Nuveen Managed Accounts Portfolios Trust N-CSR Certified annual shareholder report (management investment company)

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, 2022

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Accounts

Portfolios

Trust

Mutual

Funds

Nuveen

Managed

July

31,

2022

Annual

Report

Fund

Name

Municipal

Total

Return

Managed

Accounts

Portfolio

NMTRX

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If

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receive

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Nuveen

Fund

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and

statements

from

your

financial

advisor

or

brokerage

account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Risk

Considerations

and

Dividend

Information

7

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

8

Yields

11

Expense

Examples

12

Report

of

Independent

Registered

Public

Accounting

Firm

13

Portfolio

of

Investments

14

Statement

of

Assets

and

Liabilities

58

Statement

of

Operations

59

Statement

of

Changes

in

Net

Assets

60

Financial

Highlights

61

Notes

to

Financial

Statements

63

Important

Tax

Information

70

Additional

Fund

Information

71

Glossary

of

Terms

Used

in

this

Report

72

Liquidity

Risk

Management

Program

73

Annual

Investment

Management

Agreement

Approval

Process

74

Trustees

and

Officers

80

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

question

of

whether

economies

are

moving

toward

normalization

or

recession

has

dominated

financial

markets

in

2022.

Persistently

high

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

COVID

supply

chain

bottlenecks

and

exacerbated

by

Russia’s

war

in

Ukraine

and

recent

lockdowns

across

China

to

contain

a

large-scale

COVID-

19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

slower

economic

growth.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago.

Larger

increases

of

0.50%

in

May

and

0.75%

in

June,

July

and

September

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

3.00%

to

3.25%.

Additional

rate

hikes

are

expected

in

the

remainder

of

this

year,

although

Fed

officials

will

closely

monitor

inflation

data

along

with

other

economic

measures

and

modify

their

rate

setting

policy

based

upon

these

factors.

U.S.

gross

domestic

product

growth

has

now

contracted

for

two

consecutive

quarters,

according

to

government

estimates,

as

consumer

and

business

activity

has

slowed

in

part

due

to

higher

prices

and

borrowing

costs.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 23,

2022

Portfolio

Managers’

Comments

5

Municipal

Total

Return

Managed

Accounts

Portfolio

This

Fund

was

developed

exclusively

for

use

within

Nuveen-sponsored

separately

managed

accounts

and

is

a

specialized

municipal

bond

portfolio

to

be

used

in

combination

with

selected

individual

securities

to

effectively

model

institutional-level

investment

strategies.

The

Fund

enables

certain

Nuveen

municipal

separately

managed

account

investors

to

achieve

greater

diversification

and

return

potential

than

smaller

managed

accounts

might

otherwise

achieve

by

using

lower-quality,

higher

yielding

securities

and

to

gain

access

to

special

investment

opportunities

normally

available

only

to

institutional

investors.

The

Fund

is

managed

by

Nuveen

Asset

Management

LLC,

an

affiliate

of

Nuveen

Fund

Advisor,

LLC,

the

Fund’s

investment

adviser.

Martin

J.

Doyle,

CFA,

has

served

as

manager

for

the

Fund

since

its

inception

in

2007.

Here

the

Fund’s

portfolio

manager

reviews

the

U.S.

economy

and

municipal

bond

markets,

key

investment

strategies

and

the

Fund’s

performance

for

the

twelve-month

reporting

period

ended

July

31,

2022.

For

more

information

on

the

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

U.S.

economy

and

municipal

bond

markets

during

the

twelve-month

annual

reporting

period

ended

July

31,

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

the

first

half

of

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

during

the

first

half

of

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022

with

a

0.25%

hike

to

the

target

federal

funds

rate,

followed

by

larger

increases

of

0.50%

in

May

2022,

0.75%

in

June

2022

and

another

0.75%

in

July

2022.

Overall,

the

Fed

raised

the

target

federal

funds

rate

from

near

zero

at

the

start

of

2022

to

a

range

of

2.25%

to

2.50%

by

July

2022.

Subsequent

to

the

end

of

the

reporting

period,

the

Fed

raised

the

policy

interest

rate

another

0.75%

in

September

2022

to

a

range

of

3.00%

to

3.25%.

Interest

rate,

stock

and

bond

price

volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

putting

the

economy

into

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies

beginning

in

March

of

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

By

mid-year,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending.

Also,

two

consecutive

quarters

of

negative

U.S.

GDP

growth

added

to

recession

risks.

U.S.

GDP

fell

by

an

annual

rate

of

0.6%

in

the

second

quarter

of

2022,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis.

This

followed

a

1.6%

annualized

GDP

decrease

in

the

first

quarter

of

2022.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

As

of

July

2022,

the

U.S.

unemployment

rate

fell

to

3.5%,

its

pre-pandemic

low,

and

the

economy

has

now

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

The

broad

municipal

bond

market

declined

over

the

twelve-month

reporting

period,

primarily

driven

by

interest

rate

and

economic

uncertainty

in

the

second

half

of

the

reporting

period.

Municipal

yields

rose

across

the

maturity

spectrum,

with

a

greater

increase

at

the

shorter

end

of

the

curve

as

markets

priced

in

a

more

aggressive

pace

of

monetary

tightening.

The

yield

curve

flattened

overall

and

shorter

maturities

outperformed

longer

maturities.

Demand

for

municipal

debt

remained

remarkably

strong

throughout

2021,

but

the

municipal

bond

market

experienced

outflows

in

the

first

half

of

2022.

In

response

to

the

rising

interest

rate

environment

and

heightened

market

volatility,

dealers

reduced

their

inventories

and

investors

increased

redemptions

from

traditional

municipal

bond

mutual

funds.

For

much

of

the

reporting

period,

credit

spreads

were

generally

stable

given

relatively

strong

municipal

fundamentals,

but

widening

began

in

the

later

months

of

the

reporting

period

as

the

market

sold

off.

Market

conditions

turned

more

favorable

in

July

2022.

During

the

month,

there

were

some

early

indications

of

investor

flow

stabilization,

falling

interest

rates

and

improved

financial

market

sentiment,

although

these

changes

were

not

substantial

enough

to

offset

earlier

declines,

nor

did

these

trends

persist

in

the

months

immediately

following

the

reporting

period.

Many

municipal

issuers

delayed

bringing

new

issues

to

market

to

avoid

market

volatility,

temporarily

reducing

primary

market

supply.

Portfolio

Managers’

Comments

(continued)

6

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2022?

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

investment

management

team’s

main

initiatives

during

the

reporting

period

were

to

reduce

exposure

to

lower-coupon

bonds,

which

generally

underperformed

during

much

of

the

reporting

period,

and

to

increase

exposure

to

higher-coupon

bonds.

When

credit

spreads

widened

during

the

period,

the

portfolio

opportunistically

added

mid-grade

and

high

yield

exposure.

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,

2022?

The

Fund’s

total

return

at

NAV

underperformed

the

Bloomberg

7-Year

Municipal

Bond

Index

for

the

twelve-month

reporting

period.

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

duration

positioning

and

credit

quality

weights.

The

Fund

was

positioned

with

a

longer

duration,

which

had

a

negative

impact

on

performance

during

a

period

of

sharply

rising

yields.

An

additional

detractor

was

the

Fund’s

overweight

to

A,

BBB

and

lower-rated

bonds,

as

higher

credit

quality

generally

outperformed

lower

quality

during

the

reporting

period.

Partially

offsetting

the

relative

underperformance

was

the

Fund’s

slightly

higher

than

usual

cash

level

at

times

over

the

reporting

period,

which

benefited

results

during

periods

of

volatility.

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

manager

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Fund

disclaims

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

and

Dividend

Information

7

Risk

Considerations

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

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.

Dividend

Information

The

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

The

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

the

Fund

during

the

current

reporting

period,

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

was

sourced

from

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

8

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

This

is

a

special

municipal

bond

Fund

developed

exclusively

for

use

within

Nuveen-sponsored

separately

managed

accounts.

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

returns

quoted

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,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements).

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever the

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for the

Fund

is

the

amount

of

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

The Fund

may

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,

Note

9—Borrowing

Arrangements,

are

excluded

from

the

calculation

of the

Fund’s

effective

leverage

ratio.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

July

31,

2022

9

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,

2022

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2022

 -

Class I

Shares 

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,

2022

Average

Annual

Expense

Ratios

**

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Shares

at

NAV

5/31/07

(9.42)%

2.02%

3.26%

0.10%

0.05%

Bloomberg

7

Year

Municipal

Bond

Index

–

(5.18)%

1.72%

2.23%

—

—

Effective

Leverage

Ratio

6.65%

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

(continued)

Holdings

Summaries

as

of

July

31,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

104.5‌%

Other

Assets

Less

Liabilities

2.2%

Net

Assets

Plus

Floating

Rate

Obligations

106.7‌%

Floating

Rate

Obligations

(6.7)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

5.5%

AAA

6.8%

AA

32.8%

A

20.3%

BBB

12.5%

BB

or

Lower

1.9%

N/R

(not

rated)

20.2%

Total

100‌%

Portfolio

Composition

(%

of

total

investments)

Health

Care

19.3%

Transportation

18.9%

Tax

Obligation/Limited

16.1%

Tax

Obligation/General

13.6%

Education

and

Civic

Organizations

11.8%

Utilities

10.9%

U.S.

Guaranteed

5.8%

Other

3.6%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Texas

11.9%

Florida

10.8%

California

8.8%

Indiana

5.9%

Illinois

5.6%

Colorado

4.6%

New

York

4.5%

Pennsylvania

3.3%

District

of

Columbia

3.1%

New

Jersey

2.9%

Ohio

2.6%

Utah

2.2%

Louisiana

1.9%

North

Carolina

1.9%

Michigan

1.8%

Wisconsin

1.8%

Missouri

1.7%

Massachusetts

1.7%

Kansas

1.5%

Arizona

1.4%

Hawaii

1.2%

Virginia

1.2%

South

Dakota

1.1%

Georgia

1.0%

South

Carolina

1.0%

Other

14.6%

Total

100%

1

See

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

States

and

Territories

above.

Yields

as

of

July

31,

2022

11

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,

Note

7

–

Management

Fees

and

Other

Transactions

with

Affiliates

for

further

details

on

the

investment

adviser’s

most

recent

agreement

with

the

Fund

to

waive

fees

and/or

reimburse

expenses,

where

applicable.

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium

or

discount.

The

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis

at

an

assumed

tax

rate.

Your

actual

combined

federal

and

state

income

tax

rates

may

differ

from

the

assumed

rate.

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Dividend

Yield

3.08%

SEC

30-Day

Yield

-

Subsidized

3.51%

SEC

30-Day

Yield

-

Unsubsidized

3.40%

Taxable-Equivalent

Yield

-

Subsidized

(40.8%)

1

5.93%

Taxable-Equivalent

Yield

-

Unsubsidized

(40.8%)

1

5.74%

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.

12

Expense

Examples

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds. 

The

Examples

below

do

not

include

the

interest

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,

2022.

