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: July 31, 2023

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.

Accounts

Portfolios

Trust

Mutual

Funds

Nuveen

Managed

July

31,

2023

Annual

Report

Fund

Name

Municipal

Total

Return

Managed

Accounts

Portfolio

NMTRX

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

NCIRX

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

NEMDX

Nuveen

High

Yield

Managed

Accounts

Portfolio

NMYHX

Nuveen

Preferred

Securities

and

Income

Managed

Accoun

ts

Portfolio

NISPX

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

NNSDX

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Risk

Considerations

and

Dividend

Information

11

About

the

Funds’

Benchmarks

13

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

14

Yields

27

Expense

Examples

28

Report

of

Independent

Registered

Public

Accounting

Firm

31

Portfolios

of

Investments

33

Statement

of

Assets

and

Liabilities

95

Statement

of

Operations

96

Statement

of

Changes

in

Net

Assets

98

Financial

Highlights

101

Notes

to

Financial

Statements

113

Important

Tax

Information

124

Additional

Fund

Information

126

Glossary

of

Terms

Used

in

this

Report

127

Liquidity

Risk

Management

Program

128

Annual

Investment

Management

Agreement

Approval

Process

129

Trustees

and

Officers

139

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

While

inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

From

March

2022

to

July

2023

(with

only

a

brief

pause

in

June

2023),

the

Fed

increased

the

target

fed

funds

rate

from

near

zero

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages

while

the

impact

of

the

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

in

March

2023

adds

to

uncertainty.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

The

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

Additionally,

market

concerns

surrounding

the

U.S.

debt

ceiling

faded

after

the

government

agreed

in

June

2023

to

suspend

the

nation’s

borrowing

limit

until

January

2025,

averting

a

near-term

default

scenario.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 22,

2023

4

Important

Notices

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports 

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

July

31,

2024.

Portfolio

Managers’

Comments

5

Municipal

Total

Return

Managed

Accounts

Portfolio

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Nuveen

High

Yield

Managed

Accounts

Portfolio

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

These

Funds

were

developed

exclusively

for

use

within

Nuveen-sponsored

separately

managed

accounts

and

are

specialized

portfolios

to

be

used

in

combination

with

selected

individual

securities

to

effectively

model

institutional-level

investment

strategies.

The

Funds

are

managed

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Martin

J.

Doyle,

CFA,

serves

as

portfolio

manager

for

the

Municipal

Total

Return

Managed

Accounts

Portfolio.

Stephen

Liberatore,

CFA,

and

Jessica

M.

Zarzycki,

CFA,

serve

as

portfolio

managers

for

the

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio.

Katherine

Renfrew

and

Melissa,

J.

Zaccagnino

serve

as

portfolio

managers

for

the

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio.

Kevin

R.

Lorenz,

CFA,

and

Jacob

J.

Fitzpatrick,

CFA,

serve

as

portfolio

managers

for

the

Nuveen

High

Yield

Managed

Accounts

Portfolio.

Brenda

A.

Langenfeld,

CFA,

and

Matt

R.

Diamond

serve

as

portfolio

managers

for

the

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio.

Nicholas

W.

Travaglino

and

Peter

A.

Lewis

serve

as

portfolio

managers

for

the

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio.

In

November

2022,

the

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio’s

Board

of

Trustees

approved

a

change

in

the

Fund’s

fiscal

year

end

from

October

31

to

July

31.

As

a

result,

the

Fund

has

prepared

an

abbreviated

nine-month

annual

report

for

the

reporting

period

ended

July

31,

2023.

Here

the

portfolio

management

teams

review

the

U.S.

economy

and

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

and

abbreviated

reporting

periods

ended

July

31,

2023.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

each

Fund’s

prospectus.

What

factors

affected

the

U.S.

economy

and

financial

markets

during

the

abbreviated

and

twelve-month

annual

reporting

periods

ended

July

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

July

31,

2023.

In

the

second

quarter

of

2023,

the

economy

grew

at

an

annualized

rate

of

2.1%,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis,

compared

to

2.0%

in

the

first

quarter

and

in

line

with

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

rose

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(eventually

lifted

in

December

2022).

During

the

reporting

period,

U.S.

inflation

reached

its

peak

level

in

August

2022.

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

seven

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

One

of

the

Fed’s

rate

increases

occurred

in

March

2023,

a

decision

that

was

closely

watched

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

during

the

same

month

and

uncertainty

around

the

economic

impact

of

these

failures.

Additionally,

in

March

2023,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

July

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.5%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

Portfolio

Managers’

Comments

(continued)

6

Municipal

Total

Return

Managed

Accounts

Portfolio

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

and

its

portfolio

serve

as

a

component

of

a

Nuveen

separate

municipal

bond

managed

account

product,

so

the

Fund’s

shares

are

offered

only

to

investors

who

hold

the

separately

managed

account

product.

The

Fund

is

permitted

to

invest

across

both

the

entire

yield

curve

and

credit

spectrum

of

the

municipal

bond

market.

The

portfolio

of

the

separately

managed

account

product,

including

both

the

Fund

shares

and

directly

purchased

municipal

securities,

maintains,

on

a

combined

basis,

an

intermediate-term

and

higher

quality

characteristics.

However,

the

Fund

component

of

the

product

has

historically

focused

more

on

lower

quality

and

longer-term

securities,

which

has

served

to

elevate

the

prospects

of

the

overall

product

for

additional

yield

and

total

return,

with

a

commensurate

increase

in

overall

risk.

The

portfolio

management

team’s

main

initiatives

during

the

reporting

period

were

to

increase

exposure

to

higher-coupon

bonds,

longer

call

protection

and

bonds

in

the

A,

BBB

and

lower

credit

rating

categories,

while

reducing

exposure

to

bonds

with

lower

acquisition

yields. These

actions

were

intended

to

increase

the

longer-term

income

generation

of

the

Fund’s

portfolio.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

underperformed

the

Bloomberg

7-Year

Municipal

Bond

Index

for

the

twelve-month

reporting

period

ended

July

31,

2023.

For

the

purposes

of

this

performance

commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

7-Year

Municipal

Bond

Index.

The

Fund’s

underperformance

was

primarily

driven

by

its

overweight

to

holdings

with

shorter

durations,

particularly

two

years

and

shorter.

These

holdings

were

under

pressure

because

of

higher

yields

on

the

short

end

of

the

yield

curve

for

much

of

the

reporting

period. The

Fund’s

overweight

to

non-rated

and

below

investment

grade

holdings

also

detracted

from

relative

performance.

Lower

rated

bonds,

despite

providing

higher

yields,

experienced

spread

widening

and

underperformance

during

portions

of

the

reporting

period.

Partially

offsetting

the

Fund’s

underperformance

was

its

overweight

to

holdings

with

longer

maturities,

generally

12

years

and

longer,

and

longer

durations,

generally

six

years

and

longer. Despite

periods

of

volatility,

longer

bonds

provided

more

income

and

generated

higher

total

returns,

contributing

positively

to

relative

performance. Additionally,

an

underweight

to

lower-coupon

bonds

was

beneficial,

as

they

faced

selling

pressure

that

resulted

in

underperformance

relative

to

higher-coupon

bonds.

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

reporting

period

since

the

Fund’s

change

in

fiscal

year

end

on

October

31,

2022,

through

July

31,

2023?

The

investment

objective

of

the

Fund

is

to

seek

total

return,

primarily

through

current

income,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

criteria.

During

the

reporting

period,

the

Fund

continued

to

invest

in

a

broadly

diversified

portfolio

focused

on

securities

that

meet

Nuveen’s

proprietary

Impact

Framework

or

emphasize

ESG

characteristics.

Through

the

Impact

Framework,

the

Fund

seeks

opportunities

to

invest

in

publicly

traded

fixed

income

securities

that

finance

initiatives

in

areas

which

have

social

or

environmental/sustainable

benefits

including:

(1)

renewable

energy

and

climate

change,

(2)

conservation

of

natural

resources,

(3)

community

and

economic

development,

and

(4)

affordable

housing.

The

Fund’s

process

for

evaluating

ESG

characteristics

favors

companies

with

leadership

relative

to

their

industry

and

peers

across

environmental,

social

and

governance

factors.

As

a

result

of

the

ESG

criteria,

the

Fund

will

not

generally

invest

in

companies

significantly

involved

in

certain

business

activities

including,

but

not

limited

to,

the

production

of

alcohol,

tobacco,

military

weapons,

firearms,

nuclear

power,

thermal

coal,

and

gambling

products

and

services.

During

the

reporting

period,

the

Fund

continued

to

overweight

spread

sectors,

which

are

non-government

bond

sectors

that

generally

offer

yields

above

those

available

on

high

quality

government

bonds.

7

In

response

to

the

Fed

and

other

global

central

banks

raising

interest

rates,

the

Fund

moved

higher

up

in

the

credit

quality

spectrum

and

reduced

its

overweight

to

emerging

markets

(EM)

debt

and

high

yield

corporate

bonds.

The

Fund

also

sought

higher

quality

buying

opportunities

among

sectors

where

pricing

appeared

to

be

dislocated

from

fundamentals.

How

did

the

Fund

perform

during

the

Fund’s

abbreviated

reporting

period

ended

July

31,

2023?

The

Fund

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index

for

the

nine-month

reporting

period

ended

July

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

U.S.

Aggregate

Bond

Index.

During

the

reporting

period,

the

largest

drivers

of

the

Fund’s

outperformance

were

its

underweight

to

U.S.

Treasuries

and

overweight

allocations

to

spread

sectors,

as

spread

sectors

generally

outperformed.

In

particular,

although

the

Fund

reduced

exposure

to

EM

debt

and

high

yield

corporate

bonds,

the

Fund

maintained

an

overweight

to

these

sectors,

which

contributed

to

relative

performance

as

these

securities

generally

performed

well

during

the

reporting

period.

An

overweight

to

municipal

bonds

also

contributed

to

relative

performance.

Partially

offsetting

the

Fund’s

outperformance

was

its

overweight

to

and

security

selection

within

commercial

mortgage-backed

securities

(CMBS),

as

concerns

over

real

estate,

particularly

office

space,

weighed

negatively

on

CMBS

performance.

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

investment

objective

of

the

Fund

is

to

seek

total

return.

During

the

abbreviated

reporting

period,

the

Fund

maintained

a

more

modest

risk

posture

relative

to

its

benchmark,

taking

advantage

of

tactical,

select,

idiosyncratic

credit

opportunities.

The

portfolio

management

team

also

kept

the

portfolio’s

duration

modestly

shorter

relative

to

the

benchmark

as

the

team

anticipates

rates

to

stay

higher

for

longer.

How

did

the

Fund

perform

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

Fund

underperformed

the

JP

Morgan

EMGI

Global

Diversified

Index

for

the

abbreviated

reporting

period

ended

July

31,

2023.

For

the

purposes

of

this

performance

commentary,

references

to

relative

performance

are

in

comparison

to

the

JP

Morgan

EMGI

Global

Diversified

Index.

The

Fund

underperformed

during

the

reporting

period

primarily

because

of

an

underweight

to

high

yield

credit,

as

lower

quality

bonds

generally

outperformed

higher

quality

bonds

amid

the

risk-on

rally.

The

Fund

is

limited

to

a

maximum

of

30%

below

investment

grade

credit

relative

to

a

benchmark

that

is

approximately

50%

below

investment

grade

credit.

From

a

country

allocation

perspective,

the

Fund’s

lack

of

exposure

to

select

distressed

credits

that

rallied

from

low

prices,

such

as

Argentina,

Ukraine

and

Sri

Lanka,

detracted

from

relative

performance.

Similarly,

the

Fund’s

cash

exposure

during

the

invest-up

period

detracted

from

relative

performance.

Partially

offsetting

the

Fund’s

underperformance

were

its

underweights

to

low-beta

Chinese

quasi-sovereign

debt

and

Ecuador

sovereign

debt,

which

underperformed

during

the

reporting

period.

A

shorter-duration

posture

relative

to

the

benchmark

contributed

to

relative

performance

amid

the

increase

in

interest

rates.

Nuveen

High

Yield

Managed

Accounts

Portfolio

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

investment

objective

of

the

Fund

is

to

seek

total

return

primarily

through

high

current

income

and,

when

consistent

with

its

primary

objective,

capital

appreciation.

Portfolio

Managers’

Comments

(continued)

8

During

the

abbreviated

reporting

period,

the

Fund

invested

primarily

in

BB

and

B

rated

securities,

with

opportunistic

investments

in

CCC

rated

securities.

The

portfolio

management

team

positioned

the

portfolio

more

defensively,

emphasizing

higher

quality,

high

yield

bonds

that

were

better

positioned

to

weather

an

economic

slowdown

while

still

offering

attractive

yields.

Over

the

course

of

the

abbreviated

reporting

period,

the

Fund

reduced

its

exposure

to

consumer

discretionary

names

and

increased

exposure

to

less-cyclical

companies.

Given

the

narrowing

in

credit

spreads

across

the

consumer

discretionary

sector

amid

reduced

recession

risk,

the

portfolio

management

team

believed

companies

in

the

sector

were

no

longer

adequately

compensating

investors

for

the

risk

on

a

relative

basis.

How

did

the

Fund

perform

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

Fund

underperformed

the

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index

for

the

abbreviated

reporting

period

ended

July

31,

2023.

For

the

purposes

of

this

performance

commentary,

references

to

relative

performance

are

in

comparison

to

the

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index.

The

Fund’s

underperformance

was

primarily

driven

by

an

underweight

to

the

leisure

sector,

including

theaters,

hotels,

gaming,

recreation

and

travel.

The

portfolio

management

team

maintained

an

underweight

to

this

sector

because

of

weaking

fundamentals

and

generally

tight

credit

spreads

during

the

reporting

period.

The

portfolio

management

team

anticipates

leisure

companies’

earnings

will

begin

to

weaken

at

a

faster

pace,

as

higher

rates

could

eventually

negatively

impact

the

labor

market

and

the

consumer

as

excess

savings

accumulated

during

the

pandemic

become

exhausted.

Security

selection

within

the

support

services

industry

also

detracted

from

relative

performance.

Within

the

support

services

industry,

a

top

individual

detractor

was

Staples

Inc.,

which

underperformed

as

return-to-office

uptake

has

been

slower

than

what

was

broadly

anticipated

in

late

2022,

causing

performance

to

lag

over

the

reporting

period.

The

Fund’s

underweights

to

the

building

materials

and

building/construction

industries

also

detracted

from

relative

performance.

Although

office

real

estate

has

shown

weak

performance

year-to-date

through

July

2023,

most

other

real

estate

sectors,

especially

residential,

have

outperformed

as

higher

interest

rates

have

not

yet

resulted

in

a

broad-based

slowdown

in

housing

activity.

Because

prices

have

remained

elevated

since

the

pandemic,

builders

and

building

material

manufacturers/suppliers

have

been

able

to

maintain

their

profit

margins

amid

higher

borrowing

costs.

Partially

offsetting

the

Fund’s

relative

performance

was

security

selection

within

the

telecommunications

and

media

sectors.

Fundamentals

in

these

sectors

have

been

negatively

impacted

by

elevated

capital

expenditures

made

to

retain

subscribers,

while

a

competitive

environment

has

led

to

reduced

pricing

power

for

telecom

companies.

However,

the

portfolio

management

team

was

constructive

on

select

companies

within

these

sectors

that

benefited

from

their

essential

service

nature

and

healthy

balance

sheets.

The

Fund’s

slight

overweight

to

and

security

selection

within

the

retail

sector

also

contributed

positively

to

relative

performance. Outperformance

in

the

retail

sector

was

driven

by

the

continued

resiliency

of

the

consumer

and

a

tight

labor

market

despite

tightening

financial

conditions.

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

Fund

seeks

to

provide

a

high

level

of

current

income

and

total

return

by

investing

at

least

80%

of

its

assets

in

preferred

and

other

income-producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities

(CoCos).

The

Fund

may

invest

up

to

20%

of

assets

opportunistically

in

other

segments,

including

corporate

debt

securities,

U.S.

government

securities

(including

securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities)

and

taxable

municipal

securities.

Additionally,

at

least

50%

of

the

Fund

is

invested

in

securities

that

are

rated

investment

grade

at

the

time

of

purchase

or,

if

unrated,

judged

to

be

of

comparable

quality

by

the

Fund’s

portfolio

management

team.

The

Fund

targets

at

least

25%

of

assets

in

the

financial

services

sector

and

invests

only

in

U.S.

dollar

denominated

securities.

During

the

abbreviated

reporting

period,

the

Fund

maintained

its

broad

exposures

to

$1,000

par

preferred

securities

and

CoCos.

The

CoCo

segment

faced

significant

volatility

amid

banking

concerns,

including

the

announcement

of

UBS’s

takeover

of

Credit

Suisse

in

March

2023.

While

the

Fund’s

absolute

exposure

to

the

CoCo

sector

only

modestly

decreased

from

its

invest-up

period,

the

composition

of

CoCo

exposure

within

its

portfolio

materially

shifted.

Most

notably,

the

Fund’s

Credit

Suisse

Additional

Tier

1

(AT1)

CoCos

were

written

down

to

zero

by

the

Swiss

government

and

regulators

during

the

March

2023

banking

crisis.

Following

statements

by

the

European

Central

Bank

and

Bank

of

England

confirming

that

AT1

CoCos

from

banks

under

their

purview

have

9

hierarchy

over

common

equity,

the

portfolio

management

team

increased

the

Fund’s

exposure

to

non-Swiss

AT1

CoCos,

beginning

in

April

2023.

How

did

the

Fund

perform

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

Fund

underperformed

the

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Blended

Benchmark

for

the

abbreviated

reporting

period

ended

July

31,

2023.

For

the

purposes

of

this

performance

commentary,

references

to

relative

performance

are

in

comparison

to

the

Fund’s

Blended

Benchmark,

which

consists

of:

1)

45%

ICE

BofA

U.S.

Investment

Grade

Institutional

Capital

Securities

Index

(CIPS),

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

and

3)

15%

ICE

BofA

U.S.

High

Yield

Institutional

Capital

Securities

Index

(HIPS).

The

Fund’s

underperformance

was

primarily

driven

by

negative

security

selection

within

the

CoCo

segment,

as

the

Fund

favored

developed

market

banks,

which

generally

underperformed

emerging

market

(EM)

banks

during

the

reporting

period.

The

Fund

has

had

limited

EM

exposure

since

its

inception.

The

Fund’s

modest

underweight

to

the

insurance

sector

also

detracted

from

relative

performance.

During

the

reporting

period,

the

insurance

sector

outperformed

the

banking

sector,

which

represents

the

largest

segment

of

the

preferred

securities

and

CoCos

market.

The

Fund’s

exposures

in

two

out-of-index

segments,

floating

rate

securities

and

$25

par

securities,

partially

offset

the

underperformance.

As

interest

rates

increased

during

the

reporting

period,

the

coupons

of

floating

rate

securities

reset

higher

at

each

reset

period,

contributing

to

these

securities’

positive

performance.

While

the

$25

par

segment

of

the

market,

on

average,

has

a

longer

duration

than

its

$1,000

par

counterparts,

the

portfolio

management

team’s

emphasis

on

$25

par

securities

with

shorter-

duration

profiles

contributed

to

relative

performance

as

rates

moved

significantly

higher.

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

Fund

seeks

to

provide

a

high

level

of

current

income

and

total

return

by

investing

primarily

in

fixed

income

securities

within

the

securitized

credit

universe,

including

agency

and

non-agency

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

However,

the

Fund

may

invest

up

to

20%

of

assets

in

aggregate

in

corporate

debt

and

U.S.

government/agency

securities

and

up

to

10%

of

assets

in

below

investment

grade

securities.

The

Fund

may

only

invest

in

U.S.

dollar

denominated

securities.

During

the

Fund’s

invest

up

period,

the

portfolio

management

team

positioned

the

portfolio

with

structural

overweights

in

mortgage

credit,

CMBS

and

ABS

versus

its

benchmark,

the

Bloomberg

U.S.

Securitized

Index,

to

provide

broader

diversification

and

additional

opportunities

to

generate

potential

return.

The

portfolio

management

team

also

sought

to

further

diversify

the

Fund

through

select

investments

in

floating

rate

securities,

while

the

benchmark’s

holdings

are

predominately

fixed

rate

in

nature.

Although

the

Fund’s

parameters

allow

for

up

to

10%

of

assets

in

below

investment

grade

securities,

the

portfolio

management

team

focused

solely

on

securities

rated

investment

grade

at

time

of

purchase

during

the

reporting

period

given

relative

value

and

the

potential

for

credit

ratings

to

decline

in

the

future

as

the

U.S.

economy

slows.

How

did

the

Fund

perform

during

the

abbreviated

reporting

period

since

the

Fund’s

inception

on

November

1,

2022,

through

July

31,

2023?

The

Fund

outperformed

the

Bloomberg

U.S.

Securitized

Index

for

the

abbreviated

reporting

period

ended

July

31,

2023.

For

the

purposes

of

this

performance

commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

U.S.

Securitized

Index.

The

Fund’s

outperformance

was

primarily

driven

by

security

selection

within

MBS,

particularly

exposure

to

mortgage

credit

through

its

investments

in

agency

credit

risk

transfer

(CRT)

securities.

Agency

CRT

securities

are

issued

by

the

Federal

National

Mortgage

Association

(Fannie

Mae)

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

to

effectively

transfer

a

portion

of

the

credit

risk

within

pools

of

conventional

residential

mortgage

loans

from

these

government

sponsored

enterprises

to

the

private

sector.

Although

MBS

represented

a

smaller

portion

of

the

Fund’s

overall

portfolio

versus

the

index,

its

positions

in

agency

CRT

securities

generated

higher

yields

and

outperformed

the

MBS

segment

of

the

benchmark.

Security

selection

within

the

Fund’s

ABS

and

CMBS

allocations

also

proved

beneficial

to

relative

performance.

Portfolio

Managers’

Comments

(continued)

10

Partially

offsetting

the

Fund’s

outperformance

was

an

overweight

to

the

CMBS

sector,

which

provided

a

modest

headwind

to

relative

returns

as

the

sector

was

pressured

by

tighter

lending

conditions

and

macroeconomic

uncertainty,

particularly

within

office

properties.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

for

Municipal

Total

Return

Managed

Accounts

Portfolio,

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio,

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

and

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

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

rating;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

For

financial

reporting

purposes,

the

ratings

disclosed

for

Nuveen

High

Yield

Managed

Accounts

Portfolio

are

the

lowest

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

rating;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

For

financial

reporting

purposes,

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

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.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

and

Dividend

Information

11

Risk

Considerations

Municipal

Total

Return

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

political

and

economic

risk,

tax

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

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.

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

The

Fund

will

include

only

holdings

deemed

consistent

with

the

applicable

Environmental

Social

Governance

(ESG)

guidelines.

As

a

result,

the

universe

of

investments

available

to

the

Fund

will

be

more

limited

than

other

funds

that

do

not

apply

such

guidelines.

ESG

criteria

risk

is

the

risk

that

because

the

Fund’s

ESG

criteria

exclude

securities

of

certain

issuers

for

nonfinancial

reasons,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

The

issuer

of

a

debt

security

may

be

able

to

repay

principal

prior

to

the

security’s

maturity,

known

as

prepayment

(call)

risk,

because

of

an

improvement

in

its

credit

quality

or

falling

interest

rates.

In

this

event,

this

principal

may

have

to

be

reinvested

in

securities

with

lower

interest

rates

than

the

original

securities,

reducing

the

potential

for

income.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

These

and

other

risk

considerations,

such

as

active

management,

extension,

issuer,

illiquid

investments,

income

volatility,

and

derivatives

risk,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Foreign

Investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets,

which

are

generally

smaller

and

more

volatile

than

developed

markets

and

are

located

in

countries

that

may

have

more

unstable

governments

than

developed

countries.

Investments

in

debt

securities

issued

or

guaranteed

by

governments

or

governmental

entities

are

subject

to

the

risk

that

an

entity

may

delay

or

refuse

to

pay

interest

or

principal

on

its

sovereign

debt

because

of

cash

flow

problems,

insufficient

foreign

reserves,

or

political

or

other

considerations.

In

this

event,

there

may

be

no

legal

process

for

collecting

sovereign

debts

that

a

governmental

entity

has

not

repaid.

The

risk

that

foreign

(non-U.S.)

currencies

may

decline

in

value

relative

to

the

U.S.

dollar

and

adversely

affect

the

value

of

the

Fund's

investments

in

foreign

currencies,

securities

denominated

in

foreign

currencies

or

derivative

instruments

that

provide

exposure

to

foreign

currencies.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

The

Fund’s

income

could

decline

during

periods

of

falling

interest

rates.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

These

and

other

risk

considerations,

such

as

active

management,

call,

derivatives,

illiquid

investments,

and

valuation

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

High

Yield

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk;

as

interest

rates

rise,

bond

prices

fall.

This

Fund

is

subject

to

the

risks

of

investing

in

loans,

including

loan

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle.

Preferred

securities

generally

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

and

therefore

will

be

subject

to

greater

credit

risk

than

those

debt

instruments.

Foreign

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

active

management,

call,

derivatives,

and

income

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Risk

Considerations

and

Dividend

Information

(continued)

12

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company's

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company's

common

stock.

As

interest

rates

rise,

fixed

income

security

prices

fall.

Below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

The

Portfolio’s

policy

to

concentrate

in

financial

services

companies

makes

the

Portfolio

more

susceptible

to

adverse

economic

or

regulatory

occurrences

affecting

the

financial

services

sector.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

and

other

risk

considerations,

such

as

call,

credit,

illiquid

investments,

income,

and

market

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Mortgage-

and

asset-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk,

default

risk

and

adverse

economic

developments.

Holders

of

structured

products

like

collateralized

mortgage

obligations

(CMOs),

collateralized

debt

obligations

(CDOs)

and

collateralized

loan

obligations

(CLOs)

bear

the

risk

of

the

underlying

investments,

index

or

reference

obligation.

These

products

may

be

thinly

traded

and

difficult

to

value

accurately.

They

may

also

be

characterized

as

illiquid

and

are

subject

to

counterparty

risk

and

the

general

risks

associated

with

fixed

income

investments.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk;

as

interest

rates

rise,

bond

prices

fall.

The

Fund’s

income

could

decline

during

periods

of

falling

interest

rates.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

These

and

other

risk

considerations,

such

as

call,

derivatives,

illiquid

investments,

market,

and

valuation

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Dividend

Information

Each

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

Notes

of

Financial

Statements

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

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

the

Notes

to

Financial

Statements

of

this

report.

About

the

Funds’

Benchmarks

13

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

between

six

and

eight

years.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-

rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Securitized

Index:

A

subset

of

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

is

an

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

mortgage-backed-securities

(MBS),

asset-backed

securities

(ABS),

commercial

mortgage-backed

securities

(CMBS)

and

covered

assets.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index:

An

index

that

contains

all

securities

in

the

ICE

BofA

U.S.

Cash

Pay

High

Yield

Constrained

Index

that

are

rated

BB1

through

B3,

based

on

an

average

of

Moody’s,

S&P

and

Fitch,

but

caps

issuer

exposure

a

t

2%.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

All

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

investment

grade

and

below

investment

grade

fixed

rate

and

fixed-to-floating

rate,

USD-denominated

hybrid

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

Investment

Grade

Institutional

Capital

Securities

Index

(CIPS):

An

index

designed

to

measure

the

performance

of

USD-denominated

investment

grade

hybrid

capital

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

High

Yield

Institutional

Capital

Securities

Index

(HIPS):

An

index

designed

to

measure

the

performance

of

USD-denominated

below

investment

grade

hybrid

capital

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

USD

Contingent

Capital

Index

(CDLR):

An

index

designed

to

measure

the

performance

of

USD-denominated

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

below

investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JP

Morgan

EMBI

Global

Diversified

Index:

A

uniquely

weighted

USD-denominated

emerging

markets

sovereign

debt

index,

which

allows

for

a

more

even

weight

distribution

among

the

countries

than

the

JP

Morgan

EMBI

Global

Index.

The

countries

covered

are

identical

to

those

covered

by

the

JP

Morgan

EMBI

Global

Index,

which

is

an

index

designed

to

measure

total

returns

for

USD-denominated

debt

instruments

issued

by

emerging

market

sovereign

and

quasi-sovereign

entities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Blended

Benchmark:

Consists

of:

1)

45%

ICE

BofA

U.S.

Investment

Grade

Institutional

Capital

Securities

Index

(CIPS)

(defined

herein),

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein),

and

3)

15%

ICE

BofA

U.S.

High

Yield

Institutional

Capital

Securities

Index

(HIPS)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

14

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

These

are

special

Funds

developed

exclusively

for

use

within

Nuveen-sponsored

separately

managed

accounts.

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

the

Funds

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

repurchased,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

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

repurchase

of

Fund

shares.

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

for

more

information.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Funds’

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements).

Refer

to

the

Financial

Highlights

later

in

this

report

for

each

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever

a

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for

each

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.

A

Fund

may

also

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,

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

For

financial

reporting

purposes,

the

ratings

disclosed

for

Municipal

Total

Return

Managed

Accounts

Portfolio,

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio,

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

and

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

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

rating;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

For

financial

reporting

purposes,

the

ratings

disclosed

for

Nuveen

High

Yield

Managed

Accounts

Portfolio

are

the

lowest

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

rating;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

For

financial

reporting

purposes,

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

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.

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

July

31,

2023

15

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

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

re-

imburse

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

July

31,

2023

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Class I 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

July

31,

2023

Average

Annual

Expense

Ratios

**

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Shares

at

NAV

5/31/07

(0.19)%

1.62%

3.61%

0.11%

0.06%

Bloomberg

7

Year

Municipal

Bond

Index

–

0.43%

1.84%

2.34%

—

—

Effective

Leverage

Ratio

0.27%

16

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

95.2‌%

Short-Term

Municipal

Bonds

1.0‌%

Other

Assets

&

Liabilities,

Net

3.9%

Floating

Rate

Obligations

(0.1)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

4.4%

AAA

7.1%

AA

40.1%

A

22.6%

BBB

15.9%

BB

or

Lower

2.9%

N/R

(not

rated)

7.0%

Total

100‌%

Portfolio

Composition

(%

of

total

investments)

Health

Care

20.9%

Transportation

19.5%

Tax

Obligation/Limited

18.6%

Tax

Obligation/General

12.0%

Education

and

Civic

Organizations

10.6%

Utilities

9.4%

U.S.

Guaranteed

4.5%

Other

4.5%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Florida

12.0%

Texas

8.2%

Illinois

6.5%

California

6.3%

New

York

6.0%

Indiana

5.6%

Colorado

5.2%

Utah

3.8%

New

Jersey

2.7%

Michigan

2.6%

Pennsylvania

2.5%

District

of

Columbia

2.4%

Missouri

2.3%

Louisiana

2.2%

Virginia

2.2%

Ohio

2.0%

Wisconsin

1.9%

Arizona

1.7%

Mississippi

1.6%

North

Carolina

1.4%

Montana

1.3%

Georgia

1.3%

Minnesota

1.3%

Alabama

1.2%

Idaho

1.1%

Other

14.7%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

July

31,

2023

17

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Aggregate

Bond

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

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

July

31,

2023

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Class I 

Total

Returns

as

of

July

31,

2023

Cumulative

Average

Annual

Expense

Ratios

**

Inception

Date

9-Month

1-Year

Since

Inception

Gross

Net

Shares

at

NAV

7/09/20

5.77%

(4.44)%

(5.04)%

2.16%

—%

Bloomberg

U.S.

Aggregate

Bond

Index

–

5.30%

(3.37)%

(4.12)%

–

–

Effective

Leverage

Ratio

0.00%

18

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

49.9‌%

Asset-Backed

and

Mortgage-

Backed

Securities

27.5‌%

Municipal

Bonds

11.5‌%

Emerging

Market

Debt

And

Foreign

Corporate

Bonds

6.0‌%

U.S.

Government

and

Agency

Obligations

4.4‌%

Other

Assets

&

Liabilities,

Net

0.7%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Asset-Backed

and

Mortgage-

Backed

Securities

27.5%

Electric

Utilities

12.9%

Municipal

Bonds

11.5%

Semiconductors

&

Semiconductor

Equipment

4.6%

Banks

4.5%

U.S.

