
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund's major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value them:
  Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Municipal Bonds $ — $1,763,310,388 $ — $1,763,310,388
    
* Refer to the Fund's Portfolio of Investments for state classifications.
The Fund holds liabilities in floating rate obligations where applicable, which are not reflected in the table above. The fair values of the Fund's liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4 - Portfolio Securities and Investments in Derivatives.
4.  Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
The Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of the Fund. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as the Fund. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by the Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). The Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
69

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB)  –  Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF)  –  Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by the Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations Outstanding  
Floating rate obligations: self-deposited Inverse Floaters $133,455,000
Floating rate obligations: externally-deposited Inverse Floaters 7,320,000
Total $140,775,000
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:
Self-Deposited Inverse Floaters  
Average floating rate obligations outstanding $120,351,219
Average annual interest rate and fees 0.58%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
The Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, the Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
70

Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations - Recourse Trusts  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters $133,455,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 7,320,000
Total $140,775,000
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period aggregated $235,587,990 and $110,271,685, respectively.
The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Fund has earmarked securities in its portfolio with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
In addition to the inverse floating rate securities in which the Fund may invest, which are considered portfolio securities for financial reporting purposes, the Fund is authorized to invest in certain derivative instruments. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund's investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Fund is authorized to invest in derivative instruments, and may do so in the future, it did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business the Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5.  Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
  Six Months Ended
1/31/22 		  Year Ended
7/31/21
  Shares Amount   Shares Amount
Shares sold 20,605,447 $ 242,661,941   41,441,915 $ 487,203,451
Shares issued to shareholders due to reinvestment of distributions 1,384,320 16,215,214   2,483,938 29,181,377
Shares redeemed (13,415,860) (157,550,599)   (23,479,338) (276,057,563)
Net increase (decrease) 8,573,907 $ 101,326,556   20,446,515 $ 240,327,265
71

6.  Income Tax Information
The Fund is a separate taxpayer for federal income tax purposes. The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
The Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Fund. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.
The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.
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 was as follows:
Fund Tax Cost Gross Unrealized
Appreciation 		Gross Unrealized
(Depreciation) 		Net Unrealized
Appreciation
(Depreciation)
Municipal Total Return Managed Accounts Portfolio $1,589,342,357 $58,814,212 $(18,301,535) $40,512,677
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:
Fund Undistributed Net Tax-Exempt Income 1 Undistributed Ordinary Income Undistributed Long-Term Capital Gains Unrealized Appreciation (Depreciation) Capital Loss Carryforwards Late-Year Loss Deferrals Other Book-to-Tax Differences Total
Municipal Total Return Managed Accounts Portfolio $4,732,723 $9,522 $ — $117,973,995 $(4,524,333) $ — $(3,666,483) $114,525,424
    
1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period July 1, 2021 through July 31, 2021, and paid on August 2, 2021.
As of prior fiscal period end, the Fund had capital loss carryforwards, which will not expire:
Fund Short-Term Long-Term Total
Municipal Total Return Managed Accounts Portfolio $4,524,333 $ — $4,524,333
7.  Management Fees
The Adviser does not charge any management fees or other expenses directly to the Fund. The Adviser has agreed irrevocably during the existence of the Fund to waive all fees and pay or reimburse all expenses of the Fund (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Adviser and the Sub-Adviser are compensated for their services to the Fund from the fee charged at the separately managed account level.
8.  Commitments and Contingencies
In the normal course of business, the Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Fund did not have any unfunded commitments.
From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund's rights under contracts. As of the end of the reporting period, the Fund is not subject to any material legal proceedings.
9.  Borrowing Arrangements
Committed Line of Credit
The Fund, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 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
72

Notes to Financial Statements (Unaudited) (continued)
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 2022 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. 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.
73

Additional Fund Information    
(Unaudited)
Investment Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
One North Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank & Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Transfer Agent and
Shareholder Services
DST Asset Manager
Solutions, Inc. (DST)
P.O. Box 219140
Kansas City, MO 64121-9140
(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.
75

Glossary of Terms Used in this Report    
(Unaudited)
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Bloomberg 7 Year Municipal Bond Index: An index designed to measure the performance of tax-exempt U.S. investment-grade municipal bonds with remaining maturities of seven to eight years.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either directly through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument. The calculation of the Effective Leverage Ratio reflects borrowings effected on a long-term basis for investment purposes, but excludes borrowings that may occur, on a transient basis, in connection with a Fund’s day-to-day operations primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Pre-Refunded Bond/Pre-Refunding: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is
76

Glossary of Terms Used in this Report (Unaudited) (continued)
used to make payments on the higher yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
Total Investment Exposure: Total investment exposure is the fund’s assets managed by the Adviser that are attributable to leverage. For these purposes, leverage includes the fund’s use of preferred stock and borrowings and 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.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
77

Notes    
78

Notes    
79

Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, 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/mutual-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com    MSA-MAPS-0122P2057658-INV-B-03/23

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 registrant.

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

 

  (a)   See Portfolio of Investments in Item 1.

 

  (b)   Not applicable.

 

ITEM 7.

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

Not applicable to this registrant.

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

 

ITEM 9.

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

Not applicable to this registrant.

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

 

ITEM 11.

CONTROLS AND PROCEDURES.

 

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

 

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

 

ITEM 12.

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

Not applicable.

 

ITEM 13.

EXHIBITS.

File the exhibits listed below as part of this Form.

 

  (a )(1)    Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
  (a )(2)    A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
  (a )(3)    Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
  (a )(4)    Change in the registrant’s independent public accountant. Not applicable.
  (b )    If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Managed Accounts Portfolios Trust

 

By (Signature and Title)       /s/ Mark J. Czarniecki
  Mark J. Czarniecki
  Vice President and Secretary

Date: April 7, 2022

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

 

By (Signature and Title)       /s/ Christopher E. Stickrod
  Christopher E. Stickrod
  Chief Administrative Officer
  (principal executive officer)

Date: April 7, 2022

 

By (Signature and Title)       /s/ E. Scott Wickerham
 

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

Date: April 7, 2022

EX-99.CERT 2 d287174dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

EX-99.CERT

CERTIFICATIONS

I, Christopher E. Stickrod, certify that:

 

1.   I have reviewed this report on Form N-CSR of Nuveen Managed Accounts Portfolios Trust;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

Date: April 7, 2022

 

/s/ Christopher E. Stickrod

Christopher E. Stickrod

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

 

1.   I have reviewed this report on Form N-CSR of Nuveen Managed Accounts Portfolios Trust;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

Date: April 7, 2022

 

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

 EX-99.906CERT 3 d287174dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

EX-99.906CERT

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

The undersigned officers of Nuveen Managed Accounts Portfolios Trust (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

 

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

 

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

Date: April 7, 2022

 

/s/ Christopher E. Stickrod
Christopher E. Stickrod
Chief Administrative Officer
(principal executive officer)
/s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)
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