The

beginning

of

the

period

is

February

1,

2022.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$935.92

Expenses

Incurred

During

the

Period

$–

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,025.21

Expenses

Incurred

During

the

Period

$–

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.00%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

13

To

the

Board

of

Trustees

of

Nuveen

Managed

Accounts

Portfolios

Trust

and

Shareholders

of

Municipal

Total

Return

Managed

Accounts

Portfolio

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Municipal

Total

Return

Managed

Accounts

Portfolio

(one

of

the

funds

constituting

Nuveen

Managed

Accounts

Portfolios

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

July

31,

2022,

the

related

statement

of

operations

for

the

year

ended

July

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2022

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

opinion.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

September

28,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

14

Municipal

Total

Return

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2022

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

104.5% –

X

1,543,616,783

MUNICIPAL

BONDS

-

104.5%

X

1,543,616,783

Alabama

-

0.6%

$

800

Birmingham

Airport

Authority,

Alabama,

Airport

Revenue

Bonds,

Series

2020,

5.000%,

7/01/34

-

BAM

Insured

7/30

at

100.00

AA

$

912,800

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

1,324,585

930

Huntsville

Healthcare

Authority,

Alabama,

Revenue

Bonds,

Series

2020B,

3.000%,

6/01/50

-

AGM

Insured

6/30

at

100.00

AA

731,417

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)

1,089,312

795

5.000%,

2/01/37,

(Pre-refunded

2/01/27)

2/27

at

100.00

AA-

(4)

902,087

1,050

5.000%,

2/01/43,

(Pre-refunded

2/01/27)

2/27

at

100.00

AA-

(4)

1,191,435

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

2,602,515

8,115

Total

Alabama

8,754,151

Alaska

-

0.9%

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)

1,211,485

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

1,456,574

4,470

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

One

Series

2022,

5.000%,

12/01/40

(5)

12/31

at

100.00

N/R

5,033,220

1,500

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

Three

Series

2015,

5.250%,

10/01/31

4/25

at

100.00

A+

1,613,595

2,860

Anchorage,

Alaska,

Port

Revenue

Bonds,

Series

2020A,

5.000%,

12/01/50,

(AMT)

12/30

at

100.00

A

3,081,135

Northern

Tobacco

Securitization

Corporation,

Alaska,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Series

2021A

Class

1:

545

5.000%,

6/01/32

6/31

at

100.00

A-

609,027

540

5.000%,

6/01/33

6/31

at

100.00

A-

600,804

12,415

Total

Alaska

13,605,840

Arizona

-

1.4%

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Series

2017A:

1,000

5.000%,

7/01/36

7/24

at

100.00

AA

1,050,820

1,000

5.000%,

7/01/37

7/24

at

100.00

AA

1,050,430

1,250

5.000%,

7/01/38

7/24

at

100.00

AA

1,312,075

1,700

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

1,699,269

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

101,473

15

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Arizona

(continued)

$

1,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017G,

5.000%,

7/01/51,

144A

7/27

at

100.00

BB

$

1,002,110

100

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+

99,666

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

GreatHearts

Arizona

Projects,

Series

2021A:

875

3.000%,

7/01/38

7/31

at

100.00

AA-

788,856

910

3.000%,

7/01/39

7/31

at

100.00

AA-

812,794

Arizona

Industrial

Development

Authority,

Education

Facility

Revenue

Bonds,

Leman

Academy

of

Excellence

Projects,

Series

2022A:

500

4.000%,

7/01/28

No

Opt.

Call

N/R

515,420

500

4.000%,

7/01/29

No

Opt.

Call

N/R

512,945

1,405

4.000%,

7/01/30

7/29

at

100.00

N/R

1,429,517

1,000

Florence

Town

Inc.,

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

School

Project

-

Queen

Creek

and

Casa

Grande

Campuses,

Series

2013,

6.000%,

7/01/43,

(Pre-refunded

7/01/23),

144A

7/23

at

100.00

BB+

(4)

1,039,160

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

N/R

286,622

1,325

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Variable

Rate

Demand

Series

2019F,

3.000%,

1/01/49

7/30

at

100.00

AA-

1,103,063

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A:

3,450

5.000%,

7/01/35

7/25

at

100.00

A1

3,678,390

1,000

5.000%,

7/01/45

7/25

at

100.00

A1

1,056,180

225

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Great

Hearts

Academies

Project,

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

BBB-

227,943

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

434,227

1,040

Pima

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Tucson

Medical

Center,

Series

2021A,

4.000%,

4/01/40

4/31

at

100.00

A

1,046,677

Yavapai

County

Industrial

Development

Authority,  Arizona,

Education

Revenue

Bonds,

Arizona

Agribusiness

and

Equine

Center

Inc

Project,

Refunding

Series

2015A:

135

3.900%,

9/01/24,

144A

No

Opt.

Call

BB+

135,082

1,500

5.000%,

9/01/34,

144A

3/25

at

100.00

BB+

1,515,105

20,775

Total

Arizona

20,897,824

Arkansas

-

0.5%

Boone

County,

Arkansas,

Hospital

Revenue

Bonds,

North

Arkansas

Regional

Medical

Center,

Refunding

Series

2022:

635

4.000%,

5/01/23

No

Opt.

Call

N/R

641,115

300

4.000%,

5/01/24

No

Opt.

Call

N/R

304,191

290

4.000%,

5/01/25

No

Opt.

Call

N/R

295,524

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

16

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Arkansas

(continued)

Boone

County,

Arkansas,

Hospital

Revenue

Refunding

Bonds,

North

Arkansas

Regional

Medical

Center

Project,

Refunding

Series

2021:

$

1,035

4.000%,

5/01/26

No

Opt.

Call

N/R

$

1,055,410

1,080

4.000%,

5/01/27

No

Opt.

Call

N/R

1,098,846

1,150

2.625%,

5/01/30

5/27

at

100.00

N/R

1,005,158

1,000

Cabot,

Arkansas,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

&

Improvement

Series

2021B,

3.000%,

12/01/56

12/28

at

100.00

N/R

800,780

2,500

University

of

Arkansas,

Various

Facilities

Revenue

Bonds,

UAMS

Campus,

Series

2022A,

5.000%,

4/01/39

4/32

at

100.00

N/R

2,910,725

7,990

Total

Arkansas

8,111,749

California

-

9.3%

100

Alum

Rock

Union

Elementary

School

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2016C,

5.000%,

8/01/32

8/25

at

100.00

A1

107,742

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

6,183,900

100

California

Educational

Facilities

Authority,

Revenue

Bonds,

Loma

Linda

University

Series

2017A,

5.000%,

4/01/35

4/27

at

100.00

A

109,162

655

California

Educational

Facilities

Authority,

Revenue

Bonds,

Stanford

University,

Series

2013-U3,

5.000%,

6/01/43

(5)

No

Opt.

Call

AAA

826,531

5,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

5.000%,

11/15/38,

(UB)

(5)

11/27

at

100.00

A1

5,433,800

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+

1,201,472

2,090

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-

Sinai

Health

System,

Series

2021A,

4.000%,

8/15/48,

(UB)

(5)

8/31

at

100.00

N/R

2,100,032

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+

216,958

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Kaiser

Permanente

System,

Series

2017A-2:

5,000

4.000%,

11/01/38,

(UB)

11/27

at

100.00

AA-

5,077,400

5,000

5.000%,

11/01/47,

(UB)

(5)

No

Opt.

Call

AA-

6,084,700

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hosptial

at

Stanford,

Series

2017A:

775

5.000%,

11/15/37,

(UB)

(5)

11/27

at

100.00

AA-

852,640

1,000

5.000%,

11/15/42,

(UB)

(5)

11/27

at

100.00

AA-

1,090,890

115

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

Albert

Einstein

Academies

Project,

Series

2013A,

6.000%,

8/01/23,

(ETM)

No

Opt.

Call

BB

(4)

117,433

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

103,085

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

1,197,948

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Series

2012A:

90

4.750%,

8/01/22

No

Opt.

Call

BB

90,000

1,340

5.000%,

8/01/32

8/22

at

100.00

BB

1,339,973

850

5.250%,

8/01/42

8/22

at

100.00

BB

849,958

17

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

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-

$

757,476

685

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Projects

Series

2017A,

5.000%,

8/15/30

8/27

at

100.00

A-

734,621

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A:

1,000

5.000%,

7/01/29

7/27

at

100.00

Baa2

1,081,990

3,015

5.000%,

7/01/33

7/27

at

100.00

Baa2

3,219,025

1,750

4.000%,

7/01/42

7/27

at

100.00

Baa2

1,662,098

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-

6,315,480

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+

939,021

2,050

California

Municipal

Finance

Authority,

Student

Housing

Revenue

Bonds,

CHF-Davis

II,

LLC

-

Orchard

Park

Student

Housing

Project,

Series

2021,

4.000%,

5/15/39

-

BAM

Insured

5/31

at

100.00

N/R

2,056,519

650

California

School

Finance

Authority

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2015A,

3.625%,

7/01/25,

144A

No

Opt.

Call

BBB

663,124

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

1,036,340

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)

26,623

305

5.000%,

8/01/24,

144A

No

Opt.

Call

BBB

319,698

35

5.000%,

8/01/25,

(ETM),

144A

No

Opt.

Call

N/R

(4)

38,289

325

5.000%,

8/01/25,

144A

No

Opt.

Call

BBB

347,094

725

5.000%,

8/01/26,

144A

8/25

at

100.00

BBB

771,639

65

5.000%,

8/01/26,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

N/R

(4)

71,109

25

5.000%,

8/01/27,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

N/R

(4)

27,349

225

5.000%,

8/01/27,

144A

8/25

at

100.00

BBB

238,878

1,000

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Series

2020A-3,

5.000%,

8/01/40,

144A

8/28

at

100.00

BBB

1,057,700

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-

1,539,618

755

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Coastal

Academy

Project,

Series

2013A,

5.000%,

10/01/33,

144A

10/22

at

100.00

BBB-

759,515

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

722,491

325

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

?

Obligated

Group,

Series

2017G,

5.000%,

6/01/37,

144A

6/27

at

100.00

N/R

336,671

310

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G,

5.000%,

6/01/30,

144A

6/27

at

100.00

N/R

326,538

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

89,909

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

1,102,638

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

18

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

300

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2017A,

5.000%,

7/01/25,

144A

No

Opt.

Call

BBB

$

320,244

5,000

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2017,

5.000%,

8/01/36,

(UB)

8/26

at

100.00

Aa2

5,504,900

1,400

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2021,

5.000%,

12/01/43

12/30

at

100.00

Aa2

1,618,582

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-

886,471

830

5.000%,

10/01/32

10/26

at

100.00

A-

889,660

100

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A,

5.500%,

12/01/54

12/24

at

100.00

BB

102,231

3,900

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.000%,

12/01/36,

144A

6/26

at

100.00

BB

3,978,351

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

170,488

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

1,047,540

1,600

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Senior

Lien

Series

2021A-1,

2.800%,

3/01/47,

144A

3/32

at

100.00

N/R

1,296,928

4,000

El

Cajon

Redevelopment

Agency

Successor

Agency,

San

Diego

County,

California,

Tax

Allocation

Bonds,

Refunding

Series

2018,

5.000%,

10/01/34

-

BAM

Insured

10/28

at

100.00

AA

4,524,680

3,500

Foothill-De

Anza

Community

College

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Election

of

2020

Refunding

Series

2021A,

3.000%,

8/01/39

8/31

at

100.00

AAA

3,329,165

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

756,473

1,250

Irvine,

California,

Special

Tax

Bonds,

Community

Facilities

District

2013-3

Great

Park,

Improvement

Area

4,

Series

2016,

4.000%,

9/01/35

9/23

at

103.00

N/R

1,266,875

50

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.000%,

11/15/35

No

Opt.

Call

AA-

55,731

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

N/R

1,263,862

1,400

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2017,

5.000%,

5/15/29,

(AMT)

5/27

at

100.00

AA

1,556,086

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2019A:

2,500

5.000%,

5/15/44,

(UB)

(5)

5/29

at

100.00

Aa2

2,796,900

2,500

5.000%,

5/15/49,

(UB)

(5)

5/29

at

100.00

Aa2

2,782,250

Long

Beach,

California,

Marina

Revenue

Bonds,

Alamitos

Bay

Marina

Project,

Series

2015:

320

5.000%,

5/15/24

No

Opt.