Government

and

Agency

Obligations

4.4%

Chemicals

4.1%

Independent

Power

Producers

&

Energy

Traders

3.4%

Commercial

Services

&

Supplies

2.7%

Financial

Services

2.7%

Retail

REITs

2.2%

Beverages

2.1%

Independent

Power

and

Renewable

Electricity

Producers

2.1%

Hotels,

Restaurants

&

Leisure

2.0%

Diversified

Telecommunication

Services

2.0%

Hotel

&

Resort

REITs

1.8%

Diversified

REITs

1.2%

Oil,

Gas

&

Consumable

Fuels

0.8%

Diversified

Consumer

Services

0.8%

Emerging

Market

Debt

And

Foreign

Corporate

Bonds

6.0%

Other

Assets

&

Liabilities,

Net

0.7%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AAA

20.5%

AA

16.1%

A

21.1%

BBB

18.3%

BB

or

Lower

5.1%

N/R

(not

rated)

18.9%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

July

31,

2023

19

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPMorgan

EMBI

Global

Diversified

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

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

July

31,

2023

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Class I 

Total

Returns

as

of

July

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

9.93%

0.83%

—%

JP

Morgan

EMBI

Global

Diversified

Index

–

13.93%

—

—

Effective

Leverage

Ratio

0.00%

20

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

Sovereign

Debt

48.2‌%

Corporate

Bonds

48.1‌%

Contingent

Capital

Securities

0.7‌%

$1,000

Par

(or

similar)

Institutional

Preferred

0.6‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.6‌%

Other

Assets

&

Liabilities,

Net

0.8%

Net

Assets

100‌%

Country

Allocation

1

(%

of

net

assets)

Mexico

10.6‌%

Indonesia

6.8‌%

Chile

6.2‌%

United

Arab

Emirates

6.2‌%

Brazil

4.4‌%

Saudi

Arabia

4.3‌%

India

4.1‌%

South

Africa

3.9‌%

Colombia

3.5‌%

Israel

3.3‌%

Peru

3.1‌%

Panama

2.9‌%

Poland

2.9‌%

Qatar

2.3‌%

Hungary

2.2‌%

Malaysia

2.0‌%

Philippines

2.0‌%

Uruguay

2.0‌%

Romania

1.9‌%

Oman

1.7‌%

Dominican

Republic

1.7‌%

Other

19.6‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.6‌%

Other

Assets

&

Liabilities,

Net

0.8%

Net

Assets

100‌%

Portfolio

Composition

(%

of

net

assets)

Sovereign

Debt

48.2%

Oil,

Gas

&

Consumable

Fuels

12.2%

Banks

10.1%

Metals

&

Mining

4.0%

Electric

Utilities

2.8%

Chemicals

2.5%

Financial

Services

2.1%

Transportation

Infrastructure

1.6%

Ground

Transportation

1.6%

Independent

Power

And

Renewable

Electricity

Producers

1.2%

Paper

&

Forest

Products

1.2%

Beverages

1.2%

Capital

Markets

0.8%

Marine

Transportation

0.8%

Construction

Materials

0.8%

Aerospace

&

Defense

0.7%

Automobiles

0.7%

Industrial

Conglomerates

0.7%

Hotels,

Restaurants

&

Leisure

0.7%

Diversified

Telecommunication

Services

0.7%

Other

3.0%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.6%

Other

Assets

&

Liabilities,

Net

0.8%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AA

7.4%

A

16.2%

BBB

46.4%

BB

or

Lower

28.4%

N/A

(not

applicable)

1.6%

Total

100‌%

1

Includes

92.3%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

July

31,

2023

21

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

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

July

31,

2023

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Class I 

Total

Returns

as

of

July

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

7.01%

1.10%

—%

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index

–

7.56%

—

—

Effective

Leverage

Ratio

0.00%

22

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

98

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

10

.4‌

%

Other

Assets

&

Liabilities,

Net

(8.4)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Oil,

Gas

&

Consumable

Fuels

11.6%

Media

9.9%

Chemicals

5.2%

Hotels,

Restaurants

&

Leisure

5.0%

Health

Care

Providers

&

Services

4.9%

Commercial

Services

&

Supplies

4.5%

Specialty

Retail

3.5%

Automobile

Components

2.9%

Insurance

2.8%

Consumer

Finance

2.8%

Containers

&

Packaging

2.7%

Automobiles

2.6%

Metals

&

Mining

2.5%

Trading

Companies

&

Distributors

2.2%

Capital

Markets

2.1%

Wireless

Telecommunication

Services

1.9%

Gas

Utilities

1.7%

Passenger

Airlines

1.7%

Pharmaceuticals

1.6%

Energy

Equipment

&

Services

1.5%

Electric

Utilities

1.5%

Personal

Care

Products

1.5%

Specialized

REITs

1.4%

Diversified

Telecommunication

Services

1.4%

Other

18.6%

Investments

Purchased

with

Collateral

from

Securities

Lending

10.4%

Other

Assets

&

Liabilities,

Net

(8.4)%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

BBB

4.3%

BB

or

Lower

85.7%

N/R

(not

rated)

0.4%

N/A

(not

applicable)

9.6%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

July

31,

2023

23

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Blended

Benchmark.

The

Fund's

Blended

Benchmark

consists

of:

1)

45%

ICE

BofA

U.S.

Investment

Grade

Institutional

Capital

Securities

Index

(CIPS),

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

and

3)

15%

ICE

BofA

U.S.

High

Yield

Institutional

Capital

Securities

Index

(HIPS).

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

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

July

31,

2023

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Class I 

Total

Returns

as

of

July

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

3.57%

1.02%

—%

ICE

BofA

U.S.

All

Capital

Securities

Index

–

7.20%

—

—

Preferred

Securities

and

Income

Managed

Accounts

Blended

Benchmark

–

4.87%

–

–

Effective

Leverage

Ratio

0.00%

24

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

54

.9‌

%

Contingent

Capital

Securities

38

.7‌

%

$25

Par

(or

similar)

Retail

Preferred

3

.7‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

14

.5‌

%

Other

Assets

&

Liabilities,

Net

(11.8)%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

BBB

57.1%

BB

or

Lower

28.9%

N/R

(not

rated)

1.1%

N/A

(not

applicable)

12.9%

Total

100‌

%

Country

Allocation

(%

of

net

assets)

United

States

45

.0‌

%

United

Kingdom

16

.3‌

%

France

11

.2‌

%

Spain

4

.5‌

%

Ireland

4

.1‌

%

Australia

4

.0‌

%

Canada

3

.5‌

%

Switzerland

2

.7‌

%

Netherlands

2

.6‌

%

Germany

2

.1‌

%

Italy

1

.3‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

14

.5‌

%

Other

Assets

&

Liabilities,

Net

(

11

.8

)

%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Banks

46.7%

Insurance

12.5%

Capital

Markets

7.6%

Consumer

Finance

5.4%

Trading

Companies

&

Distributors

4.1%

Oil,

Gas

&

Consumable

Fuels

3.8%

Multi-Utilities

3.6%

Automobiles

3.5%

Electric

Utilities

2.5%

Wireless

Telecommunication

Services

2.0%

Independent

Power

and

Renewable

Electricity

Producers

1.9%

Media

1.6%

Industrial

Conglomerates

1.1%

Food

Products

1.0%

Investments

Purchased

with

Collateral

from

Securities

Lending

14.5%

Other

Assets

&

Liabilities,

Net

(11.8)%

Net

Assets

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

July

31,

2023

25

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Securitized

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

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

July

31,

2023

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Class I 

Total

Returns

as

of

July

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

6.82%

0.83%

—%

Bloomberg

U.S.

Securitized

Index

–

5.14%

—

—

Effective

Leverage

Ratio

0.00%

26

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

Asset-Backed

and

Mortgage-

Backed

Securities

98

.3‌

%

Other

Assets

&

Liabilities,

Net

1.7%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AAA

27.4%

AA

8.5%

A

0.7%

BBB

16.1%

N/R

(not

rated)

47.3%

Total

100‌

%

Yields

as

of

July

31,

2023

27

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.

Unsubsidized

yields

do

not

reflect

waivers

and/or

reimbursements

from

the

investment

adviser

during

the

period.

Refer

to

the

Notes

to

Financial

Statements

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.

Municipal

Total

Return

Managed

Accounts

Portfolio

Dividend

Yield

3.77%

SEC

30-Day

Yield

-

Subsidized

3.78%

SEC

30-Day

Yield

-

Unsubsidized

3.68%

Taxable-Equivalent

Yield

-

Subsidized

(40.8%)

1

6.38%

Taxable-Equivalent

Yield

-

Unsubsidized

(40.8%)

1

6.22%

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Dividend

Yield

4.51%

SEC

30-Day

Yield

-

Subsidized

5.27%

SEC

30-Day

Yield

-

Unsubsidized

5.05%

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Dividend

Yield

6.27%

SEC

30-Day

Yield

-

Subsidized

6.18%

SEC

30-Day

Yield

-

Unsubsidized

5.71%

Nuveen

High

Yield

Managed

Accounts

Portfolio

Dividend

Yield

7.57%

SEC

30-Day

Yield

-

Subsidized

7.63%

SEC

30-Day

Yield

-

Unsubsidized

6.85%

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Dividend

Yield

6.67%

SEC

30-Day

Yield

-

Subsidized

7.05%

SEC

30-Day

Yield

-

Unsubsidized

6.23%

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Dividend

Yield

5.26%

SEC

30-Day

Yield

-

Subsidized

5.22%

SEC

30-Day

Yield

-

Unsubsidized

4.63%

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

shown

in

the

respective

table

above.

28

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

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

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

July

31,

2023.

The

beginning

of

the

period

is

February

1,

2023.

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

each

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.

Municipal

Total

Return

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,003.76

Expenses

Incurred

During

the

Period

$0.0

5

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.

74

Expenses

Incurred

During

the

Period

$0.0

5

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.01%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Core

Impact

Bond

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$979.20

Expenses

Incurred

During

the

Period

$–

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.79

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

181/365

(to

reflect

the

one-half

year

period).

29

Emerging

Markets

Debt

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,015.51

Expenses

Incurred

During

the

Period

$–

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.79

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

181/365

(to

reflect

the

one-half

year

period).

High

Yield

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,025.53

Expenses

Incurred

During

the

Period

$–

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.79

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

181/365

(to

reflect

the

one-half

year

period).

Preferred

Securities

and

Income

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$955.57

Expenses

Incurred

During

the

Period

$–

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.79

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

181/365

(to

reflect

the

one-half

year

period).

Securitized

Credit

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,007.57

Expenses

Incurred

During

the

Period

$–

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.79

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

181/365

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

31

To

the

Board

of

Trustees

of

Nuveen

Managed

Accounts

Portfolios

Trust

and

Shareholders

of

Municipal

Total

Return

Managed

Accounts

Portfolio,

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio,

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio,

Nuveen

High

Yield

Managed

Accounts

Portfolio,

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

and

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

each

of

the

funds

indicated

in

the

table

below

(constituting

Nuveen

Managed

Accounts

Portfolios

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

July

31,

2023,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

July

31,

2023,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Municipal

Total

Return

Managed

Accounts

Portfolio

(1)

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(2)

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(3)

Nuveen

High

Yield

Managed

Accounts

Portfolio

(3)

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(3)

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(3)

(1)

Statement

of

operations

for

the

year

ended

July

31,

2023,

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2023

(2)

Statement

of

operations

for

the

nine

months

ended

July

31,

2023

and

year

ended

October

31,

2022,

statement

of

changes

in

net

assets

for

the

nine

months

ended

July

31,

2023

and

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

the

financial

highlights

for

the

nine

months

ended

July

31,

2023,

the

years

ended

October

31,

2022

and

2021

and

the

period

July

9,

2020

(commencement

of

operations)

through

October

31,

2020

(3)

Statements

of

operations

and

of

changes

in

net

assets

and

the

financial

highlights

for

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

32

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2023

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

September

27,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

33

Municipal

Total

Return

Managed

Accounts

Portfolio

Portfolios

of

Investments

July

31,

2023

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

95.2%   

X

–

MUNICIPAL

BONDS

-

95

.2

%

X

1,413,089,359

Alabama

-

1.2%

$

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-  

$

1,293,393

2,960

Huntsville,

Alabama,

General

Obligation

Warrants,

Series

2023B,

5.000%,

3/01/40

3/33

at

100.00

AAA  

3,332,990

3,970

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Subordinate

Lien

Series

2013D,

6.500%,

10/01/53

10/23

at

105.00

BBB  

4,180,490

1,920

Mobile

County

Board

of

School

Commissioners,

Alabama,

Special

Tax

Warrants,

School

Series

2022B,

5.000%,

3/01/41

-

BAM

Insured

3/32

at

100.00

AA  

2,078,227

1,205

The

Public

Educational

Building

Authority

of

Jacksonville,

Alabama,

Jacksonville

State

University

Foundation,

Higher

Educational

Facilities

Revenue

Bonds,

Jackson

State

University

Project

Series

2023A,

5.000%,

8/01/54

-

AGM

Insured

2/33

at

100.00

AA  

1,270,154

Tuscaloosa

County

Board

of

Education,

Alabama,

Special

Tax

School

Warrants,

Series

2017:

960

5.000%,

2/01/36,

(Pre-refunded

2/01/27)

2/27

at

100.00

AA-  (4)

1,029,447

795

5.000%,

2/01/37,

(Pre-refunded

2/01/27)

2/27

at

100.00

AA-  (4)

852,510

1,050

5.000%,

2/01/43,

(Pre-refunded

2/01/27)

2/27

at

100.00

AA-  (4)

1,125,957

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  

2,441,924

Total

Alabama

17,605,092

Alaska

-

0.5%

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+  (4)

1,144,396

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  

1,423,926

1,500

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

Three

Series

2015,

5.250%,

10/01/31

4/25

at

100.00

A+  

1,541,610

2,310

Anchorage,

Alaska,

Solid

Waste

Services

Revenue

Bonds,

Refunding

Series

2022A,

5.500%,

11/01/41

11/32

at

100.00

AA  

2,634,509

Total

Alaska

6,744,441

Arizona

-

1.5%

2,200

Arizona

Industrial

Development

Authority

Education

Revenue

Bonds,

Pinecrest

Academy

of

Northern

Nevada

Project,

Series

2022A,

4.500%,

7/15/29,

144A

7/25

at

100.00

N/R  

2,132,900

100

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017D,

5.000%,

7/01/37,

144A

7/27

at

100.00

BB  

98,129

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  

895,040

80

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+  

76,973

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

34

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Arizona

(continued)

$

750

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Horizon,

Inspirada

and

St.

Rose

Campus

Projects,

Series

2018A,

5.000%,

7/15/28,

144A

7/26

at

100.00

BB+  

$

754,065

Arizona

Industrial

Development

Authority,

Education

Facility

Revenue

Bonds,

Leman

Academy

of

Excellence

Projects,

Series

2022A:

500

4.000%,

7/01/28

No

Opt.

Call

Baa3  

498,490

500

4.000%,

7/01/29

No

Opt.

Call

Baa3  

498,790

1,405

4.000%,

7/01/30

7/29

at

100.00

Baa3  

1,400,883

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  

264,562

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A:

3,450

5.000%,

7/01/35

7/25

at

100.00

Aa3  

3,548,187

1,000

5.000%,

7/01/45

7/25

at

100.00

Aa3  

1,017,250

5,025

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  

4,973,443

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  

419,053

3,300

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2023A,

5.000%,

1/01/50

1/33

at

100.00

AA+  

3,623,367

Yavapai

County

Industrial

Development

Authority,  Arizona,

Education

Revenue

Bonds,

Arizona

Agribusiness

and

Equine

Center

Inc

Project,

Refunding

Series

2015A:

90

3.900%,

9/01/24,

144A

No

Opt.

Call

BB+  

88,754

1,500

5.000%,

9/01/34,

144A

3/25

at

100.00

BB+  

1,454,025

Total

Arizona

21,743,911

Arkansas

-

0.2%

2,015

Arkansas

Tech

University,

Revenue

Bonds,

Refunding

Student

Fee

Series

2022A,

5.000%,

12/01/42

-

BAM

Insured

12/30

at

100.00

AA  

2,122,299

1,000

Pulaski

County,

Arkansas,

Hospital

Revenue

Bonds,

Arkansas

Children's

Hospital,

Series

2023,

5.000%,

3/01/41

3/33

at

100.00

AA-  

1,079,560

Total

Arkansas

3,201,859

California

-

6.0%

6,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2021B-1,

4.000%,

2/01/52,

(Mandatory

Put

8/01/31)

5/31

at

100.63

A1  

5,968,500

100

California

Educational

Facilities

Authority,

Revenue

Bonds,

Loma

Linda

University

Series

2017A,

5.000%,

4/01/35

4/27

at

100.00

A  

105,363

655

California

Educational

Facilities

Authority,

Revenue

Bonds,

Stanford

University,

Series

2013-U3,

5.000%,

6/01/43

No

Opt.

Call

AAA  

776,660

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  

1,171,088

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+  

212,148

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health

System,

Series

2009C:

5,795

5.000%,

7/01/32

No

Opt.

Call

A  

6,648,835

3,540

5.000%,

7/01/33

1/33

at

100.00

A  

3,931,383

35

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

5,960

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Brightline

West

Passenger

Rail

Project,

Series

2020A,

3.650%,

1/01/50,

(AMT),

(Mandatory

Put

1/31/24)

8/23

at

100.00

N/R  

$

5,934,908

60

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

Albert

Einstein

Academies

Project,

Series

2013A,

6.000%,

8/01/23,

(ETM)

No

Opt.

Call

BB  (4)

60,000

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  

100,225

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  

1,180,260

1,500

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2018A,

5.000%,

7/01/38,

144A

7/28

at

100.00

BB  

1,469,055

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-  

744,790

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A:

3,015

5.000%,

7/01/33

7/27

at

100.00

Baa2  

3,153,780

1,750

4.000%,

7/01/42

7/27

at

100.00

Baa2  

1,593,638

6,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

5.000%,

12/31/38,

(AMT)

6/28

at

100.00

BBB-  

6,190,560

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+  

905,993

4,000

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012,

5.000%,

11/21/45,

(AMT),

144A

1/24

at

100.00

BBB  

3,980,080

355

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2021A,

4.000%,

10/15/24

No

Opt.

Call

BBB-  

354,798

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  

1,013,280

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

25

5.000%,

8/01/24,

(ETM),

144A

No

Opt.

Call

N/R  (4)

25,438

305

5.000%,

8/01/24,

144A

No

Opt.

Call

BBB  

307,531

35

5.000%,

8/01/25,

(ETM),

144A

No

Opt.

Call

N/R  (4)

36,283

325

5.000%,

8/01/25,

144A

No

Opt.

Call

BBB  

328,923

725

5.000%,

8/01/26,

144A

8/25

at

100.00

BBB  

735,469

65

5.000%,

8/01/26,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

N/R  (4)

67,384

25

5.000%,

8/01/27,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

N/R  (4)

25,917

225

5.000%,

8/01/27,

144A

8/25

at

100.00

BBB  

228,762

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-  

1,508,092

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  

702,499

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  

312,663

325

5.000%,

6/01/37,

144A

6/27

at

100.00

N/R  

316,121

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

36

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

100

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Santa

Clarita

Valley

International

School

Project,

Series

2021A,

4.000%,

6/01/41

6/31

at

100.00

N/R  

$

83,086

1,075

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2014A,

5.000%,

7/01/34,

144A

7/24

at

100.00

BBB  

1,088,620

300

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2017A,

5.000%,

7/01/25,

144A

No

Opt.

Call

BBB  

304,065

1,195

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2023,

5.250%,

10/01/45

4/33

at

100.00

Aa2  

1,370,223

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-  

859,386

830

5.000%,

10/01/32

10/26

at

100.00

A-  

864,204

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A:

3,900

5.000%,

12/01/36,

144A

6/26

at

100.00

BB+  

3,920,787

280

5.000%,

12/01/46,

144A

6/26

at

100.00

BB+  

273,588

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+  

167,336

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  

1,029,780

750

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.125%,

8/15/47

-

AGM

Insured

8/32

at

100.00

AA  

797,378

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  

747,112

50

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.000%,

11/15/35

No

Opt.

Call

AA-  

53,361

1,145

Long

Beach,

California,

Airport

Revenue

Bonds,

Senior

Refunding

Series

2022C,

5.250%,

6/01/47

-

AGM

Insured,

(AMT)

6/32

at

100.00

AA  

1,224,612

Long

Beach,

California,

Marina

Revenue

Bonds,

Alamitos

Bay

Marina

Project,

Series

2015:

320

5.000%,

5/15/24

No

Opt.

Call

BBB  

322,729

745

5.000%,

5/15/26

5/25

at

100.00

BBB  

759,319

1,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Green

Series

2023A,

5.250%,

5/15/40,

(AMT)

5/33

at

100.00

AA-  

1,105,100

2,220

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Series

2022I,

5.000%,

5/15/48

11/31

at

100.00

AA  

2,449,592

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

AA  

769,253

5,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Series

2022H,

5.500%,

5/15/38,

(AMT)

11/31

at

100.00

AA  

5,623,550

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

AA-  

2,284,194

500

5.000%,

5/15/34,

(AMT)

5/26

at

100.00

AA-  

518,655

37

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

2,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2017A,

5.000%,

5/15/34,

(AMT)

5/27

at

100.00

AA-  

$

2,102,600

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

AA-  

1,202,010

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  

380,527

1,000

North

Lake

Tahoe

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Health

&

Human

Services

Center

Series

2022,

5.500%,

12/01/47

12/29

at

103.00

AA  

1,128,470

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+  (4)

2,020,713

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  

1,229,167

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

4

North

Natomas,

Refunding

Series

2015F:

615

5.000%,

9/01/26

9/25

at

100.00

A-  

632,374

1,290

5.000%,

9/01/27

9/25

at

100.00

A-  

1,329,732

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  

302,496

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+  

1,046,400

500

5.000%,

7/01/35,

(AMT)

7/27

at

100.00

A+  

521,085

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  

1,065,960

Total

California

89,667,890

Colorado

-

4.9%

1,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021,

4.250%,

12/01/41

12/26

at

103.00

N/R  

828,360

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  

1,318,120

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+  

4,856,913

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  

466,341

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  

1,042,560

1,330

5.000%,

6/15/35

6/26

at

100.00

Aa2  

1,381,803

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  

486,985

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013:

450

5.000%,

12/01/33

8/23

at

100.00

BB+  

446,742

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

38

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

$

845

5.000%,

12/01/42

8/23

at

100.00

BB+  

$

798,871

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A:

1,155

5.250%,

11/01/36

11/32

at

100.00

A-  

1,271,921

5,300

5.250%,

11/01/52

11/32

at

100.00

A-  

5,525,250

1,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sisters

of

Charity

of

Leavenworth

Health

Services

Corporation,

Tender

Option

Bond

Trust

2015-XF2196.

Formerly

Tender

Option

Bond

Trust

3367,

7.950%,

1/01/35,

144A,

(IF)

(5)

1/24

at

100.00

N/R  

1,034,350

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  

893,790

2,500

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2021S,

4.000%,

3/15/46

3/31

at

100.00

Aa2  

2,459,900

1,665

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

5.500%,

11/15/35,

(AMT)

11/32

at

100.00

AA-  

1,925,573

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D:

1,725

5.750%,

11/15/34,

(AMT)

11/32

at

100.00

AA-  

2,057,028

805

5.750%,

11/15/35,

(AMT)

11/32

at

100.00

AA-  

951,011

3,500

5.750%,

11/15/40,

(AMT)

11/32

at

100.00

AA-  

4,010,650

2,500

5.750%,

11/15/41,

(AMT)

11/32

at

100.00

AA-  

2,854,725

2,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2013A,

5.500%,

11/15/26,

(AMT)

11/23

at

100.00

A+  

2,007,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016:

1,100

5.000%,

12/01/25

No

Opt.

Call

Baa2  

1,120,570

2,500

5.000%,

12/01/26

No

Opt.

Call

Baa2  

2,571,975

1,240

5.000%,

12/01/28

12/26

at

100.00

Baa2  

1,277,436

500

5.000%,

12/01/36

12/26

at

100.00

Baa2  

505,710

3,000

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A,

6.750%,

12/01/34,

144A

9/27

at

103.00

N/R  

3,001,740

300

Fiddler's

Business

Improvement

District,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Greenwood

Village

Project,

Series

2022,

5.550%,

12/01/47

12/27

at

103.00

N/R  

302,967

500

Grandview

Reserve

Metropolitan

District,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Senior

Bonds,

Series

2022A

and

Limited

Tax

General

Obligation

Subordinate

Bonds,

Series

2022B(3),

6.250%,

12/01/52

9/27

at

103.00

N/R  

474,280

500

Hogback

Metropolitan

District,

Jefferson

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2021A,

5.000%,

12/01/51,

144A

12/26

at

103.00

N/R  

435,260

2,550

Ledge

Rock

Center

Commercial

Metropolitan

District

(In

the

Town

of

Johnstown,

Weld

County,

Colorado),

Limited

Tax

General

Obligation

Bonds,

Series

2022,

7.125%,

11/01/42,

144A

11/29

at

103.00

N/R  

2,551,301

500

Meridian

Ranch

Metropolitan

District

2018,

Subdistrict,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.250%,

12/01/37

12/27

at

103.00

N/R  

496,675

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  

1,359,687

1,665

5.500%,

12/01/36

12/27

at

100.00

AA  

1,810,954

39

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

$

1,300

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022,

5.250%,

7/01/52

7/31

at

100.00

AA+  

$

1,406,743

1,330

Peak

Metropolitan

District

3,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1,

7.500%,

12/01/52

12/27

at

103.00

N/R  

1,332,753

1,035

Plaza

Metropolitan

District

1,

Lakewood,

Colorado,

Tax

Increment

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

12/01/40,

144A

8/23

at

100.00

N/R  

989,708

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  

1,167,674

9,930

State

of

Colorado,

Rural

Colorado,

Certificates

of

Participation,

Series

2022,

6.000%,

12/15/41

12/32

at

100.00

Aa2  

11,817,594

900

Thompson

Crossing

Metropolitan

District

4,

Johnstown,

Larimer

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

&

Improvement

Series

2019,

5.000%,

12/01/39

9/24

at

103.00

N/R  

861,957

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  

953,740

1,250

Village

Metropolitan

District

In

the

Town

of

Avon,

Eagle

County,

Colorado,

Special

Revenue

and

Limited

Property

Tax

Bonds,

Refunding

&

Improvement

Series

2020,

5.000%,

12/01/40

12/25

at

103.00

N/R  

1,208,550

1,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.750%,

12/01/52

12/29

at

103.00

N/R  

942,890

Total

Colorado

73,208,057

Connecticut

-

0.8%

5,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A,

4.000%,

7/01/51

7/31

at

100.00

A+  

4,580,950

Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017:

1,315

5.000%,

4/01/30,

144A

4/27

at

100.00

N/R  

1,337,342

6,465

5.000%,

4/01/39,

144A

4/27

at

100.00

N/R  

6,483,813

Total

Connecticut

12,402,105

Delaware

-

0.0%

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

BB  

269,749

180

Delaware

Economic

Development

Authority,

Revenue

Bonds,

Newark

Charter

School,

Refunding

Series

2016A,

2.800%,

9/01/26

No

Opt.

Call

BBB+  

172,096

Total

Delaware

441,845

District

of

Columbia

-

2.4%

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+  

2,068,740

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  

2,149,380

3,000

District

of

Columbia,

General

Obligation

Bonds,

Series

2023A,

5.000%,

1/01/45

1/33

at

100.00

Aaa  

3,350,010

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  

1,038,900

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

40

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

District

of

Columbia

(continued)

$

5,000

District

of

Columbia,

Revenue

Bonds,

Georgetown

University,

Refunding

Series

2017,

5.000%,

4/01/33

4/27

at

100.00

A-  

$

5,304,650

District

of

Columbia,

Washington,

D.C.,

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+  (4)

1,002,740

1,000

5.000%,

10/01/29,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+  (4)

1,002,740

575

5.000%,

10/01/30,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+  (4)

576,575

2,000

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

KIPP

DC

Issue,

Refunding

Series

2017A,

5.000%,

7/01/37

1/28

at

100.00

BBB+  

2,040,300

2,000

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

KIPP

DC

Issue,

Refunding

Series

2017B,

5.000%,

7/01/37

1/28

at

100.00

BBB+  

2,040,300

1,240

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

KIPP

DC

Issue,

Series

2019,

4.000%,

7/01/44

7/29

at

100.00

BBB+  

1,080,263

1,540

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

5.000%,

10/01/47

10/29

at

100.00

A-  

1,608,361

2,990

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2013A,

5.000%,

10/01/32,

(AMT)

10/23

at

100.00

AA-  

2,997,206

3,500

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

10/01/29,

(AMT)

10/24

at

100.00

AA-  

3,543,715

5,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

10/01/34,

(AMT)

10/24

at

100.00

AA-  

5,058,950

Total

District

of

Columbia

34,862,830

Florida

-

11.6%

Babcock

Ranch

Community

Independent

Special

District,

Charlotte

County,

Florida,

Special

Assessment

Bonds,

2022

Project

Series

2022:

530

4.250%,

5/01/32

No

Opt.

Call

N/R  

519,347

1,000

5.000%,

5/01/42

5/32

at

100.00

N/R  

989,150

1,495

Bay

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2022A,

5.500%,

7/01/42

7/32

at

100.00

Aa3  

1,678,481

740

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  

740,703

2,000

Brevard

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Health

First

Obligated

Group,

Series

2022A,

5.000%,

4/01/52

4/32

at

100.00

A  

2,069,880

5,000

Brevard

County

School

Board,

Florida,

Certificates

of

Participation,

Refunding

Series

2017A,

5.000%,

7/01/31

7/27

at

100.00

Aa3  

5,393,300

1,930

Broward

County,

Florida,

Airport

System

Revenue

Bonds,

Series

2017,

5.000%,

10/01/35,

(AMT)

10/27

at

100.00

A+  

2,012,102

1,000

Broward

County,

Florida,

Port

Facilities

Revenue

Bonds,

Refunding

Subordinate

Series

2019D,

5.000%,

9/01/23,

(AMT)

No

Opt.

Call

A2  

1,000,970

1,000

Broward

County,

Florida,

Port

Facilities

Revenue

Bonds,

Series

2022,

5.250%,

9/01/47,

(AMT)

9/32

at

100.00

A1  

1,067,300

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  

1,492,118

2,095

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Odyssey

Charter

School

Project,

Series

2019,

5.000%,

7/01/54,

144A

7/26

at

103.00

Ba1  

1,830,925

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  

219,502

41

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

110

4.000%,

10/01/51,

(AMT),

144A

10/31

at

100.00

N/R  

$

90,844

3,035

City

of

Miami

Beach,

Florida,

Stormwater

Revenue

Bonds,

Series

2015,

5.000%,

9/01/41

9/25

at

100.00

AA-  

3,112,089

Cocoa,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2018C:

1,225

5.000%,

10/01/36

10/28

at

100.00

AA+  

1,353,576

1,315

5.000%,

10/01/37

10/28

at

100.00

AA+  

1,440,964

1,000

5.000%,

10/01/38

10/28

at

100.00

AA+  

1,090,210

Collier

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Ave

Maria

University,

Refunding

Series

2023:

2,235

5.500%,

6/01/30

No

Opt.

Call

BBB-  

2,407,140

2,625

5.500%,

6/01/33

No

Opt.

Call

BBB-  

2,876,632

Corkscrew

Crossing

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2023:

500

4.300%,

5/01/33

No

Opt.

Call

N/R  

495,650

1,000

5.100%,

5/01/43

5/33

at

100.00

N/R  

991,320

1,190

Daytona

Beach

Florida

Housing

Authority,Multi-family

Housing

Revenue

Bonds,

WM

At

The

River

LP,

Series

2021

B,

1.250%,

12/01/25,

(Mandatory

Put

12/01/24)

12/24

at

100.00

Aaa  

1,141,627

Deerfield

Beach,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2018:

2,865

5.000%,

12/01/37

12/28

at

100.00

AA  

3,116,318

1,200

5.000%,

12/01/38

12/28

at

100.00

AA  

1,299,816

120

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  

120,533

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  

175,037

385

5.750%,

7/01/47,

144A

7/27

at

101.00

N/R  

379,078

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

Baa3  

1,381,335

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  

171,267

2,000

Florida

Development

Finance

Corporation,

Florida,

Surface

Transportation

Facility

Revenue

Bonds,

Brightline

Passenger

Rail

Project,

Green

Series

2019B,

7.375%,

1/01/49,

(AMT),

144A

1/24

at

107.00

N/R  

1,989,000

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,

(AMT),

(Mandatory

Put

1/01/29),

144A

8/23

at

102.00

N/R  

4,366,670

5,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2023A,

7.500%,

7/01/57,

(AMT),

(Mandatory

Put

8/15/24)

8/23

at

101.00

N/R  

4,921,000

5,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Passenger

Rail

Expansion

Project,

Series

2022A,

7.250%,

7/01/57,

(AMT),

(Mandatory

Put

10/03/23),

144A

8/23

at

104.00

N/R  

5,102,600

1,000

Florida

Gulf

Coast

University

Financing

Corporation,

Capital

Improvement

Revenue

Bonds,

Refunding

Housing

Project,

Series

2022A,

5.000%,

2/01/40

8/32

at

100.00

A+  

1,058,330

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

42

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

12,000

Florida

Mid-Bay

Bridge

Authority,

Revenue

Bonds,

1st

Senior

Lien

Series

2015A,

5.000%,

10/01/35

10/25

at

100.00

BBB+  

$

12,170,521

760

Fort

Lauderdale,

Florida,

Special

Assessment

Bonds,

Las

Olas

Isles

Undergrounding

Project,

Series

2022,

4.000%,

7/01/42,

144A

7/32

at

100.00

N/R  

645,939

4,000

Hernando

County,

Florida,

Non-Ad

Valorem

Revenue

Bonds,

Series

2022,

5.250%,

6/01/47

6/32

at

100.00

AA-  

4,351,720

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Senior

Lien

Series

2015A:

7,415

5.000%,

10/01/34,

(AMT)

10/24

at

100.00

AA-  

7,502,423

3,250

5.000%,

10/01/40,

(Pre-refunded

10/01/24),

(AMT)

10/24

at

100.00

N/R  (4)

3,300,115

715

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Series

2018E,

5.000%,

10/01/35,

(AMT)

10/28

at

100.00

AA-  

754,775

3,000

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Subordinate

Refunding

Series

2013A,

5.500%,

10/01/28,

(Pre-refunded

10/01/23),

(AMT)

10/23

at

100.00

A+  (4)

3,008,640

2,860

Hollywood

Beach

Community

Development

District

1,

Florida,

Revenue

Bonds,

Public

Parking

Facility

Project,

Refunding

Series

2020,

5.000%,

10/01/35

10/30

at

100.00

Aa3  

3,054,451

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  

980,341

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  

1,761,969

1,875

Julington

Creek

Plantation

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023,

5.500%,

5/01/43

-

AGM

Insured

5/33

at

100.00

AA  

2,077,256

400

Lake

Worth

Beach,

Florida,

Consolidated

Utility

Revenue

Bonds,

Series

2022,

5.000%,

10/01/36

-

BAM

Insured

10/32

at

100.00

AA  

453,996

10,000

Lakeland,

Florida,

Energy

System

Revenue

Bonds,

Series

2021,

5.000%,

10/01/48

No

Opt.