Call

BBB

335,114

745

5.000%,

5/15/26

5/25

at

100.00

BBB

788,269

750

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015D,

5.000%,

5/15/30,

(AMT)

5/25

at

100.00

Aa2

796,792

19

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2016B:

$

2,200

5.000%,

5/15/33,

(AMT)

5/26

at

100.00

Aa3

$

2,350,612

500

5.000%,

5/15/34,

(AMT)

5/26

at

100.00

Aa3

533,135

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

Aa3

2,161,340

1,135

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C,

5.000%,

5/15/33,

(AMT)

11/27

at

100.00

Aa3

1,238,796

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

393,941

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

N/R

1,170,510

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)

2,097,234

Ontario

International

Airport

Authority,

California,

Revenue

Bonds,

Series

2021B:

500

4.000%,

5/15/37

-

AGM

Insured,

(AMT)

5/31

at

100.00

AA

504,815

475

4.000%,

5/15/38

-

AGM

Insured,

(AMT)

5/31

at

100.00

AA

478,064

845

4.000%,

5/15/39

-

AGM

Insured,

(AMT)

5/31

at

100.00

AA

848,312

Rancho

Mirage

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project,

Northside

Sub-Area,

Refunding

Series

2016A:

1,085

3.000%,

4/01/30

-

BAM

Insured

4/26

at

100.00

AA

1,095,449

2,245

3.000%,

4/01/31

-

BAM

Insured

4/26

at

100.00

AA

2,256,292

1,215

Sacramento

Area

Flood

Control

Agency,

California,

Spcial

Assessment

Bonds,

Natomas

Basin

Local

Assessment

District,

Series

2014,

5.000%,

10/01/32

-

BAM

Insured

10/24

at

100.00

AA

1,279,772

Sacramento

Regional

Transit

District,

California,

Revenue

Bonds,

Refunding

Series

2021A:

1,000

4.000%,

3/01/40

3/31

at

100.00

A2

1,026,120

1,050

4.000%,

3/01/41

3/31

at

100.00

A2

1,073,457

Sacramento,

California,

Special

Tax

Bonds,

North

Natomas

Community

Facilities

District

4,

Refunding

Series

2015F:

615

5.000%,

9/01/26

9/25

at

100.00

BBB+

660,805

1,290

5.000%,

9/01/27

9/25

at

100.00

BBB+

1,383,770

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

310,473

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+

1,082,350

500

5.000%,

7/01/35,

(AMT)

7/27

at

100.00

A+

540,265

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2019B:

2,000

5.000%,

7/01/34,

(AMT)

7/29

at

100.00

A+

2,184,560

1,000

5.000%,

7/01/35,

(AMT)

7/29

at

100.00

A+

1,089,810

1,000

5.000%,

7/01/36,

(AMT)

7/29

at

100.00

A+

1,087,770

10,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019A,

5.000%,

5/01/49,

(AMT),

(UB)

(5)

5/29

at

100.00

A1

10,776,200

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

20

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

1,280

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Mission

Bay

North

Redevelopment

Project,

Refunding

Series

2016A,

5.000%,

8/01/33

8/26

at

100.00

A

$

1,389,069

Upland,

California,

Certificates

of

Participation,

San

Antonio

Regional

Hospital,

Series

2017:

585

5.000%,

1/01/25

No

Opt.

Call

BBB

620,135

1,110

5.000%,

1/01/26

No

Opt.

Call

BBB

1,199,377

530

5.000%,

1/01/28

No

Opt.

Call

BBB

586,154

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

1,099,930

129,900

Total

California

137,811,186

Colorado

-

4.8%

640

Adams

and

Weld

Counties

School

District

27J,

Brighton,

Colorado,

General

Obligation

Bonds,

Series

2015,

5.000%,

12/01/40

12/25

at

100.00

AA

691,494

1,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021,

4.375%,

12/01/52

12/26

at

103.00

N/R

842,590

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

1,384,173

4,275

Boulder

Valley

School

District

RE2,

Boulder

County,

Colorado,

General

Obligation

Bonds,

Series

2019A,

5.250%,

12/01/32

6/29

at

100.00

AA+

5,012,993

Castle

Oaks

Metropolitan

District

3,

Castle

Rock,

Douglas

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Series

2020:

600

4.000%,

12/01/35

-

AGM

Insured

12/30

at

100.00

AA

639,138

780

4.000%,

12/01/50

-

AGM

Insured

12/30

at

100.00

AA

779,501

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

500,906

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

1,098,950

1,330

5.000%,

6/15/35

6/26

at

100.00

Aa2

1,457,973

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

506,460

1,250

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

DSST

?

Northeast

Campus

Project,

Series

2021,

3.000%,

8/01/41

8/31

at

100.00

Aa3

1,044,225

300

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013,

5.000%,

12/01/42

12/22

at

100.00

BB+

300,234

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Pinnacle

Charter

School,

Refunding

&

Improvement

Series

2021A:

1,370

4.000%,

12/01/36

12/30

at

100.00

A+

1,398,948

1,670

4.000%,

12/01/41

12/30

at

100.00

A+

1,696,670

800

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Boulder

Community

Health

Project,

Series

2020,

4.000%,

10/01/35

10/30

at

100.00

A-

819,424

21

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1:

$

1,975

5.000%,

8/01/31

8/29

at

100.00

BBB+

$

2,170,564

3,000

5.000%,

8/01/32

8/29

at

100.00

BBB+

3,284,700

3,500

5.000%,

8/01/33

8/29

at

100.00

BBB+

3,815,420

520

4.000%,

8/01/37

8/29

at

100.00

BBB+

524,774

575

4.000%,

8/01/38

8/29

at

100.00

BBB+

578,778

400

4.000%,

8/01/44

8/29

at

100.00

BBB+

393,180

550

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/44

8/29

at

100.00

BBB+

585,051

750

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019B-1,

4.000%,

8/01/39

8/29

at

100.00

BBB+

753,360

1,635

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Craig

Hospital

Project,

Series

2012,

5.000%,

12/01/28

12/22

at

100.00

A+

1,653,345

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,

15.900%,

1/01/35,

144A,

(IF)

(5)

1/24

at

100.00

AA-

1,165,820

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

915,417

630

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2020R,

4.000%,

3/15/41

3/30

at

100.00

Aa2

645,945

2,500

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2021S,

4.000%,

3/15/46

3/31

at

100.00

N/R

2,527,425

1,750

Colorado

State,

Certificates

of

Participation,

Rural

Series

2020A,

4.000%,

12/15/34

12/30

at

100.00

N/R

1,836,257

2,500

Colorado

State,

Certificates

of

Participation,

Rural

Series

2021A,

5.000%,

12/15/34

12/31

at

100.00

Aa2

2,949,450

140

Costilla

County

School

District

R-30

Sierra

Grande,

Colorado,

General

Obligation

Bonds,

Series

2019,

5.000%,

12/01/26

No

Opt.

Call

Aa2

157,303

1,665

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

5.500%,

11/15/35,

(AMT)

11/32

at

100.00

N/R

1,976,338

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016:

250

5.000%,

12/01/26

No

Opt.

Call

Baa2

271,260

1,240

5.000%,

12/01/28

12/26

at

100.00

Baa2

1,330,508

500

5.000%,

12/01/36

12/26

at

100.00

Baa2

519,220

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

316,332

2,985

Groundwater

Management

Subdistrict,

Adams,

Morgan

and

Weld

Counties,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

4.000%,

12/01/40

-

BAM

Insured

12/31

at

100.00

AA

3,059,535

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

462,135

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

1,428,588

1,665

5.500%,

12/01/36

12/27

at

100.00

AA

1,914,600

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

22

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

$

600

North

Pine

Vistas

Metropolitan

District

3,

Castle

Pines,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Senior

Series

2021A,

4.000%,

12/01/41

-

AGM

Insured

12/31

at

100.00

N/R

$

625,350

1,300

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022,

5.250%,

7/01/52

7/31

at

100.00

N/R

1,475,201

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

1,240,537

1,270

Regional

Transportation

District,

Colorado,

Private

Activity

Bonds,

Denver

Transit

Partners

Eagle

P3

Project,

Series

2020A,

4.000%,

7/15/33

No

Opt.

Call

A-

1,310,767

3,320

Regional

Transportation

District,

Colorado,

Sales

Tax

Revenue

Bonds,

Fastracks

Project,

Series

2012A,

5.000%,

11/01/32,

(Pre-refunded

11/01/22)

11/22

at

100.00

AA+

(4)

3,349,648

595

Sorrel

Ranch

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Series

2020,

4.000%,

12/01/31

-

AGM

Insured

12/30

at

100.00

AA

660,188

5,000

State

of

Colorado,

Rural

Colorado,

Certificates

of

Participation,

Series

2022,

6.000%,

12/15/40

12/32

at

100.00

N/R

6,342,750

1,000

Verve

Metropolitan

District

1,

Jefferson

County

and

the

City

and

County

of

Broomfield,

Colorado,

General

Obligation

Bonds,

Refunding

and

Improvement

Limited

Tax

Series

2021,

5.000%,

12/01/41

3/26

at

103.00

N/R

1,008,880

1,085

Weld

County

School

District

RE8,

Colorado,

General

Obligation

Bonds,

Series

2017,

5.000%,

12/01/31

12/26

at

100.00

Aa2

1,215,742

65,285

Total

Colorado

70,638,047

Connecticut

-

0.8%

1,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Avon

Old

Farms

School,

Series

2021D-1,

4.000%,

7/01/46

7/31

at

100.00

N/R

1,006,290

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2017I-1:

500

5.000%,

7/01/36

7/27

at

100.00

A

538,105

410

5.000%,

7/01/37

7/27

at

100.00

A

440,422

1,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

L,

5.000%,

7/01/33

7/32

at

100.00

N/R

1,153,800

Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017:

1,500

5.000%,

4/01/30,

144A

4/27

at

100.00

N/R

1,591,320

6,465

5.000%,

4/01/39,

144A

4/27

at

100.00

N/R

6,781,979

10,875

Total

Connecticut

11,511,916

Delaware

-

0.2%

460

Delaware

Economic

Development

Authority,

Delaware,

Delaware,

First

State

Montessori

Academy,

Inc.

Project,

Series

2019A,

4.000%,

8/01/29

No

Opt.

Call

BBB-

462,953

340

Delaware

Economic

Development

Authority,

Delaware,

Revenue

Bonds,

ASPIRA

of

Delaware

Charter

Operations

Inc.

DBA

Las

Americas

ASPIRA

Academy

Project,

Series

2022A,

4.000%,

6/01/42

6/32

at

100.00

N/R

311,141

235

Delaware

Economic

Development

Authority,

Revenue

Bonds,

Newark

Charter

School,

Refunding

Series

2016A,

2.800%,

9/01/26

No

Opt.

Call

BBB+

230,782

540

Delaware

Economic

Development

Authority,

Revenue

Bonds,

Newark

Charter

School,

Series

2021,

4.000%,

9/01/41

9/31

at

100.00

N/R

511,342

700

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2021,

4.000%,

1/01/40

1/32

at

100.00

N/R

722,526

2,275

Total

Delaware

2,238,744

23

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

District

of

Columbia

-

3.2%

$

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+

$

2,175,540

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

2,224,660

5,000

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Senior

Lien

Series

2018B,

5.000%,

10/01/49,

(UB)

(5)

4/28

at

100.00

AAA

5,506,400

1,000

District

of

Columbia,

General

Obligation

Bonds,

Series

2016A,

5.000%,

6/01/41

6/26

at

100.00

Aaa

1,080,150

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

1,075,150

5,000

District

of

Columbia,

Income

Tax

Secured

Revenue

Bonds,

Series

2019A,

4.000%,

3/01/40,

(UB)

(5)

9/29

at

100.00

AAA

5,180,450

District

of

Columbia,

Income

Tax

Secured

Revenue

Bonds,

Series

2020C:

3,110

4.000%,

5/01/40

5/30

at

100.00

AAA

3,227,154

5,000

4.000%,

5/01/45,

(UB)

(5)

5/30

at

100.00

AAA

5,146,900

5,000

District

of

Columbia,

Revenue

Bonds,

Georgetown

University,

Refunding

Series

2017,

5.000%,

4/01/33

4/27

at

100.00

A-

5,452,400

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

Association

of

Amercian

Medical

Colleges,

Series

2011A:

1,000

5.000%,

10/01/28,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+

(4)

1,039,920

1,000

5.000%,

10/01/29,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+

(4)

1,039,920

575

5.000%,

10/01/30,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+

(4)

597,954

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+

2,119,480

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+

2,119,480

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

KIPP

DC

Issue,

Series

2019:

250

5.000%,

7/01/28

No

Opt.

Call

BBB+

275,492

250

5.000%,

7/01/29

No

Opt.

Call

BBB+

277,975

1,325

4.000%,

7/01/39

7/29

at

100.00

N/R

1,298,434

7,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Refunding

Second

Senior

Lien

Series

2022A,

4.000%,

10/01/52

-

AGM

Insured

10/31

at

100.00

N/R

7,011,550

600

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

10/01/36,

(AMT)

10/28

at

100.00

Aa3

657,996

45,110

Total

District

of

Columbia

47,507,005

Florida

-

11.3%

Alachua

County

Health

Facilities

Authority,

Florida,

Continuing

Care

Retirement

Community

Revenue

Bonds,

Oak

Hammock

at

the

University

of

Florida,

Inc.

Project,

Series

2021:

325

4.000%,

10/01/30

10/27

at

103.00

N/R

327,649

800

4.000%,

10/01/40

10/27

at

103.00

N/R

763,968

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

527,456

1,000

5.000%,

5/01/42

5/32

at

100.00

N/R

1,014,350

750

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A,

5.000%,

9/01/33

9/23

at

100.00

BBB

761,962

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

24

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

2,000

Brevard

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Health

First

Obligated

Group,

Series

2022A,

5.000%,

4/01/47

4/32

at

100.00

N/R

$

2,190,160

5,000

Brevard

County

School

Board,

Florida,

Certificates

of

Participation,

Refunding

Series

2017A,

5.000%,

7/01/31

7/27

at

100.00

Aa3

5,535,150

1,930

Broward

County,

Florida,

Airport

System

Revenue

Bonds,

Series

2017,

5.000%,

10/01/35,

(AMT)

10/27

at

100.00

A1

2,091,888

Broward

County,

Florida,

Airport

System

Revenue

Bonds,

Series

2019A:

2,750

5.000%,

10/01/37,

(AMT)

10/29

at

100.00

A1

3,036,935

1,750

5.000%,

10/01/39,

(AMT)

10/29

at

100.00

A1

1,923,582

1,000

Broward

County,

Florida,

Port

Facilities

Revenue

Bonds,

Series

2022,

5.250%,

9/01/47,

(AMT)

9/32

at

100.00

N/R

1,104,240

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

1,516,186

3,680

Central

Florida

Expressway

Authority,

Revenue

Bonds,

Senior

Lien

Series

2018,

5.000%,

7/01/43

7/28

at

100.00

A+

4,001,522

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

212,667

110

4.000%,

10/01/51,

(AMT),

144A

10/31

at

100.00

N/R

86,624

3,035

City

of

Miami

Beach,

Florida,

Stormwater

Revenue

Bonds,

Series

2015,

5.000%,

9/01/41

9/25

at

100.00

AA-

3,281,837

500

Clearwater,

Florida,

Water

and

Sewer

Revenue

Bonds,

Refunding

Series

2020,

5.000%,

12/01/32

12/29

at

100.00

AA+

586,310

Cocoa,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2018C:

1,225

5.000%,

10/01/36

10/28

at

100.00

AA

1,400,727

1,315

5.000%,

10/01/37

10/28

at

100.00

AA

1,497,719

1,000

5.000%,

10/01/38

10/28

at

100.00

AA

1,135,730

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

N/R

1,144,590

Deerfield

Beach,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2018:

2,865

5.000%,

12/01/37

12/28

at

100.00

AA

3,235,502

1,200

5.000%,

12/01/38

12/28

at

100.00

AA

1,352,736

Florida

Atlantic

University

FAU

Finance

Corporation,

Capital

Improvement

Revenue

Bonds,

Student

Housing

Project,

Series

2019B:

2,495

4.000%,

7/01/37

7/29

at

100.00

A1

2,555,703

2,295

4.000%,

7/01/38

7/29

at

100.00

A1

2,337,733

235

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

239,465

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

179,613

385

5.750%,

7/01/47,

144A

7/27

at

101.00

N/R

396,034

1,700

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Imagine

School

at

Broward

Project,

Series

2021A,

4.000%,

12/15/51,

144A

12/29

at

100.00

N/R

1,464,176

25

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

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

$

178,039

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

2,002,640

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

8/22

at

103.00

N/R

4,368,661

750

Florida

Development

Finance

Corporation,

Healthcare

Facilities

Revenue

Bonds,

UF

Health

-

Jacksonville

Project,

Series

2022A,

4.000%,

2/01/41

-

AGM

Insured

2/32

at

100.00

N/R

761,010

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Passenger

Rail

Expansion

Project,

Series

2021A-1:

1,760

2.900%,

12/01/56,

(AMT),

(Mandatory

Put

4/04/23)

8/22

at

100.00

N/R

1,759,120

715

6.750%,

12/01/56,

(AMT),

(Mandatory

Put

8/15/23),

144A

8/22

at

102.50

N/R

710,495

560

Florida

Governmental

Utility

Authority,

Utility

Revenue

Bonds,

Aloha

Utility

System,

Refunding

Series

2019,

5.000%,

10/01/29

-

AGM

Insured

No

Opt.

Call

AA

650,266

1,000

Florida

Gulf

Coast

University

Finanacing

Corporation,

Capital

Improvement

Revenue

Bonds,

Refunding

Housing

Project,

Series

2019A,

3.000%,

2/01/39

2/30

at

100.00

A+

850,370

2,000

Florida

Mid-Bay

Bridge

Authority,

Revenue

Bonds,

1st

Senior

Lien

Series

2015A,

5.000%,

10/01/35

10/25

at

100.00

N/R

2,082,760

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

708,442

3,465

Fort

Myers,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2019A,

4.000%,

10/01/49

10/28

at

100.00

Aa3

3,495,908

Greater

Orlando

Aviation

Authority,

Florida,

Airport

Facilities

Revenue

Bonds,

Series

2019A:

2,560

5.000%,

10/01/26,

(AMT)

No

Opt.

Call

Aa3

2,827,827

4,000

5.000%,

10/01/28,

(AMT)

No

Opt.

Call

Aa3

4,529,600

1,570

Greater

Orlando

Aviation

Authority,

Florida,

Airport

Facilities

Revenue

Bonds,

Series

2022A,

4.000%,

10/01/38,

(AMT)

10/31

at

100.00

N/R

1,586,532

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Priority

Subordinated

Series

2017A:

1,010

5.000%,

10/01/32,

(AMT)

10/27

at

100.00

A1

1,102,718

400

5.000%,

10/01/34,

(AMT)

10/27

at

100.00

A1

434,268

2,500

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Alternative

Minimum

Tax

Refunding

Subordinate

Lien

Series

2022A,

4.000%,

10/01/37,

(AMT)

10/31

at

100.00

N/R

2,538,475

715

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Series

2018E,

5.000%,

10/01/35,

(AMT)

10/28

at

100.00

Aa3

785,492

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

A1

(4)

3,129,870

Hillsborough

County

Industrial

Development

Authority,

Florida,

Hospital

Revenue

Bonds,

Florida

Health

Sciences

Center

Inc

D/B/A

Tampa

General

Hospital,

Series

2020A:

2,000

4.000%,

8/01/45

2/31

at

100.00

A

1,932,220

10,535

4.000%,

8/01/55

2/31

at

100.00

A

9,791,018

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

26

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

2,860

Hollywood

Beach

Community

Development

District

1,

Florida,

Revenue

Bonds,

Public

Parking

Facilitiy

Project,

Refunding

Series

2020,

5.000%,

10/01/35

10/30

at

100.00

N/R

$

3,106,589

1,110

Jacksonville,

Florida,

Educational

Facilities

Revenue

Bonds,

Jacksonville

University

Project,

Series

2018B,

5.000%,

6/01/53,

144A

6/28

at

100.00

N/R

1,114,928

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

1,802,444

725

Jacksonville,

Florida,

Health

Care

Facilities

Revenue

Bonds,

Brooks

Rehabilitation,

Series

2020,

4.000%,

11/01/39

11/29

at

100.00

A

720,846

400

Lake

Worth

Beach,

Florida,

Consolidated

Utility

Revenue

Bonds,

Series

2022,

5.000%,

10/01/36

-

BAM

Insured

10/32

at

100.00

N/R

467,116

800

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2012A,

5.000%,

6/15/24,

144A

8/22

at

100.00

BB-

800,680

Lee

County,

Florida,

Solid

Waste

System

Revenue

Bonds,

Refunding

Series

2016:

1,110

5.000%,

10/01/24,

(AMT)

No

Opt.

Call

AA-

1,174,480

605

5.000%,

10/01/26,

(AMT)

No

Opt.

Call

AA-

666,020

1,155

Marco

Island,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2016,

3.000%,

10/01/33

10/26

at

100.00

Aa3

1,157,599

5,000

Martin

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Martin

Memorial

Medical

Center,

Series

2019,

4.000%,

1/01/46,

(UB)

(5)

1/29

at

100.00

AA

4,984,050

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-

883,515

250

5.000%,

11/15/26

11/24

at

100.00

A-

262,180

375

5.000%,

11/15/27

11/24

at

100.00

A-

392,168

500

5.000%,

11/15/28

11/24

at

100.00

A-

520,810

4,000

5.000%,

11/15/44

11/24

at

100.00

N/R

4,094,360

Miami

Dade

County,

Florida,

Rickenbacker

Causeway

Revenue

Bonds,

Series

2014:

900

5.000%,

10/01/27

10/24

at

100.00

A-

940,599

920

5.000%,

10/01/28

10/24

at

100.00

A-

958,502

500

5.000%,

10/01/30

10/24

at

100.00

A-

518,740

1,800

Miami,

Florida,

Special

Obligation

Non-Ad

Valorem

Revenue

Bonds,

Port

of

Miami

Tunnel

Project,

Refunding

Series

2012,

5.000%,

3/01/30,

(Pre-

refunded

3/01/23),

144A

3/23

at

100.00

N/R

(4)

1,829,556

4,870

Miami-Dade

County

Health

Facilities

Authority,

4.000%,

8/01/42,

(UB)

(5)

8/31

at

100.00

A+

4,856,413

705

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Miami

International

Airport,

Refunding

Series

2012A,

5.000%,

10/01/25,

(Pre-refunded

10/01/22),

(AMT)

10/22

at

100.00

A2

(4)

709,089

1,145

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

10/01/28,

(AMT)

10/24

at

100.00

A2

1,201,025

1,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/41

10/26

at

100.00

A

1,061,820

4,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

10/01/38,

(AMT)

10/28

at

100.00

A

4,274,520

1,400

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2021,

4.000%,

10/01/44

4/31

at

100.00

AA-

1,411,046

500

Orange

County

Health

Facilities

Authority,

Florida,

Revenue

Bonds,

Presbyterian

Retirement

Communities

Project,

Series

2014,

5.000%,

8/01/24

No

Opt.

Call

N/R

525,995

27

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

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

$

1,104,800

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1:

745

5.000%,

10/01/29

No

Opt.

Call

N/R

819,172

400

5.000%,

10/01/35

10/29

at

100.00

BBB+

429,940

250

5.000%,

10/01/36

10/29

at

100.00

BBB+

268,180

250

5.000%,

10/01/38

10/29

at

100.00

BBB+

266,967

250

5.000%,

10/01/39

10/29

at

100.00

BBB+

266,433

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

N/R

676,587

750

5.000%,

11/01/36

11/32

at

100.00

N/R

807,990

2,000

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Revenue

Bonds,

Lifespace

Community

Inc.,

Series

2018B,

5.000%,

5/15/33

5/27

at

100.00

N/R

2,039,900

425

Palm

Beach

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2015C,

5.000%,

8/01/30

8/25

at

100.00

Aa3

456,816

505

Pinellas

County

School

Board,

Florida,

Certificates

of

Participation,

Master

Lease

Program,

Seris

2017A,

5.000%,

7/01/37

7/27

at

100.00

Aa3

555,929

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

961,036

1,360

Saint

Petersburg,

Florida,

Public

Utility

Revenue

Bonds,

Series

2021A,

4.000%,

10/01/41

4/31

at

100.00

Aa2

1,400,406

Seminole

County

Industrial

Development

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Galileo

Schools

for

Gifted

Learning,

Series

2021A:

265

4.000%,

6/15/30,

144A

No

Opt.

Call

Ba1

256,117

280

4.000%,

6/15/31,

144A

No

Opt.

Call

Ba1

267,865

South

Broward

Hospital

District,

Florida,

Hospital

Revenue

Bonds,

South

Broward

Hospital

District

Obligated

Group,

Refunding

Series

2016:

65

5.000%,

5/01/23

No

Opt.

Call

AA

66,690

2,000

4.000%,

5/01/33

5/26

at

100.00

AA

2,036,400

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)

519,370

1,310

Tampa,

Florida,

Capital

Improvement

Cigarette

Tax

Allocation

Bonds,

H.

Lee

Moffitt

Cancer

Center

Project,

Series

2016A,

5.500%,

9/01/29

9/26

at

100.00

A+

1,439,703

1,100

Tampa,

Florida,

Capital

Improvement

Cigarette

Tax

Allocation

Bonds,

H.