Call

AA  

11,322,900

970

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2007A,

5.250%,

6/15/27

8/23

at

100.00

BB  

951,531

525

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2012A,

5.000%,

6/15/24,

144A

8/23

at

100.00

BB  

522,942

605

Lee

County,

Florida,

Solid

Waste

System

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

10/01/26,

(AMT)

No

Opt.

Call

AA-  

622,297

1,155

Marco

Island,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2016,

3.000%,

10/01/33

10/26

at

100.00

Aa3  

1,118,548

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-  

853,255

250

5.000%,

11/15/26

11/24

at

100.00

A-  

253,495

375

5.000%,

11/15/27

11/24

at

100.00

A-  

379,946

500

5.000%,

11/15/28

11/24

at

100.00

A-  

506,030

9,250

5.000%,

11/15/39

11/24

at

100.00

A-  

9,301,153

4,000

5.000%,

11/15/44

11/24

at

100.00

A-  

4,016,480

Miami

Dade

County,

Florida,

Rickenbacker

Causeway

Revenue

Bonds,

Series

2014:

900

5.000%,

10/01/27

10/24

at

100.00

A-  

911,268

920

5.000%,

10/01/28

10/24

at

100.00

A-  

932,503

500

5.000%,

10/01/30

10/24

at

100.00

A-  

507,110

43

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2014A:

$

1,145

5.000%,

10/01/28,

(AMT)

10/24

at

100.00

A1  

$

1,156,908

4,000

5.000%,

10/01/33,

(AMT)

10/24

at

100.00

A1  

4,034,720

1,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/41

10/26

at

100.00

A+  

1,026,030

4,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

10/01/38,

(AMT)

10/28

at

100.00

A+  

4,142,200

Monroe

County,

Florida,

Airport

Revenue

Bonds,

Key

West

International

Airport,

Series

2022:

1,430

5.000%,

10/01/39,

(AMT)

10/32

at

100.00

A-  

1,472,657

1,575

5.000%,

10/01/41,

(AMT)

10/32

at

100.00

A-  

1,609,508

500

Orange

County

Health

Facilities

Authority,

Florida,

Revenue

Bonds,

Presbyterian

Retirement

Communities

Project,

Series

2014,

5.000%,

8/01/24

No

Opt.

Call

A-  

502,595

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  

1,054,870

745

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1,

5.000%,

10/01/29

No

Opt.

Call

BBB+  

803,438

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Jupiter

Medical

Center,

Series

2022:

620

5.000%,

11/01/34

11/32

at

100.00

BBB  

659,692

750

5.000%,

11/01/36

11/32

at

100.00

BBB  

783,675

1,520

5.000%,

11/01/47

11/32

at

100.00

BBB  

1,526,065

2,175

5.000%,

11/01/52

11/32

at

100.00

BBB  

2,149,292

425

Palm

Beach

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2015C,

5.000%,

8/01/30

8/25

at

100.00

Aa3  

437,508

1,000

Pasco

County,

Florida,

Cigarette

Tax

Allocation

Bonds,

H.

Lee

Moffitt

Cancer

Center

and

Research

Institute

Capital

Improvement

Series

2023A,

5.500%,

9/01/41

-

AGM

Insured

3/33

at

100.00

AA  

1,129,240

1,000

Poitras

East

Community

Development

District,

Osceola

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023,

4.200%,

5/01/33

No

Opt.

Call

N/R  

988,910

Pompano

Beach,

Florida,

Revenue

Bonds,

John

Knox

Village

Project,

Series

2015:

225

5.000%,

9/01/24

No

Opt.

Call

BBB  

225,857

410

5.000%,

9/01/35

9/24

at

100.00

BBB  

410,578

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  

930,232

2,120

Sarasota

County,

Florida,

Utility

System

Revenue

Bonds,

Series

2022,

5.250%,

10/01/52

10/32

at

100.00

AA+  

2,365,030

280

Seminole

County

Industrial

Development

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Galileo

Schools

for

Gifted

Learning,

Series

2021A,

4.000%,

6/15/31,

144A

No

Opt.

Call

Ba1  

262,648

500

Tallahassee,

Florida,

Consolidated

Utility

Systems

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

10/01/35,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA  (4)

501,285

1,425

Tampa

Bay,

Florida,

Regional

Water

Supply

Authority,

Utility

System

Revenue

Bonds,

Sustainability

Series

2022,

5.250%,

10/01/47

10/32

at

100.00

AA+  

1,593,549

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

A1  

1,390,997

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

A1  

514,107

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

44

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

4,090

Tampa,

Florida,

Water

and

Wastewater

Systems

Revenue

Bonds,

Green

Series

2022A,

5.250%,

10/01/57

10/32

at

100.00

AAA  

$

4,565,054

15

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-2,

0.000%,

5/01/40

(6)

8/23

at

100.00

N/R  

13,810

15

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-3,

6.610%,

5/01/40

(7)

8/23

at

100.00

N/R  

–

Village

Community

Development

District

10,

Sumter

County,

Florida,

Special

Assessment

Revenue

Bonds,

Refunding

Series

2023:

550

5.000%,

5/01/38

-

AGM

Insured

5/33

at

100.00

AA  

609,208

1,130

5.000%,

5/01/39

-

AGM

Insured

5/33

at

100.00

AA  

1,240,830

1,000

5.000%,

5/01/40

-

AGM

Insured

5/33

at

100.00

AA  

1,089,760

3,000

Village

Community

Development

District

14,

Leesburg,

Florida,

Special

Assessment

Bonds,

Series

2022,

4.750%,

5/01/32,

144A

5/30

at

100.00

N/R  

3,087,000

Total

Florida

172,633,671

Georgia

-

1.3%

3,000

Atlanta,

Georgia,

Airport

General

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/38,

(AMT)

7/32

at

100.00

Aa3  

3,233,400

1,350

Clarke

County

School

District,

Georgia,

General

Obligation

Bonds,

Sales

Tax

Series

2022,

5.000%,

9/01/23

No

Opt.

Call

Aa1  

1,351,931

2,390

Cobb

County

Kennestone

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Wellstar

Health

System,

Series

2017A,

5.000%,

4/01/35

4/27

at

100.00

A+  

2,507,253

8,425

Coweta

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2019A,

5.000%,

7/01/44

7/29

at

100.00

AA-  

8,756,608

1,860

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2022,

5.250%,

7/01/43

7/32

at

100.00

AA  

2,100,851

950

Henry

County

Hospital

Authority,

Georgia,

Revenue

Certificates,

Piedmont

Henry

Hospital

Project,

Series

2014A,

5.000%,

7/01/34

7/24

at

100.00

AA-  

962,892

Total

Georgia

18,912,935

Guam

-

0.1%

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

1,035

5.000%,

11/15/23

No

Opt.

Call

BB  

1,036,211

1,000

5.000%,

11/15/33

11/25

at

100.00

BB  

1,013,330

Total

Guam

2,049,541

Hawaii

-

0.6%

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+  

1,600,608

2,000

Honolulu

City

and

County,

Hawaii,

General

Obligation

Bonds,

Series

2015A,

5.000%,

10/01/37

10/25

at

100.00

AA+  

2,053,700

3,840

Honolulu

City

and

County,

Hawaii,

General

Obligation

Bonds,

Series

2022B,

5.250%,

7/01/41

7/32

at

100.00

AA+  

4,372,070

Kauai

County,

Hawaii,

Special

Tax

Bonds,

Community

Facilities

District

2008-1

Kukuiula

Development

Project,

Series

2022:

440

4.000%,

5/15/29

No

Opt.

Call

N/R  

427,346

470

4.000%,

5/15/30

No

Opt.

Call

N/R  

453,428

375

5.000%,

5/15/31

No

Opt.

Call

N/R  

386,430

250

5.000%,

5/15/32

No

Opt.

Call

N/R  

256,777

Total

Hawaii

9,550,359

45

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Idaho

-

1.1%

Boise

State

University,

Idaho,

General

Revenue

Bonds,

Series

2018A:

$

575

5.000%,

4/01/38

4/28

at

100.00

Aa3  

$

611,403

600

5.000%,

4/01/39

4/28

at

100.00

Aa3  

636,888

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  

509,260

1,000

5.000%,

6/01/30

12/24

at

100.00

A3  

1,017,740

2,090

5.000%,

6/01/31

12/24

at

100.00

A3  

2,125,697

610

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Madison

Memorial

Hospital

Project,

Refunding

Series

2016,

5.000%,

9/01/29

9/26

at

100.00

BB+  

619,199

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+  

1,288,550

865

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Group,

Series

2015,

5.500%,

12/01/29

6/25

at

100.00

AA-  

895,794

6,105

Idaho

Housing

&

Finance

Association,

Idaho,

Sales

Tax

Revenue

Bonds,

Transportation

Expansion

&

Congestion

Mitigation

Fund,

Series

2023A,

5.250%,

8/15/48

8/33

at

100.00

Aa1  

6,855,305

1,170

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Future

Public

School

Project,

Series

2022A,

4.000%,

5/01/32,

144A

5/29

at

103.00

Ba2  

1,066,853

Total

Idaho

15,626,689

Illinois

-

6.2%

1,395

Beford

Park

Village,

Illinois,

Hotel

and

Motel

Tax

Revenue

Bonds,

Refunding

Series

2015A,

4.000%,

12/01/23

No

Opt.

Call

A3  

1,391,457

602

Chicago,

Illinois,

Certificates

of

Participation,

Tax

Increment

Allocation

Revenue

Bonds,

Pullman

Park/Chicago

Redevelopment

Project,

Series

2013A,

7.125%,

3/15/33

8/23

at

100.00

N/R  

601,831

600

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Refunding

Senior

Lien

Series

2020A,

5.000%,

1/01/35

1/30

at

100.00

A+  

665,526

Chicago,

Illinois,

General

Obligation

Bonds,

Chicago

Works

Series

2023A:

3,850

5.000%,

1/01/35

1/32

at

100.00

BBB+  

4,184,449

1,685

5.500%,

1/01/39

1/32

at

100.00

BBB+  

1,847,603

Chicago,

Illinois,

Midway

Airport

Revenue

Bonds,

Refunding

Second

Lien

Series

2014A:

2,500

5.000%,

1/01/25

1/24

at

100.00

A  

2,507,350

3,000

5.000%,

1/01/30

1/24

at

100.00

A  

3,007,050

4,320

Chicago,

Illinois,

Water

Revenue

Bonds,

Refunding

Second

Lien

Series

2012,

4.000%,

11/01/37

8/23

at

100.00

A+  

4,311,619

4,650

DuPage

County

School

District

58

Downers

Grove,

Illinois,

General

Obligation

Bonds,  School

Series

2022,

5.250%,

12/15/40

12/32

at

100.00

Aa1  

5,230,134

100

Illinois

Finance

Authority

Revenue

Bonds,

OSF

Healthcare

System,

Refunding

Series

2018A,

5.000%,

5/15/25

No

Opt.

Call

A  

102,362

2,000

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2014,

4.000%,

8/01/38

8/24

at

100.00

AA  

1,972,180

525

Illinois

Finance

Authority,

Revenue

Bonds,

Bradley

University,

Refunding

Series

2021A,

4.000%,

8/01/39

8/31

at

100.00

BBB+  

475,923

Illinois

Finance

Authority,

Revenue

Bonds,

DePaul

College

Prep

Foundation,

Series

2023A:

1,220

4.300%,

8/01/28,

144A

No

Opt.

Call

BB+  

1,216,194

1,000

5.250%,

8/01/38,

144A

8/33

at

100.00

BB+  

1,019,460

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

46

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Illinois

(continued)

$

4,500

Illinois

Finance

Authority,

Revenue

Bonds,

Edward-Elmhurst

Healthcare,

Refunding

Series

2018A,

4.250%,

1/01/44,

(Pre-refunded

1/01/28)

1/28

at

100.00

AA-  (4)

$

4,728,555

3,000

Illinois

Finance

Authority,

Revenue

Bonds,

Edward-Elmhurst

Healthcare,

Series

2017A,

5.000%,

1/01/36,

(Pre-refunded

1/01/27)

1/27

at

100.00

AA-  (4)

3,195,840

5,000

Illinois

Finance

Authority,

Revenue

Bonds,

Northwest

Community

Hospital,

Refunding

Series

2016A,

4.000%,

7/01/37,

(Pre-refunded

7/01/26)

7/26

at

100.00

Aa3  (4)

5,139,600

9,885

Illinois

Finance

Authority,

Revenue

Bonds,

Northwestern

Memorial

Healthcare,

Series

2017A,

4.000%,

7/15/47

1/28

at

100.00

AA+  

9,437,506

1,000

Illinois

Finance

Authority,

Revenue

Bonds,

OSF

Healthcare

System,

Series

2015A,

4.000%,

11/15/33

11/25

at

100.00

A  

1,004,780

2,750

Illinois

Finance

Authority,

Revenue

Bonds,

Rush

University

Medical

Center

Obligated

Group,

Series

2015A,

5.000%,

11/15/38

5/25

at

100.00

AA-  

2,781,377

220

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C,

5.000%,

8/15/23

No

Opt.

Call

A3  

220,081

Illinois

Finance

Authority,

Revenue

Bonds,

Smith

Crossing,

Refunding

Series

2022:

725

4.000%,

10/15/30

4/29

at

103.00

BBB-  

660,178

6,000

4.000%,

10/15/37

4/29

at

103.00

BBB-  

4,974,360

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  

835,669

1,455

Illinois

Housing

Development

Authority,

Revenue

Bonds,

Social

Series

2022G,

6.250%,

10/01/52

4/32

at

100.00

Aaa  

1,575,503

2,000

Illinois

State,

General

Obligation

Bonds,

December

Series

2017B,

5.000%,

12/01/24

No

Opt.

Call

A-  

2,037,040

6,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D,

5.000%,

11/01/28

11/27

at

100.00

A-  

6,388,140

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-  

5,231,711

1,100

Lake

County

Consolidated

High

School

District

120

Mundelein,

Illinois,

General

Obligation

Bonds,

School

Series

2022A,

5.500%,

12/01/40

12/32

at

100.00

AA+  

1,227,897

600

Madison,

Bond

and

Montgomery

Counties

Community

Unit

School

District

05,

Highland,

Illinois,

General

Obligation

Bonds,

School

Series

2022B,

5.500%,

2/01/42

-

AGM

Insured

2/30

at

100.00

AA  

656,100

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  

746,934

1,250

Northern

Illinois

University,

Auxiliary

Facilities

System

Revenue

Bonds,

Refunding

Series

2020B,

4.000%,

4/01/35

-

BAM

Insured

4/30

at

100.00

AA  

1,256,613

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  

999,210

1,000

Sangamon

County

School

District

186

Springfield,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2023,

5.500%,

6/01/48

-

AGM

Insured

,

(WI/DD)

6/33

at

100.00

AA  

1,108,200

2,250

Southwestern

Illinois

Development

Authority,

Local

Government

Revenue

Bonds,

Edwardsville

Community

Unit

School

District

7

Project,

Series

2023A,

5.500%,

12/01/35

-

BAM

Insured

12/31

at

100.00

AA  

2,608,628

47

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Illinois

(continued)

Stephenson

County

School

District

145,

Freeport,

Illinois,

General

Obligation

Bonds,

Limited

School

Series

2018A:

$

610

5.000%,

2/01/34

-

AGM

Insured

2/28

at

100.00

AA  

$

659,196

140

5.000%,

2/01/34,

(Pre-refunded

2/01/28)

-

AGM

Insured

2/28

at

100.00

AA  (4)

152,901

100

University

of

Illinois,

Auxiliary

Facilities

System

Revenue

Bonds,

Series

2014A,

5.000%,

4/01/39

4/24

at

100.00

Aa2  

100,157

2,000

Will

County

School

District

114,

Manhattan,

Illinois,

General

Obligation

Bonds,

Series

2022,

5.500%,

1/01/43

-

BAM

Insured

1/33

at

100.00

AA  

2,247,920

4,000

Will

County,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2019,

4.000%,

11/15/47

11/29

at

100.00

AA+  

3,899,800

Total

Illinois

92,407,034

Indiana

-

5.0%

2,500

Evansville,

Indiana,

Waterworks

District

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/47

-

BAM

Insured

1/32

at

100.00

AA  

2,674,325

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  

857,710

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+  

764,855

795

5.000%,

7/15/36

1/28

at

100.00

AA+  

862,742

500

5.000%,

7/15/37

1/28

at

100.00

AA+  

539,095

1,000

5.000%,

7/15/38

1/28

at

100.00

AA+  

1,073,050

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-  

564,458

425

5.000%,

2/01/27

2/24

at

100.00

A-  

428,587

4,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

DePauw

University

Project,

Series

2022A,

5.000%,

7/01/42

7/32

at

100.00

Baa1  

4,086,680

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

A3  

3,881,264

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  

252,978

4,195

Indiana

Finance

Authority,

Health

System

Revenue

Bonds,

Franciscan

Alliance,

Inc

Obligated

Group,

Series

2016B,

5.000%,

11/01/41

11/25

at

100.00

Aa3  

4,275,712

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A:

665

5.000%,

11/01/35

5/29

at

100.00

BBB+  

703,563

235

4.000%,

11/01/36

5/29

at

100.00

BBB+  

228,324

1,125

4.000%,

11/01/43

5/29

at

100.00

BBB+  

1,011,532

850

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Parkview

Health,

Series

2018A,

4.000%,

11/01/48

11/28

at

100.00

AA-  

809,931

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Reid

Health

Series

2022:

1,785

5.000%,

1/01/42

-

AGM

Insured

1/32

at

100.00

AA  

1,901,007

1,700

5.000%,

1/01/52

-

AGM

Insured

1/32

at

100.00

AA  

1,795,812

3,025

Indiana

Finance

Authority,

Wastewater

Utility

Revenue

Bonds,

CWA

Authority

Project,

Refunding

Second

Lien

Series

2021-2,

4.000%,

10/01/40

-

BAM

Insured

10/31

at

100.00

AA  

3,046,750

2,020

Indiana

Health

Facility

Financing

Authority,

Revenue

Bonds,

Ascension

Health,

Series

2001A-1,

5.000%,

11/15/34

11/25

at

100.00

AA+  

2,091,165

1,420

Indiana

Municipal

Power

Agency

Power

Supply

System

Revenue

Bonds,

Refunding

Series

2016C,

5.000%,

1/01/38

7/26

at

100.00

A+  

1,456,608

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

48

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Indiana

(continued)

$

670

Indiana

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

2017A,

5.000%,

1/01/42

1/28

at

100.00

A+  

$

703,781

3,000

Indiana

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

2022A,

5.500%,

1/01/47

1/32

at

100.00

A+  

3,338,040

1,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Airport

Authority

Project

Revenue

Bonds,

Series

2022G-2,

5.000%,

1/01/33,

(AMT)

1/32

at

100.00

A1  

1,105,390

2,235

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Circle

City

Forward

Phase

II

Project

Revenue

Bonds,

Series

2023B,

5.250%,

2/01/48

8/33

at

100.00

AAA  

2,483,241

IPS

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Revenue

Bonds,

Social

Series

2022:

630

5.500%,

7/15/37

7/32

at

100.00

AA+  

716,467

500

5.500%,

7/15/39

7/32

at

100.00

AA+  

563,315

1,625

Ivy

Tech

Community

College,

Indiana,

Student

Fee

Revenue

Bonds,

Series

2018V,

5.000%,

7/01/36

7/28

at

100.00

AA  

1,731,242

Lake

Ridge

Multi-School

Building

Corporation,

Lake

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2022:

2,960

5.500%,

7/15/36

7/32

at

100.00

AA+  

3,445,262

3,500

5.500%,

7/15/38

7/32

at

100.00

AA+  

4,012,155

1,280

5.500%,

7/15/40

7/32

at

100.00

AA+  

1,453,760

1,150

Mount

Vernon

of

Hancock

County

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2022,

5.500%,

1/15/42

7/31

at

100.00

AA+  

1,290,703

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+  

2,494,843

2,480

5.000%,

7/15/36

7/26

at

100.00

AA+  

2,603,702

Plymouth

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2018:

1,655

5.000%,

1/15/34

7/28

at

100.00

AA+  

1,813,880

3,655

5.000%,

7/15/36

7/28

at

100.00

AA+  

3,960,375

Richmond

Hospital

Authority,

Indiana,

Revenue

Bonds,

Reid

Hospital

Project,  Refunding

Series

2015A:

500

5.000%,

1/01/28

1/25

at

100.00

A  

508,980

815

5.000%,

1/01/29

1/25

at

100.00

A  

829,597

4,905

Tippecanoe

County

NSE08

School

Building

Corporation,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2022B,

6.000%,

7/15/39

7/32

at

100.00

AA+  

5,854,314

Tippecanoe

County

NSE08

School

Building

Corporation,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2023B:

465

6.000%,

7/15/41

7/33

at

100.00

AA+  

558,856

1,325

6.000%,

1/15/43

7/33

at

100.00

AA+  

1,582,553

Total

Indiana

74,356,604

Iowa

-

0.2%

3,000

PEFA

Inc.,

Public

Energy

Facilities

Authority,

Inc.,

Iowa,

Gas

Project

Revenue

Bonds,

Series

2019,

5.000%,

9/01/49,

(Mandatory

Put

9/01/26)

6/26

at

100.62

A  

3,055,800

Total

Iowa

3,055,800

Kansas

-

0.9%

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

Ba2  

1,044,997

49

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Kansas

(continued)

$

4,000

Kansas

Department

of

Transportation,

Highway

Revenue

Bonds,

Series

2018A,

5.000%,

9/01/36

9/27

at

100.00

AA  

$

4,263,680

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  

212,277

3,000

Shawnee

County

Unified

School

District

437

Auburn-

Washburn,

Kansas,

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2022,

5.000%,

9/01/42

9/32

at

100.00

Aa2  

3,355,050

2,700

Unified

School

District

No.

491,

Douglas

County.

Kansas,

General

Obligation

Bonds,

Refunding

and

School

Building,

Eudora

Series

2023A,

5.000%,

9/01/42

-

AGM

Insured

,

(WI/DD)

9/32

at

100.00

AA  

2,925,342

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-  

2,047,900

Total

Kansas

13,849,246

Kentucky

-

0.1%

750

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A,

5.000%,

6/01/26

No

Opt.

Call

Baa2  

770,745

1,250

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

127,

Series

2022A,

5.250%,

6/01/39

6/32

at

100.00

AA-  

1,391,112

Total

Kentucky

2,161,857

Louisiana

-

2.1%

Cameron

Parish

School

District

15,

Louisiana,

General

Obligation

Bonds,

Series

2021:

350

4.000%,

10/01/34

10/30

at

100.00

BBB  

354,088

350

4.000%,

10/01/35

10/30

at

100.00

BBB  

351,561

4,000

Greater

New

Orleans

Expressway

Commission,

Louisiana,

Toll

Revenue

Bonds,

Subordinate

Lien

Series

2017,

5.000%,

11/01/42

-

AGM

Insured

11/25

at

100.00

AA  

4,100,400

5,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Insurance

Assessment

Revenue

Bonds,

Louisiana

Insurance

Guaranty

Association

Project,

Series

2022B,

5.000%,

8/15/33

8/27

at

100.00

A1  

5,278,650

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  

191,604

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  

2,096,480

2,000

5.000%,

5/15/34

5/27

at

100.00

A  

2,093,920

2,640

5.000%,

5/15/35

5/27

at

100.00

A  

2,754,048

3,940

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

North

Terminal

Project,

Series

2015B,

5.000%,

1/01/30,

(AMT)

1/25

at

100.00

A  

3,994,530

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

A  

416,092

500

5.000%,

1/01/35,

(AMT)

1/27

at

100.00

A  

518,890

355

5.000%,

1/01/36,

(AMT)

1/27

at

100.00

A  

366,928

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  

3,091,830

860

5.000%,

4/01/38

-

AGM

Insured,

(AMT)

4/28

at

100.00

AA  

882,394

4,900

Saint

John

the

Baptist

Parish

School

District

1,

Louisiana,

General

Obligation

Bonds,

Series

2023,

5.250%,

3/01/37

3/33

at

100.00

A2  

5,343,940

Total

Louisiana

31,835,355

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

50

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Maine

-

0.1%

$

500

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Series

2022C,

5.500%,

7/01/38

-

AGM

Insured

7/32

at

100.00

AA  

$

563,130

700

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Series

2023A,

5.000%,

7/01/42

-

AGM

Insured

7/33

at

100.00

AA  

752,703

Total

Maine

1,315,833

Maryland

-

0.9%

1,075

Maryland

Community

Development

Administration,

Local

Government

Infrastructure

Bonds,

Senior

Obligation

Series

2023A-1,

5.000%,

6/01/43

6/33

at

100.00

Aa2  

1,198,367

2,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015,

5.000%,

7/01/29

7/25

at

100.00

A  

2,046,580

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

A3  

259,833

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+  (4)

1,220,940

625

5.000%,

7/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00

A+  (4)

647,437

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  (4)

2,149,956

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  

1,060,110

4,615

Maryland

Transportation

Authority,

Passenger

Facility

Charge

Revenue

Bonds,

Baltimore/Washington

International

Thurgood

Marshall

Airport

Project,

Series

2019,

5.000%,

6/01/26,

(AMT)

No

Opt.

Call

A+  

4,768,910

Total

Maryland

13,352,133

Massachusetts

-

0.7%

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  

1,719,544

1,385

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2022,

5.000%,

10/01/37

10/32

at

100.00

A1  

1,582,335

3,885

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017F,

5.000%,

11/01/44

11/27

at

100.00

AA+  

4,090,983

3,280

Massachusetts

State,

General

Obligation

Bonds,

Refunding

Series

2023B,

5.000%,

5/01/43

5/33

at

100.00

AA+  

3,670,910

Total

Massachusetts

11,063,772

Michigan

-

2.5%

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  

548,663

1,220

5.000%,

5/01/42

5/28

at

100.00

AA  

1,311,537

5,000

Holly

Area

School

District,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site,

Series

2022I,

5.250%,

5/01/48

5/32

at

100.00

AA  

5,579,200

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  (4)

5,249

95

5.000%,

5/15/26

No

Opt.

Call

A2  

98,714

51

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Michigan

(continued)

$

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

A  

$

335,583

4,000

Lansing,

Ingham

and

Eaton

Counties,

Michigan,

General

Obligation

Bonds,

Refunding

&

Capital

Improvement

Series

2023B,

5.000%,

6/01/42

-

AGM

Insured

6/33

at

100.00

AA  

4,401,120

825

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

McLaren

Health

Care,

Refunding

Series

2015B,

5.000%,

5/15/34

5/25

at

100.00

AA-  

846,071

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2022A:

3,600

5.000%,

11/15/33

11/32

at

100.00

A-  

3,959,568

3,785

5.000%,

11/15/34

11/32

at

100.00

A-  

4,151,918

3,975

5.000%,

11/15/35

11/32

at

100.00

A-  

4,325,674

375

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  

292,159

1,000

Michigan

Mathematics

&

Science

Initiative,

Michigan,

Public

School

Academy

Revenue

Bonds,

Series

2021,

4.000%,

1/01/51

1/31

at

100.00

BB+  

778,270

5,000

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A,

4.000%,

11/15/44

11/31

at

100.00

AA+  

4,936,300

2,200

Royal

Oak

Hospital

Finance

Authority,

Michigan,

Hospital

Revenue

Bonds,

William

Beaumont

Hospital

Obligated

Group,

Refunding

Series

2014D,

5.000%,

9/01/33,

(Pre-refunded

3/01/24)

3/24

at

100.00

Aa3  (4)

2,219,272

3,000

Wyoming

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023,

5.000%,

5/01/43

-

AGM

Insured

5/33

at

100.00

AA  

3,272,220

Total

Michigan

37,061,518

Minnesota

-

1.3%

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  

4,174,853

450

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

4.500%,

8/01/26

8/23

at

101.00

BB+  

448,749

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2015A:

1,380

5.000%,

11/15/28

11/25

at

100.00

BBB+  

1,416,667

1,000

5.000%,

11/15/29

11/25

at

100.00

BBB+  

1,027,660

1,000

5.000%,

11/15/30

11/25

at

100.00

BBB+  

1,028,090

3,665

5.000%,

11/15/31

11/25

at

100.00

BBB+  

3,767,913

1,750

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B,

5.000%,

1/01/37,

(AMT)

1/32

at

100.00

A+  

1,883,682

1,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2022M,

5.100%,

7/01/42

1/32

at

100.00

AA+  

1,045,940

1,000

Ramsey,

Anoka

County,

Minnesota,

Lease

Revenue

Bonds,

PACT

Charter

School

Project,  Series

2022A,

5.000%,

6/01/32

6/29

at

100.00

BB+  

1,003,440

1,895

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

of

Peace

Academy

Project,

Series

2019,

5.000%,

12/01/39

12/29

at

100.00

BBB-  

1,887,212

400

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Lutheran

Home,

Refunding

Series

2013,

4.000%,

1/01/24

8/23

at

100.00

N/R  

396,172

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

52

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Minnesota

(continued)

$

750

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Charter

School

Revenue

Bonds,

Higher

Ground

Academy

Charter

School,

Series

2023,

5.500%,

12/01/38

12/29

at

102.00

BB+  

$

770,093

Total

Minnesota

18,850,471

Mississippi

-

1.5%

3,180

Medical

Center

Educational

Building

Corporation,

Mississippi,

Revenue

Bonds,

University

of

Mississippi

Medical

Center,

Colony

Park

Teaching

Campus,

Series

2023A,

5.000%,

6/01/42

6/33

at

100.00

Aa2  

3,436,435

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  

1,205,926

5,000

Mississippi

Home

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2023C,

4.550%,

12/01/43

,

(WI/DD)

6/32

at

100.00

Aaa  

5,027,600

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A:

4,000

5.000%,

9/01/41

9/26

at

100.00

BBB+  

4,038,200

8,500

5.000%,

9/01/46

9/26

at

100.00

BBB+  

8,526,180

Total

Mississippi

22,234,341

Missouri

-

2.2%

1,000

Greene

County,

Missouri,

Certificates

of

Participation,

Capital

Projects,

Series

2018,

5.000%,

9/01/36

9/28

at

100.00

Aa2  

1,077,880

1,960

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

Improvement

Series

2022B,

5.250%,

5/01/52

5/32

at

100.00

AAA  

2,179,343

4,000

Missouri

Development

Finance

Board,

Revenue

Bonds,

Zoo

Projects,

Series

2022,

5.500%,

5/01/42

5/32

at

100.00

AA-  

4,448,560

1,030

Missouri

Health

and

Education

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Health

System,

Inc.,

Series

2016,

5.000%,

11/15/24

No

Opt.

Call

A+  

1,049,807

3,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2015A,

4.000%,

1/01/45

1/25

at

100.00

AA  

2,890,230

10,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2012,

4.000%,

11/15/42

8/23

at

100.00

A+  

9,789,900

650

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016B,

5.000%,

2/01/28

2/26

at

100.00

BBB  

654,238

2,330

Orchard

Farm

R-V

School

District,

Saint

Charles

County,

Missouri,

Certificates

of

Participation,

Series

2022A,

5.250%,

4/01/39

4/29

at

100.00

A+  

2,477,792

2,200

Ozark

Reorganized

School

District

6,

Christian

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2022,

6.000%,

3/01/42

-

AGM

Insured

9/32

at

100.00

AA  

2,611,598

253

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Notes,

Marquette

Building

Redevelopment

Project,

Series

2008-A,

6.500%,

1/23/28

8/23

at

100.00

N/R  

129,030

510

Taney

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Improvement

Bonds,

Big

Cedar

Infrastructure

Project

Series

2023,

6.000%,

10/01/49,

144A

10/30

at

100.00

N/R  

504,635

1,500

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

4.500%,

6/01/36

6/26

at

100.00

BBB  

1,453,500

2,500

Universal

City

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Tax

Increment

and

Special

District

Markets

at

Olive

Project

Series

2023A,

4.875%,

6/15/36

6/33

at

100.00

N/R  

2,506,650

53

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Missouri

(continued)

$

600

Wright

City

School

District

R-II,

Warren

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2022,

6.000%,

3/01/42

-

AGM

Insured

9/32

at

100.00

AA  

$

715,338

Total

Missouri

32,488,501

Montana

-

1.3%

3,000

Montana

Board

of

Housing,

Single

Family

Mortgage

Bonds,

Series

2023A,

4.450%,

12/01/43

,

(WI/DD)

12/32

at

100.00

AA+  

3,010,590

1,220

Montana

Facility

Finance

Authority,

Hospital

Revenue

Bonds,

Benefis

Health

System

Obligated

Group,

Refunding

Series

2016,

5.000%,

2/15/31

2/27

at

100.00

A+  

1,269,922

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  

704,457

1,255

5.000%,

6/01/37

6/28

at

100.00

A  

1,296,214

5,000

Montana

Facility

Finance

Authority,

Revenue

Bonds,

Billings

Clinic

Obligated

Group,

Series

2018A,

5.000%,

8/15/48

8/28

at

100.00

AA-  

5,121,000

2,685

Montana

State

Board

of

Regents

of

Higher

Education,

Facilities

Improvement

Revenue

Bonds,

Montana

State

University,

Series

2018E,

5.000%,

11/15/43

11/27

at

100.00

Aa3  

2,816,296

1,470

Montana

State

Board

of

Regents

of

Higher

Education,

General

Revenue

Bonds,

Series

2022,

5.250%,

11/15/52

-

AGM

Insured

11/32

at

100.00

AA  

1,611,576

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  

3,254,816

Total

Montana

19,084,871

Nebraska

-

1.0%

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-  

1,097,867

1,070

5.000%,

11/15/37

5/27

at

100.00

AA-  

1,119,701

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  

928,782

2,000

Douglas

County

Nebraska,

Sanitary

and

Improvement,

District

Number

608,

General

Obligation

Bonds,

North

Streams,

Series

2022,

6.000%,

12/15/37

6/27

at

100.00

N/R  

1,920,920

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Refunding

Series

2017A:

1,765

5.000%,

7/01/25

No

Opt.

Call

BBB  

1,790,540

1,000

5.000%,

7/01/27

No

Opt.

Call

BBB  

1,039,180

1,500

5.000%,

7/01/28

7/27

at

100.00

BBB  

1,555,575

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  

536,445

1,000

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2017A,

5.000%,

2/01/42

12/27

at

100.00

AA  

1,057,300

2,800

Southeast

Community

College

Area,

Nebraska,

Certificates

of

Participation,

Series

2018,

5.000%,

12/15/47

6/28

at

100.00

Aa1  

2,997,484

Total

Nebraska

14,043,794

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

54

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

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-  

$

530,194

1,000

5.000%,

9/01/33

9/27

at

100.00

A-  

1,048,840

2,425

Clark

County

Water

Reclamation

District,

Nevada,

General

Obligation

Water

Bonds,

Limited

Tax

Series

2023,

5.000%,

7/01/41

7/33

at

100.00

AAA  

2,720,486

4,000

Clark

County,

Nevada  Airport

Revenue

Bonds,

Senior

Series

2015A,

5.000%,

7/01/40

7/25

at

100.00

Aa2  

4,083,640

2,000

Clark

County,

Nevada,

Airport

Revenue

Bonds,

Jet

Aviation

Fuel

Tax,

Refunding

Series

2022A,

5.000%,

7/01/26,

(AMT)

No

Opt.

Call

A1  

2,076,080

115

Clark

County,

Nevada,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019D,

5.000%,

7/01/25

No

Opt.

Call

Aa3  

118,869

1,370

Clark

County,

Nevada,

Passenger

Facility

Charge

Revenue

Bonds,

Las

Vegas-McCarran

International

Airport,

Refunding

Series

2017B,

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

Aa3  

1,383,933

775

Henderson,

Nevada,

Local

Improvement

Bonds,

Local

Improvement

District

T-22

Rainbow

Canyon

Phase

II,

Series

2023,

5.000%,

3/01/38

3/33

at

100.00

N/R  

773,380

Las

Vegas,

Nevada,

Local

Improvement

Bonds,

Special

Improvement

District

812

Summerlin

Village

24,

Series

2015:

1,125

4.000%,

12/01/23

No

Opt.

Call

N/R  

1,125,304

900

4.250%,

12/01/24

No

Opt.

Call

N/R  

902,844

440

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  

435,657

Total

Nevada

15,199,227

New

Hampshire

-

0.8%

580

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Catholic

Medical

Center,

Series

2012,

5.000%,

7/01/27

8/23

at

100.00

BBB+  

580,551

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+  

3,229,286

1,950

5.000%,

7/01/37

7/27

at

100.00

BBB+  

1,976,130

670

5.000%,

7/01/44

7/27

at

100.00

BBB+  

645,578

4,055

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Concord

Hospital,

Series

2017,

5.000%,

10/01/42

10/27

at

100.00

AA-  

4,172,960

1,350

New

Hampshire

Housing

Finance

Authority,

Single

Family

Mortgage

Acquisition

Bonds,

Social

Series

2023B,

4.449%,

7/01/43

,

(WI/DD)

7/32

at

100.00

Aaa  

1,337,162

Total

New

Hampshire

11,941,667

New

Jersey

-

2.6%

2,000

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Refunding

Series

2014A,

5.000%,

2/15/28

2/24

at

100.00

A-  

2,009,600

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023A:

3,920

5.000%,

8/15/49

8/33

at

100.00

AAA  

4,348,456

2,715

5.000%,

8/15/53

8/33

at

100.00

Aa3  

2,972,735

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017:

485

5.000%,

7/15/24

No

Opt.

Call

BBB-  

488,002

510

5.000%,

7/15/25

No

Opt.

Call

BBB-  

517,584

535

5.000%,

7/15/26

No

Opt.

Call

BBB-  

546,684

55

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Jersey

(continued)

$

560

5.000%,

7/15/27

No

Opt.

Call

BBB-  

$

577,909

5,300

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A,

5.000%,

11/01/37

11/32

at

100.00

A2  

5,783,095

1,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2015XX,

5.000%,

6/15/25

No

Opt.

Call

A2  

1,029,460

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017:

1,525

5.000%,

10/01/23,

(AMT)

No

Opt.

Call

Baa2  

1,526,952

1,800

5.000%,

10/01/24,

(AMT)

No

Opt.

Call

Baa2  

1,817,514

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

A2  

5,401,050

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+  

2,343,040

1,700

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC,

5.250%,

6/15/36

12/32

at

100.00

A2  

1,919,572

1,700

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009C,

5.250%,

6/15/32

12/24

at

100.00

A2  

1,745,458

200

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA,

5.250%,

6/15/32

6/25

at

100.00

A2  

206,694

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

A3  

2,180,430

1,300

5.000%,

1/01/35,

(AMT)

1/28

at

100.00

A3  

1,345,786

1,250

5.000%,

1/01/36,

(AMT)

1/28

at

100.00

A3  

1,285,925

Total

New

Jersey

38,045,946

New

York

-

5.7%

400

Buffalo

and

Erie

County

Industrial

Land

Development

Corporation,

New

York,

Revenue

Bonds,

Catholic

Health

System,

Inc.

Project,

Series

2015,

5.000%,

7/01/27

7/25

at

100.00

B-  

375,460

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-  

306,196

300

4.000%,

6/15/28

No

Opt.

Call

BBB-  

296,442

400

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Global

Community

Charter

School

Project,

Series

2022A,

4.000%,

6/15/32

No

Opt.

Call

BB+  

382,100

250

Build

New

York

City

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  

236,433

Build

New

York

Resource

Corporation

Revenue

Bonds,

East

Harlem

Scholars

Academy

Charter

School

Project,

Series

2022

(Social

Bonds):

400

5.000%,

6/01/32,

144A

6/30

at

100.00

BB+  

404,120

1,250

5.750%,

6/01/42,

144A

6/30

at

100.00

BB+  

1,280,337

1,335

Dormitory

Authority

of

the

State

of

New

York,

Columbia

University

Revenue

Bonds,

Series

2020A,

5.000%,

10/01/50

No

Opt.

Call

AAA  

1,563,659

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Barnard

College,

Series

2022A:

785

5.000%,

7/01/37

7/30

at

100.00

A3  

829,525

500

5.000%,

7/01/38

7/30

at

100.00

A3  

524,525

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

56

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

York

(continued)

$

1,250

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A,

5.000%,

7/15/32

No

Opt.

Call

BBB-  

$

1,336,837

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Catholic

Health

System

Obligated

Group

Series

2019A:

725

5.000%,

7/01/32

7/29

at

100.00

B-  

638,333

525

5.000%,

7/01/34

7/29

at

100.00

B-  

452,613

925

4.000%,

7/01/38

7/29

at

100.00

B-  

692,409

800

5.000%,

7/01/41

7/29

at

100.00

B-  

649,960

2,535

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A,

5.000%,

8/01/25

No

Opt.

Call

BBB-  

2,536,800

470

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A,

5.000%,

9/01/28

No

Opt.

Call

BBB-  

473,638

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-  

302,130

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  

1,282,756

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

Aa2  

4,741,695

1,575

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005,

5.250%,

10/01/35

No

Opt.

Call

A2  

1,801,973

580

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

A2  

664,953

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  

1,472,795

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  

1,028,630

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  

2,150,040

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+  

963,970

1,975

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2017,

5.000%,

12/01/46

12/26

at

100.00

BBB+  

1,976,679

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2020A:

600

5.000%,

12/01/24

No

Opt.

Call

BBB+  

607,518

750

5.000%,

12/01/25

No

Opt.

Call

BBB+  

767,872

2,065

Nassau

County

Tobacco

Settlement

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2006A-2,

5.250%,

6/01/26

2006

1

8/23

at

100.00

CCC+  

2,046,295

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  

1,278,304

370

5.000%,

7/01/32

7/25

at

100.00

BBB  

379,653

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+  

5,160,750

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  

3,124,560

57

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

York

(continued)

$

2,500

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2023B-1,

5.250%,

11/01/36

11/32

at

100.00

AAA  

$

2,950,575

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2023D-1:

1,500

5.250%,

11/01/37

11/32

at

100.00

AAA  

1,753,545

5,000

5.500%,

11/01/45

11/32

at

100.00

AAA  

5,740,450

10,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2023E-1,

5.000%,

11/01/40

5/33

at

100.00

AAA  

11,243,100

250

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-Through

Bonds,

Series

Series

2016B,

5.000%,

6/01/31

6/26

at

100.00

A  

258,908

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  

2,792,288

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,

Subordinated

SRF

Series

2017E,

5.000%,

6/15/42

6/27

at

100.00

AAA  

3,175,980

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

N/R  (4)

548,450

1,000

5.500%,

4/15/35,

(ETM)

No

Opt.

Call

N/R  (4)

1,222,550

5,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022,

5.000%,

12/01/30,

(AMT)

No

Opt.

Call

Baa1  

5,395,650

2,500

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Eighth

Series

2013,

5.000%,

12/01/27,

(AMT)

12/23

at

100.00

AA-  

2,508,675

600

Poughkeepsie

City,

New

York,

General

Obligation

Bonds,

Refunding

Public

Improvement

Series

2019.,

5.000%,

6/01/31

6/26

at

100.00

Ba1  

613,596

750

Schenectady

County

Capital

Resource

Corporation,

New

York,

Revenue

Bonds,

Union

College

Project,

Series

2022,

5.250%,

7/01/52

7/32

at

100.00

A1  

823,965

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-  

272,958

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  

409,777

915

Yonkers

Industrial

Development

Agency,

New

York,

School

Facility

Revenue

Bonds,

New

Community

School

Project

Series

2022,

5.250%,

5/01/51

5/32

at

100.00

AA  

1,002,062

1,155

Yonkers,

New

York,

General

Obligation

Bonds,

Serial

Series

2022F,

5.000%,

11/15/38

-

BAM

Insured

11/32

at

100.00

AA  

1,298,567

Total

New

York

84,741,056

North

Carolina

-

1.3%

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  

1,023,150

1,000

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

Aa3  

1,021,510

1,090

Greater

Asheville

Regional

Airport

Authority,  North

Carolina,

Airport

System

Revenue

Bonds,

Series

2023,

5.250%,

7/01/42

-

AGM

Insured,

(AMT)

7/33

at

100.00

AA  

1,177,473

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

58

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

North

Carolina

(continued)

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds,

Series

2022A:

$

750

5.000%,

7/01/27

-

AGM

Insured,

(AMT)

No

Opt.

Call

AA  

$

787,163

1,300

5.250%,

7/01/39

-

AGM

Insured,

(AMT)

7/32

at

100.00

AA  

1,411,995

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds,

Series

2023:

430

5.250%,

7/01/41

-

AGM

Insured,

(AMT)

7/33

at

100.00

AA  

466,576

620

5.250%,

7/01/43

-

AGM

Insured,

(AMT)

7/33

at

100.00

AA  

668,533

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  (4)

774,307

2,350

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  

2,472,717

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  

3,754,310

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019:

1,500

5.000%,

1/01/44

1/30

at

100.00

BBB  

1,565,955

500

5.000%,

1/01/49

1/30

at

100.00

Aa1  

518,370

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  

1,166,277

1,750

5.000%,

5/01/32,

(AMT)

5/27

at

100.00

Aa3  

1,836,153

1,135

5.000%,

5/01/33,

(AMT)

5/27

at

100.00

Aa3  

1,189,650

Total

North

Carolina

19,834,139

North

Dakota

-

0.5%

3,290

City

of

Horace,

North

Dakota,

Temporary

Refunding

Improvement

Bonds,

Series

2022A,

3.250%,

8/01/24

8/23

at

100.00

Baa3  

3,236,800

1,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2023D,

4.500%,

7/01/43

,

(WI/DD)

7/32

at

100.00

Aa1  

997,000

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-  

1,415,437

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

BB+  

1,407,409

Total

North

Dakota

7,056,646

Ohio

-

1.9%

1,315

Brunswick

City

School

District,

Medina

County,

Ohio,

General

Obligation

Bonds,

Classroom

Facilities

School

Improvement

Series

2023,

5.250%,

12/01/53

-

BAM

Insured

6/31

at

100.00

AA  

1,429,063

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Bridges

&

Roadways

Improvements,

Subordinate

Lien

Series

2015A-2:

335

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+  (4)

335,918

115

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

N/R  (4)

115,286

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  

928,551

1,000

Dayton,

Ohio,

Water

System

Revenue

Bonds,

Series

2022,

5.500%,

12/01/42

12/30

at

100.00

Aa2  

1,121,470

2,000

Franklin

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

OhioHealth

Corporation,

Series

2015,

5.000%,

5/15/35

5/25

at

100.00

AA+  

2,056,520

Franklin

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Various

Purpose

Series

2018:

2,250

5.000%,

6/01/36

6/28

at

100.00

AAA  

2,440,710

59

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Ohio

(continued)

$

2,250

5.000%,

6/01/37

6/28

at

100.00

AAA  

$

2,426,737

550

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013,

5.000%,

2/15/27

8/23

at

100.00

BB+  

549,995

5,000

New

Albany

Plain

Local

Joint

Park

District,

Franklin

and

Licking

Counties,

Ohio,

General

Obligation

Bonds,

Park

Facilities

Series

2023,

5.500%,

12/01/48

-

BAM

Insured

12/32

at

100.00

AA  

5,638,000

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

BBB-  

1,046,845

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Kenyon

College,

Series

2017:

500

5.000%,

7/01/34

7/27

at

100.00

A  

530,875

495

5.000%,

7/01/42

7/27

at

100.00

A  

514,587

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+  

2,633,775

1,575

Ohio

State,

Major

New

State

Infrastructure

Project

Revenue

Bonds,

Series

2022-1,

5.000%,

12/15/23

No

Opt.

Call

AA  

1,584,781

5,000

Washington

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Memorial

Health

System

Obligated

Group,

Series

2022,

6.375%,

12/01/37

12/32

at

100.00

N/R  

5,051,550

Total

Ohio

28,404,663

Oklahoma

-

0.6%

Clinton

Public

Works

Authority,  Oklahoma,

Educational

Facilities,

Lease

Revenue

Bonds,

Series

2022:

2,145

5.000%,

10/01/33

10/32

at

100.00

A-  

2,347,360

1,925

5.000%,

10/01/35

10/32

at

100.00

A-  

2,083,331

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-  

2,120,120

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-  

543,585

750

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2022,

5.500%,

8/15/37

8/32

at

100.00

N/R  

713,752

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-  

1,412,840

Total

Oklahoma

9,220,988

Oregon

-

0.2%

50

Oregon

Special

Districts

Association,

Certificates

of

Participation,

Flexlease

Program,

Series

2013A,

4.000%,

1/01/24

7/23

at

100.00

N/R  

50,019

West

Linn,

Oregon,

General

Obligation

Bonds,

Series

2023:

1,530

4.000%,

6/01/41

6/32

at

100.00

AA+  

1,530,826

1,465

4.000%,

6/01/43

6/32

at

100.00

AA+  

1,450,541

Total

Oregon

3,031,386

Pennsylvania

-

2.4%

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  

101,985

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017:

650

5.000%,

11/01/24

No

Opt.

Call

B  

508,820

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

60

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

710

5.000%,

11/01/29

11/27

at

100.00

B  

$

463,289

50

5.000%,

11/01/37

11/27

at

100.00

B  

32,494

160

4.000%,

11/01/47

11/27

at

100.00

B  

95,838

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Reading

Hospital

&

Medical

Center

Project,

Series

2012A:

1,300

5.000%,

11/01/40

8/23

at

100.00

B  

844,311

1,155

5.000%,

11/01/44

8/23

at

100.00

B  

749,699

Cumberland

Valley

School

District,

Cumberland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A:

1,000

5.000%,

11/15/44

-

AGM

Insured

,

(WI/DD)

11/32

at

100.00

AA  

1,084,640

1,420

5.000%,

11/15/47

-

AGM

Insured

,

(WI/DD)

11/32

at

100.00

AA  

1,529,354

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  

3,830,616

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022:

6,000

5.000%,

6/30/33,

(AMT)

12/32

at

100.00

Baa2  

6,704,520

5,000

5.250%,

6/30/36,

(AMT)

12/32

at

100.00

Baa2  

5,578,150

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  

940,000

500

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2022A,

5.000%,

2/15/36

2/32

at

100.00

A  

555,495

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  

2,314,434

2,500

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2022B,

5.250%,

12/01/47

12/32

at

100.00

AA-  

2,748,450

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  

1,916,476

1,500

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/15/26,

(AMT)

6/25

at

100.00

A+  

1,523,475

3,000

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/35,

(AMT)

7/27

at

100.00

A+  

3,122,100

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  

739,094

Total

Pennsylvania

35,383,240

Rhode

Island

-

0.6%

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  

1,536,885

1,060

Rhode

Island

Health

and

Educational

Building

Corporation,

Higher

Education

Facility

Revenue

Bonds,

University

of

Rhode

Island

Auxiliary

Enterprise,

Refunding

Series

2017B,

4.000%,

9/15/34

9/27

at

100.00

A+  

1,067,749

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+  

1,534,650

2,200

5.000%,

5/15/31

5/26

at

100.00

BBB+  

2,249,676

61

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Rhode

Island

(continued)

$

1,900

Rhode

Island

Student

Loan

Authority,

Student

Loan

Program

Revenue

Bonds,

Senior

Series

2018A,

5.000%,

12/01/24,

(AMT)

No

Opt.

Call

AA  

$

1,928,006

Total

Rhode

Island

8,316,966

South

Carolina

-

0.9%

Charleston

County

Airport

District,

South

Carolina,

Airport

Revenue

Bonds,

Series

2019:

1,000

5.000%,

7/01/36

7/29

at

100.00

A+  

1,087,380

800

5.000%,

7/01/37

7/29

at

100.00

A+  

863,992

750

Horry

County,

South

Carolina,

Limited

Obligation

Bonds,

Hospitality

Fee

&

Local

Accommodations

Fee

Pledge,

Series

2022,

5.000%,

9/01/39

9/32

at

100.00

AA  

825,412

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

York

Preparatory

Academy

Project,

Series

2014A:

40

5.750%,

11/01/23,

(ETM),

144A

No

Opt.

Call

N/R  (4)

40,201

180

7.000%,

11/01/33,

(Pre-refunded

11/01/24),

144A

11/24

at

100.00

N/R  (4)

187,342

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2015:

785

5.000%,

7/01/33,

(Pre-refunded

7/01/25),

(AMT)

7/25

at

100.00

A+  (4)

804,350

2,625

5.250%,

7/01/55,

(Pre-refunded

7/01/25),

(AMT)

7/25

at

100.00

A1  (4)

2,701,729

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018:

2,840

5.000%,

7/01/34,

(AMT)

7/28

at

100.00

A+  

3,010,400

450

5.000%,

7/01/48,

(AMT)

7/28

at

100.00

A+  

459,450

870

South

Island

Public

Service

District,

South

Carolina,

Waterworks

and

Sewer

System

Revenue

Bonds,

Improvement

Series

2022,

5.250%,

4/01/42

4/32

at

100.00

AA+  

955,660

1,325

Spartanburg

County

School

District

4,

South

Carolina,

General

Obligation

Bonds,

Series

2022A,

5.000%,

3/01/47

3/32

at

100.00

Aa1  

1,451,153

1,495

Spartanburg

County

School

District

7,

South

Carolina,

General

Obligation

Bonds,

Series

2018B,

5.000%,

3/01/38

3/29

at

100.00

Aa1  

1,625,499

Total

South

Carolina

14,012,568

South

Dakota

-

1.1%

1,555

Baltic

School

District

No.

49-1,

South

Dakota,

General

Obligation

Bonds,

Series

2022,

5.500%,

12/01/51

-

AGM

Insured

12/31

at

100.00

AA  

1,722,038

1,960

Brandon,

Minnehaha

County,

South

Dakota,

Water

Surcharge

Revenue

Bonds,

Series

2022,

5.500%,

8/01/47

-

BAM

Insured

8/32

at

100.00

AA  

2,228,775

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Avera

Health,

Refunding

Series

2017:

1,000

5.000%,

7/01/35

7/27

at

100.00

AA-  

1,058,200

8,000

4.000%,

7/01/42

7/27

at

100.00

AA-  

7,692,160

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-  

2,831,000

Total

South

Dakota

15,532,173

Tennessee

-

0.7%

2,050

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/49

8/29

at

100.00

A-  

2,099,344

1,420

Greeneville

Health

and

Educational

Facilities

Board,

Tennessee,

Hospital

Revenue

Bonds,

Ballad

Health,

Series

2018A,

5.000%,

7/01/37

7/28

at

100.00

A  

1,477,538

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  

1,454,362

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

62

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tennessee

(continued)

$

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

A  

$

862,810

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022A:

1,100

5.250%,

7/01/34,

(AMT)

7/32

at

100.00

A1  

1,250,414

1,300

5.500%,

7/01/37,

(AMT),

(UB)

(5)

7/32

at

100.00

A1  

1,471,977

1,350

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Improvement

Series

2015B,

5.000%,

7/01/32,

(AMT)

7/25

at

100.00

AA-  

1,378,188

Total

Tennessee

9,994,633

Texas

-

7.9%

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  

1,637,906

685

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2022A,

6.000%,

2/15/42,

144A

2/30

at

100.00

N/R  

648,380

915

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education,

Series

2016A,

2.750%,

12/01/26

No

Opt.

Call

BBB-  

875,637

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+  

511,030

500

5.000%,

1/01/33

1/27

at

100.00

BB+  

510,500

500

Austin

Independent

School

District,

Travis

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023,

4.000%,

8/01/48

2/33

at

100.00

Aaa  

493,170

890

Austin,

Texas,

Airport

System

Revenue

Bonds,

Series

2017A,

5.000%,

11/15/35

11/26

at

100.00

A+  

931,901

4,300

Austin,

Texas,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Forward

Delivery

Series

2023,

5.000%,

11/15/42

5/33

at

100.00

AA  

4,762,981

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  (4)

372,586

1,695

5.000%,

1/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00

A  (4)

1,754,257

550

City

of

Midlothian,

Texas,

Westside

Preserve

Public

Improvement

District

Improvement

Area

Project,

Special

Assessment

Revenue

Bonds,

Series

2022,

5.250%,

9/15/42,

144A

9/32

at

100.00

N/R  

530,668

505

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Idea

Public

Schools,

Series

2022A,

5.000%,

8/15/31

No

Opt.

Call

A-  

548,420

3,000

Collin

County,

Texas,

General

Obligation

Bonds,

Limited

Tax

Permanent

Improvement

Series

2023,

5.000%,

2/15/40

2/33

at

100.00

AAA  

3,374,010

3,740

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2021B,

4.000%,

12/01/51

12/30

at

100.00

AA+  

3,591,447

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+  (4)

5,572,964

1,000

Dallas

County

Community

College

District,

Texas,

General

Obligation

Bonds,

Series

2023,

5.000%,

2/15/36

8/25

at

100.00

AAA  

1,032,690

3,055

Dallas

Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Refunding

Series

2022B,

5.000%,

11/01/40

11/32

at

100.00

A+  

3,364,899

710

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  (4)

711,683

63

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2021B:

$

70

5.000%,

9/01/24

No

Opt.

Call

BB+  

$

70,121

75

5.000%,

9/01/25

No

Opt.

Call

BB+  

74,750

276

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2021C,

4.000%,

9/01/44

9/31

at

100.00

BB+  

219,555

Hackberry,

Texas,

Combination

Special

Assessment

and

Contract

Revenue

Road

and

Utility

Bonds,

Hidden

Cove

Improvement

District

2,

Series

2017:

1,230

4.500%,

9/01/32

9/27

at

100.00

BBB-  

1,230,972

955

4.500%,

9/01/32

9/27

at

100.00

BBB-  

955,754

2,500

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Memorial

Hermann

Health

System,

Series

2019A,

5.000%,

12/01/23

No

Opt.

Call

Aa3  

2,512,000

1,250

Harris

County

Flood

Control

District,

Texas,

General

Obligation

Bonds,

Refunding

Improvement,  Sustainability

Green

Series

2022A,

5.250%,

10/01/40

10/32

at

100.00

Aaa  

1,423,925

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  

2,792,685

2,000

5.000%,

7/01/35,

(AMT)

7/28

at

100.00

A1  

2,113,160

1,750

5.000%,

7/01/36,

(AMT)

7/28

at

100.00

A1  

1,837,815

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

&

Subordinate

Lien

Series

2018C:

1,240

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

A1  

1,250,379

1,665

5.000%,

7/01/32,

(AMT)

7/28

at

100.00

AA  

1,770,960

5,000

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2023A,

5.250%,

7/01/41

-

AGM

Insured,

(AMT)

7/33

at

100.00

AA  

5,472,050

1,200

Irving

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023,

5.000%,

2/15/41

,

(WI/DD)

8/32

at

100.00

AAA  

1,337,952

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  

1,432,746

1,500

Love

Field

Airport

Modernization

Corporation,

Texas,

General

Airport

Revenue

Bonds,

Refunding

Series

2021,

5.000%,

11/01/29,

(AMT)

No

Opt.

Call

A  

1,615,170

Midtown

Redevelopment

Authority,

Texas,

Tax

Increment

Contract

Revenue,

Refunding

Series

2015:

500

5.000%,

1/01/24

No

Opt.

Call

A  

502,575

300

5.000%,

1/01/25

1/24

at

100.00

A  

301,497

1,500

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

4.625%,

10/01/31,

(AMT),

144A

8/23

at

104.00

BB-  

1,463,550

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-  

1,618,507

1,060

5.000%,

9/15/31

9/25

at

100.00

BBB-  

1,082,970

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  

597,361

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

(7)

No

Opt.

Call

Caa2  

1,357,500

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

64

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

750

5.000%,

7/01/30

(7)

7/25

at

100.00

Caa2  

$

678,750

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+  

3,005,047

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

AA-  (4)

3,129,420

320

Red

River

Health

Facilities

Development

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

MRC

Crossings

Project,

Series

2014A,

6.750%,

11/15/24,

(ETM)

No

Opt.

Call

N/R  (4)

325,997

5,455

San

Antonio,

Texas,

Electric

and

Gas

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

2/01/42

2/27

at

100.00

Aa2  

5,694,856

1,000

San

Antonio,

Texas,

Water

System

Revenue

Bonds,

Refunding

Junior

Lien

Series

2016C,

4.000%,

5/15/37

11/26

at

100.00

AA+  

1,000,260

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-  

937,855

2,185

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Scott

&

White

Healthcare

Project,

Series

2022D,

5.500%,

11/15/47

11/32

at

100.00

AA-  

2,402,364

3,850

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckner

Senior

Living

Ventana

Project,

Series

2017A,

6.625%,

11/15/37

5/27

at

100.00

N/R  

3,957,454

2,250

Tarrant

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Limited

Tax

Series

2023,

5.250%,

8/15/40

8/32

at

100.00

Aa1  

2,531,543

Texas

Department

of

Housing

and

Community

Affairs,

Single

Family

Mortgage

Revenue

Bonds,

Series

2022B:

5,000

5.250%,

9/01/52

3/32

at

100.00

Aaa  

5,225,350

5,960

6.000%,

3/01/53

3/32

at

104.76

Aaa  

6,540,325

1,750

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%,

6/30/35

12/30

at

100.00

Baa2  

1,724,100

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Segments

3A

&

3B

Facility,

Series

2013:

3,335

7.000%,

12/31/38,

(AMT)

9/23

at

100.00

Baa2  

3,343,104

455

6.750%,

6/30/43,

(AMT)

9/23

at

100.00

Baa2  

455,960

500

Texas

Public

Finance

Authority,

Revenue

Bonds,

Texas

Southern

University

Financing

System

Series

2023,

5.250%,

5/01/38

-

BAM

Insured

5/33

at

100.00

AA  

547,250

2,000

Texas

State

Technical

College

System,

Financing

System

Revenue

Bonds,

Improvement

Series

2022A,

6.000%,

8/01/54

-

AGM

Insured

8/32

at

100.00

AA  

2,286,680

1,200

Texas

State,

General

Obligation

Bonds,

College

Student

Loan

Series

2014,

6.000%,

8/01/25,

(AMT)

8/24

at

100.00

AAA  

1,229,004

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2015C:

1,140

5.000%,

8/15/29

8/24

at

100.00

A-  

1,153,976

3,150

5.000%,

8/15/42

8/24

at

100.00

A-  

3,171,452

400

Town

of

Lakewood

Village,

Texas,

Lakewood

Village

Public

Improvement

District

Improvement

District

No.

1

Project,

Special

Assessment

Revenue

Bonds,

Series

2022,

5.250%,

9/15/42,

144A

9/32

at

100.00

N/R  

386,400

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  

1,660,973

65

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

800

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015C,

6.500%,

8/15/28,

(Pre-

refunded

8/15/24)

8/24

at

100.00

Aaa  (4)

$

826,000

Total

Texas

116,473,203

Utah

-

3.7%

3,545

Herber

Light

and

Power

Company,

Utah,

Electric

Revenue

Bonds,

Series

2023,

5.000%,

12/15/47

-

BAM

Insured

12/32

at

100.00

AA  

3,783,968

2,855

Holladay,

Utah,

Sales

Tax

Revenue

Bonds,

Series

2022,

5.000%,

11/15/42

11/32

at

100.00

AA+  

3,168,194

Intermountain

Power

Agency,

Utah,

Power

Supply

Revenue

Bonds,

Series

2022A:

4,000

5.000%,

7/01/39

7/31

at

100.00

Aa3  

4,444,640

5,000

5.000%,

7/01/40

7/31

at

100.00

Aa3  

5,534,700

Lehi

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Series

2022:

4,490

5.250%,

6/15/47

6/32

at

100.00

AA+  

4,889,789

4,060

5.500%,

6/15/49

6/32

at

100.00

AA+  

4,495,760

1,255

Lehi,

Utah,

Sales

Tax

Revenue

Bonds,

Series

2018,

5.250%,

6/01/38

6/28

at

100.00

AA+  

1,364,838

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  

1,392,097

1,875

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017A,

5.000%,

7/01/34,

(AMT)

7/27

at

100.00

A+  

1,959,225

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+  

2,125,160

1,715

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

5.250%,

7/01/43,

(AMT)

,

(WI/DD)

7/33

at

100.00

A+  

1,869,504

5,000

University

of

Utah,

General

Revenue

Bonds,

Green

Series

2022B,

5.000%,

8/01/41

8/32

at

100.00

AA+  

5,569,650

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Bridge

Elementary

Project,

Series

2021A:

505

4.000%,

6/15/31

6/28

at

103.00

N/R  

453,394

145

4.000%,

6/15/41

6/28

at

103.00

N/R  

110,819

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  

527,930

500

5.000%,

10/15/31

10/27

at

100.00

AA  

526,780

700

Utah

Infrastructure

Agency,

Telecommunications

Revenue

Bonds,

Series

2019,

4.000%,

10/15/23

No

Opt.