Lee

Moffitt

Cancer

Center

Project,

Series

2020A,

0.000%,

9/01/39

9/30

at

70.57

A+

553,091

5,000

Tampa,

Florida,

Water

and

Wastewater

Systems

Revenue

Bonds,

Green

Series

2022A,

5.250%,

10/01/57

10/32

at

100.00

N/R

5,931,750

6,000

Tampa,

Florida,

Water

and

Wastewater

Systems

Revenue

Bonds,

Series

2020A,

4.000%,

10/01/48,

(UB)

(5)

10/30

at

100.00

AAA

6,148,440

15

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-2,

0.000%,

5/01/40

(6)

8/22

at

100.00

N/R

12,034

15

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-3,

6.610%,

5/01/40

(7)

8/22

at

100.00

N/R

0

1,500

Village

Community

Development

District

13,

Wildwood,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021,

2.850%,

5/01/36

5/29

at

100.00

N/R

1,264,785

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

28

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

3,000

Village

Community

Development

District

14,

Florida,

Special

Assessment

Bonds,

Series

2022,

4.750%,

5/01/32,

144A

5/30

at

100.00

N/R

$

3,106,530

Wildwood

Utility

Dependent

District,

Florida,

Revenue

Bonds,

South

Sumter

Utility

Project,

Series

2021:

750

5.000%,

10/01/36

-

BAM

Insured

10/31

at

100.00

N/R

879,502

1,000

5.000%,

10/01/41

-

BAM

Insured

10/31

at

100.00

N/R

1,139,880

1,250

5.000%,

10/01/46

-

BAM

Insured

10/31

at

100.00

N/R

1,403,038

161,495

Total

Florida

167,642,386

Georgia

-

1.0%

3,000

Atlanta,

Georgia,

Airport

General

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/38,

(AMT)

7/32

at

100.00

N/R

3,378,990

220

Atlanta,

Georgia,

Water

and

Wastewater

Revenue

Bonds,

Tender

Option

Trust

2015-XF0234,

17.869%,

3/01/23,

144A,

(IF)

(5)

No

Opt.

Call

Aa2

287,630

Brookhaven

Development

Authority,

Georgia,

Revenue

Bonds,

Children's

Healthcare

of

Atlanta,

Inc.

Project,

Series

2019A:

1,335

4.000%,

7/01/44,

(UB)

(5)

7/29

at

100.00

AA+

1,345,520

3,665

4.000%,

7/01/49,

(UB)

(5)

7/29

at

100.00

AA+

3,667,309

Cobb

County

Kennestone

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Wellstar

Health

System,

Series

2017A:

2,390

5.000%,

4/01/35

4/27

at

100.00

A

2,571,114

1,380

5.000%,

4/01/37

4/27

at

100.00

A

1,479,401

1,315

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2021A,

4.000%,

7/01/52,

(Mandatory

Put

9/01/27)

6/27

at

100.65

N/R

1,364,681

1,120

Private

Colleges

and

Universities

Authority,

Georgia,

Revenue

Bonds,

Savannah

College

of

Art

&

Design

Projects,

Series

2021,

4.000%,

4/01/39

4/31

at

100.00

N/R

1,130,080

14,425

Total

Georgia

15,224,725

Hawaii

-

1.2%

Hawaii

Department

of

Budget

and

Finance,

Special

Purpose

Revenue

Bonds,

Mid-Pacific

Project,

Series

2020:

300

4.000%,

1/01/25

No

Opt.

Call

BBB+

305,508

500

4.000%,

1/01/26

No

Opt.

Call

BBB+

510,670

665

4.000%,

1/01/27

No

Opt.

Call

BBB+

680,953

350

4.000%,

1/01/28

No

Opt.

Call

BBB+

358,166

360

4.000%,

1/01/29

No

Opt.

Call

BBB+

367,160

250

4.000%,

1/01/30

No

Opt.

Call

BBB+

253,563

275

4.000%,

1/01/31

1/30

at

100.00

BBB+

276,897

270

4.000%,

1/01/32

1/30

at

100.00

BBB+

270,262

200

4.000%,

1/01/33

1/30

at

100.00

BBB+

199,454

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

1,639,600

2,000

Hawaii

State,

Airport

System

Revenue

Bonds,

Series

2015A,

5.000%,

7/01/41,

(AMT)

7/25

at

100.00

A+

2,086,060

2,000

Hawaii

State,

General

Obligation

Bonds,

Series

2019FW,

5.000%,

1/01/37

1/29

at

100.00

AA+

2,265,540

500

Honolulu

Board

of

Water

Supply,

Hawaii,

Water

System

Revenue

Bonds,

Series

2021A,

3.000%,

7/01/41

7/31

at

100.00

AAA

466,425

2,000

Honolulu

City

and

County,

Hawaii,

General

Obligation

Bonds,

Series

2015A,

5.000%,

10/01/37

10/25

at

100.00

Aa1

2,160,180

3,840

Honolulu

City

and

County,

Hawaii,

General

Obligation

Bonds,

Series

2022B,

5.250%,

7/01/41

,

(WI/DD,

Settling

8/04/22)

7/32

at

100.00

N/R

4,596,019

29

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Hawaii

(continued)

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

$

440,497

470

4.000%,

5/15/30

No

Opt.

Call

N/R

467,486

375

5.000%,

5/15/31

No

Opt.

Call

N/R

399,094

250

5.000%,

5/15/32

No

Opt.

Call

N/R

265,485

16,645

Total

Hawaii

18,009,019

Idaho

-

0.9%

Boise

State

University,

Idaho,

General

Revenue

Bonds,

Series

2018A:

575

5.000%,

4/01/38

4/28

at

100.00

Aa3

634,725

600

5.000%,

4/01/39

4/28

at

100.00

Aa3

661,194

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

532,960

1,000

5.000%,

6/01/30

12/24

at

100.00

A3

1,064,510

2,090

5.000%,

6/01/31

12/24

at

100.00

A3

2,222,360

Canyon

County

School

District

139,

Idaho,

General

Obligation

Bonds,

Series

2019B:

1,000

5.000%,

9/15/37

3/29

at

100.00

Aaa

1,134,710

750

5.000%,

9/15/39

3/29

at

100.00

Aaa

847,297

3,000

Idaho

Falls

Auditorium

District,

Idaho,

Certifications

of

Participation,  Annual

Appropriation

Series

2021,

5.250%,

5/15/51,

144A

5/26

at

102.00

N/R

2,310,990

1,250

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Saint

Luke's

Health

System

Project,

Series

2018A,

5.000%,

3/01/37

9/28

at

100.00

A-

1,359,062

710

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Saint

Luke's

Health

System

Project,

Series

2021A,

4.000%,

3/01/39

3/32

at

100.00

N/R

719,805

865

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Group,

Series

2015,

5.500%,

12/01/29

6/25

at

100.00

AA-

938,906

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

N/R

1,098,174

100

Idaho

State

University,

General

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

4/01/23

No

Opt.

Call

A1

102,127

13,610

Total

Idaho

13,626,820

Illinois

-

5.8%

Beford

Park

Village,

Illinois,

Hotel

and

Motel

Tax

Revenue

Bonds,

Refunding

Series

2015A:

920

4.000%,

12/01/22

No

Opt.

Call

Baa2

924,333

1,395

4.000%,

12/01/23

No

Opt.

Call

Baa2

1,421,700

1,000

Board

of

Trustees

of

Southern

Illinois

University,

Housing

and

Auxiliary

Facilities

System

Revenue

Bonds,

Refunding

Series

2021A,

4.000%,

4/01/40

-

BAM

Insured

4/31

at

100.00

AA

993,600

1,985

Chanpaign

County

Community

Unit

School

District

4,

Illinois,

General

Obligation

Bonds,

School

Building

Series

2020A,

5.000%,

1/01/34

1/28

at

100.00

AA

2,250,037

2,155

Chicago

Park

District,

Illinois,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2020A,

4.000%,

1/01/37

-

BAM

Insured

1/30

at

100.00

N/R

2,182,692

633

Chicago,

Illinois,

Certificates

of

Participation,

Tax

Increment

Allocation

Revenue

Bonds,

Pullman

Park/Chicago

Redevelopement

Project,

Series

2013A,

7.125%,

3/15/33

8/22

at

100.00

N/R

633,149

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

30

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Illinois

(continued)

Chicago,

Illinois,

Midway

Airport

Revenue

Bonds,

Refunding

Second

Lien

Series

2014A:

$

2,000

5.000%,

1/01/27

1/24

at

100.00

A

$

2,070,140

3,000

5.000%,

1/01/30

1/24

at

100.00

A

3,092,160

Evanston,

Cook

County,

Illinois,

General

Obligation

Bonds,

Corporate

Purpose

Series

2019A:

725

5.000%,

12/01/38

12/29

at

100.00

AA+

831,466

760

5.000%,

12/01/39

12/29

at

100.00

AA+

869,752

795

5.000%,

12/01/40

12/29

at

100.00

AA+

907,818

770

5.000%,

12/01/41

12/29

at

100.00

AA+

876,376

Evanston,

Cook

County,

Illinois,

General

Obligation

Bonds,

Corporate

Purpose

Series

2019B:

930

5.000%,

12/01/38

12/29

at

100.00

AA+

1,066,570

975

5.000%,

12/01/39

12/29

at

100.00

AA+

1,115,800

6,415

Hoffman

Estates

Park

District,

Cook

County,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2020A,

5.000%,

12/01/40

-

BAM

Insured

12/30

at

100.00

AA+

7,287,761

100

Illinois

Finance

Authority

Revenue

Bonds,

OSF

Healthcare

System,

Refunding

Series

2018A,

5.000%,

5/15/25

No

Opt.

Call

A

107,353

Illinois

Finance

Authority,

Health

Services

Facility

Lease

Revenue

Bonds,

Provident

Group

-

UIC

Surgery

Center,

LLC

-

University

of

Illinois

Health

Services

Facility

Project,

Series

2020:

875

5.000%,

10/01/34

10/30

at

100.00

BBB+

954,048

750

5.000%,

10/01/35

10/30

at

100.00

BBB+

815,767

115

Illinois

Finance

Authority,

Local

Government

Program

Revenue

Bonds,

Elmhurst

Community

Unit

School

District

205

Project,

Series

2019,

5.000%,

1/01/29

1/28

at

100.00

AA+

132,114

360

Illinois

Finance

Authority,

Revenue

Bonds,  Centegra

Health

System,

Tender

Option

Bond

Trust

2016-XF2339,

14.215%,

9/01/32,

144A,

(IF)

(5)

9/22

at

100.00

AA+

364,108

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2015:

900

5.000%,

5/01/45,

(Pre-refunded

5/01/25),

(UB)

(5)

5/25

at

100.00

AA

(4)

979,164

145

5.000%,

5/01/45,

(UB)

(5)

5/25

at

100.00

N/R

156,738

4,000

Illinois

Finance

Authority,

Revenue

Bonds,

Ann

&

Robert

H

Lurie

Children's

Hospital

of

Chicago,

Refunding

Series

2017,

5.000%,

8/15/35,

(UB)

(5)

8/27

at

100.00

AA

4,326,800

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

A

(4)

5,009,085

Illinois

Finance

Authority,

Revenue

Bonds,

Edward-Elmhurst

Healthcare,

Series

2017A:

100

5.000%,

1/01/23,

(ETM)

No

Opt.

Call

A

(4)

101,415

3,000

5.000%,

1/01/36,

(Pre-refunded

1/01/27)

1/27

at

100.00

A

(4)

3,383,850

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

AA-

(4)

5,362,100

1,000

Illinois

Finance

Authority,

Revenue

Bonds,

OSF

Healthcare

System,

Series

2015A,

4.000%,

11/15/33

11/25

at

100.00

A

1,019,050

220

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C,

5.000%,

8/15/23

No

Opt.