Call

BBB-  

698,796

550

Utah

Infrastructure

Agency,

Telecommunications

Revenue

Bonds,

Series

2021,

4.000%,

10/15/27

No

Opt.

Call

BBB-  

541,183

1,190

Utah

Telecommunication

Open

Infrastructure

Agency,

Utah,

Revenue

Bonds,

Refunding

Sales

Tax

and

Telecommunication

Series

2022,

5.500%,

6/01/40

6/32

at

100.00

AA-  

1,345,807

8,820

Wasatch

County

School

District

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Board

of

Education

Series

2022,

5.500%,

6/01/47

6/32

at

100.00

Aa3  

9,854,939

Total

Utah

54,657,173

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  

1,308,532

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

66

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Vermont

(continued)

$

1,500

5.000%,

12/01/38

6/26

at

100.00

A  

$

1,542,705

Total

Vermont

2,851,237

Virginia

-

2.1%

5,190

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Bond

Anticipation

Notes

Series

2019,

5.000%,

11/01/23

No

Opt.

Call

BBB  

5,203,286

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016:

1,065

5.000%,

7/01/41

-

AGM

Insured

7/26

at

100.00

AA  

1,094,799

3,900

5.000%,

7/01/46

7/26

at

100.00

BBB  

3,952,572

5,350

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2018B-2,

5.000%,

5/15/57,

(Mandatory

Put

5/15/30)

No

Opt.

Call

AA+  

5,977,394

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

A  

1,411,844

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+  

2,825,100

5,000

Norfolk

Economic

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Sentara

Healthcare

Systems,

Refunding

Series

2018B,

4.000%,

11/01/48

11/28

at

100.00

AA  

4,794,050

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  

959,152

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

A  

494,732

815

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Washington

and

Lee

University,

Series

2001,

5.750%,

1/01/34

No

Opt.

Call

AA  

1,011,545

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  

1,771,595

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022:

500

5.000%,

1/01/38,

(AMT)

1/32

at

100.00

BBB  

523,205

300

5.000%,

6/30/38,

(AMT)

12/32

at

100.00

Baa1  

316,455

650

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A,

5.250%,

7/01/53

-

AGM

Insured

7/33

at

100.00

AA  

718,712

Total

Virginia

31,054,441

Washington

-

0.8%

Camas,

Washington,

Water

and

Sewer

Revenue

Bonds,

Series

2019:

720

5.000%,

12/01/44

12/28

at

100.00

Aa3  

770,263

1,255

5.000%,

12/01/47

12/28

at

100.00

Aa3  

1,338,546

2,500

Grant

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

Quincy

Valley

Medical

Center,

Series

2023,

5.000%,

12/01/38

12/32

at

100.00

Baa1  

2,579,750

1,735

Grant

County

Public

Utility

District

2,

Washington,

Revenue

Bonds,

Priest

Rapids

Hydroelectric

Project,

Refunding

Series

2014B,

5.000%,

1/01/32,

(Pre-refunded

7/01/24),

(AMT)

7/24

at

100.00

AA  (4)

1,756,375

67

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Washington

(continued)

$

1,355

Lakewood

Water

District,

Pierce

County,

Washington,

Water

Revenue

Bonds,

2019A,

5.000%,

12/01/44,

(AMT)

12/28

at

100.00

AA  

$

1,429,389

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017:

675

5.000%,

8/15/25

No

Opt.

Call

BBB+  

686,536

700

4.000%,

8/15/42

8/27

at

100.00

BBB+  

617,099

2,550

Washington

State

Housing

Finance

Commission,

Non-Profit

Housing

Revenue

Bonds,

Herons

Key

Senior

Living,

Series

2015A,

7.000%,

7/01/50,

(Pre-refunded

7/01/25),

144A

7/25

at

100.00

N/R  (4)

2,700,935

Total

Washington

11,878,893

West

Virginia

-

0.1%

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  

250,730

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  

1,264,838

Total

West

Virginia

1,515,568

Wisconsin

-

1.8%

5,585

Public

Finance

Authority

of

Wisconsin,

Hospital

Revenue

Bonds,

Renown

Regional

Medical

Center

Project,

Series

2020A,

4.000%,

6/01/45

6/30

at

100.00

A+  

5,175,564

1,000

Public

Finance

Authority

of

Wisconsin,

Project

Revenue

Bonds,

CFP3

-

Eastern

Michigan

University

Student

Housing

Project,

Series

2022A-1,

5.250%,

7/01/36

-

BAM

Insured

7/32

at

100.00

AA  

1,136,420

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-  

1,775,106

1,875

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Bellin

Memorial

Hospital

Incorporated

Series

2022A,

5.500%,

12/01/52

12/32

at

100.00

A+  

2,030,194

1,935

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Bellin

Memorial

Hospital

Incorporated

Series

2022B,

5.250%,

12/01/48

12/32

at

100.00

A+  

2,050,848

1,500

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2017C,

5.000%,

2/15/47

2/27

at

100.00

BBB+  

1,454,625

2,410

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016B,

5.000%,

2/15/34

2/26

at

100.00

BBB+  

2,471,142

335

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Fort

Healthcare,

Series

2014,

5.000%,

5/01/25

5/24

at

100.00

A-  

337,804

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  (4)

1,980,925

700

5.000%,

9/01/29,

(Pre-refunded

9/01/27)

9/27

at

100.00

N/R  (4)

753,613

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  

5,273,450

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  

101,369

600

Wisconsin

State,

Clean

Water

Revenue

Bonds,

Refunding

Series

2016-1,

5.000%,

6/01/29,

(Pre-refunded

6/01/24)

6/24

at

100.00

N/R  (4)

608,634

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

July

31,

2023

68

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Wisconsin

(continued)

$

1,665

Wisconsin

State,

General

Obligation

Bonds,

Refunding

Series

2023-2,

5.000%,

5/01/38

5/33

at

100.00

AA+  

$

1,917,897

Total

Wisconsin

27,067,591

Wyoming

-

0.1%

1,000

Wyoming

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

1/01/34,

(Pre-refunded

1/01/27)

-

BAM

Insured

1/27

at

100.00

N/R  (4)

1,063,600

Total

Wyoming

1,063,600

Total

Municipal

Bonds

(cost

$1,420,477,349)

1,413,089,359

Total

Long-Term

Investments

(cost

$1,420,477,349)

1,413,089,359

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

SHORT-TERM

INVESTMENTS

-

 1.0%  

X

–

MUNICIPAL

BONDS

-

1

.0

%

X

14,685,000

Arizona

-

0.2%

$

3,230

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Refunding

Series

2008B,

4.000%,

7/01/34,

(Mandatory

Put

8/7/2023)

(8)

7/23

at

100.00

AA

$

3,230,000

Total

Arizona

3,230,000

Colorado

-

0.1%

1,465

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Variable

Rate

Demand

Subordinate

Lien

Improvement

Series

2006B,

3.950%,

11/01/36,

(Mandatory

Put

8/7/2023)

(8)

7/23

at

100.00

AA+

1,465,000

Total

Colorado

1,465,000

Indiana

-

0.3%

5,000

Purdue

University,

Indiana,

University

Revenue

Bonds,

Student

Facility

System

Series

2004A,

4.000%,

7/01/33,

(Mandatory

Put

8/7/2023)

(8)

7/23

at

100.00

Aaa

5,000,000

Total

Indiana

5,000,000

New

York

-

0.1%

1,325

Battery

Park

City

Authority,

New

York,

Revenue

Bonds,

Adjustable

Rate

Junior

Series

2019D-2,

3.920%,

11/01/38,

(Mandatory

Put

8/7/2023)

(8)

7/23

at

100.00

Aa1

1,325,000

Total

New

York

1,325,000

Washington

-

0.3%

3,665

King

County,

Washington,

General

Obligation

Bonds,

Payable

from

Sewer

Revenues,

Refunding

Multi-Modal

Limited

Tax

Series

2019A,

4.550%,

1/01/46

(8)

7/23

at

100.00

AAA

3,665,000

Total

Washington

3,665,000

Total

Municipal

Bonds

(cost

$14,685,000)

14,685,000

Total

Short-Term

Investments

(cost

$14,685,000)

14,685,000

Total

Investments

(cost

$

1,435,162,349

)

-

96

.2

%

1,427,774,359

Floating

Rate

Obligations

-

(0.1)%

(

1,040,000

)

Other

Assets

&

Liabilities,

Net

-   3.9%

57,305,504

Net

Assets

-

100%

$

1,484,039,863

69

(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.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

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.

(5)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(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.

(8)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

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

Notes

to

Financial

Statements

70

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2023

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

99.3%   

X

–

CORPORATE

BONDS

-

49

.9

%

X

4,345,991

Banks

-

4.5%

$

200

Bank

Hapoalim

BM,

144A

,

Reg

S

3.255%

1/21/32

BBB

$

171,312

250

BPCE

SA,

144A

2.045%

10/19/27

A+

221,184

Total

Banks

392,496

Beverages

-

2.1%

250

PepsiCo

Inc

2.875%

10/15/49

A+

185,010

Total

Beverages

185,010

Chemicals

-

4.1%

350

Air

Products

and

Chemicals

Inc

4.800%

3/03/33

A

352,619

Total

Chemicals

352,619

Commercial

Services

&

Supplies

-

2.7%

100

Massachusetts

Higher

Education

Assistance

Corp

2.673%

7/01/31

Aa3

78,245

250

Rockefeller

Foundation

2.492%

10/01/50

AAA

161,016

Total

Commercial

Services

&

Supplies

239,261

Diversified

Consumer

Services

-

0.8%

100

Bush

Foundation

2.754%

10/01/50

Aaa

65,647

Total

Diversified

Consumer

Services

65,647

Diversified

REITs

-

1.2%

125

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

3.750%

9/15/30

Baa3

99,999

Total

Diversified

REITs

99,999

Diversified

Telecommunication

Services

-

2.0%

250

Verizon

Communications

Inc

2.850%

9/03/41

A-

175,731

Total

Diversified

Telecommunication

Services

175,731

Electric

Utilities

-

12.9%

200

Duke

Energy

Progress

LLC

4.000%

4/01/52

Aa3

161,387

250

MidAmerican

Energy

Co

3.150%

4/15/50

Aa2

173,597

120

PacifiCorp

2.900%

6/15/52

A1

73,269

125

PacifiCorp

5.350%

12/01/53

A1

111,132

100

Public

Service

Electric

and

Gas

Co

5.125%

3/15/53

A1

101,290

200

Southern

California

Edison

Co

3.650%

6/01/51

A2

145,847

200

Southwestern

Electric

Power

Co

3.250%

11/01/51

A-

133,296

150

Southwestern

Public

Service

Co

3.150%

5/01/50

A

102,446

130

Topaz

Solar

Farms

LLC,

144A

5.750%

9/30/39

BB+

125,182

Total

Electric

Utilities

1,127,446

Financial

Services

-

2.7%

250

WLB

Asset

II

B

Pte

Ltd,

144A

3.950%

12/10/24

N/R

236,783

Total

Financial

Services

236,783

Hotel

&

Resort

REITs

-

1.8%

200

Host

Hotels

&

Resorts

LP

2.900%

12/15/31

BBB-

158,560

Total

Hotel

&

Resort

REITs

158,560

Hotels,

Restaurants

&

Leisure

-

2.0%

200

Starbucks

Corp

4.450%

8/15/49

BBB+

175,994

Total

Hotels,

Restaurants

&

Leisure

175,994

71

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Independent

Power

and

Renewable

Electricity

Producers

-

2.1%

$

200

Atlantica

Sustainable

Infrastructure

PLC,

144A

4.125%

6/15/28

BB+

$

181,076

Total

Independent

Power

and

Renewable

Electricity

Producers

181,076

Independent

Power

Producers

&

Energy

Traders

-

3.4%

194

Sweihan

PV

Power

Co

PJSC2022

1,

144A

3.625%

1/31/49

BBB+

155,510

181

UEP

Penonome

II

SA2020

1,

144A

6.500%

10/01/38

BB

137,042

Total

Independent

Power

Producers

&

Energy

Traders

292,552

Oil,

Gas

&

Consumable

Fuels

-

0.8%

100

TotalEnergies

Capital

International

SA

3.127%

5/29/50

A+

71,824

Total

Oil,

Gas

&

Consumable

Fuels

71,824

Retail

REITs

-

2.2%

200

Regency

Centers

LP

3.750%

6/15/24

BBB+

194,603

Total

Retail

REITs

194,603

Semiconductors

&

Semiconductor

Equipment

-

4.6%

250

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

3.400%

5/01/30

BBB+

221,565

225

SK

Hynix

Inc,

144A

2.375%

1/19/31

Baa2

174,825

Total

Semiconductors

&

Semiconductor

Equipment

396,390

Total

Corporate

Bonds

(cost

$5,338,327)

4,345,991

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

27.5%

X

2,394,997

1

Banc

of

America

Mortgage

2004-K

Trust,

2004

K

3.950%

12/25/34

N/R

$

1,464

250

BFLD

Trust

2020-EYP,

(TSFR1M

reference

rate

+

2.214%

spread),

2020

EYP,

144A(3)

7.436%

10/15/35

BBB

140,994

250

Century

Plaza

Towers

2019-CPT,

2019

CPT,

144A

2.997%

11/13/39

Aaa

153,238

100

DBUBS

2017-BRBK

Mortgage

Trust,

2017

BRBK,

144A

3.452%

10/10/34

AAA

90,881

49

Fannie

Mae

Pool,

FN

MA4732

4.000%

9/01/52

N/R

45,458

2

Fannie

Mae

Pool,

FN

FS1535

3.000%

4/01/52

N/R

1,614

1

Fannie

Mae

Pool,

FN

CB3149

2.000%

3/01/52

N/R

751

2

Fannie

Mae

Pool,

FN

BU8837

5.000%

5/01/52

N/R

2,440

1

Fannie

Mae

Pool,

FN

MA4805,

2022

1

4.500%

11/01/52

N/R

918

4

Fannie

Mae

Pool,

FN

CA6414

3.000%

7/01/50

N/R

3,892

1

Fannie

Mae

Pool,

FN

MA4761

5.000%

9/01/52

N/R

912

3

Fannie

Mae

Pool,

FN

BT0267

3.000%

9/01/51

N/R

2,301

7

Fannie

Mae

Pool,

FN

MA4709

5.000%

7/01/52

N/R

6,279

7

Fannie

Mae

Pool,

FN

MA4518

3.000%

1/01/37

N/R

6,627

10

Fannie

Mae

Pool,

FN

FS0522

2.500%

2/01/52

N/R

8,412

69

Fannie

Mae

Pool,

FN

MA4733

4.500%

9/01/52

N/R

66,144

2

Fannie

Mae

Pool,

FN

MA4731

3.500%

9/01/52

N/R

1,752

23

Fannie

Mae

Pool,

FN

MA4785

5.000%

10/01/52

N/R

22,957

25

Fannie

Mae

Pool,

FN

MA4644

4.000%

5/01/52

N/R

23,220

7

Freddie

Mac

Gold

Pool,

FG

G08760

3.000%

4/01/47

N/R

6,083

137

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

2020

Q014

1.555%

1/25/36

N/R

109,183

1

Freddie

Mac

Pool,

FR

SD2609

3.500%

12/01/52

N/R

890

4

Freddie

Mac

Pool,

FR

QD1349

3.500%

11/01/51

Aaa

3,915

55

Ginnie

Mae

II

Pool,

G2

MA8149

3.500%

7/20/52

N/R

50,694

3

Ginnie

Mae

II

Pool,

G2

BY0339

3.500%

8/20/50

N/R

2,369

1

Ginnie

Mae

II

Pool,

G2

BY0331

3.000%

10/20/50

N/R

832

3

Ginnie

Mae

II

Pool,

G2

BY0338

3.500%

8/20/50

N/R

2,630

1

Ginnie

Mae

II

Pool,

G2

BY0330

3.000%

10/20/50

N/R

597

2

Ginnie

Mae

II

Pool,

G2

BY0340

3.500%

8/20/50

N/R

2,275

29

Ginnie

Mae

II

Pool,

G2

MA8269

5.000%

9/20/52

N/R

28,150

5

Ginnie

Mae

II

Pool,

G2

BX3679

3.000%

8/20/50

N/R

4,271

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

72

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

19

Ginnie

Mae

II

Pool,

G2

BY0325

2.500%

10/20/50

N/R

$

15,876

25

Ginnie

Mae

II

Pool,

G2

MA8489

4.500%

12/20/52

N/R

23,612

29

Ginnie

Mae

II

Pool,

G2

MA8268

4.500%

9/20/52

N/R

27,878

53

Ginnie

Mae

II

Pool,

G2

MA8267,

2022

A

4.000%

9/20/52

N/R

50,102

52

Ginnie

Mae

II

Pool,

G2

MA7589,

2021

A

2.500%

9/20/51

N/R

45,124

31

Ginnie

Mae

II

Pool,

G2

MA8043

3.000%

5/20/52

N/R

27,359

3

Ginnie

Mae

II

Pool,

G2

BX3681

3.000%

8/20/50

N/R

2,511

6

Ginnie

Mae

II

Pool,

G2

BX3680

3.000%

8/20/50

N/R

5,286

77

GoodLeap

Sustainable

Home

Solutions

Trust

2021-3,

2021

3CS,

144A

2.100%

5/20/48

N/R

59,146

130

GoodLeap

Sustainable

Home

Solutions

Trust

2021-4,

2021

4GS,

144A

2.360%

7/20/48

BBB

91,954

235

Hudson

Yards

2019-30HY

Mortgage

Trust,

2019

30HY,

144A

3.228%

7/10/39

AAA

203,400

145

Loanpal

Solar

Loan

2021-2

Ltd,

2021

2GS,

144A

2.220%

3/20/48

N/R

104,242

133

Mosaic

Solar

Loan

Trust

2020-2,

2020

2A,

144A

1.440%

8/20/46

N/R

108,564

149

Mosaic

Solar

Loan

Trust

2021-3,

2021

3A,

144A

1.920%

6/20/52

N/R

107,559

212

Natixis

Commercial

Mortgage

Securities

Trust

2019-

MILE,

(TSFR1M

reference

rate

+

1.579%

spread),

2019

MILE,

144A(3)

5.915%

7/15/36

N/R

195,600

150

One

Market

Plaza

Trust

2017-1MKT,

2017

1MKT,

144A

3.845%

2/10/32

AA-

133,078

58

Vivint

Solar

Financing

V

LLC,

2018

1A,

144A

7.370%

4/30/48

N/R

52,227

218

Vivint

Solar

Financing

VII

LLC,

2020

1A,

144A

2.210%

7/31/51

N/R

167,613

200

VNDO

Trust

2016-350P,

2016

350P,

144A

3.903%

1/10/35

AA-

181,723

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$2,985,246)

2,394,997

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(4)

Ratings

(2)

Value

X

–

MUNICIPAL

BONDS

-

11

.5

%

X

1,005,800

Alaska

-

1.8%

$

150

Port

Lions,

Alaska,

Revenue

Bonds,

Kodiak

Area

Native

Association

Project,

Taxable

Series

2022,

7.500%,

10/01/52

10/32

at

100.00

A+  

$

155,563

Total

Alaska

155,563

California

-

5.2%

200

Los

Angeles

Department

of

Airports,

California,

Customer

Facility

Charge

Revenue

Bonds,

Los

Angeles

International

Airport,

Consolidated

Rental

Car

Facility

Project,

Taxable

Green

Series

2022A,

4.242%,

5/15/48

-

AGM

Insured

5/32

at

100.00

AA  

171,962

185

San

Francisco

City

and

County

Public

Utilities

Commission,

California,

Power

Revenue

Bonds,

Taxable

Refunding

Series

2020E,

2.825%,

11/01/41

11/30

at

100.00

Aa2  

142,135

200

San

Francisco

City

and

County,

California,

Series

2021,

2.684%,

6/15/40

2021

6/31

at

100.00

AAA  

139,046

Total

California

453,143

Illinois

-

0.5%

50

Village

of

Deerfield,

Illinois,

Series

2011,

4.000%,

12/01/28

8/23

at

100.00

Aaa  

48,534

Total

Illinois

48,534

Massachusetts

-

1.7%

170

Massachusetts

Clean

Energy

Cooperative

Corp,

2.020%,

7/01/28

No

Opt.

Call

AA-  

150,255

Total

Massachusetts

150,255

73

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(4)

Ratings

(2)

Value

Michigan

-

2.3%

$

250

Great

Lakes

Water

Authority,

Michigan,

Sewer

Disposal

System

Revenue

Bonds,

Taxable

Refunding

Senior

Lien

Series

2020A,

3.056%,

7/01/39

No

Opt.

Call

AA-  

$

198,305

Total

Michigan

198,305

Total

Municipal

Bonds

(cost

$1,156,509)

1,005,800

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

–

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

-

6

.0

%

X

521,212

Canada

-

2.6%

$

250

OMERS

Finance

Trust

,

144A

3.500%

4/19/32

AAA

$

227,592

Total

Canada

227,592

Netherlands

-

2.3%

200

Nederlandse

Waterschapsbank

NV

,

144A

4.000%

6/01/28

AAA

196,302

Total

Netherlands

196,302

Supranational

-

1.1%

100

European

Investment

Bank

3.750%

2/14/33

AAA

97,318

Total

Supranational

97,318

Total

Emerging

Market

Debt

And

Foreign

Corporate

Bonds

(cost

$529,201)

521,212

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

–

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

4

.4

%

X

383,020

$

200

United

States

Treasury

Note/Bond

3.625%

2/15/53

Aaa

$

186,531

150

United

States

Treasury

Note/Bond

4.000%

6/30/28

Aaa

148,793

50

United

States

Treasury

Note/Bond

3.375%

5/15/33

Aaa

47,696

Total

U.S.

Government

and

Agency

Obligations

(cost

$383,793)

383,020

Total

Long-Term

Investments

(cost

$10,393,076)

8,651,020

Other

Assets

&

Liabilities,

Net

-   0.7%

65,270

Net

Assets

-

100%

$

8,716,290

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(4)

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.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

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.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

74

TSFR

1M

CME

Term

SOFR

1

Month

See

Notes

to

Financial

Statements

75

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2023

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

97.6%  

X

13,253,519

SOVEREIGN

DEBT

-

48.2%

X

13,253,519

Angola

-

1.0%

$

300

Angolan

Government

International

Bond,

144A

8.750%

4/14/32

B-

$

262,848

Total

Angola

262,848

Bermuda

-

0.9%

300

Bermuda

Government

International

Bond,

144A

2.375%

8/20/30

A+

250,551

Total

Bermuda

250,551

Brazil

-

0.6%

200

Brazilian

Government

International

Bond

3.875%

6/12/30

BB

179,002

Total

Brazil

179,002

Chile

-

1.6%

550

Chile

Government

International

Bond

2.550%

7/27/33

A

446,799

Total

Chile

446,799

Colombia

-

2.1%

200

Colombia

Government

International

Bond

7.500%

2/02/34

BB+

201,876

200

Colombia

Government

International

Bond

8.000%

4/20/33

BB+

209,859

200

Colombia

Government

International

Bond

3.000%

1/30/30

BB+

160,259

Total

Colombia

571,994

Cote

d'Ivoire

-

0.6%

170

Ivory

Coast

Government

International

Bond,

144A2032

144A

5.750%

12/31/32

BB-

159,878

Total

Cote

d'Ivoire

159,878

Dominican

Republic

-

1.0%

300

Dominican

Republic

International

Bond,

144A

5.500%

2/22/29

BB-

284,946

Total

Dominican

Republic

284,946

Egypt

-

0.7%

250

Egypt

Government

International

Bond,

144A

7.600%

3/01/29

B

179,383

Total

Egypt

179,383

Hungary

-

2.2%

200

Hungary

Government

International

Bond,

144A

5.250%

6/16/29

BBB

195,738

200

Hungary

Government

International

Bond,

144A

6.250%

9/22/32

BBB

205,220

200

Magyar

Export-Import

Bank

Zrt,

144A

6.125%

12/04/27

BBB

200,332

Total

Hungary

601,290

India

-

0.6%

200

Export-Import

Bank

of

India,

144A

3.250%

1/15/30

BBB-

175,626

Total

India

175,626

Indonesia

-

2.5%

350

Indonesia

Government

International

Bond

3.500%

1/11/28

BBB

329,876

350

Indonesia

Government

International

Bond

4.650%

9/20/32

BBB

344,305

Total

Indonesia

674,181

Jordan

-

0.7%

200

Jordan

Government

International

Bond,

144A

7.500%

1/13/29

B+

202,007

Total

Jordan

202,007

Kenya

-

0.7%

225

Republic

of

Kenya

Government

International

Bond,

144A

8.000%

5/22/32

B

193,781

Total

Kenya

193,781

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

76

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Mexico

-

3.6%

$

200

Mexico

Government

International

Bond

6.338%

5/04/53

BBB

$

203,906

250

Mexico

Government

International

Bond

4.280%

8/14/41

BBB

206,378

700

Mexico

Government

International

Bond

3.500%

2/12/34

BBB

587,658

Total

Mexico

997,942

Morocco

-

0.9%

300

Morocco

Government

International

Bond,

144A

3.000%

12/15/32

BB+

240,915

Total

Morocco

240,915

Nigeria

-

0.9%

300

Nigeria

Government

International

Bond,

144A

7.375%

9/28/33

B-

248,100

Total

Nigeria

248,100

Oman

-

0.9%

250

Oman

Government

International

Bond,

144A

6.250%

1/25/31

Ba2

256,624

Total

Oman

256,624

Panama

-

2.9%

200

Panama

Government

International

Bond

6.853%

3/28/54

BBB

209,252

700

Panama

Government

International

Bond

3.298%

1/19/33

BBB

583,578

Total

Panama

792,830

Peru

-

2.6%

250

Fondo

MIVIVIENDA

SA,

144A

4.625%

4/12/27

Baa1

240,915

575

Peruvian

Government

International

Bond

2.783%

1/23/31

BBB

488,226

Total

Peru

729,141

Philippines

-

2.0%

675

Philippine

Government

International

Bond

1.950%

1/06/32

BBB

540,943

Total

Philippines

540,943

Poland

-

2.9%

200

Bank

Gospodarstwa

Krajowego,

144A

5.375%

5/22/33

A

199,388

250

Republic

of

Poland

Government

International

Bond

3.250%

4/06/26

A-

240,588

200

Republic

of

Poland

Government

International

Bond

5.500%

11/16/27

A-

203,800

140

Republic

of

Poland

Government

International

Bond

5.500%

4/04/53

A-

142,100

Total

Poland

785,876

Qatar

-

1.0%

300

Qatar

Government

International

Bond,

144A

3.750%

4/16/30

AA-

287,634

Total

Qatar

287,634

Republic

of

Serbia

-

0.7%

250

Serbia

International

Bond,

144A

2.125%

12/01/30

BB+

193,750

Total

Republic

of

Serbia

193,750

Romania

-

1.9%

200

Romanian

Government

International

Bond,

144A

7.125%

1/17/33

BBB-

214,900

326

Romanian

Government

International

Bond,

144A

5.250%

11/25/27

BBB-

319,395

Total

Romania

534,295

Saudi

Arabia

-

3.5%

250

Saudi

Government

International

Bond,

144A

4.500%

10/26/46

A+

216,510

325

Saudi

Government

International

Bond,

144A

2.250%

2/02/33

A+

261,059

500

Saudi

Government

International

Bond,

144A

3.625%

3/04/28

A+

474,065

Total

Saudi

Arabia

951,634

South

Africa

-

2.4%

275

Republic

of

South

Africa

Government

International

Bond

5.875%

4/20/32

BB-

251,968

250

Republic

of

South

Africa

Government

International

Bond

4.300%

10/12/28

BB-

225,875

225

Republic

of

South

Africa

Government

International

Bond

5.375%

7/24/44

BB-

169,092

Total

South

Africa

646,935

77

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

South

Korea

-

0.8%

$

300

Export-Import

Bank

of

Korea(3)

2.500%

6/29/41

AA

$

215,775

Total

South

Korea

215,775

Turkey

-

0.7%

200

Turkey

Government

International

Bond

6.000%

3/25/27

B

188,786

Total

Turkey

188,786

United

Arab

Emirates

-

2.6%

425

Abu

Dhabi

Government

International

Bond,

144A

3.125%

5/03/26

AA

406,810

425

Abu

Dhabi

Government

International

Bond,

144A

3.125%

9/30/49

AA

309,527

Total

United

Arab

Emirates

716,337

Uruguay

-

2.0%

550

Uruguay

Government

International

Bond

4.375%

1/23/31

BBB

538,233

Total

Uruguay

538,233

Uzbekistan

-

0.7%

250

Republic

of

Uzbekistan

International

Bond,

144A

3.700%

11/25/30

BB-

205,483

Total

Uzbekistan

205,483

Total

Sovereign

Debt

(cost

$12,668,748)

13,253,519

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

13,213,459

CORPORATE

BONDS

-

48.1%

X

13,213,459

Australia

-

0.6%

$

200

AngloGold

Ashanti

Holdings

PLC

3.375%

11/01/28

BBB-

$

177,132

Total

Australia

177,132

Brazil

-

3.8%

200

Arcos

Dorados

BV,

144A

6.125%

5/27/29

Ba1

193,395

100

Brazil

Minas

SPE

via

State

of

Minas

Gerais2013

1,

144A

5.333%

2/15/28

BB-

98,000

200

Embraer

Netherlands

Finance

BV,

144A

7.000%

7/28/30

Ba1

202,120

225

Petrobras

Global

Finance

BV

6.900%

3/19/49

BB-

212,102

225

Rumo

Luxembourg

Sarl,

144A

4.200%

1/18/32

Ba1

182,070

200

Suzano

Austria

GmbH

2.500%

9/15/28

BBB-

170,700

Total

Brazil

1,058,387

Chile

-

4.6%

200

Antofagasta

PLC,

144A

5.625%

5/13/32

BBB+

199,198

200

Banco

del

Estado

de

Chile,

144A

2.704%

1/09/25

A

190,659

200

Cia

Cervecerias

Unidas

SA,

144A

3.350%

1/19/32

A-

170,500

200

Corp

Nacional

del

Cobre

de

Chile,

144A

3.000%

9/30/29

A-

175,910

200

Corp

Nacional

del

Cobre

de

Chile,

144A

3.700%

1/30/50

A-

149,394

200

Empresa

Nacional

del

Petroleo,

144A(3)

6.150%

5/10/33

BBB-

201,500

200

Inversiones

CMPC

SA,

144A

3.000%

4/06/31

BBB

166,573

Total

Chile

1,253,734

China

-

1.3%

200

Lenovo

Group

Ltd,

144A

3.421%

11/02/30

BBB

169,499

225

Prosus

NV,

144A

4.193%

1/19/32

BBB

190,437

Total

China

359,936

Colombia

-

1.4%

200

Bancolombia

SA

3.000%

1/29/25

Baa2

191,440

200

Ecopetrol

SA(3)

5.375%

6/26/26

BB+

192,488

Total

Colombia

383,928

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

78

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Costa

Rica

-

0.7%

$

200

Instituto

Costarricense

de

Electricidad,

144A

6.750%

10/07/31

Ba3

$

194,720

Total

Costa

Rica

194,720

Dominican

Republic

-

0.7%

200

AES

Espana

BV,

144A

5.700%

5/04/28

BB-

181,000

Total

Dominican

Republic

181,000

Guatemala

-

0.6%

200

Millicom

International

Cellular

SA,

144A

4.500%

4/27/31

Ba1

159,176

Total

Guatemala

159,176

Hong

Kong

-

0.7%

200

AIA

Group

Ltd,

144A

3.600%

4/09/29

A+

185,817

Total

Hong

Kong

185,817

India

-

3.5%

225

Bharti

Airtel

Ltd,

144A

3.250%

6/03/31

BBB-

193,121

188

Greenko

Dutch

BV,

Reg

S

3.850%

3/29/26

Ba2

170,610

200

ICICI

Bank

Ltd/Dubai,

144A

3.800%

12/14/27

BBB-

187,306

250

Indian

Railway

Finance

Corp

Ltd,

144A

3.249%

2/13/30

BBB-

217,650

200

REC

Ltd,

Reg

S

4.625%

3/22/28

Baa3

189,451

Total

India

958,138

Indonesia

-

4.3%

200

Bank

Mandiri

Persero

Tbk

PT,

Reg

S

3.750%

4/11/24

Baa2

196,909

200

Freeport

Indonesia

PT,

144A

4.763%

4/14/27

Baa3

193,656

200

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT,

144A

6.530%

11/15/28

Baa2

205,410

200

Pertamina

Persero

PT,

144A

3.650%

7/30/29

Baa2

184,405

200

Pertamina

Persero

PT,

144A

6.500%

5/27/41

BBB

207,627

200

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

144A

5.450%

5/21/28

Baa2

200,577

Total

Indonesia

1,188,584

Israel

-

3.3%

200

Bank

Hapoalim

BM,

144A,

Reg

S

3.255%

1/21/32

BBB

171,312

200

Bank

Leumi

Le-Israel

BM,

144A,

Reg

S

5.125%

7/27/27

A

197,800

225

Energean

Israel

Finance

Ltd,

144A,

Reg

S

5.375%

3/30/28

BB-

203,904

200

Israel

Electric

Corp

Ltd,

144A,

Reg

S

3.750%

2/22/32

BBB+

169,380

200

Mizrahi

Tefahot

Bank

Ltd,

144A,

Reg

S

3.077%

4/07/31

BBB

174,348

Total

Israel

916,744

Kazakhstan

-

1.6%

200

Development

Bank

of

Kazakhstan

JSC,

144A

5.750%

5/12/25

Baa2

201,000

250

QazaqGaz

NC

JSC,

144A

4.375%

9/26/27

Baa2

232,650

Total

Kazakhstan

433,650

Kuwait

-

0.7%

200

NBK

SPC

Ltd,

144A

1.625%

9/15/27

A1

178,521

Total

Kuwait

178,521

Malaysia

-

2.0%

225

MISC

Capital

Two

Labuan

Ltd,

144A

3.750%

4/06/27

BBB

210,978

200

Petronas

Capital

Ltd,

144A

2.480%

1/28/32

A

166,336

200

Petronas

Capital

Ltd,

144A

4.800%

4/21/60

A

185,859

Total

Malaysia

563,173

79

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Mexico

-

5.7%

$

200

Alpek

SAB

de

CV,

144A

3.250%

2/25/31

BBB-

$

161,469

200

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

144A

5.375%

4/17/25

Baa1

198,093

200

Becle

SAB

de

CV,

144A

2.500%

10/14/31

BBB+

158,304

200

Cemex

SAB

de

CV,

144A

9.125%

12/30/49

BB-

208,009

200

Comision

Federal

de

Electricidad,

144A

4.688%

5/15/29

BBB

182,033

300

Mexico

City

Airport

Trust,

144A

5.500%

10/31/46

BBB-

260,233

200

Orbia

Advance

Corp

SAB

de

CV,

144A

1.875%

5/11/26

BBB-

177,678

150

Petroleos

Mexicanos

4.500%

1/23/26

BB-

134,187

100

Petroleos

Mexicanos

5.350%

2/12/28

BB-

82,047

Total

Mexico

1,562,053

Morocco

-

0.7%

225

OCP

SA,

144A

3.750%

6/23/31

BB+

188,507

Total

Morocco

188,507

Oman

-

0.8%

225

OQ

SAOC,

144A

5.125%

5/06/28

Ba2

215,412

Total

Oman

215,412

Peru

-

0.5%

200

Petroleos

del

Peru

SA,

144A

5.625%

6/19/47

BB+

134,000

Total

Peru

134,000

Qatar

-

1.3%

250

QatarEnergy,

144A

3.300%

7/12/51

AA-

182,500

200

QNB

Finance

Ltd,

Reg

S

2.750%

2/12/27

A+

183,876

Total

Qatar

366,376

Saudi

Arabia

-

0.8%

250

Saudi

Arabian

Oil

Co,

144A

2.250%

11/24/30

A+

208,398

Total

Saudi

Arabia

208,398

South

Africa

-

1.5%

200

Sasol

Financing

USA

LLC

5.500%

3/18/31

BB+

164,822

250

Transnet

SOC

Ltd,

144A

8.250%

2/06/28

BB-

248,842

Total

South

Africa

413,664

Supranational

-

1.2%

400

Banque

Ouest

Africaine

de

Development,

144A

4.700%

10/22/31

Baa1

334,520

Total

Supranational

334,520

Thailand

-

0.8%

250

PTTEP

Treasury

Center

Co

Ltd,

144A

2.993%

1/15/30

Baa1

221,989

Total

Thailand

221,989

Turkey

-

0.7%

200

Turkiye

Sise

ve

Cam

Fabrikalari

AS,

144A

6.950%

3/14/26

B

195,352

Total

Turkey

195,352

United

Arab

Emirates

-

3.6%

250

Abu

Dhabi

Crude

Oil

Pipeline

LLC,

144A

4.600%

11/02/47

AA

229,688

200

DAE

Funding

LLC,

144A

3.375%

3/20/28

Baa3

179,301

200

DP

World

Ltd/United

Arab

Emirates,

144A

5.625%

9/25/48

Baa1

190,402

177

Galaxy

Pipeline

Assets

Bidco

Ltd,

144A

2.160%

3/31/34

Aa2

150,834

240

MDGH

GMTN

RSC

Ltd,

144A

4.375%

11/22/33

Aa2

231,019

Total

United

Arab

Emirates

981,244

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

80

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

United

States

-

0.7%

$

200

Hyundai

Capital

America,

144A

5.680%

6/26/28

BBB+

$

199,304

Total

United

States

199,304

Total

Corporate

Bonds

(cost

$12,709,829)

13,213,459

Principal

Amount

(000)

Description

(1)

,(4)

Coupon

Maturity

Ratings

(2)

Value

X

203,650

CONTINGENT

CAPITAL

SECURITIES

-

0.7%

X

203,650

Mexico

-

0.7%

$

200

BBVA

Bancomer

SA/Texas,

144A

8.450%

6/29/38

Baa3

$

203,650

Total

Mexico

203,650

Total

Contingent

Capital

Securities

(cost

$200,000)

203,650

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

168,393

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

0.6%

X

168,393

Mexico

-

0.6%

$

200

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands,

144A

2.720%

8/11/31

Ba1

$

168,393

Total

Mexico

168,393

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$170,965)

168,393

Total

Long-Term

Investments

(cost

$25,749,542)

26,839,021

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  1.6

%

436,858

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(5)

5.340%(6)

$

436,858

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$436,858)

436,858

Total

Investments

(cost

$

26,186,400

)

-

99

.2

%

27,275,879

Other

Assets

&

Liabilities,

Net

-   0.8%

226,791

Net

Assets

-

100%

$

27,502,670

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

The

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Fitch,

Inc.(“Fitch”).

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-investment

grade

ratings.

Credit

ratings

are

subject

to

change.

Holdings

designated

N/R

are

not

rated

by

Moody’s,

S&P

or

Fitch.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$426,372.

(4)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

81

(5)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(6)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

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.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

Notes

to

Financial

Statements

82

Nuveen

High

Yield

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2023

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

98.0%   

X

–

CORPORATE

BONDS

-

98

.0

%

X

15,808,252

Aerospace

&

Defense

-

0.7%

$

110

TransDigm

Inc

7.500%

3/15/27

B-

$

109,956

Total

Aerospace

&

Defense

109,956

Air

Freight

&

Logistics

-

0.6%

115

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

BB

102,274

Total

Air

Freight

&

Logistics

102,274

Automobile

Components

-

2.9%

105

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

6.750%

5/15/28

B+

105,469

115

Dana

Inc

(3)

4.500%

2/15/32

B1

95,863

125

Goodyear

Tire

&

Rubber

Co/The

(3)

5.000%

7/15/29

BB-

115,263

150

ZF

North

America

Capital

Inc,

144A

6.875%

4/14/28

BB+

152,346

Total

Automobile

Components

468,941

Automobiles

-

2.6%

440

Ford

Motor

Credit

Co

LLC

4.950%

5/28/27

BB+

417,539

Total

Automobiles

417,539

Beverages

-

1.2%

170

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

B

149,267

50

Triton

Water

Holdings

Inc,

144A

6.250%

4/01/29

Caa2

42,249

Total

Beverages

191,516

Broadline

Retail

-

0.7%

100

Kohl's

Corp

4.625%

5/01/31

Ba3

73,816

50

Macy's

Retail

Holdings

LLC,

144A

(3)

5.875%

4/01/29

Ba2

46,447

Total

Broadline

Retail

120,263

Capital

Markets

-

2.1%

130

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

B+

118,353

165

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

Ba3

145,448

80

NFP

Corp,

144A

4.875%

8/15/28

N/R

71,991

Total

Capital

Markets

335,792

Chemicals

-

5.2%

80

ASP

Unifrax

Holdings

Inc,

144A

5.250%

9/30/28

CCC+

59,600

130

Avient

Corp,

144A

7.125%

8/01/30

BB-

131,048

200

Celanese

US

Holdings

LLC

6.050%

3/15/25

BBB-

199,813

115

EverArc

Escrow

Sarl,

144A

5.000%

10/30/29

B2

91,164

100

NOVA

Chemicals

Corp,

144A

4.875%

6/01/24

Ba3

97,484

65

Olin

Corp

5.125%

9/15/27

BB+

62,133

115

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

(3)

5.375%

9/01/25

CCC+

104,538

115

Tronox

Inc,

144A

4.625%

3/15/29

B1

95,333

Total

Chemicals

841,113

Commercial

Services

&

Supplies

-

4.5%

130

ADT

Security

Corp/The,

144A

(3)

4.125%

8/01/29

Ba3

112,775

115

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp,

144A

6.625%

7/15/26

B3

109,815

115

Garda

World

Security

Corp,

144A

4.625%

2/15/27

B

106,222

140

GFL

Environmental

Inc,

144A

3.500%

9/01/28

BB-

124,587

83

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Commercial

Services

&

Supplies

(continued)

$

120

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

(3)

6.250%

1/15/28

B3

$

112,972

95

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

3.375%

8/31/27

Ba3

83,861

60

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

Ba3

58,825

15

RB

Global

Inc,

144A

6.750%

3/15/28

Ba2

15,187

Total

Commercial

Services

&

Supplies

724,244

Construction

&

Engineering

-

0.2%

35

Standard

Industries

Inc/NJ,

144A

5.000%

2/15/27

B1

33,520

Total

Construction

&

Engineering

33,520

Construction

Materials

-

0.8%

130

Gates

Global

LLC

/

Gates

Corp,

144A

(3)

6.250%

1/15/26

B3

128,381

Total

Construction

Materials

128,381

Consumer

Finance

-

2.8%

100

Ally

Financial

Inc

7.100%

11/15/27

BBB-

101,752

90

Navient

Corp

(3)

6.750%

6/25/25

B+

88,991

90

Navient

Corp

4.875%

3/15/28

B+

78,597

210

OneMain

Finance

Corp

3.500%

1/15/27

BB

181,581

Total

Consumer

Finance

450,921

Consumer

Staples

Distribution

&

Retail

-

0.9%

110

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

3.500%

3/15/29

Ba3

95,761

50

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

6.500%

2/15/28

Ba3

49,803

Total

Consumer

Staples

Distribution

&

Retail

145,564

Containers

&

Packaging

-

2.7%

95

Ball

Corp

6.875%

3/15/28

BB+

97,190

115

LABL

Inc,

144A

6.750%

7/15/26

B-

112,821

55

Mauser

Packaging

Solutions

Holding

Co,

144A

7.875%

8/15/26

B

54,852

45

Owens-Brockway

Glass

Container

Inc,

144A

7.250%

5/15/31

B2

45,730

115

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

(3)

4.375%

9/30/28

B+

101,659

20

Sealed

Air

Corp,

144A

6.125%

2/01/28

Ba2

19,910

Total

Containers

&

Packaging

432,162

Diversified

Telecommunication

Services

-

1.4%

105

Frontier

Communications

Holdings

LLC,

144A

(3)

5.875%

10/15/27

B3

96,173

100

Frontier

Communications

Holdings

LLC,

144A

8.625%

3/15/31

B3

95,683

40

Level

3

Financing

Inc,

144A

4.625%

9/15/27

B

30,386

Total

Diversified

Telecommunication

Services

222,242

Electric

Utilities

-

1.5%

235

Talen

Energy

Supply

LLC,

144A

8.625%

6/01/30

Ba3

243,902

Total

Electric

Utilities

243,902

Electrical

Equipment

-

0.8%

50

GrafTech

Global

Enterprises

Inc,

144A

9.875%

12/15/28

B1

50,789

25

Regal

Rexnord

Corp,

144A

6.050%

2/15/26

BB+

24,992

25

Regal

Rexnord

Corp,

144A

6.050%

4/15/28

BB+

24,847

10

Regal

Rexnord

Corp,

144A

6.400%

4/15/33

BB+

9,974

25

Regal

Rexnord

Corp,

144A

6.300%

2/15/30

BB+

24,959

Total

Electrical

Equipment

135,561

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

84

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Electronic

Equipment,

Instruments

&

Components

-

0.5%

$

100

Imola

Merger

Corp,

144A

4.750%

5/15/29

B1

$

87,803

Total

Electronic

Equipment,

Instruments

&

Components

87,803

Energy

Equipment

&

Services

-

1.5%

65

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

B2

61,263

20

Transocean

Inc,

144A

8.750%

2/15/30

B-

20,765

35

Transocean

Titan

Financing

Ltd,

144A

8.375%

2/01/28

B-

36,137

130

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

4/01/26

B3

128,830

Total

Energy

Equipment

&

Services

246,995

Entertainment

-

0.4%

75

Univision

Communications

Inc,

144A

(3)

4.500%

5/01/29

B+

64,896

Total

Entertainment

64,896

Food

Products

-

1.0%

50

Chobani

LLC

/

Chobani

Finance

Corp

Inc,

144A

4.625%

11/15/28

B-

45,499

115

Darling

Ingredients

Inc,

144A

6.000%

6/15/30

Ba2

113,272

Total

Food

Products

158,771

Gas

Utilities

-

1.7%

115

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

B

98,900

115

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

B

108,289

80

Superior

Plus

LP

/

Superior

General

Partner

Inc,

144A

4.500%

3/15/29

BB-

70,316

Total

Gas

Utilities

277,505

Ground

Transportation

-

0.3%

55

XPO

Inc,

144A

(3)

7.125%

6/01/31

BB-

55,654

Total

Ground

Transportation

55,654

Health

Care

Equipment

&

Supplies

-

1.1%

80

Embecta

Corp,

144A

6.750%

2/15/30

B+

70,339

130

Mozart

Debt

Merger

Sub

Inc,

144A

3.875%

4/01/29

B+

113,837

Total

Health

Care

Equipment

&

Supplies

184,176

Health

Care

Providers

&

Services

-

4.9%

125

CHS/Community

Health

Systems

Inc,

144A

5.250%

5/15/30

B-

99,879

95

DaVita

Inc,

144A

4.625%

6/01/30

B+

81,064

95

Encompass

Health

Corp

4.500%

2/01/28

B+

88,245

200

IQVIA

Inc,

144A

(3)

6.500%

5/15/30

BB

201,948

170

Tenet

Healthcare

Corp

4.375%

1/15/30

B1

151,620

195

Tenet

Healthcare

Corp

4.250%

6/01/29

B1

174,728

Total

Health

Care

Providers

&

Services

797,484

Hotels,

Restaurants

&

Leisure

-

5.0%

150

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

B2

128,903

100

Carnival

Corp,

144A

4.000%

8/01/28

BB-

88,911

160

CDI

Escrow

Issuer

Inc,

144A

5.750%

4/01/30

B+

148,600

115

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

4.625%

1/15/29

B

100,331

105

Hilton

Domestic

Operating

Co

Inc,

144A

3.625%

2/15/32

Ba2

88,111

55

Life

Time

Inc,

144A

5.750%

1/15/26

B2

53,916

45

NCL

Corp

Ltd,

144A

8.375%

2/01/28

B1

46,914

20

Royal

Caribbean

Cruises

Ltd,

144A

7.250%

1/15/30

B2

20,216

130

Yum!

Brands

Inc

5.375%

4/01/32

Ba3

123,057

Total

Hotels,

Restaurants

&

Leisure

798,959

85

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Household

Durables

-

1.0%

$

80

Newell

Brands

Inc

4.700%

4/01/26

BB

$

75,936

80

Newell

Brands

Inc

(3)

6.625%

9/15/29

BB

79,913

Total

Household

Durables

155,849

Independent

Power

and

Renewable

Electricity

Producers

-

0.9%

80

Clearway

Energy

Operating

LLC,

144A

4.750%

3/15/28

BB

74,212

80

Vistra

Operations

Co

LLC,

144A

(3)

4.375%

5/01/29

BB

70,612

Total

Independent

Power

and

Renewable

Electricity

Producers

144,824

Independent

Power

Producers

&

Energy

Traders

-

0.8%

130

TerraForm

Power

Operating

LLC,

144A

5.000%

1/31/28

BB-

120,644

Total

Independent

Power

Producers

&

Energy

Traders

120,644

Insurance

-

2.8%

130

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

4.250%

2/15/29

B

112,093

85

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

6.750%

4/15/28

B

84,569

80

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

B

73,000

80

BroadStreet

Partners

Inc,

144A

5.875%

4/15/29

Caa2

71,442

110

HUB

International

Ltd,

144A

7.250%

6/15/30

B

112,091

Total

Insurance

453,195

Internet

Software

&

Services

-

0.4%

80

Ziff

Davis

Inc,

144A

(3)

4.625%

10/15/30

Ba3

70,101

Total

Internet

Software

&

Services

70,101

IT

Services

-

0.9%

120

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

CCC+

103,527

50

Science

Applications

International

Corp,

144A

4.875%

4/01/28

B1

47,000

Total

IT

Services

150,527

Life

Sciences

Tools

&

Services

-

0.5%

80

Avantor

Funding

Inc,

144A

4.625%

7/15/28

B2

74,227

Total

Life

Sciences

Tools

&

Services

74,227

Machinery

-

0.9%

20

Chart

Industries

Inc,

144A

9.500%

1/01/31

B3

21,450

15

Chart

Industries

Inc,

144A

7.500%

1/01/30

B+

15,373

100

Trinity

Industries

Inc,

144A

7.750%

7/15/28

Ba2

101,747

Total

Machinery

138,570

Media

-

9.9%

195

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.375%

6/01/29

BB-

178,202

285

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.250%

2/01/31

B1

234,296

200

CSC

Holdings

LLC,

144A

(3)

4.125%

12/01/30

B

144,605

95

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

5.875%

8/15/27

Ba3

85,759

75

DISH

Network

Corp,

144A

11.750%

11/15/27

B

75,493

65

Gray

Television

Inc,

144A

4.750%

10/15/30

B3

45,731

130

iHeartCommunications

Inc,

144A

(3)

4.750%

1/15/28

B1

99,937

80

Lamar

Media

Corp

4.875%

1/15/29

Ba3

74,600

50

News

Corp,

144A

3.875%

5/15/29

BB+

44,154

95

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

Ba3

82,658

25

Sirius

XM

Radio

Inc,

144A

3.125%

9/01/26

Ba3

22,558

200

UPC

Broadband

Finco

BV,

144A

4.875%

7/15/31

B1

167,969

200

Virgin

Media

Secured

Finance

PLC,

144A

(3)

5.500%

5/15/29

BB-

184,637

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

86

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Media

(continued)

$

200

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

B+

$

162,524

Total

Media

1,603,123

Metals

&

Mining

-

2.5%

70

Arsenal

AIC

Parent

LLC,

(WI/DD),

144A

8.000%

10/01/30

B+

71,400

120

FMG

Resources

August

2006

Pty

Ltd,

144A

5.875%

4/15/30

BB+

115,088

110

Mineral

Resources

Ltd,

144A

8.000%

11/01/27

Ba3

110,300

115

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

B1

99,028

Total

Metals

&

Mining

395,816

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.8%

120

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.875%

3/01/31

BB

98,700

40

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

2.875%

10/15/26

BB

35,600

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

134,300

Oil,

Gas

&

Consumable

Fuels

-

11.6%

105

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.750%

3/01/27

Ba3

101,567

55

Civitas

Resources

Inc,

144A

8.375%

7/01/28

B1

56,571

35

Civitas

Resources

Inc,

144A

8.750%

7/01/31

B1

36,225

130

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

5.625%

5/01/27

Ba3

123,500

65

DT

Midstream

Inc,

144A

4.125%

6/15/29

Ba2

57,631

115

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

BB+

112,425

145

EnLink

Midstream

LLC,

144A

6.500%

9/01/30

BB+

145,947

100

EQM

Midstream

Partners

LP,

144A

(3)

4.750%

1/15/31

BB-

89,280

165

EQM

Midstream

Partners

LP,

144A

6.500%

7/01/27

BB-

164,215

65

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.875%

4/15/30

B

64,833

135

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

6.250%

5/15/26

B

128,827

165

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

5.750%

2/01/29

Ba3

152,625

65

Kinetik

Holdings

LP,

144A

5.875%

6/15/30

BB+

62,481

65

Matador

Resources

Co,

144A

6.875%

4/15/28

B1

64,597

110

Murphy

Oil

Corp

5.875%

12/01/27

Ba2

108,803

50

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B2

49,543

110

Parkland

Corp,

144A

4.500%

10/01/29

Ba3

97,072

105

SM

Energy

Co

6.500%

7/15/28

B1

102,635

90

Venture

Global

LNG

Inc,

144A

8.125%

6/01/28

B1

91,474

65

Western

Midstream

Operating

LP

4.300%

2/01/30

BBB-

59,071

Total

Oil,

Gas

&

Consumable

Fuels

1,869,322

Passenger

Airlines

-

1.7%

65

Allegiant

Travel

Co,

144A

7.250%

8/15/27

BB-

64,125

106

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd2021

CORP,

144A

5.500%

4/20/26

Ba2

103,837

105

United

Airlines

Inc,

144A

4.375%

4/15/26

BB

99,418

Total

Passenger

Airlines

267,380

Personal

Care

Products

-

1.5%

65

Coty

Inc,

144A

5.000%

4/15/26

BB

62,722

60

Coty

Inc/HFC

Prestige

Products

Inc/HFC

Prestige

International

US

LLC,

144A

6.625%

7/15/30

BB

60,525

120

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

(3)

5.000%

12/31/26

B-

111,600

Total

Personal

Care

Products

234,847

87

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Pharmaceuticals

-

1.6%

$

200

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

4.125%

4/30/28

BB

$

179,228

90

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

10/01/26

BB-

81,420

Total

Pharmaceuticals

260,648

Professional

Services

-

1.1%

80

ASGN

Inc,

144A

4.625%

5/15/28

BB-

73,356

115

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

B

100,243

Total

Professional

Services

173,599

Software

-

0.9%

105

Gen

Digital

Inc,

144A

(3)

6.750%

9/30/27

B1

105,366

35

Open

Text

Corp,

144A

6.900%

12/01/27

Ba1

35,766

Total

Software

141,132

Specialized

REITs

-

1.4%

115

Iron

Mountain

Inc,

144A

4.875%

9/15/27

BB-

107,865

65

SBA

Communications

Corp

3.125%

2/01/29

Ba3

54,802

60

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC,

144A

10.500%

2/15/28

B

59,641

Total

Specialized

REITs

222,308

Specialty

Retail

-

3.5%

80

Academy

Ltd,

144A

6.000%

11/15/27

BB

77,300

90

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp

5.875%

8/20/26

B1

84,854

35

Asbury

Automotive

Group

Inc,

144A

5.000%

2/15/32

B1

30,503

35

Asbury

Automotive

Group

Inc,

144A

(3)

4.625%

11/15/29

B1

30,965

75

Bath

&

Body

Works

Inc,

144A

6.625%

10/01/30

BB

72,479

25

LCM

Investments

Holdings

II

LLC,

144A

8.250%

8/01/31

B2

25,396

75

Michaels

Cos

Inc/The,

144A

(3)

5.250%

5/01/28

B-

63,753

50

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

CCC

35,625

170

Staples

Inc,

144A

7.500%

4/15/26

B3

140,444

Total

Specialty

Retail

561,319

Textiles,

Apparel

&

Luxury

Goods

-

1.2%

105

Hanesbrands

Inc,

144A

(3)

9.000%

2/15/31

B1

107,360

115

Wolverine

World

Wide

Inc,

144A

4.000%

8/15/29

B+

90,338

Total

Textiles,

Apparel

&

Luxury

Goods

197,698

Trading

Companies

&

Distributors

-

2.2%

60

H&E

Equipment

Services

Inc,

144A

3.875%

12/15/28

B1

52,721

75

United

Rentals

North

America

Inc,

144A

6.000%

12/15/29

BBB-

74,912

115

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

Ba3

117,275

105

Windsor

Holdings

III

LLC,

144A

8.500%

6/15/30

B2

105,525

Total

Trading

Companies

&

Distributors

350,433

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

88

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Wireless

Telecommunication

Services

-

1.9%

$

300

Sprint

LLC

7.625%

3/01/26

BBB-

$

312,256

Total

Wireless

Telecommunication

Services

312,256

Total

Corporate

Bonds

(cost

$15,595,670)

15,808,252

Total

Long-Term

Investments

(cost

$15,595,670)

15,808,252

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  10.4%

1,673,448

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(4)

5.340%(5)

$

1,673,448

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$1,673,448)

1,673,448

Total

Investments

(cost

$

17,269,118

)

-

108

.4

%

17,481,700

Other

Assets

&

Liabilities,

Net

-   (8.4)%

(

1,351,320

)

Net

Assets

-

100%

$

16,130,380

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

The

ratings

disclosed

are

the

lowest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$1,618,229.

(4)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(5)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

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.

REIT

Real

Estate

Investment

Trust

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

Notes

to

Financial

Statements

89

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2023

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

97.3%   

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

54

.9

%

X

8,560,109

Automobiles

-

3.5%

$

650

General

Motors

Financial

Co

Inc

(3)

5.750%

N/A

(4)

BB+

$

548,797

Total

Automobiles

548,797

Banks

-

10.9%

540

CoBank

ACB

6.450%

N/A

(4)

BBB+

510,880

250

M&T

Bank

Corp

5.125%

N/A

(4)

Baa2

210,100

225

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(4)

Baa2

205,745

280

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(4)

Baa2

269,500

560

Truist

Financial

Corp

5.100%

N/A

(4)

Baa2

501,872

Total

Banks

1,698,097

Capital

Markets

-

2.8%

450

Charles

Schwab

Corp

(3)

5.375%

N/A

(4)

Baa2

438,845

Total

Capital

Markets

438,845

Consumer

Finance

-

5.4%

400

Ally

Financial

Inc

(3)

4.700%

N/A

(4)

Ba2

303,500

290

American

Express

Co

3.550%

N/A

(4)

Baa2

243,320

310

Discover

Financial

Services

(3)

6.125%

N/A

(4)

Ba1

297,524

Total

Consumer

Finance

844,344

Electric

Utilities

-

2.5%

400

Emera

Inc

6.750%

6/15/76

BB+

388,987

Total

Electric

Utilities

388,987

Independent

Power

and

Renewable

Electricity

Producers

-

1.9%

325

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

289,250

Total

Independent

Power

and

Renewable

Electricity

Producers

289,250

Industrial

Conglomerates

-

1.1%

177

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(3),(5)

8.882%

N/A

(4)

BBB-

177,438

Total

Industrial

Conglomerates

177,438

Insurance

-

12.5%

300

Assurant

Inc

7.000%

3/27/48

Baa3

292,068

185

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

148,213

270

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

209,596

310

Markel

Group

Inc

(3)

6.000%

N/A

(4)

BBB-

301,188

325

MetLife

Inc,

144A

9.250%

4/08/38

BBB

375,375

650

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(4)

Baa2

623,842

Total

Insurance

1,950,282

Media

-

1.6%

300

Paramount

Global

6.375%

3/30/62

Baa3

247,335

Total

Media

247,335

Multi-Utilities

-

3.6%

250

CenterPoint

Energy

Inc

6.125%

N/A

(4)

BBB-

244,974

330

Sempra

4.875%

N/A

(4)

BBB-

311,850

Total

Multi-Utilities

556,824

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(con-

tinued)

Portfolio

of

Investments

July

31,

2023

90

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Oil,

Gas

&

Consumable

Fuels

-

3.0%

$

350

Energy

Transfer

LP

6.500%

N/A

(4)

BB

$

317,032

180

Transcanada

Trust

5.600%

3/07/82

BBB-

151,630

Total

Oil,

Gas

&

Consumable

Fuels

468,662

Trading

Companies

&

Distributors

-

4.1%

665

AerCap

Holdings

NV

5.875%

10/10/79

BB+

642,846

Total

Trading

Companies

&

Distributors

642,846

Wireless

Telecommunication

Services

-

2.0%

300

Vodafone

Group

PLC

7.000%

4/04/79

BB+

308,402

Total

Wireless

Telecommunication

Services

308,402

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$8,467,874)

8,560,109

Principal

Amount

(000)

Description

(1)

,(6)

Coupon

Maturity

Ratings

(2)

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

38

.7

%

X

6,029,809

Banks

-

33.9%

$

400

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(4)

Ba2

$

380,880

400

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

317,979

515

Barclays

PLC

8.000%

N/A

(4)

BBB-

478,950

435

BNP

Paribas

SA,

144A

9.250%

N/A

(4)

BBB

457,000

275

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

273,735

425

Credit

Agricole

SA,

144A

8.125%

N/A

(4)

BBB

426,275

340

HSBC

Holdings

PLC

(3)

6.375%

N/A

(4)

BBB

328,244

200

HSBC

Holdings

PLC

8.000%

N/A

(4)

BBB

201,213

370

HSBC

Holdings

PLC

6.000%

N/A

(4)

BBB

338,387

450

ING

Groep

NV

5.750%

N/A

(4)

BBB

403,987

400

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

378,100

330

NatWest

Group

PLC

6.000%

N/A

(4)

Baa3

308,831

570

Societe

Generale

SA,

144A

9.375%

N/A

(4)

BB+

579,891

200

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

199,060

200

UniCredit

SpA

,

Reg

S

8.000%

N/A

(4)

BB-

197,360

Total

Banks

5,269,892

Capital

Markets

-

4.8%

400

Credit

Suisse

Group

AG,

Claim,

144A

7.500%

N/A

(4)

N/R

20,000

310

Credit

Suisse

Group

AG,

Claim,

144A

9.750%

N/A

(4)

N/R

15,500

400

Deutsche

Bank

AG

(3)

6.000%

N/A

(4)

Ba2

332,877

400

UBS

Group

AG,

144A

7.000%

N/A

(4)

BBB-

391,540

Total

Capital

Markets

759,917

Total

Contingent

Capital

Securities

(cost

$6,413,096)

6,029,809

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

3

.7

%

X

576,420

Banks

-

1.9%

3,000

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

$

297,000

Total

Banks

297,000

Food

Products

-

1.0%

6,000

CHS

Inc

6.750%

N/R

151,620

Total

Food

Products

151,620

91

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Oil,

Gas

&

Consumable

Fuels

-

0.8%

5,000

NuStar

Energy

LP

12.274%

B2

$

127,800

Total

Oil,

Gas

&

Consumable

Fuels

127,800

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$560,290)

576,420

Total

Long-Term

Investments

(cost

$15,441,260)

15,166,338

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  14.5%

2,252,099

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(7)

5.340%(8)

$

2,252,099

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$2,252,099)

2,252,099

Total

Investments

(cost

$

17,693,359

)

-

111

.8

%

17,418,437

Other

Assets

&

Liabilities,

Net

-   (11.8)%

(

1,836,847

)

Net

Assets

-

100%

$

15,581,590

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$2,167,951.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(7)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(8)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

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.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

Notes

to

Financial

Statements

92

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2023

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

98.3%   

X

–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

98.3%

X

21,255,880

$

250

AGL

CLO

Ltd,

(TSFR3M

reference

rate

+

2.600%

spread),

2023

25A,

144A(3)

7.852%

7/21/36

AA

$

250,829

264

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2019

3A,

144A

2.360%

3/20/26

Aaa

250,557

500

Benchmark

2019-B11

Mortgage

Trust,

2019

B11

3.784%

5/15/52

AAA

420,845

199

Benchmark

2019-B15

Mortgage

Trust,

2019

B15

3.721%

12/15/72

A-

140,828

100

BX

2021-LBA3

Mortgage

Trust,

(TSFR1M

reference

rate

+

2.062%

spread),

2021

PAC,

144A(3)

7.284%

10/15/36

N/R

95,881

298

BX

Commercial

Mortgage

Trust

2019-XL,

(TSFR1M

reference

rate

+

2.114%

spread),

2019

XL,

144A(3)

7.340%

10/15/36

N/R

293,649

250

BX

Commercial

Mortgage

Trust

2021-CIP,

(TSFR1M

reference

rate

+

1.385%

spread),

2021

CIP,

144A(3)

6.607%

12/15/38

Aa3

244,425

232

BX

Commercial

Mortgage

Trust

2021-SOAR,

(TSFR1M

reference

rate

+

0.984%

spread),

2021

SOAR,

144A(3)

6.206%

6/15/38

AA-

226,836

80

BX

Trust

2022-IND,

(TSFR1M

reference

rate

+

2.839%

spread),

2022

IND,

144A(3)

7.499%

4/15/37

Baa3

77,221

570

CAMB

Commercial

Mortgage

Trust

2021-CX2,

2021

CX2,

144A

2.700%

11/10/46

AAA

456,851

275

Carmax

Auto

Owner

Trust

2019-4,

2019

4

2.800%

4/15/26

AA

270,920

300

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

reference

rate

+

3.500%

spread),

2022

R03,

144A(3)