Call

A3

226,783

6,000

Illinois

Finance

Authority,

Revenue

Bonds,

Smith

Crossing,

Refunding

Series

2022,

4.000%,

10/15/37

4/29

at

103.00

N/R

5,559,360

5,000

Illinois

Finance

Authority,

Revenue

Bonds,

The

Carle

Foundation,

Fixed

Period

Series

2021A,

4.000%,

8/15/39

8/31

at

100.00

AA-

5,005,150

31

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Illinois

(continued)

$

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

$

850,493

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-

5,549,042

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

N/R

1,273,646

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

,

(WI/DD,

Settling

9/01/22)

2/30

at

100.00

N/R

680,268

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

789,208

570

Mount

Prospect,

Cook

County,

Illinois,

General

Obligation

Bonds,

Series

2019B,

3.000%,

12/01/37

12/26

at

100.00

AA+

570,006

Northern

Illinois

University,

Auxiliary

Facilities

System

Revenue

Bonds,

Series

2021:

1,300

4.000%,

10/01/38

-

BAM

Insured

4/31

at

100.00

AA

1,308,294

850

4.000%,

10/01/39

-

BAM

Insured

4/31

at

100.00

AA

853,918

400

4.000%,

10/01/41

-

BAM

Insured

4/31

at

100.00

AA

400,152

1,000

Romeoville,

Will

County,

Illinois,

Revenue

Bonds,

Lewis

University

Project,

Refunding

Series

2018B,

5.000%,

10/01/39

4/25

at

100.00

BBB

1,030,430

150

Saint

Charles,

Illinois,

General

Obligation

Bonds,

Corporate

Purpose

Series

2013A,

4.000%,

12/01/32,

(Pre-refunded

12/01/22)

12/22

at

100.00

Aa1

(4)

151,261

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

692,478

140

5.000%,

2/01/34,

(Pre-refunded

2/01/28)

-

AGM

Insured

2/28

at

100.00

AA

(4)

161,641

University

of

Illinois,

Auxiliary

Facilities

System

Revenue

Bonds,

Series

2014A:

100

5.000%,

4/01/39

4/24

at

100.00

A+

103,122

6,000

5.000%,

4/01/44

4/24

at

100.00

N/R

6,173,520

50

University

of

Illinois,

UIC

South

Campus

Development

Project

Revenue

Bonds,

Series

2003,

5.000%,

1/15/23

-

NPFG

Insured

8/22

at

100.00

A+

50,131

4,000

Will

County,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2019,

4.000%,

11/15/47

11/29

at

100.00

AA+

4,098,000

1,000

Wilmette,

Illinois,

General

Obligation

Bonds,

Series

2014,

4.000%,

12/01/43

12/22

at

100.00

Aaa

1,001,490

80,763

Total

Illinois

85,763,339

Indiana

-

6.1%

5,195

Center

Grove

Multi-Facility

School

Building

Corporation,

Johnson

County,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2020C,

5.500%,

7/10/39

1/31

at

100.00

AA+

6,188,388

2,000

Crown

Point

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Crown

Point

Community

School

Corporation,

Series

2021,

5.000%,

7/15/35

1/31

at

100.00

N/R

2,308,620

2,500

Evansville,

Indiana,

Waterworks

District

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/47

-

BAM

Insured

1/32

at

100.00

N/R

2,795,525

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

940,580

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

32

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Indiana

(continued)

GCS

School

Building

Corporation

One,

Elkhart

County,

Indiana,

First

Mortgage

Bonds,

Series

2019:

$

655

5.000%,

1/15/29

No

Opt.

Call

AA+

$

763,795

685

5.000%,

1/15/30

7/29

at

100.00

AA+

798,847

720

5.000%,

1/15/31

7/29

at

100.00

AA+

833,976

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+

785,792

795

5.000%,

7/15/36

1/28

at

100.00

AA+

889,796

500

5.000%,

7/15/37

1/28

at

100.00

AA+

558,505

1,000

5.000%,

7/15/38

1/28

at

100.00

AA+

1,114,170

850

IIndiana

Finance

Authority,

Hospital

Revenue

Bonds,

Parkview

Health,

Series

2018A,

4.000%,

11/01/48

11/28

at

100.00

AA-

849,107

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-

583,408

425

5.000%,

2/01/27

2/24

at

100.00

A-

442,089

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Butler

University

Project,

Series

2019:

1,100

5.000%,

2/01/33

8/29

at

100.00

A-

1,231,439

1,350

5.000%,

2/01/35

8/29

at

100.00

A-

1,492,438

2,420

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Depauw

University

Project,

Series

2019,

5.000%,

7/01/37

7/29

at

100.00

Baa1

2,607,381

4,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

DePauw

University

Project,

Series

2022A,

5.000%,

7/01/42

7/32

at

100.00

N/R

4,297,320

3,725

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Rose

Hulman

Institute

Of

Technology

Project,

Series

2018,

5.000%,

6/01/40

12/28

at

100.00

A2

4,057,009

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

260,427

665

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A,

5.000%,

11/01/35

5/29

at

100.00

N/R

720,900

1,785

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Reid

Health

Series

2022,

5.000%,

1/01/42

-

AGM

Insured

1/32

at

100.00

N/R

1,964,946

2,800

Indiana

Finance

Authority,

State

Revolving

Fund

Program

Bonds,

Green

Bond

Series

2019A,

5.000%,

2/01/38

2/29

at

100.00

AAA

3,163,272

3,500

Indiana

Finance

Authority,

State

Revolving

Fund

Program

Bonds,

Green

Series

2019C,

5.000%,

2/01/32

2/29

at

100.00

AAA

4,035,430

800

Indiana

Finance

Authority,

Wastewater

Utility

Revenue

Bonds,

CWA

Authority

Project,

Refunding

First

Lien

Series

2021-1,

4.000%,

10/01/36

10/31

at

100.00

AA-

839,520

2,020

Indiana

Health

Facility

Financing

Authority,

Revenue

Bonds,

Ascension

Health,

Series

2011A-1,

5.000%,

11/15/34

11/25

at

100.00

AA+

2,164,975

Indiana

Municipal

Power

Agency

Power

Supply

System

Revenue

Bonds,

Refunding

Series

2016C:

1,240

5.000%,

1/01/27

7/26

at

100.00

A+

1,379,153

1,420

5.000%,

1/01/38

7/26

at

100.00

A+

1,542,489

1,000

Indiana

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

2013A,

5.250%,

1/01/32,

(Pre-refunded

7/01/23)

7/23

at

100.00

A+

(4)

1,033,040

670

Indiana

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

2017A,

5.000%,

1/01/42

1/28

at

100.00

A+

731,566

5,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Community

Justice

Campus

Bonds,

Courthouse

&

Jail

Project,

Series

2019A,

5.000%,

2/01/49,

(UB)

(5)

2/29

at

100.00

AAA

5,536,850

33

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Indiana

(continued)

$

1,625

Ivy

Tech

Community

College,

Indiana,

Student

Fee

Revenue

Bonds,

Series

2018V,

5.000%,

7/01/36

7/28

at

100.00

AA

$

1,797,445

1,000

Lawrence

Township

School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2020,

2.000%,

7/15/34

7/30

at

100.00

AA+

851,320

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+

2,632,403

2,480

5.000%,

7/15/36

7/26

at

100.00

AA+

2,746,798

Plymouth

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2018:

1,655

5.000%,

1/15/34

7/28

at

100.00

AA+

1,864,904

3,655

5.000%,

7/15/36

7/28

at

100.00

AA+

4,091,407

Richmond

Hospital

Authority,

Indiana,

Revenue

Bonds,

Reid

Hospital

Project,  Refunding

Series

2015A:

500

5.000%,

1/01/28

1/25

at

100.00

A

527,740

815

5.000%,

1/01/29

1/25

at

100.00

A

857,739

Silver

Creek

School

Building

Corporation,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2021:

1,300

3.000%,

1/15/36

7/31

at

100.00

AA+

1,286,922

725

3.000%,

1/15/37

7/31

at

100.00

AA+

708,405

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

N/R

6,179,319

Vinton-Tecumseh

School

Building

Corporation,

Tippecanoe

County,

Indiana,

First

Mortgage

Bonds,

Series

2021:

1,200

3.000%,

7/15/39

1/31

at

100.00

AA+

1,127,760

1,250

3.000%,

7/15/40

1/31

at

100.00

AA+

1,155,513

500

3.000%,

1/15/41

1/31

at

100.00

AA+

470,915

Whitley

County

Middle

School

Building

Corporation,

Columbia

City,

Indiana,

First

Mortgage

Bonds,

Series

2019:

1,590

5.000%,

7/15/37

1/30

at

100.00

AA+

1,818,165

3,300

5.000%,

7/15/38

1/30

at

100.00

AA+

3,763,353

1,710

5.000%,

1/15/39

1/30

at

100.00

AA+

1,945,895

81,915

Total

Indiana

90,736,756

Iowa

-

0.6%

Iowa

Finance

Authority,

State

Revolving

Fund

Revenue

Bonds,

Green

Series

2021A:

2,490

4.000%,

5/15/29

5/28

at

103.00

N/R

2,411,665

1,260

4.000%,

5/15/30

5/28

at

103.00

N/R

1,200,591

1,410

Iowa

Tobacco

Settlement

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Class

1

Series

2021A-2,

4.000%,

6/01/37

6/31

at

100.00

A-

1,425,524

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

3,169,740

8,160

Total

Iowa

8,207,520

Kansas

-

1.5%

1,075

Hutchinson,

Kansas,

Hospital

Facilities

Revenue

Bonds,

Hutchinson

Regional

Medical

Center,

Inc.,

Series

2016,

5.000%,

12/01/36

12/26

at

100.00

Ba1

1,116,323

4,000

Kansas

Department

of

Transportation,

Highway

Revenue

Bonds,

Series

2018A,

5.000%,

9/01/36

9/27

at

100.00

AA

4,485,960

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

218,421

2,100

Kansas

State

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Refunding

Series

2019A,

5.000%,

9/01/37

9/29

at

100.00

Aa2

2,424,135

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

34

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Kansas

(continued)

$

1,495

Sedgwick

County

Unified

School

District

266

Maize,

Harvey

County,

Kansas,

General

Obligation

Bonds,

Series

2019A,

4.000%,

9/01/31

9/27

at

100.00

AA

$

1,613,823

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-

2,105,340

2,690

University

of

Kansas

Hospital

Authority,

Health

Facilities

Revenue

Bonds,

University

of

Kansas

Health

System,

Series

2019B,

5.000%,

3/01/33

3/30

at

100.00

AA-

3,100,709

7,000

Wichita,

Kansas,

General

Obligation

Bonds,

Airport

Series

2015C,

5.000%,

12/01/39,

(AMT)

12/25

at

100.00

AA+

7,602,980

20,565

Total

Kansas

22,667,691

Kentucky

-

0.4%

775

Carroll

County,

Kentucky,

Environmental

Facilities

Revenue

Bonds,

Kentucky

Utilities

Company

Project,

Series

2008A,

2.000%,

2/01/32,

(AMT)

6/31

at

100.00

A1

682,310

375

Hazard,

Kentucky,

Healthcare

Revenue

Bonds,

Appalachian

Regional

Healthcare

Project,

Series

2021,

3.000%,

7/01/46

7/31

at

100.00

A

291,315

750

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A,

5.000%,

6/01/26

No

Opt.

Call

Baa2

818,100

1,180

Trimble

County,

Kentucky,

Pollution

Control

Revenue

Bonds,

Louisville

Gas

and

Electric

Company

Project,

Series

2016A,

1.300%,

9/01/44,

(AMT),

(Mandatory

Put

9/01/27)

No

Opt.

Call

A1

1,017,478

University

of

Louisville,

Kentucky,

Revenue

Bonds,

General

Reciepts

Series

2020A:

1,415

2.000%,

9/01/32

-

AGM

Insured

9/28

at

100.00

AA

1,212,570

1,525

2.125%,

9/01/34

-

AGM

Insured

9/28

at

100.00

AA

1,283,303

6,020

Total

Kentucky

5,305,076

Louisiana

-

2.0%

1,850

Ascension

Parishwide

School

District,

Louisiana,

General

Obligation

Bonds,

School

Series

2020,

4.000%,

3/01/39

3/30

at

100.00

AA

1,936,561

Cameron

Parish

School

District

15,

Louisiana,

General

Obligtion

Bonds,

Series

2021:

350

4.000%,

10/01/34

10/30

at

100.00

BBB

360,290

350

4.000%,

10/01/35

10/30

at

100.00

BBB

358,708

350

4.000%,

10/01/36

10/30

at

100.00

BBB

357,192

350

4.000%,

10/01/37

10/30

at

100.00

BBB

355,870

Greater

New

Orleans

Expressway

Commission,

Louisiana,

Toll

Revenue

Bonds,

Subordinate

Lien

Series

2017:

1,000

5.000%,

11/01/36

-

AGM

Insured

11/25

at

100.00

AA

1,089,150

805

5.000%,

11/01/37

-

AGM

Insured

11/25

at

100.00

AA

876,500

4,000

5.000%,

11/01/42

-

AGM

Insured

11/25

at

100.00

AA

4,340,840

700

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Ragin

Cajun

Facilities,

Inc.?Lewis

Street

Parking

Garage

Project,

Refunding

Series

2021,

4.000%,

10/01/40

-

AGM

Insured

10/30

at

100.00

AA

727,706

200

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Lincoln

Preparatory

School

Project,

Series

2021A,

5.000%,

6/01/31,

144A

No

Opt.