8.569%

3/25/42

BBB-

310,535

300

Connecticut

Avenue

Securities

Trust

2022-R04,

(SOFR30A

reference

rate

+

3.100%

spread),

2022

R04,

144A(3)

8.169%

3/25/42

BBB-

305,774

300

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

reference

rate

+

3.000%

spread),

2022

R05,

144A(3)

8.069%

4/25/42

Baa3

302,524

300

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

4.650%

spread),

2022

R07,

144A(3)

9.719%

6/25/42

Aaa

321,551

300

Connecticut

Avenue

Securities

Trust

2022-R09,

(SOFR30A

reference

rate

+

4.750%

spread),

2022

R09,

144A(3)

9.819%

9/25/42

Baa3

319,942

315

Connecticut

Avenue

Securities

Trust

2023-R01,

(SOFR30A

reference

rate

+

3.750%

spread),

2023

R01,

144A(3)

8.819%

12/25/42

BBB-

329,639

116

DBWF

Mortgage

Trust,

2015

LCM,

144A

2.998%

6/10/34

AAA

107,891

527

Fannie

Mae

Pool,

FN

MA4737

5.000%

8/01/52

N/R

515,275

414

Fannie

Mae

Pool,

FN

MA4783

4.000%

10/01/52

N/R

386,412

472

Fannie

Mae

Pool,

FN

MA4655

4.000%

7/01/52

N/R

441,152

200

Fannie

Mae

Pool,

FN

310210,

2022

1

4.000%

5/01/44

N/R

190,679

450

Fannie

Mae

Pool,

FN

MA4701

4.500%

7/01/52

N/R

430,565

476

Fannie

Mae

Pool,

FN

MA4784

4.500%

10/01/52

N/R

455,530

643

Fannie

Mae

Pool,

FN

FS1535

3.000%

4/01/52

N/R

564,994

586

Fannie

Mae

Pool,

FN

MA4732

4.000%

9/01/52

N/R

547,276

117

Fannie

Mae

Pool,

FN

MA4797

4.000%

11/01/37

N/R

112,977

527

Fannie

Mae

Pool,

FN

MA4805,

2022

1

4.500%

11/01/52

N/R

504,670

241

Fannie

Mae

Pool,

FN

MA4842

5.500%

12/01/52

N/R

240,115

674

Fannie

Mae

Pool,

FN

MA4305

2.000%

4/01/51

N/R

547,840

628

Fannie

Mae

Pool,

FN

MA4700

4.000%

7/01/52

N/R

585,875

652

Fannie

Mae

Pool,

FN

MA4699,

2022

1

3.500%

7/01/52

N/R

590,855

658

Fannie

Mae

Pool,

FN

FS0403

3.000%

1/01/52

N/R

580,745

197

Fannie

Mae

Pool,

FN

MA4255

2.000%

2/01/51

N/R

159,720

331

Fannie

Mae

Pool,

FN

MA4600,

2022

2

3.500%

5/01/52

N/R

299,961

100

Fannie

Mae

Pool,

FN

MA4761

5.000%

9/01/52

N/R

97,331

582

Fannie

Mae

Pool,

FN

MA4733

4.500%

9/01/52

N/R

557,245

93

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

113

Freddie

Mac

Pool,

FR

SB8190

4.500%

11/01/37

N/R

$

110,596

45

Freddie

Mac

Pool,

FR

RA7211,

2022

1

4.000%

4/01/52

Aaa

41,921

300

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6,

(SOFR30A

reference

rate

+

1.500%

spread),

2021

DNA6,

144A(3)

6.569%

10/25/41

BBB-

295,152

300

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

(SOFR30A

reference

rate

+

2.400%

spread),

2022

DNA2,

144A(3)

7.469%

2/25/42

BBB

301,056

300

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5,

(SOFR30A

reference

rate

+

4.500%

spread),

2022

DNA5,

144A(3)

9.569%

6/25/42

BBB-

320,603

300

Freddie

Mac

STACR

REMIC

Trust

2022-HQA3,

(SOFR30A

reference

rate

+

3.550%

spread),

2022

HQA3,

144A(3)

8.619%

8/25/42

Baa3

309,286

300

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

(SOFR30A

reference

rate

+

4.000%

spread),

2022

HQA2,

144A(3)

9.069%

7/25/42

Baa3

314,989

393

Ginnie

Mae

II

Pool,

G2

MA8042

2.500%

5/20/52

N/R

338,963

489

Ginnie

Mae

II

Pool,

G2

MA8043

3.000%

5/20/52

N/R

435,256

125

Ginnie

Mae

II

Pool,

G2

MA8201

4.500%

8/20/52

N/R

120,043

264

Ginnie

Mae

II

Pool,

G2

MA8200

4.000%

8/20/52

N/R

248,707

585

Ginnie

Mae

II

Pool,

G2

MA8149

3.500%

7/20/52

N/R

537,537

73

Ginnie

Mae

II

Pool,

G2

MA8428

5.000%

11/20/52

N/R

71,584

350

GM

Financial

Consumer

Automobile

Receivables

Trust

2020-4,

2020

4

0.500%

2/17/26

AAA

332,978

575

GS

Mortgage

Securities

Trust

2017-GS6,

2017

GS6

3.638%

5/10/50

AAA

517,348

245

GS

Mortgage

Securities

Trust

2018-GS9,

2018

GS9

3.992%

3/10/51

Aaa

227,834

129

GS

Mortgage-Backed

Securities

Trust

2021-PJ6,

2021

PJ6,

144A

2.500%

11/25/51

Aa1

101,231

97

GS

Mortgage-Backed

Securities

Trust

2023-PJ1,

2023

PJ1,

144A

3.500%

2/25/53

Aa1

81,819

205

Hilton

Grand

Vacations

Trust

2019-A,

2019

AA,

144A

2.340%

7/25/33

AAA

190,802

250

JPMBB

Commercial

Mortgage

Securities

Trust

2014-

C23,

2014

C23

4.480%

9/15/47

Aa2

235,712

250

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C14,

2014

C14

4.868%

2/15/47

AAA

245,544

186

MVW

Owner

Trust

2017-1,

2017

1A,

144A

2.420%

12/20/34

AAA

185,786

267

MVW

Owner

Trust

2019-1,

2019

1A,

144A

2.890%

11/20/36

AAA

255,649

97

OBX

2018-1

Trust,

(TSFR1M

reference

rate

+

0.764%

spread),

2018

1,

144A(3)

4.658%

6/25/57

AAA

92,488

290

OBX

2022-INV5

Trust,

2022

INV5,

144A

4.000%

10/25/52

Aa1

250,147

92

Oceanview

Mortgage

Trust

2022-1,

2022

1,

144A

4.500%

11/25/52

Aaa

84,152

350

OneMain

Financial

Issuance

Trust

2021-1,

(SOFR30A

reference

rate

+

0.760%

spread),

2021

1A,

144A(3)

5.828%

6/16/36

AAA

342,106

150

PFS

Financing

Corp,

2021

A,

144A

0.710%

4/15/26

AAA

144,375

400

Santander

Drive

Auto

Receivables

Trust

2022-5

4.110%

8/17/26

AAA

396,596

235

Taco

Bell

Funding

LLC,

2016

1A,

144A

4.970%

5/25/46

BBB

225,969

500

Toyota

Auto

Loan

Extended

Note

Trust

2020-1,

2020

1A,

144A

1.350%

5/25/33

AAA

463,395

500

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS2,

2015

NXS2

3.767%

7/15/58

Aaa

474,018

165

Wells

Fargo

Commercial

Mortgage

Trust

2017-C38,

2017

C38

3.917%

7/15/50

AA-

143,745

350

Wells

Fargo

Commercial

Mortgage

Trust

2021-C60,

2021

C60

2.342%

8/15/54

Aaa

282,578

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$20,733,389)

21,255,880

Total

Long-Term

Investments

(cost

$20,733,389)

21,255,880

Other

Assets

&

Liabilities,

Net

-   1.7%

358,266

Net

Assets

-

100%

$

21,614,146

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2023

94

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

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.

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

95

July

31,

2023

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

Preferred

Securities

and

Income

Securitized

Credit

ASSETS

Long-term

investments,

at

value

†‡

$

1,413,089,359‌

$

8,651,020‌

$

26,839,021‌

$

15,808,252‌

$

15,166,338‌

$

21,255,880‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

436,858‌

1,673,448‌

2,252,099‌

–‌

Short-term

investments,

at

value

◊

14,685,000‌

–‌

–‌

–‌

–‌

–‌

Cash

60,516,558‌

–‌

409,719‌

205,501‌

246,025‌

357,425‌

Receivables:

Interest

14,772,788‌

74,965‌

312,942‌

251,302‌

221,980‌

65,678‌

Investments

sold

2,155,375‌

191,460‌

–‌

–‌

–‌

–‌

Reclaims

–‌

–‌

–‌

–‌

670‌

–‌

Reimbursement

from

Adviser

125,722‌

1,757‌

10,827‌

10,446‌

10,562‌

10,558‌

Shares

sold

5,035,273‌

–‌

–‌

–‌

–‌

–‌

Other

150,720‌

18,472‌

2,551‌

3,535‌

2,208‌

1,876‌

Total

assets

1,510,530,795‌

8,937,674‌

28,011,918‌

17,952,484‌

17,899,882‌

21,691,417‌

LIABILITIES

Cash

overdraft

–‌

128,904‌

–‌

–‌

–‌

–‌

Floating

rate

obligations

1,040,000‌

–‌

–‌

–‌

–‌

–‌

Payables:

Collateral

from

securities

lending

–‌

–‌

436,858‌

1,673,448‌

2,252,099‌

–‌

Dividends

1,061,737‌

–‌

–‌

–‌

–‌

–‌

Interest

3,027‌

—‌

–‌

—‌

—‌

–‌

Investments

purchased

-

when-issued/delayed-

delivery

settlement

20,169,178‌

–‌

–‌

70,000‌

–‌

–‌

Shares

redeemed

3,741,957‌

–‌

–‌

–‌

–‌

–‌

Accrued

expenses:

Custodian

fees

105,147‌

13,862‌

12,476‌

12,897‌

8,038‌

10,776‌

Trustees

fees

76,187‌

171‌

355‌

205‌

199‌

279‌

Professional

fees

82,771‌

73,456‌

55,457‌

62,666‌

55,966‌

62,830‌

Shareholder

reporting

expenses

19,464‌

4,988‌

588‌

518‌

518‌

553‌

Shareholder

servicing

agent

fees

116,537‌

–‌

636‌

402‌

–‌

316‌

Other

74,927‌

3‌

2,878‌

1,968‌

1,472‌

2,517‌

Total

liabilities

26,490,932‌

221,384‌

509,248‌

1,822,104‌

2,318,292‌

77,271‌

Commitments

and

contingencies

(1)

Net

assets

$

1,484,039,863‌

$

8,716,290‌

$

27,502,670‌

$

16,130,380‌

$

15,581,590‌

$

21,614,146‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

1,637,882,671‌

$

11,120,584‌

$

26,128,801‌

$

15,919,230‌

$

15,836,355‌

$

20,991,674‌

Total

distributable

earnings

(loss)

(

153,842,808‌

)

(

2,404,294‌

)

1,373,869‌

211,150‌

(

254,765‌

)

622,472‌

Net

assets

1,484,039,863‌

8,716,290‌

27,502,670‌

16,130,380‌

15,581,590‌

21,614,146‌

Shares

outstanding

146,525,132‌

1,125,453‌

2,607,957‌

1,591,152‌

1,583,730‌

2,095,840‌

Net

assets

value

("NAV")

per

share

10

.13‌

7

.74‌

10

.55‌

10

.14‌

9

.84‌

10

.31‌

†

Long-term

investments,

cost

$

1,420,477,349‌

$

10,393,076‌

$

25,749,542‌

$

15,595,670‌

$

15,441,260‌

$

20,733,389‌

◊

Short-term

investments,

cost

$

14,685,000‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

426,372‌

$

1,618,229‌

$

2,167,951‌

$

—‌

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

Preferred

Securities

and

Income

Securitized

Credit

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$  

0.01

$  

0.01

$  

0.01

$  

0.01

$  

0.01

$  

0.01

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

96

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

Year

Ended

7/31/2023

Nine

Months

Ended

7/31/23

Year

Ended

10/31/22

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

Investment

Income

Interest

$

50,738,407‌

$

276,254‌

$

295,491‌

$

1,242,388‌

$

831,523‌

Securities

lending

income,

net

—‌

428‌

7‌

253‌

2,239‌

Tax

withheld

—‌

—‌

—‌

(973‌)

—‌

Total

Investment

Income

50,738,407‌

276,682‌

295,498‌

1,241,668‌

833,762‌

Expenses

–

–

–

–

–

Shareholder

servicing

agent

fees

340,827‌

153‌

207‌

2,448‌

2,125‌

Interest

expense

631,432‌

15‌

63‌

—‌

—‌

Custodian

expenses,

net

107,638‌

17,016‌

19,515‌

13,471‌

14,212‌

Trustees

fees

51,939‌

246‌

295‌

722‌

417‌

Professional

fees

134,836‌

97,008‌

113,351‌

80,272‌

79,187‌

Shareholder

reporting

expenses

24,637‌

21,794‌

30,172‌

900‌

830‌

Federal

and

state

registration

fees

184,446‌

25,606‌

33,850‌

2,879‌

1,743‌

Other

27,359‌

4,608‌

4,531‌

1,778‌

1,980‌

Total

expenses

before

fee

waiver/expense

reimbursement

1,503,114‌

166,446‌

201,984‌

102,470‌

100,494‌

Fee

waiver/expense

reimbursement

(966,161‌)

(166,446‌)

(201,975‌)

(102,470‌)

(100,494‌)

Net

expenses

536,953‌

—‌

9‌

—‌

—‌

Net

investment

income

(loss)

50,201,454‌

276,682‌

295,489‌

1,241,668‌

833,762‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(101,338,619‌)

(306,108‌)

(247,326‌)

141,523‌

4,039‌

Net

realized

gain

(loss)

(101,338,619‌)

(306,108‌)

(247,326‌)

141,523‌

4,039‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

39,435,944‌

506,380‌

(2,152,999‌)

1,089,479‌

212,582‌

Change

in

unrealized

gain

(loss)

39,435,944‌

506,380‌

(2,152,999‌)

1,089,479‌

212,582‌

Net

realized

and

unrealized

gain

(loss)

(61,902,675‌)

200,272‌

(2,400,325‌)

1,231,002‌

216,621‌

Net

increase

(decrease)

in

net

assets

from

operations

$

(11,701,221‌)

$

476,954‌

$

(2,104,836‌)

$

2,472,670‌

$

1,050,383‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

97

Preferred

Securities

and

Income

Securitized

Credit

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

Investment

Income

Dividends

$

33,269‌

$

—‌

Interest

734,799‌

819,378‌

Securities

lending

income,

net

2,077‌

—‌

Total

Investment

Income

770,145‌

819,378‌

Expenses

–

–

Shareholder

servicing

agent

fees

2,121‌

2,288‌

Interest

expense

—‌

—‌

Custodian

expenses

8,425‌

11,342‌

Trustees

fees

407‌

570‌

Professional

fees

74,761‌

83,831‌

Shareholder

reporting

expenses

830‌

865‌

Federal

and

state

registration

fees

1,736‌

2,303‌

Other

1,969‌

1,987‌

Total

expenses

before

fee

waiver/expense

reimbursement

90,249‌

103,186‌

Fee

waiver/expense

reimbursement

(90,249‌)

(103,186‌)

Net

expenses

—‌

—‌

Net

investment

income

(loss)

770,145‌

819,378‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

36,365‌

32,279‌

Net

realized

gain

(loss)

36,365‌

32,279‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(274,922‌)

522,491‌

Change

in

unrealized

gain

(loss)

(274,922‌)

522,491‌

Net

realized

and

unrealized

gain

(loss)

(238,557‌)

554,770‌

Net

increase

(decrease)

in

net

assets

from

operations

$

531,588‌

$

1,374,148‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

98

Municipal

Total

Return

Year

Ended

7/31/23

Year

Ended

7/31/22

OPERATIONS

Net

investment

income

(loss)

$

50,201,454‌

$

44,841,135‌

Net

realized

gain

(loss)

(101,338,619‌)

(41,808,765‌)

Change

in

net

unrealized

appreciation

(depreciation)

39,435,944‌

(164,648,032‌)

Net

increase

(decrease)

in

net

assets

from

operations

(11,701,221‌)

(161,615,662‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(50,040,266)

(45,011,083)

Decrease

in

net

assets

from

distributions

to

shareholders

(50,040,266‌)

(45,011,083‌)

FUND

SHARE

TRANSACTIONS

Proceeds

from

sale

of

shares

789,630,438‌

538,514,543‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

37,754,645‌

32,748,357‌

827,385,083‌

571,262,900‌

Cost

of

shares

redeemed

(758,898,628‌)

(518,414,786‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

68,486,455‌

52,848,114‌

Net

increase

(decrease)

in

net

assets

6,744,968‌

(153,778,631‌)

Net

assets

at

the

beginning

of

period

1,477,294,895‌

1,631,073,526‌

Net

assets

at

the

end

of

period

$

1,484,039,863‌

$

1,477,294,895‌

See

Notes

to

Financial

Statements

99

Core

Impact

Bond

Nine

Months

Ended

7/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

OPERATIONS

Net

investment

income

(loss)

$

276,682‌

$

295,489‌

$

244,549‌

Net

realized

gain

(loss)

(306,108‌)

(247,326‌)

(41,147‌)

Change

in

net

unrealized

appreciation

(depreciation)

506,380‌

(2,152,999‌)

12,373‌

Net

increase

(decrease)

in

net

assets

from

operations

476,954‌

(2,104,836‌)

215,775‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(294,771)

(314,641)

(282,702)

Decrease

in

net

assets

from

distributions

to

shareholders

(294,771‌)

(314,641‌)

(282,702‌)

FUND

SHARE

TRANSACTIONS

Proceeds

from

sale

of

shares

6,000‌

–‌

–‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

294,776‌

314,635‌

282,702‌

300,776‌

314,635‌

282,702‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

300,776‌

314,635‌

282,702‌

Net

increase

(decrease)

in

net

assets

482,959‌

(2,104,842‌)

215,775‌

Net

assets

at

the

beginning

of

period

8,233,331‌

10,338,173‌

10,122,398‌

Net

assets

at

the

end

of

period

$

8,716,290‌

$

8,233,331‌

$

10,338,173‌

See

Notes

to

Financial

Statements

100

Emerging

Markets

Debt

High

Yield

Preferred

Securities

and

Income

Securitized

Credit

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

1,241,668‌

$

833,762‌

$

770,145‌

$

819,378‌

Net

realized

gain

(loss)

141,523‌

4,039‌

36,365‌

32,279‌

Change

in

net

unrealized

appreciation

(depreciation)

1,089,479‌

212,582‌

(274,922‌)

522,491‌

Net

increase

(decrease)

in

net

assets

from

operations

2,472,670‌

1,050,383‌

531,588‌

1,374,148‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(1,098,801)

(839,233)

(786,353)

(751,676)

Decrease

in

net

assets

from

distributions

to

shareholders

(1,098,801‌)

(839,233‌)

(786,353‌)

(751,676‌)

FUND

SHARE

TRANSACTIONS

Proceeds

from

sale

of

shares

25,030,000‌

15,080,000‌

15,050,000‌

20,240,000‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,098,801‌

839,230‌

786,355‌

751,674‌

26,128,801‌

15,919,230‌

15,836,355‌

20,991,674‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

26,128,801‌

15,919,230‌

15,836,355‌

20,991,674‌

Net

increase

(decrease)

in

net

assets

27,502,670‌

16,130,380‌

15,581,590‌

21,614,146‌

Net

assets

at

the

beginning

of

period

–‌

–‌

–‌

–‌

Net

assets

at

the

end

of

period

$

27,502,670‌

$

16,130,380‌

$

15,581,590‌

$

21,614,146‌

Financial

Highlights

101

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Municipal

Total

Return

7/31/23

$

10.52

$

0.36

$

(0.39)

$

(0.03)

$

(0.36)

$

—

$

(0.36)

$

10.13

7/31/22

11.95

0.32

(1.43)

(1.11)

(0.32)

—

(0.32)

10.52

7/31/21

11.71

0.33

0.24

0.57

(0.33)

—

(0.33)

11.95

7/31/20

11.50

0.35

0.21

0.56

(0.35)

—

(0.35)

11.71

7/31/19

10.94

0.38

0.56

0.94

(0.38)

—

(0.38)

11.50

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(e)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

102

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Including

Interest(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest(c),(d)

Net

Expenses

Excluding

Interest(d)

NII

(Loss)(d)

Portfolio

Turnover

Rate

(0.19‌)

%

$

1,484,040

0.11‌

%

0.06‌

%

0.04‌

%

—‌(e)

3.59‌

%

58‌

%

(9.42‌)

1,477,295

0.11‌

0.05‌

0.06‌

—‌

2.81‌

32‌

4.96‌

1,631,074

0.10‌

0.05‌

0.05‌

—‌(e)

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

103

Financial

Highlights

(continued)

The

Fund's

fiscal

year

end

is

July

31st.

Prior

to

the

fiscal

year

ended

July

31,

2023,

the

fiscal

year

end

was

October

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

4

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Core

Impact

Bond

7/31/23(d)

$

7.57

$

0.25

$

0.19

$

0.44

$

(0.27)

$

—

$

(0.27)

$

7.74

10/31/22

9.84

0.28

(2.25)

(1.97)

(0.30)

—

(0.30)

7.57

10/31/21

9.90

0.24

(0.03)

0.21

(0.27)

—

(0.27)

9.84

10/31/20(g)

10.00

0.04

(0.12)

(0.08)

(0.02)

—

(0.02)

9.90

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

nine

months

ended

July

31,

2023.

(e)

Annualized.

(f)

Value

rounded

to

zero.

(g)

For

the

period

July

9,

2020

(commencement

of

operations)

through

October

31,

2020.

See

Notes

to

Financial

Statements

104

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

5.77‌

%

$

8,716

2.56‌

%

(e)

—‌(e)

4.26‌

%

(e)

46‌

%

(20.41‌)

8,233

2.16‌

—‌(f)

3.15‌

53‌

2.17‌

10,338

2.13‌

—‌(f)

2.39‌

96‌

(0.77‌)

10,122

0.99‌

(e)

—‌(e)

1.13‌

(e)

113‌

105

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Emerging

Markets

Debt

7/31/23(d)

$

10.00

$

0.49

$

0.49

$

0.98

$

(0.43)

$

—

$

(0.43)

$

10.55

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(e)

Annualized.

See

Notes

to

Financial

Statements

106

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

9.93‌

%

$

27,503

0.51‌

%

(e)

—‌(e)

6.22‌

%

(e)

15‌

%

107

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

High

Yield

7/31/23(d)

$

10.00

$

0.54

$

0.14

$

0.68

$

(

0.54

)

$

—

$

(

0.54

)

$

10.14

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(e)

Annualized.

See

Notes

to

Financial

Statements

108

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

7

.01‌

%

$

16,130

0

.87‌

%

(e)

—‌

(e)

7

.19‌

%

(e)

16‌

%

109

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Preferred

Securities

and

Income

7/31/23(d)

$

10.00

$

0.50

$

(

0.15

)

$

0.35

$

(

0.51

)

$

—

$

(

0.51

)

$

9.84

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(e)

Annualized.

See

Notes

to

Financial

Statements

110

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

3

.57‌

%

$

15,582

0

.79‌

%

(e)

—‌

(e)

6

.76‌

%

(e)

10‌

%

111

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Securitized

Credit

7/31/23(d)

$

10.00

$

0.40

$

0.28

$

0.68

$

(

0.37

)

$

—

$

(

0.37

)

$

10.31

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(e)

Annualized.

See

Notes

to

Financial

Statements

112

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

6

.82‌

%

$

21,614

0

.66‌

%

(e)

—‌

(e)

5

.20‌

%

(e)

17‌

%

Notes

to

Financial

Statements

113

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

(“Municipal

Total

Return”),

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(“Core

Impact

Bond”),

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(“Emerging

Markets

Debt”),

Nuveen

High

Yield

Managed

Accounts

Portfolio

(“High

Yield”),

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(“Preferred

Securities

and

Income”),

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(“Securitized

Credit

Managed”)

(each

a

“Fund”

and

collectively

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

November

14,

2006.

Each

Fund

is

developed

exclusively

for

use

within

separately

managed

accounts

sponsored

by

Nuveen,

LLC

(“Nuveen”).

Each

Fund

is

a

specialized

municipal

bond

fund

to

be

used

in

combination

with

selected

individual

securities

to

effectively

model

institutional-level

investment

strategies.

Each

Fund

enables

certain

Nuveen

municipal

separately

managed

account

investors

to

achieve

greater

diversification

and

return

potential

that

smaller

managed

accounts

might

otherwise

achieve

by

investing

in

additional

fixed-income

classes,

including

those

that

have

a

lower

credit

quality,

higher

yielding

securities

and

to

gain

access

to

special

investment

opportunities

normally

available

only

to

institutional

investors.

Change

in

Fiscal

and

Tax

Year

End:

Effective

November

1,

2022,

Core

Impact

Bond

began

to

adhere

to

the

fiscal

reporting

and

regulatory

filing

schedule

required

by

a

July

31

fiscal

year

end.

As

a

result,

effective

November

1,

2022,

the

Funds

began

to

adhere

to

the

fiscal

reporting

and

regulatory

filing

schedule

required

by

a

July

31

fiscal

year

end.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

July

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

for

Municipal

Total

Return

is

for

the

fiscal

year

July

31,

2023,

while

the

reporting

period

for

Core

Impact

Bond

is

the

period

November

1,

2022

through

July

31,

2023

and

Emerging

Markets

Debt,

High

Yield,

Preferred

Securities

and

Income

and

Securitized

Credit

is

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds'

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds'

portfolios,

manages

the

Funds'

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into  sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

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.

Each

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”)

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

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The Trust

pays

no

compensation

directly

to

those

of

its officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

Municipal

Total

Return

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

the

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

the

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

the

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

the

Fund

was

as

follows:

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.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Fund

Gross

Custodian

Fee

Credits

Municipal

Total

Return

$

73,231

114

Notes

to

Financial

Statements

(continued)

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Funds'

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

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.

Emerging

Markets

Debt

Value

%

of

Net

Assets

Mexico

$

2,932,038

10.6

%

Indonesia

1,862,765

6.8

Chile

1,700,533

6.2

United

Arab

Emirates

1,697,581

6.2

Brazil

1,237,389

4.4

Saudi

Arabia

1,160,032

4.3

India

1,133,764

4.1

South

Africa

1,060,599

3.9

Colombia

955,922

3.5

Israel

916,744

3.3

Peru

863,141

3.1

Panama

792,830

2.9

Poland

785,876

2.9

Qatar

654,010

2.3

Hungary

601,290

2.2

Malaysia

563,173

2.0

Philippines

540,943

2.0

Uruguay

538,233

2.0

Romania

534,295

1.9

Oman

472,036

1.7

Dominican

Republic

465,946

1.7

Other

5,170,577

18.9

Total

non-U.S.

Securities

$26,639,717

96.9%

Preferred

Securities

and

Income

Value

%

of

Net

Assets

United

Kingdom

$

2,541,187

16.3

%

France

1,736,901

11.2

Spain

698,859

4.5

Ireland

642,846

4.1

Australia

623,842

4.0

Canada

540,617

3.5

Switzerland

427,040

2.7

Netherlands

403,987

2.6

Germany

332,877

2.1

Italy

197,360

1.3

Total

non-U.S.

Securities

$8,145,516

52.3%

115

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

recorded

on

the

ex-dividend

date,

or

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

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.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

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,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

New

Accounting

Pronouncement: 

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

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rule

Issuance:

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

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.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

116

Notes

to

Financial

Statements

(continued)

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Municipal

Total

Return

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,413,089,359

$

–

$

1,413,089,359

Short-Term

Investments:

Municipal

Bonds

–

14,685,000

–

14,685,000

Total

$

–

$

1,427,774,359

$

–

$

1,427,774,359

Core

Impact

Bond

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

4,345,991

$

–

$

4,345,991

Asset-Backed

and

Mortgage-Backed

Securities

–

2,394,997

–

2,394,997

Municipal

Bonds

–

1,005,800

–

1,005,800

Emerging

Market

Debt

And

Foreign

Corporate

Bonds

–

521,212

–

521,212

U.S.

Government

and

Agency

Obligations

–

383,020

–

383,020

Total

$

–

$

8,651,020

$

–

$

8,651,020

Emerging

Markets

Debt

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Sovereign

Debt

$

–

$

13,253,519

$

–

$

13,253,519

Corporate

Bonds

–

13,213,459

–

13,213,459

Contingent

Capital

Securities

–

203,650

–

203,650

$1,000

Par

(or

similar)

Institutional

Preferred

–

168,393

–

168,393

Investments

Purchased

with

Collateral

from

Securities

Lending

436,858

–

–

436,858

Total

$

436,858

$

26,839,021

$

–

$

27,275,879

High

Yield

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

15,808,252

$

–

$

15,808,252

Investments

Purchased

with

Collateral

from

Securities

Lending

1,673,448

–

–

1,673,448

Total

$

1,673,448

$

15,808,252

$

–

$

17,481,700

117

Municipal

Total

Return

holds

liabilities

in

floating

rate

obligations,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Fund’s

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

later

in

these

Notes

to

Financials.

4.

Portfolio

Securities

Inverse

Floating

Rate

Securities:

Municipal

Total

Return is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

the

Fund.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by the

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

The

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense”

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.

Preferred

Securities

and

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

8,560,109

$

–

$

8,560,109

Contingent

Capital

Securities

–

6,029,809

–

6,029,809

$25

Par

(or

similar)

Retail

Preferred

576,420

–

–

576,420

Investments

Purchased

with

Collateral

from

Securities

Lending

2,252,099

–

–

2,252,099

Total

$

2,828,519

$

14,589,918

$

–

$

17,418,437

Securitized

Credit

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Asset-Backed

and

Mortgage-Backed

Securities

$

–

$

21,255,880

$

–

$

21,255,880

Total

$

–

$

21,255,880

$

–

$

21,255,880

118

Notes

to

Financial

Statements

(continued)

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:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

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,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

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:

Securities

Lending:

Each

Fund

(except

for

Municipal

Total

Return)

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

$

1,040,000

$

3,000,000

$

4,040,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Municipal

Total

Return

$

21,351,740

2.57

%

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

$

1,040,000

$

3,000,000

$

4,040,000

119

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

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.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

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

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

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.

Each

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

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Emerging

Markets

Debt

Corporate

Bonds

$389,690

$399,373

Sovereign

Debt

36,682

37,485

Total

$426,372

$436,858

High

Yield

Corporate

Bonds

$1,618,229

$1,673,448

Preferred

Securities

and

Income

$1000

Par(or

similar)

Institutional

Preferred

$1,677,130

$1,743,579

Contingent

Capital

Securities

490,821

508,520

Total

$2,167,951

$2,252,099

Fund

Purchases

Sales

and

Maturities

Municipal

Total

Return

$

788,231,753

$

842,307,451

Core

Impact

Bond

4,424,871

3,993,510

Emerging

Markets

Debt

29,264,386

3,926,498

High

Yield

17,893,140

2,467,939

Preferred

Securities

and

Income

16,969,741

1,562,513

Securitized

Credit

24,866,911

3,459,856

120

Notes

to

Financial

Statements

(continued)

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

7/31/23

Year

Ended

7/31/22

Municipal

Total

Return

Shares

Amount

Shares

Amount

Subscriptions

78,221,908

$789,630,438

48,526,854

$538,514,543

Reinvestments

of

distributions

3,747,380

37,754,645

2,939,662

32,748,357

Redemptions

(75,819,611)

(758,898,628)

(47,621,496)

(518,414,786)

Net

increase

(decrease)

6,149,677

$68,486,455

3,845,020

$52,848,114

Nine

Months

Ended

7/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Core

Impact

Bond

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

761

$6,000

—

$—

—

$—

Reinvestment

of

distributions

37,478

294,776

36,387

314,635

28,562

282,702

Net

increase

(decrease)

38,239

$300,776

36,387

$314,635

28,562

$282,702

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

Emerging

Markets

Debt

Shares

Amount

Subscriptions

2,502,871

$25,030,000

Reinvestments

of

distributions

105,086

1,098,801

Net

increase

(decrease)

2,607,957

$26,128,801

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

High

Yield

Shares

Amount

Subscriptions

1,507,984

$15,080,000

Reinvestments

of

distributions

83,168

839,230

Net

increase

(decrease)

1,591,152

$15,919,230

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

Preferred

Securities

and

Income

Shares

Amount

Subscriptions

1,504,766

$15,050,000

Reinvestments

of

distributions

78,964

786,355

Net

increase

(decrease)

1,583,730

$15,836,355

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

Securitized

Credit

Shares

Amount

Subscriptions

2,023,233

$20,240,000

Reinvestments

of

distributions

72,607

751,674

Net

increase

(decrease)

2,095,840

$20,991,674

121

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

July

3,

2023

through

July

31,

2023

and

paid

on

August

1,

2023.