Call

N/R

200,322

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2017:

2,000

5.000%,

5/15/33

5/27

at

100.00

A

2,141,100

2,000

5.000%,

5/15/34

5/27

at

100.00

A

2,132,960

2,640

5.000%,

5/15/35

5/27

at

100.00

A

2,810,597

35

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Louisiana

(continued)

$

860

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Loyola

University

of

New

Orleans

Project,

Refunding

Series

2021,

4.000%,

10/01/38

10/31

at

100.00

Baa1

$

855,726

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

North

Terminal

Project,

Series

2017B:

400

5.000%,

1/01/34,

(AMT)

1/27

at

100.00

A2

425,876

500

5.000%,

1/01/35,

(AMT)

1/27

at

100.00

A2

530,285

355

5.000%,

1/01/36,

(AMT)

1/27

at

100.00

A2

375,391

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

3,253,470

860

5.000%,

4/01/38

-

AGM

Insured,

(AMT)

4/28

at

100.00

AA

927,467

2,000

Saint

John

the

Baptist

Parish,

Louisiana,

Revenue

Bonds,

Marathon

Oil

Corporation

Project,

Refunding

Series

2017B-1,

2.125%,

6/01/37,

(Mandatory

Put

7/01/24)

No

Opt.

Call

BBB-

1,980,860

Tangipahoa

Parish

Hospital

Service

District

1,

Louisiana,

Hospital

Revenue

Bonds,

North

Oaks

Health

System

Project,

Refunding

Series

2021:

1,625

4.000%,

2/01/37

2/31

at

100.00

N/R

1,605,793

1,720

4.000%,

2/01/39

2/31

at

100.00

N/R

1,694,234

27,915

Total

Louisiana

29,336,898

Maine

-

0.1%

1,155

Portland,

Maine,

General

Airport

Revenue

Bonds,

Refunding

Green

Series

2019,

4.000%,

1/01/40

1/30

at

100.00

BBB+

1,136,277

Maryland

-

1.0%

250

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds

Doctors

Community

Hospital,

Series

2017B,

5.000%,

7/01/32

7/27

at

100.00

Baa3

267,768

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)

1,276,344

625

5.000%,

7/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00

A+

(4)

683,000

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)

2,247,836

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

1,102,780

650

Maryland

Transportation

Authority,

Revenue

Bonds,

Transportation

Facilities

Projects,

Series

2021A,

3.000%,

7/01/38

7/31

at

100.00

Aa2

610,837

7,700

Prince

George's

County,

Maryland,

Certificates

of

Participation,

University

of

Maryland

Capital

Region

Medical

Center,

Series

2018,

5.000%,

10/01/48

10/28

at

100.00

AA+

8,314,537

13,545

Total

Maryland

14,503,102

Massachusetts

-

1.7%

1,060

Massachusetts

College

Building

Authority,

Project

Revenue

Bonds,

Green

Series

2021A,

2.000%,

5/01/37

5/30

at

100.00

Aa2

833,732

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

1,772,980

1,385

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2022,

5.000%,

10/01/37

,

(WI/DD,

Settling

8/11/22)

10/32

at

100.00

N/R

1,615,145

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

36

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2021G:

$

350

5.000%,

7/01/38

7/31

at

100.00

A-

$

390,124

400

5.000%,

7/01/39

7/31

at

100.00

A-

444,748

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Series

2021:

680

4.000%,

7/01/46

7/31

at

100.00

Baa2

653,527

2,355

4.000%,

7/01/51

7/31

at

100.00

Baa2

2,236,732

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A:

1,350

5.000%,

7/01/34

1/29

at

100.00

BBB+

1,485,257

1,255

5.000%,

7/01/36

1/29

at

100.00

BBB+

1,373,108

2,085

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2018B,

4.000%,

2/15/43

2/24

at

100.00

AA+

2,093,653

3,500

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017A,

5.000%,

4/01/37

4/27

at

100.00

Aa1

3,866,730

3,885

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017F,

5.000%,

11/01/44

11/27

at

100.00

Aa1

4,289,506

4,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2020E,

5.000%,

11/01/50

11/30

at

100.00

Aa1

4,557,560

23,965

Total

Massachusetts

25,612,802

Michigan

-

1.9%

Coldwater

Communiuty

Schools,

Branch

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2018:

510

5.000%,

5/01/41

5/28

at

100.00

AA

570,185

1,220

5.000%,

5/01/42

5/28

at

100.00

AA

1,361,483

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

N/R

5,803,950

Kalamazoo

Hospital

Finance

Authority,

Michigan,

Hospital

Revenue

Bonds,

Bronson

Healthcare

Group,

Inc.,

Refunding

Series

2016:

95

5.000%,

5/15/26

No

Opt.

Call

N/R

103,719

5

5.000%,

5/15/26,

(ETM)

No

Opt.

Call

N/R

(4)

5,569

335

Kent

Hospital

Finance

Authority,

Michigan,

Revenue

Bonds,

Mary

Free

Bed

Rehabilitatin

Hospital,

Series

2021A,

4.000%,

4/01/36

4/31

at

100.00

N/R

341,918

1,000

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne

Criminal

Justice

Center

Project,

Senior

Lien

Series

2018,

5.000%,

11/01/43,

(UB)

(5)

11/28

at

100.00

Aa3

1,118,060

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Calvin

University,

Refunding

Series

2021:

505

5.000%,

9/01/36

9/31

at

100.00

A-

567,559

1,205

5.000%,

9/01/37

9/31

at

100.00

A-

1,345,636

380

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

318,691

1,000

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2007

Sold

Tobacco

Receipts,

Series

2020A-CL-1,

4.000%,

6/01/36

12/30

at

100.00

A-

1,017,440

1,000

Michigan

Mathematics

&

Science

Initiative,

Michigan,

Public

School

Academy

Revenue

Bonds,

Series

2021,

4.000%,

1/01/51

1/31

at

100.00

N/R

866,840

37

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Michigan

(continued)

$

5,000

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A,

4.000%,

11/15/44

11/31

at

100.00

N/R

$

5,141,200

Oakland

University,

Michigan,

General

Revenue

Bonds,

Series

2019:

930

5.000%,

3/01/39

3/29

at

100.00

A1

1,009,850

1,000

5.000%,

3/01/40

3/29

at

100.00

A1

1,081,880

1,025

5.000%,

3/01/41

3/29

at

100.00

A1

1,106,877

1,900

Ottawa

County,

Michigan,

General

Obligation

Bonds,

Refunding

Water

Supply

System

Series

2015,

5.000%,

8/01/30

2/25

at

100.00

Aaa

2,044,970

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

A+

(4)

2,314,906

1,140

Wayne

State

University,

Michigan,

General

Revenue

Bonds,

Series

2018A,

5.000%,

11/15/35

11/25

at

100.00

Aa3

1,227,654

25,450

Total

Michigan

27,348,387

Minnesota

-

0.6%

4,580

Forest

Lake,

Minnesota

Charter

School

Lease

Revenue

Bonds,

North

Lakes

Academy,

Refunding

Series

2021A,

5.000%,

7/01/41

7/31

at

100.00

N/R

4,427,532

585

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

4.500%,

8/01/26

8/22

at

102.00

BB+

596,413

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

of

Peace

Academy

Project,

Series

2019:

1,155

3.000%,

12/01/29

No

Opt.

Call

BBB-

1,093,473

1,895

5.000%,

12/01/39

12/29

at

100.00

BBB-

2,002,409

790

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Luthran

Home,

Refunding

Series

2013,

4.000%,

1/01/24

1/23

at

100.00

N/R

778,577

9,005

Total

Minnesota

8,898,404

Mississippi

-

0.9%

Mississippi

Development

Bank,

Special

Obligation

Bonds,

Meridian

Water

and

Sewer

System,

Green

Series

2020:

350

4.000%,

7/01/39

-

BAM

Insured

7/30

at

100.00

AA

352,923

500

4.000%,

7/01/40

-

BAM

Insured

7/30

at

100.00

AA

503,660

2,500

4.000%,

7/01/45

-

BAM

Insured

7/30

at

100.00

AA

2,509,700

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

1,277,102

4,000

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A,

5.000%,

9/01/41

9/26

at

100.00

BBB+

4,151,480

2,000

Mississippi

State,

General

Obligation

Bonds,

Series

2021A,

3.000%,

6/01/40

6/30

at

100.00

AA

1,849,380

2,135

Mississippi

State,

General

Obligation

Bonds,

Series

2021C,

4.000%,

10/01/38

10/28

at

100.00

N/R

2,224,691

12,620

Total

Mississippi

12,868,936

Missouri

-

1.7%

500

Central

Southwest

Missouri

Community

College

District,

Missouri,

Certificates

of

Participation,

Ozarks

Technical

Community

College,

Series

2021,

3.000%,

3/01/41

3/29

at

100.00

AA-

450,515

1,000

Greene

County,

Missouri,

Certificates

of

Participation,

Capital

Projects,

Series

2018,

5.000%,

9/01/36

9/28

at

100.00

Aa3

1,121,470

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

38

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Missouri

(continued)

$

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

N/R

$

2,310,585

5,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2020,

4.000%,

6/01/50

6/30

at

100.00

A+

4,931,100

5,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2021,

4.000%,

2/01/42

2/29

at

103.00

N/R

4,721,000

600

Northwest

Missouri

State

University,

Housing

System

Revenue

Bonds,

Refunding

Series

2022,

5.000%,

6/01/28

-

BAM

Insured

No

Opt.

Call

N/R

675,816

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

N/R

2,572,413

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

N/R

2,737,768

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Missouri

Project

Series

2019:

430

4.000%,

12/01/37

12/25

at

100.00

AA+

441,468

850

4.000%,

12/01/38

12/25

at

100.00

AA+

868,811

835

Saint

Louis,

Missouri,

Airport

Revenue

Bonds,

Lambert-St.

Louis

International

Airport,

Refunding

Series

2019A,

5.000%,

7/01/39

7/29

at

100.00

A2

912,045

264

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Notes,

Marquette

Building

Redevelopment

Project,

Series

2008-A,

6.500%,

1/23/28

8/22

at

100.00

N/R

142,560

1,500

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

4.500%,

6/01/36

6/26

at

100.00

BBB

1,497,825

Wentzville,

Missouri,

Certificates

of

Participation,

Series

2019:

895

5.000%,

11/01/28

11/27

at

100.00

A3

1,010,751

590

5.000%,

11/01/30

11/27

at

100.00

A3

660,912

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

N/R

750,198

24,554

Total

Missouri

25,805,237

Montana

-

0.8%

Bozeman,

Montana,

Tax

Increment

Revenue

Bonds,

Bozeman

Midtown

Urban

Renewal

District,

Serie

2020:

500

4.000%,

7/01/35

-

AGM

Insured

7/30

at

100.00

AA

532,275

425

4.000%,

7/01/40

-

AGM

Insured

7/30

at

100.00

AA

440,721

510

Montana

Facility

Finance

Authority,

Hospital

Revenue

Bonds,

Benefis

Health

System

Obligated

Group,

Refunding

Series

2016,

5.000%,

2/15/23

No

Opt.

Call

A+

517,844

Montana

Facility

Finance

Authority,

Montana,

Health

Facilities

Reveue

Bonds,

Bozeman

Deaconess

Health

Services

Obligated

Group,

Series

2018:

675

5.000%,

6/01/36

6/28

at

100.00

A

723,397

1,255

5.000%,

6/01/37

6/28

at

100.00

A

1,341,909

2,685

Montana

State

University,

Facilities

Revenue

Bonds,

Board

of

Regents

of

High

Education,

Improvement

Series

2018E,

5.000%,

11/15/43

11/27

at

100.00

Aa3

2,956,856

1,470

Montana

State

University,

General

Revenue

Bonds,

Series

2022,

5.250%,

11/15/52

-

AGM

Insured

,

(WI/DD,

Settling

8/16/22)

11/32

at

100.00

N/R

1,696,938

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

3,365,374

10,500

Total

Montana

11,575,314

39

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Nebraska

-

1.1%

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-

$

1,106,822

1,070

5.000%,

11/15/37

5/27

at

100.00

AA-

1,131,932

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

964,692

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

2,004,460

2,235

Douglas

County,

Nebraska,

Educational

Facilities

Revenue

Bonds,

Creighton

University

Projects,

Series

2021A,

4.000%,

7/01/39

1/32

at

100.00

N/R

2,268,972

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Refunding

Series

2017A:

1,000

5.000%,

7/01/27

No

Opt.