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

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.

Municipal

Total

Return

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

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

Each

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

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements. 

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

complex

securities

character

adjustments,

paydowns,

and

taxable

market

discount.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Municipal

Total

Return

$

1,433,963,373

$

11,508,087

$

(18,737,101)

$

(7,229,014)

Core

Impact

Bond

10,425,431

16,882

(1,791,293)

(1,774,411)

Emerging

Markets

Debt

26,186,400

1,132,808

(43,329)

1,089,479

High

Yield

17,272,442

295,949

(86,691)

209,258

Preferred

Securities

and

Income

17,686,044

442,126

(709,733)

(267,607)

Securitized

Credit

20,736,019

542,635

(22,774)

519,861

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Municipal

Total

Return

$

5,833,989

$

47,764

$

—

$

(7,229,013)

$

(147,861,412)

$

—

$

(4,634,136)

$

(153,842,808)

Core

Impact

Bond

—

39,384

—

(1,774,411)

(636,639)

—

(32,628)

(2,404,294)

Emerging

Markets

Debt

—

284,390

—

1,089,479

—

—

—

1,373,869

High

Yield

—

103,087

—

209,258

—

—

(101,195)

211,150

Preferred

Securities

and

Income

—

98,993

—

(267,607)

—

—

(86,151)

(254,765)

Securitized

Credit

—

196,929

—

519,861

—

—

(94,318)

622,472

7/31/23

7/31/22

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Municipal

Total

Return

$

50,037,792

$

2,474

$

—

$

45,001,561

$

9,522

$

—

1

The

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

122

Notes

to

Financial

Statements

(continued)

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

The

Adviser

does

not

charge

any

management

fees

or

other

expenses

directly

to each

Fund.

The

Adviser

has

agreed

irrevocably

during

the

existence

of each

Fund

to

waive

all

fees

and

pay

or

reimburse

all

expenses

of each

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

Funds

from

the

fee

charged

at

the

separately

managed

account

level.

Other

Transactions

with

Affiliates:

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows:

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

Municipal

Total

Return

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,

Municipal

Total

Return

did

not

have

any

unfunded

commitments.

From

time

to

time,

Municipal

Total

Return

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

Municipal

Total

Return

is

not

subject

to

any

material

legal

proceedings.

Eleven

Months

Ended

7/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

Core

Impact

Bond

$294,771

$–

$314,641

$–

$282,702

$–

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

Fund

Ordinary

Income

Long-Term

Capital

Gains

Emerging

Markets

Debt

$

1,098,801

$

—

High

Yield

839,233

—

Preferred

Securities

and

Income

786,353

—

Securitized

Credit

751,676

—

Fund

Short-Term

Long-Term

Total

Municipal

Total

Return

$

41,929,650

$

105,931,762

$

147,861,412

Core

Impact

Bond

205,706

430,933

636,639

Emerging

Markets

Debt

—

—

—

High

Yield

—

—

—

Preferred

Securities

and

Income

—

—

—

Securitized

Credit

—

—

—

Fund

TIAA

Owned

Shares

Municipal

Total

Return

—

%

Core

Impact

Bond

100

Emerging

Markets

Debt

100

High

Yield

100

Preferred

Securities

and

Income

100

Securitized

Credit

100

123

10.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

June

2023.

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.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

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

Funds

utilized

this

facility.

The

following

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

Municipal

Total

Return

$

2,300,000

Core

Impact

Bond

407

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Municipal

Total

Return

3

$

2,300,000

4.28

%

Core

Impact

Bond

4

407

5.53

124

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

Municipal

Total

Return

$

—

Core

Impact

Bond

—

Emerging

Markets

Debt

—

High

Yield

—

Preferred

Securities

and

Income

—

Securitized

Credit

—

Fund

Percentage

Municipal

Total

Return

–

%

Core

Impact

Bond

–

Emerging

Markets

Debt

–

High

Yield

–

Preferred

Securities

and

Income

4

.4

Securitized

Credit

–

Fund

Percentage

Municipal

Total

Return

–

%

Core

Impact

Bond

–

Emerging

Markets

Debt

–

High

Yield

–

Preferred

Securities

and

Income

4

.4

Securitized

Credit

–

125

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

Municipal

Total

Return

—

%

—

%

Core

Impact

Bond

77

.8

61

.1

Emerging

Markets

Debt

0

.4

1

.8

High

Yield

62

.7

100

.0

Preferred

Securities

and

Income

5

.3

57

.0

Securitized

Credit

72

.8

100

.0

Fund

Percentage

Municipal

Total

Return

–

%

Core

Impact

Bond

93

.7

Emerging

Markets

Debt

61

.3

High

Yield

71

.5

Preferred

Securities

and

Income

7

.2

Securitized

Credit

72

.8

126

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

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

SS&C

Global

Investor

&

Distribution

Solutions,

Inc.

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

127

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.

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

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

leverage)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

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,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refund

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

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.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn't

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

heId

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

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.

128

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of Directors previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

129

The

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

Nuveen

Managed

Accounts

Portfolios

Trust

(the

“Trust”),

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

is

responsible

for

determining

whether

to

initially

approve

or,

after

an

initial

term,

to

renew,

the

advisory

arrangements

of

the

portfolios

comprising

the

Trust.

A

discussion

of

the

Board’s

most

recent

approval

of

the

renewal

of

the

advisory

arrangements

of

Municipal

Total

Return

Managed

Accounts

Portfolio

and

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

is

set

forth

in

Part

I

below.

The

advisory

arrangements

of

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio,

Nuveen

High

Yield

Managed

Accounts

Portfolio,

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

and

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

have

not

yet

been

up

for

renewal,

and

a

discussion

of

the

Board’s

initial

approval

of

the

advisory

arrangements

of

such

portfolios

is

set

forth

in

Part

II

below.

PART

I

Municipal

Total

Return

Managed

Accounts

Portfolio

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

At

a

meeting

held

on

May

23-25,

2023

(for

purposes

of

this

Part

I,

the

“May

Meeting”),

the

Board

approved,

for

each

of

Municipal

Total

Return

Managed

Accounts

Portfolio

(the

“Municipal

Total

Return

Fund”)

and

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(the

“Core

Impact

Bond

Fund”

and,

together

with

the

Municipal

Total

Return

Fund,

for

purposes

of

this

Part

I,

the

“Funds”

and

each,

a

“Fund”),

the

renewal

of

the

management

agreement

(for

purposes

of

this

Part

I,

each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(for

purposes

of

this

Part

I,

each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-

adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

For

purposes

of

this

Part

I,

the

Investment

Management

Agreements

and

Sub-

Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

certain

fee

and

expense

information;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(for

purposes

of

this

Part

I,

the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements.

130

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

However,

the

Board

recognized

that

the

Funds

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds

given

that

they

are

sold

via

separate

managed

accounts.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

131

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023

(to

the

extent

available

for

each

Fund).

For

Nuveen

open-end

funds

with

multiple

classes,

the

performance

data

was

generally

based

on

Class

A

shares;

however,

the

performance

of

other

classes,

if

any,

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

generally

considered

fund

performance

in

comparison

to

the

performance

of

certain

peer

funds

(a

“performance

peer

group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

(Given

their

unique

nature,

the

Funds

do

not

have

performance

peer

groups

available.)

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

performance

peer

group,

as

applicable,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

132

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

the

Municipal

Total

Return

Fund,

the

Board

noted

that,

given

the

unique

nature

of

the

Fund,

the

Fund

does

not

have

peers.

In

considering

the

performance

of

the

Fund

relative

to

its

benchmark,

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

the

Core

Impact

Bond

Fund,

the

Board

noted

that,

given

the

unique

nature

of

the

Fund,

the

Fund

does

not

have

peers.

In

considering

the

performance

of

the

Fund

relative

to

its

benchmark,

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-year

periods

ended

December 31,

2022

and

March 31,

2023.

The

Board,

however,

noted

that

the

Fund

was

relatively

new

with

a

performance

history

too

limited

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

Each

Fund

is

sold

via

separate

managed

accounts

which

pay

the

Adviser

a

managed

account

management

fee.

As

the

Adviser

is

compensated

from

the

applicable

managed

accounts,

the

Funds

do

not

pay

the

Adviser

a

management

fee.

Further,

the

Adviser

had

agreed

to

pay

or

reimburse

each

Fund’s

expenses

(except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses).

Given

the

unique

fee

arrangement,

the

Funds

do

not

have

peer

groups

and

therefore

a

comparative

peer

analysis

was

not

provided

for

either

of

the

Funds.

In

addition,

as

the

Adviser

pays

nearly

all

the

Funds’

expenses,

the

Board

recognized

that

the

Funds’

expenses

were

also

not

comparable

to

a

peer

group

or

to

other

Nuveen

funds.

The

managed

account

management

fee

was

an

asset-based

fee

based

on

the

entire

separate

managed

account

portfolio,

including

the

portion

invested

in

the

respective

Fund.

With

respect

to

the

Municipal

Total

Return

Fund,

the

managed

account

management

fee

paid

to

the

Adviser

represented

an

implied

management

fee

for

managing

such

Fund

and

an

implied

management

fee

for

managing

individual

municipal

bonds.

To

evaluate

the

fee

arrangement,

the

Independent

Board

Members

reviewed

the

range

of

fees

paid

by

the

applicable

managed

separate

accounts,

the

implied

management

fee

for

the

Municipal

Total

Return

Fund,

the

range

of

implied

fees

for

managing

individual

municipal

bonds,

and

the

methodology

utilized

to

develop

these

implied

management

fees.

With

respect

to

the

Core

Impact

Bond

Fund,

the

managed

account

management

fee

paid

to

the

Adviser

represented

an

implied

management

fee

for

managing

such

Fund

and

an

implied

management

fee

for

managing

individual

securities.

To

evaluate

the

fee

arrangement,

the

Independent

Board

Members

reviewed

the

target

range

of

management

fees

to

be

paid

by

the

applicable

separate

managed

accounts,

the

implied

management

fee

for

the

Core

Impact

Bond

Fund,

the

range

of

implied

management

fees

for

managing

individual

securities,

and

the

methodology

utilized

to

develop

these

implied

management

fees.

Based

on

its

review

of

the

information

provided,

the

Board

recognized

each

Fund’s

unique

fee

and

expense

structure,

in

which

the

Fund

does

not

have

a

management

fee

and

the

Adviser

pays

nearly

all

the

Fund’s

expenses,

and

the

Board

determined

that

the

arrangement

was

reasonable.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

non-municipal

Nuveen

funds,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-

Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

With

respect

to

the

municipal

Nuveen

funds,

such

other

clients

may

include

retail

and

institutional

municipal

managed

accounts

sub-advised

by

the

Sub-Adviser,

municipal

ETFs

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

certain

municipal

private

limited

partnerships

offered

by

Nuveen.

With

respect

to

the

non-municipal

Nuveen

funds,

the

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

With

respect

to

the

municipal

Nuveen

funds,

the

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts;

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

municipal

ETFs

offered

outside

the

Nuveen

family;

and

the

management

fee

rates

paid

by

the

municipal

private

limited

partnerships

operated

by

Nuveen.

133

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

Given

that

the

Funds

are

sold

via

separate

managed

accounts,

the

Board

recognized

that

they

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds.

Further,

as

noted,

given

the

Funds’

unique

fee

and

expense

structure

pursuant

to

which

they

do

not

pay

management

fees

and

the

expenses

are

primarily

reimbursed,

comparisons

with

peers

were

not

available.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

134

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

boards

governing

the

Nuveen

funds

have

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

However,

the

Independent

Board

Members

noted

that

because

the

Funds

do

not

pay

a

management

fee,

there

are

no

applicable

fund-level

or

complex-wide

level

breakpoint

schedules,

although

each

Fund’s

assets

would

be

counted

toward

the

complex-

wide

total.

In

addition,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2022

and

2021).

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

In

this

regard,

as

noted

above,

each

Fund

is

reimbursed

nearly

all

of

its

expenses

by

the

Adviser.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

concluded

that,

with

respect

to

the

Funds,

the

absence

of

a

fund-level

and/or

complex-wide

breakpoint

schedule

or

arrangement

(as

applicable)

was

acceptable.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

each

Fund’s

fee

arrangement

was

reasonable

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

PART

II

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Nuveen

High

Yield

Managed

Accounts

Portfolio

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

At

a

meeting

held

on

October

12,

2022

(for

purposes

of

this

Part

II,

the

“Meeting”),

the

Board

considered

and

approved

the

investment

management

agreements

(for

purposes

of

this

Part

II,

each,

an

“Investment

Management

Agreement”)

pursuant

to

which

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

serves

as

investment

adviser

to

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(the

“Emerging

Markets

Fund”),

Nuveen

High

Yield

Managed

Accounts

Portfolio

(the

“High

Yield

Fund”),

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(the

“Preferred

Fund”),

and

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(the

“Securitized

Fund”

and,

together

with

the

Emerging

Markets

Fund,

the

High

Yield

Fund

and

the

Preferred

Fund,

for

purposes

of

this

Part

II,

the

“Funds”

and

each,

a

“Fund”),

each

a

series

of

the

Trust,

and

the

investment

sub-advisory

agreements

(for

purposes

of

this

Part

II,

each,

a

“Sub-Advisory

Agreement”)

pursuant

to

which

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

serves

as

investment

sub-adviser

to

the

Funds.

For

purposes

of

this

Part

II,

the

Adviser

and

the

Sub-Adviser

are

each

hereafter

a

“Fund

Adviser.”

In

addition,

for

purposes

of

this

Part

II,

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

are

each

hereafter

an

“Advisory

Agreement”

and

collectively,

the

“Advisory

Agreements.”

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

135

To

assist

the

Board

in

its

evaluation

of

an

Advisory

Agreement

with

a

Fund

Adviser

at

the

Meeting,

the

Independent

Board

Members

had

received,

in

adequate

time

in

advance

of

the

Meeting

and/or

at

other

meetings,

materials

which

outlined,

among

other

things:

the

nature,

extent

and

quality

of

the

services

expected

to

be

provided

by

the

Fund

Adviser;

the

organization

of

the

Fund

Adviser,

including

the

responsibilities

of

various

departments

and

key

personnel;

the

expertise

and

background

of

the

Fund

Adviser;

certain

performance-related

information

(as

described

below);

the

profitability

of

Nuveen

and

its

affiliates

for

their

advisory

activities

(as

described

below);

the

proposed

fee

and

expense

arrangements

for

the

Funds;

and

the

soft

dollar

practices

of

the

Fund

Adviser,

if

any.

At

the

Meeting

and/or

at

other

meetings,

the

Adviser

made

presentations

to

and

responded

to

questions

from

the

Board.

During

the

Meeting

and/

or

at

other

meetings,

the

Independent

Board

Members

also

met

privately

with

their

legal

counsel

to,

among

other

things,

review

the

Board’s

duties

under

the

1940

Act,

the

general

principles

of

state

law

in

reviewing

and

approving

advisory

contracts,

the

standards

used

by

courts

in

determining

whether

investment

company

boards

of

directors

have

fulfilled

their

duties,

factors

to

be

considered

in

voting

on

advisory

contracts

and

an

adviser’s

fiduciary

duty

with

respect

to

advisory

agreements

and

compensation.

It

is

with

this

background

that

the

Independent

Board

Members

considered

the

Advisory

Agreements.

As

outlined

in

more

detail

below,

the

Independent

Board

Members

considered

various

factors

they

believed

relevant

with

respect

to

the

Funds.

Each

Board

Member

may

have

accorded

different

weight

to

the

various

factors

and

information

discussed

below

in

reaching

his

or

her

conclusions

with

respect

to

the

Funds’

Advisory

Agreements.

The

Board

Members

also

drew

on

information

they

had

received

in

their

capacity

as

trustees

and

directors,

as

applicable,

of

other

registered

investment

companies

advised

by

the

Fund

Advisers.

A.

Nature,

Extent

and

Quality

of

Services

The

Independent

Board

Members

considered

the

nature,

extent

and

quality

of

the

respective

Fund

Adviser’s

services,

including

portfolio

management

services

and

administrative

services.

Given

that

the

Adviser

and

the

Sub-Adviser

already

serve

as

adviser

and

sub-adviser,

respectively,

to

other

Nuveen

funds

overseen

by

the

Board

Members,

the

Board

has

a

good

understanding

of

each

such

Fund

Adviser’s

organization,

operations,

personnel

and

services.

As

the

Independent

Board

Members

meet

regularly

throughout

the

year

to

oversee

the

Nuveen

funds,

including

funds

currently

advised

by

the

Fund

Advisers,

the

Independent

Board

Members,

have,

in

part,

relied

upon

their

knowledge

from

their

meetings

and

any

other

interactions

throughout

the

year

with

the

respective

Fund

Adviser

in

evaluating

the

Advisory

Agreements.

At

the

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

reviewed

materials

outlining,

among

other

things,

the

respective

Fund

Adviser’s

organization

and

business;

the

types

of

services

that

such

Fund

Adviser

or

its

affiliates

provide

to

the

Nuveen

funds

(as

applicable)

and

are

expected

to

provide

to

the

Funds;

and

the

experience

of

the

respective

Fund

Adviser.

Further,

at

the

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

have

evaluated

the

background

and

experience

of

the

relevant

investment

personnel.

The

Board

has

recognized

that

the

Nuveen

funds

operate

in

a

highly

regulated

industry

and,

therefore,

the

Adviser

has

provided

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

funds,

and

the

scope

and

complexity

of

these

services

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

accordingly

has

considered

the

Adviser’s

dedication

of

extensive

resources,

time,

people

and

capital

employed

to

support

and

manage

the

Nuveen

funds

as

well

as

the

Adviser’s

continued

program

of

developing

improvements

and

innovations

for

the

benefit

of

the

funds

and

shareholders

and

to

meet

the

ever

increasing

regulatory

requirements

applicable

to

the

funds.

In

this

regard,

the

Board

has

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

has

considered

the

Adviser’s

investment

oversight

team’s

extensive

services

in

overseeing

the

various

sub-advisers

to

the

Nuveen

funds;

evaluating

fund

performance;

and

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance,

market

conditions,

investment

team

matters,

product

developments

and

management

proposals.

The

Board

has

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provide

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process;

and

managing

distributions.

The

Board

has

further

considered

that

the

Adviser’s

compliance

and

regulatory

functions

are

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

has

recognized

that

such

services

have

included,

but

are

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

law

and

regulations;

devising

internal

compliance

programs

and

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

has

further

considered

information

regarding

the

Adviser’s

business

continuity

and

disaster

recovery

plans

as

well

as

information

regarding

its

information

security

program,

including

presentations

of

such

program

provided

at

a

site

visit

in

2022,

to

help

identify

and

manage

information

security

risks.

In

addition

to

the

above

functions,

the

Board

has

considered

that

the

Adviser

also

provides,

among

other

things,

fund

administration

services

(such

as

preparing

fund

tax

returns

and

other

tax

compliance

services;

preparing

regulatory

filings;

interacting

with

the

Nuveen

funds’

independent

public

accountants

and

overseeing

other

service

providers;

and

managing

fund

budgets

and

expenses);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

services

(such

as

helping

to

prepare

and

file

registration

statements

and

proxy

statements;

overseeing

fund

activities

and

providing

legal

interpretations

regarding

such

activities;

maintaining

regulatory

registrations

and

negotiating

agreements

with

other

fund

service

providers;

and

monitoring

changes

in

regulatory

requirements

and

commenting

on

rule

proposals

impacting

investment

companies);

and

oversight

of

shareholder

services

and

transfer

agency

functions

(such

as

overseeing

transfer

agent

service

providers

which

include

136

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

registered

shareholder

customer

service

and

transaction

processing;

overseeing

proxy

solicitation

and

tabulation

services;

and

overseeing

the

production

and

distribution

of

financial

reports

by

service

providers).

With

respect

to

the

Funds,

however,

the

Board

recognized

that

the

Funds

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds

given

that

they

would

be

sold

via

separate

managed

accounts.

The

Independent

Board

Members

noted

that

the

Adviser

would

oversee

the

Sub-Adviser,

which

was

generally

expected

to

provide

portfolio

advisory

services

to

the

Funds.

In

addition,

the

Independent

Board

Members

recognized

the

experience

and

expertise

of

the

applicable

investment

team

expected

to

manage

each

Fund.

Based

on

their

review,

the

Independent

Board

Members

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement

were

satisfactory.

B.

Investment

Performance

Each

Fund

was

new

and,

therefore,

did

not

have

its

own

performance

history.

The

Independent

Board

Members,

however,

were

familiar

with

the

performance

records

of

other

Nuveen

funds

advised

by

the

Adviser

and

sub-advised

by

the

Sub-Adviser.

In

addition,

with

respect

to

the

Emerging

Markets

Fund,

High

Yield

Fund

and

Preferred

Fund,

the

Independent

Board

Members

reviewed

certain

historical

performance-related

data

pertaining

to

certain

mutual

fund(s)

managed

by

the

Sub-Adviser

or

an

affiliate

that,

based

on

information

provided

by

the

Adviser,

had

characteristics

that

were

comparable

in

certain

respects

to

those

anticipated

for

such

Funds.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

The

Board

noted

that

the

Funds’

fee

structure

would

differ

from

that

of

most

other

Nuveen

open-end

funds.

In

this

regard,

the

Board

recognized

that

each

Fund

would

be

sold

via

separate

managed

accounts

that

would

pay

the

Adviser

a

managed

account

management

fee.

As

the

Adviser

will

be

compensated

from

the

managed

accounts,

the

applicable

Fund

will

not

pay

the

Adviser

a

management

fee.

The

managed

account

management

fee

will

be

an

asset-based

fee

based

on

the

entire

separate

managed

account

portfolio,

including

the

portion

invested

in

the

applicable

Fund.

The

managed

account

management

fee

paid

to

the

Adviser

therefore

will

represent

an

implicit

management

fee

for

managing

the

applicable

Fund

and

an

implicit

management

fee

for

managing

individual

securities.

With

respect

to

each

Fund,

to

evaluate

the

fee

arrangement,

the

Independent

Board

Members

reviewed

the

estimated

range

of

management

fees

to

be

paid

by

the

separate

managed

accounts,

the

implicit

management

fee

for

the

Fund

and

the

range

of

implicit

management

fees

for

managing

individual

securities

(as

well

as

the

methodology

utilized

to

develop

these

implicit

management

fees).

Further,

the

Board

considered

each

Fund’s

estimated

annual

operating

expenses,

but

recognized

that

the

Adviser

had

agreed

to

pay

or

reimburse

each

Fund’s

expenses

(except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses).

Based

on

its

review

of

the

information

provided,

the

Board

recognized

the

Funds’

proposed

fee

and

expense

structure,

in

which

each

Fund

would

not

have

a

management

fee

and

the

Adviser

would

pay

nearly

all

the

Fund’s

expenses,

and

determined

the

proposed

arrangement

was

reasonable.

2.

Comparisons

with

the

Fees

of

Other

Clients

At

the

Meeting

and/or

at

other

meetings,

the

Board

has

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charge

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

has

also

noted

that

the

Adviser

advises

and

the

Sub-Adviser

sub-advises

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

recognized

that

the

Sub-Adviser

was

an

affiliated

sub-adviser

and,

with

respect

to

affiliated

sub-advisers,

the

Board

has

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

has

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-

Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

fee

data

of

other

clients,

the

Board

has

recognized,

among

other

things,

that

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

types

of

clients

as

well

as

any

differences

in

portfolio

investment

policies,

the

types

of

assets

managed

and

related

complexities

in

managing

such

assets,

the

entrepreneurial

and

other

risks

associated

with

a

particular

strategy,

investor

profiles,

account

sizes

and

regulatory

requirements,

will

contribute

to

the

variations

in

the

fee

schedules.

The

Board

has

recognized

the

breadth

of

services

the

Adviser

provides

to

the

Nuveen

funds

compared

to

these

other

types

of

clients

as

the

funds

operate

in

a

highly

regulated

industry

with

increasing

regulatory

requirements

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

Similarly,

with

respect

to

foreign

funds,

the

Board

has

recognized

that

the

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

of

the

Nuveen

funds

compared

to

those

of

the

foreign

funds.

Further,

with

respect

to

ETFs,

the

Board

has

considered

that

certain

Nuveen

ETFs

are

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

has

also

contributed

to

the

differences

in

fee

levels

between

such

Nuveen

ETFs

and

the

actively

managed

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

Given

that

the

Funds

would

be

sold

via

separate

managed

accounts,

the

Board

recognized

that

the

Funds

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds.

137

3.

Profitability

of

Fund

Advisers

At

the

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

have

considered

profitability

and

other

financial

data

for

Nuveen,

including

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020.

The

Board

has

reviewed,

among

other

things,

the

net

margins

(pre-tax)

for

Nuveen

Investments,

Inc.

(“Nuveen

Investments”),

the

gross

and

net

revenue

margins

(pre-

and

post-tax

and

excluding

distribution)

and

the

revenues,

expenses

and

net

income

(pre-

and

post-tax

and

before

distribution

expenses)

of

Nuveen

Investments

from

the

Nuveen

funds

only;

and

comparative

profitability

data

comparing

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

certain

peers

that

had

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

each

of

the

last

two

calendar

years.

The

Board

has

also

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

post-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2021

and

2020

calendar

years.

In

reviewing

the

profitability

data,

the

Independent

Board

Members

have

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

corporate-wide

overhead/shared

service

expenses,

TIAA

(defined

below)

corporate-wide

overhead

expenses

and

partially

fund

related

expenses

to

the

Nuveen

complex

and

its

affiliates

and

to

further

allocate

such

expenses

between

the

Nuveen

fund

and

non-fund

businesses.

The

Independent

Board

Members

have

reviewed

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

to

2021,

and

the

net

revenue

margins

derived

from

the

Nuveen

funds

(pre-tax

and

including

and

excluding

distribution)

and

total

company

margins

from

Nuveen

Investments

compared

to

the

firm-wide

adjusted

operating

margins

of

the

peers

for

each

calendar

year

from

2012

to

2021.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

its

evaluation,

the

Board,

however,

has

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

have

also

reviewed

a

summary

of

the

key

drivers

that

affected

Nuveen’s

revenues

and

expenses

impacting

profitability

in

2021

versus

2020.

In

reviewing

the

comparative

peer

data

noted

above,

the

Board

has

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

have

also

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

has

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

has

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2021

and

2020

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

has

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

has

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

have

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

have

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

have

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

post-tax)

for

its

advisory

activities

to

the

respective

funds

for

the

calendar

years

ended

December

31,

2021

and

December 31,

2020.

The

Independent

Board

Members

have

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2021

and

December 31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2021

and

2020.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

have

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

has

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

to

be

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

the

Funds

could

be

expected

to

benefit

from

any

economies

of

scale.

The

Board

has

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

Nuveen

funds

for

the

fees

paid.

The

boards

governing

the

Nuveen

funds

have

noted

that

Nuveen

generally

has

employed

these

various

methods

and

have

considered

the

extent

to

which

the

Nuveen

funds

will

benefit

from

economies

of

scale

as

their

assets

grow.

In

this

regard,

the

boards

governing

the

Nuveen

funds

have

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

However,

the

Independent

Board

Members

noted

that

because

the

Funds

would

not

pay

management

fees,

there

would

be

no

applicable

fund-level

or

complex-wide

level

breakpoint

schedules,

although

their

respective

assets

would

be

counted

toward

the

complex-wide

total.

In

addition,

as

noted

above,

the

Board

noted

that

the

Funds

were

expected

to

be

reimbursed

nearly

all

of

their

respective

expenses

by

the

Adviser.

138

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Based

on

their

review,

the

Independent

Board

Members

concluded

that

the

absence

of

a

fund-level

and/or

complex-level

breakpoint

schedule

or

arrangement

(as

applicable)

was

acceptable.

E.

Indirect

Benefits

At

the

Meeting

and/or

other

meetings,

the

Independent

Board

Members

have

received

and

considered

information

regarding

other

benefits

that

a

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

have

also

noted

that

various

sub-advisers

(including

the

Sub-Adviser)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

However,

the

Board

has

noted

that

any

benefits

for

the

Sub-Adviser

when

transacting

in

fixed-income

securities

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

expected

to

be

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

and

within

acceptable

parameters.

F.

Approval

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

a

majority

of

the

Independent

Board

Members,

concluded

that

the

terms

of

the

Investment

Management

Agreements

and

Sub-Advisory

Agreements

were

reasonable,

that

the

Funds’

fee

arrangements

were

reasonable

and

that

the

Investment

Management

Agreements

and

Sub-

Advisory

Agreements

should

be

and

were

approved

on

behalf

of

the

Funds.

139

Trustees

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Trustees

of

the

Funds.

The

number

of

Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Trustees”)

has

ever

been

a Trustee

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Trustee

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

135

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

135

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

135

140

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

135

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

135

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

135

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

135

141

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

135

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

135

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

135

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Justin

M.

Pfaff

1981

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2023

Managing

Director,

Advisory

Product,

Nuveen

(since

2016).

Chartered

Financial

Analyst.

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023).

142

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2023);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

(since

2023)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-

2020);

Executive

Vice

President

(since

2021)

and

Secretary

(since

2023),

formerly,

General

Counsel

and

Assistant

Secretary

(2021-2023)

of

Teachers

Advisors,

LLC;

Executive

Vice

President

(since

2017)

and

Secretary

(since

2023),

formerly,

General

Counsel

and

Assistant

Secretary

(2017-2023)

of

TIAA-CREF

Investment

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-

2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

143

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teachers

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

(since

2021)

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

to

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023)

and

Nuveen

Asset

Management,

LLC(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MAN-MAPS-0723P

3065878-INV-Y-09/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

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ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers, the Funds’ auditor, billed to the Funds during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

Fiscal Year Ended July 31, 2023	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Municipal Total Return Managed Accounts Portfolio		58,603		0		0		0
Nuveen Core Impact Bond Managed Accounts Portfolio 5		58,940		0		0		0
Nuveen Emerging Markets Debt Managed Accounts Portfolio 6		58,500		0		0		0
Nuveen High Yield Managed Accounts Portfolio 6		58,500		0		0		0
Nuveen Preferred Securities and Income Managed Accounts Portfolio 6		58,500		0		0		0
Nuveen Securitized Credit Managed Accounts Portfolio 6		58,500		0		0		0
Total	$	351,543	$	0	$	0	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

⁵  FYE changed from 10/31 to 07/31

⁶  Funds commenced operation on 11/1/2022.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Municipal Total Return Managed Accounts Portfolio		0	%		0	%		0	%		0	%
Nuveen Emerging Markets Debt Managed Accounts Portfolio		0	%		0	%		0	%		0	%
Nuveen High Yield Managed Accounts Portfolio		0	%		0	%		0	%		0	%
Nuveen Preferred Securities and Income Managed Accounts Portfolio		0	%		0	%		0	%		0	%
Nuveen Securitized Credit Managed Accounts Portfolio		0	%		0	%		0	%		0	%
Nuveen Core Impact Bond Managed Accounts Portfolio		0	%		0	%		0	%		0	%

July 31, 2022	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Municipal Total Return Managed Accounts Portfolio		41,175		0		82		0
Nuveen Core Impact Bond Managed Accounts Portfolio 5		54,050		0		0		0
Total	$	95,225	$	0	$	82	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

⁵  FYE changed from 10/31 to 07/31

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Municipal Total Return Managed Accounts Portfolio		0	%		0	%		0	%		0	%
Nuveen Core Impact Bond Managed Accounts Portfolio		0	%		0	%		0	%		0	%

Fiscal Year Ended July 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Managed Accounts Portfolios Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended July 31, 2022	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Managed Accounts Portfolios Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended July 31, 2023	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (all other engagements)		Total
Fund Name
Municipal Total Return Managed Accounts Portfolio		0		0		0		0
Nuveen Core Impact Bond Managed Accounts Portfolio 1		0		0		0		0
Nuveen Emerging Markets Debt Managed Accounts Portfolio 2		0		0		0		0
Nuveen High Yield Managed Accounts Portfolio 2		0		0		0		0
Nuveen Preferred Securities and Income Managed Accounts Portfolio 2		0		0		0		0
Nuveen Securitized Credit Managed Accounts Portfolio 2		0		0		0		0
Total	$	—	$	0	$	0	$	—

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

¹  FYE changed from 10/31 to 07/31

²  Funds commenced operation on 11/1/2022.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Fiscal Year Ended July 31, 2022	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (all other engagements)		Total
Fund Name
Municipal Total Return Managed Accounts Portfolio		82		0		0		82
Nuveen Core Impact Bond Managed Accounts Portfolio 1		0		0		0		0
Total	$	82	$	0	$	0	$	82

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

¹  FYE changed from 10/31 to 07/31

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

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 of Trustees 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 because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(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: October 6, 2023

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/ Justin M. Pfaff
	Justin M. Pfaff
	Chief Administrative Officer
	(principal executive officer)

Date: October 6, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)

Date: October 6, 2023