Call

BBB

1,102,540

1,500

5.000%,

7/01/28

7/27

at

100.00

BBB

1,622,595

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

551,917

600

Omaha

Airport

Authority,

Nebraska,

Airport

Facilities

Revenue

Refunding

Bonds,

Series

2017A,

5.000%,

12/15/34,

(AMT)

12/26

at

100.00

Aa3

644,844

1,000

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2017A,

5.000%,

2/01/42

12/27

at

100.00

AA

1,106,610

2,800

Southeast

Community

College

Area,

Nebraska,

Certificates

of

Participation,

Series

2018,

5.000%,

12/15/47

6/28

at

100.00

Aa1

3,097,024

14,675

Total

Nebraska

15,602,408

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-

547,955

1,000

5.000%,

9/01/33

9/27

at

100.00

A-

1,073,590

4,000

Clark

County,

Nevada  Airport

Revenue

Bonds,

Senior

Series

2015A,

5.000%,

7/01/40

7/25

at

100.00

Aa2

4,243,200

115

Clark

County,

Nevada,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019D,

5.000%,

7/01/25

No

Opt.

Call

Aa3

125,329

2,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Water

Improvement

Series

2016A,

5.000%,

6/01/41,

(UB)

(5)

6/26

at

100.00

Aa1

2,171,680

Las

Vegas,

Nevada,

Local

Improvement

Bonds,

Special

Improvement

District

812

Summerlin

Village

24,

Series

2015:

1,160

4.000%,

12/01/23

No

Opt.

Call

N/R

1,171,101

920

4.250%,

12/01/24

No

Opt.

Call

N/R

939,624

445

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

444,257

2,425

Nevada

System

of

Higher

Education,

Certificates

of

Participation,

Series

2020A,

3.000%,

7/01/40

7/29

at

100.00

AA

2,131,429

Nevada

System

of

Higher

Education,

Universities

Revenue

Bonds,

Series

2021:

1,255

3.000%,

7/01/40

7/31

at

100.00

Aa2

1,121,267

1,295

3.000%,

7/01/41

7/31

at

100.00

Aa2

1,145,454

15,120

Total

Nevada

15,114,886

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

40

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Hampshire

-

0.4%

$

580

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Catholic

Medical

Center,

Series

2012,

5.000%,

7/01/27

8/22

at

100.00

BBB+

$

580,946

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+

3,327,850

1,950

5.000%,

7/01/37

7/27

at

100.00

BBB+

2,056,704

160

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Dartmouth-Hitchcock

Obligated

Group,

Series

2018A,

5.000%,

8/01/36

2/28

at

100.00

A

170,843

5,835

Total

New

Hampshire

6,136,343

New

Jersey

-

3.0%

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

BBB+

2,064,400

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017:

460

5.000%,

7/15/23

No

Opt.

Call

BBB-

469,802

485

5.000%,

7/15/24

No

Opt.

Call

BBB-

503,391

510

5.000%,

7/15/25

No

Opt.

Call

BBB-

537,229

535

5.000%,

7/15/26

No

Opt.

Call

BBB-

569,941

560

5.000%,

7/15/27

No

Opt.

Call

BBB-

602,997

3,000

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Series

2020A,

5.000%,

11/01/34

11/29

at

100.00

Baa1

3,305,730

1,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2015XX,

5.000%,

6/15/25

No

Opt.

Call

Baa1

1,073,170

1,465

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2019LLL,

5.000%,

6/15/44

12/29

at

100.00

N/R

1,566,100

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017:

1,755

5.000%,

10/01/22,

(AMT)

No

Opt.

Call

Baa3

1,761,686

1,525

5.000%,

10/01/23,

(AMT)

No

Opt.

Call

Baa3

1,564,513

1,800

5.000%,

10/01/24,

(AMT)

No

Opt.

Call

Baa3

1,877,886

1,000

5.000%,

10/01/37,

(AMT)

10/27

at

100.00

Baa3

1,053,330

5,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

State

Contract

Bonds,

Hospital

Asset

Transformatiom

Program,

Refunding

Series

2017,

5.000%,

10/01/29

4/28

at

100.00

Baa1

5,474,500

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+

2,438,698

4,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022BB,

5.000%,

6/15/34

12/31

at

100.00

N/R

4,458,040

1,700

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009C,

5.250%,

6/15/32

12/24

at

100.00

Baa1

1,790,117

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2013AA:

330

5.250%,

6/15/33

6/23

at

100.00

Baa1

336,488

645

5.000%,

6/15/36

6/23

at

100.00

Baa1

655,636

200

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA,

5.250%,

6/15/32

6/25

at

100.00

Baa1

210,964

1,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB,

4.000%,

6/15/44

12/28

at

100.00

Baa1

1,000,370

2,145

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA,

5.000%,

6/15/37

12/30

at

100.00

Baa1

2,347,767

41

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Jersey

(continued)

$

1,060

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2021A,

4.000%,

6/15/36

6/31

at

100.00

Baa1

$

1,085,376

2,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

1/01/32

1/27

at

100.00

A+

2,205,540

500

Passaic

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Governmental

Loan

Revenue

Bond,

Patterson

City

Board

of

Education

Project,

Green

Series

2020,

3.000%,

2/01/39

2/30

at

100.00

Aa1

466,655

South

Jersey

Port

Corporation,

New

Jersey,

Marine

Terminal

Revenue

Bonds,

Subordinate

Series

2017B:

2,100

5.000%,

1/01/34,

(AMT)

1/28

at

100.00

Baa1

2,220,666

1,300

5.000%,

1/01/35,

(AMT)

1/28

at

100.00

Baa1

1,368,432

1,250

5.000%,

1/01/36,

(AMT)

1/28

at

100.00

Baa1

1,310,713

41,560

Total

New

Jersey

44,320,137

New

Mexico

-

0.1%

850

Albuquerque,

New

Mexico,

Refuse

Removal

and

Disposal

Revenue

Bonds,

Series

2020,

5.000%,

7/01/38

7/30

at

100.00

AA

975,919

New

York

-

4.7%

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-

318,023

300

4.000%,

6/15/28

No

Opt.

Call

BBB-

307,683

250

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Richmond

Preparatory

Charter

School

Project,

Social

Impact

Project

Series

2021A,

4.000%,

6/01/31,

144A

6/29

at

100.00

N/R

240,782

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

N/R

858,437

500

5.000%,

7/01/38

7/30

at

100.00

N/R

544,875

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

N/R

1,374,575

525

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Catholic

Health

System

Obligated

Group

Series

2019A,

5.000%,

7/01/34

7/29

at

100.00

N/R

540,871

725

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Cornell

University,

Series

2019A,

5.000%,

7/01/32

7/29

at

100.00

N/R

752,593

20

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A,

5.000%,

8/01/29

8/28

at

100.00

N/R

21,242

470

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A,

5.000%,

9/01/28

No

Opt.

Call

N/R

514,250

250

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Northwell

Healthcare

Inc,

Series

2019A,

5.000%,

5/01/30

5/29

at

100.00

A-

280,220

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-

323,001

1,260

Hempstead

Town

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Molloy

College

Project,

Refundng

Series

2017,

5.000%,

7/01/37

7/27

at

100.00

BBB

1,333,584

4,500

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A,

5.000%,

2/15/36

2/27

at

100.00

Aa3

4,942,170

320

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005,

5.250%,

10/01/35

No

Opt.

Call

A2

374,118

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

42

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

York

(continued)

$

340

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

A2

$

409,683

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

1,516,314

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

1,076,680

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

2,220,760

150

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2015B,

5.000%,

11/15/33

5/25

at

100.00

A3

156,391

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+

993,219

1,500

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2020A,

5.000%,

12/01/31

12/30

at

100.00

BBB+

1,664,835

2,260

Nassau

County

Tobacco

Settlement

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2006A-2,

5.250%,

6/01/26

8/22

at

100.00

CCC+

2,257,516

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

1,301,834

370

5.000%,

7/01/32

7/25

at

100.00

BBB

386,217

1,020

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Queens

Baseball

Stadium

Project,

Refunding

Series

2021A,

3.000%,

1/01/39

-

AGM

Insured

1/31

at

100.00

AA

914,991

1,930

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2016

Series

BB-1,

5.000%,

6/15/46,

(UB)

(5)

6/25

at

100.00

AA+

2,045,279

5,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2016

Subseries

CC-1,

5.000%,

6/15/38

12/26

at

100.00

AA+

5,536,650

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+

5,401,350

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

3,268,200

775

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2017

Series

A-1,

5.000%,

8/01/38,

(UB)

(5)

8/26

at

100.00

AA

839,387

5,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2019

Series

D-1,

5.000%,

12/01/39

12/28

at

100.00

AA

5,601,200

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-Through

Bonds,

Series

Series

2016B:

540

5.000%,

6/01/29

6/26

at

100.00

A

571,061

250

5.000%,

6/01/31

6/26

at

100.00

A-

263,630

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

2,859,568

1,170

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

Secured

by

Port

Authority

Consolidated

Bonds,

Refunding

Series

1WTC-2021,

3.000%,

2/15/42

2/30

at

100.00

N/R

1,011,091

43

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

York

(continued)

$

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

$

3,284,010

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

Pooled

Loan

Issue,

Series

2005B:

500

5.500%,

10/15/27,

(ETM)

No

Opt.

Call

AAA

(4)

585,820

1,000

5.500%,

4/15/35,

(ETM)

No

Opt.

Call

AAA

(4)

1,269,390

100

New

York

State

Thruway

Authority,

General

Revenue

Bonds,

Series

2014J,

5.000%,

1/01/23

No

Opt.

Call

A1

101,428

1,065

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

4.000%,

7/01/33,

(AMT)

7/24

at

100.00

BBB

1,067,322

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

N/R

5,539,600

1,530

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Seventh

Series

2018,

5.000%,

9/15/27,

(AMT)

No

Opt.

Call

Aa3

1,716,002

600

Poughkeepsie

City,

New

York,

General

Obligation

Bonds,

Refunding

Public

Improvement

Series

2019.,

5.000%,

6/01/31

6/26

at

100.00

Ba1

638,064

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

N/R

835,298

100

Suffolk

County,

New

York,

General

Obligation

Bonds,

Public

Improvement

Series

2018A,

5.000%,

6/01/26

-

AGM

Insured

No

Opt.

Call

AA

110,700

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-

284,219

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

456,923

63,905

Total

New

York

68,911,056

North

Carolina

-

1.9%

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

1,060,170

1,000

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

Aa3

1,054,030

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Series

2019B:

890

5.000%,

7/01/29,

(AMT)

No

Opt.

Call

Aa3

1,013,861

935

5.000%,

7/01/30,

(AMT)

7/29

at

100.00

Aa3

1,062,768

985

5.000%,

7/01/31,

(AMT)

7/29

at

100.00

Aa3

1,110,991

4,080

Charlotte,

North

Carolina,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

7/01/40

(5)

7/25

at

100.00

AAA

4,369,435

1,300

Greater

Asheville

Regional

Airport

Authority,

Airport

System

Revenue

Bonds,

Series

2022A,

5.250%,

7/01/39

-

AGM

Insured,

(AMT)

7/32

at

100.00

N/R

1,468,662

North

Carolina

Capital

Facilities

Finance

Agency,

Revenue

Bonds,

Duke

University

Project,

Series

2015

A:

125

5.000%,

10/01/41,

(Pre-refunded

10/01/25),

(UB)

(5)

10/25

at

100.00

AA+

(4)

137,500

1,020

5.000%,

10/01/55,

(Pre-refunded

10/01/25),

(UB)

(5)

10/25

at

100.00

AA+

(4)

1,122,000

3,155

North

Carolina

Medial

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Rex

Healthcare,

Series

2020A,

4.000%,

7/01/49,

(UB)

(5)

1/30

at

100.00

AA-

3,163,140

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

44

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Lutheran

Services

for

the

Aging,

Series

2021A:

$

305

5.000%,

3/01/28

No

Opt.

Call

N/R

$

311,231

2,500

4.000%,

3/01/51

3/28

at

103.00

N/R

1,962,700

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)

800,678

1,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2017,

5.000%,

1/01/32

1/27

at

100.00

BBB

1,059,800

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

3,798,865

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

1,211,188

1,750

5.000%,

5/01/32,

(AMT)

5/27

at

100.00

Aa3

1,904,088

1,135

5.000%,

5/01/33,

(AMT)

5/27

at

100.00

Aa3

1,228,603

690

Raleigh

Durham

Airport

Authority,

North

Carolina,

Airport

Revenue

Bonds,

Refunding

Series

2020A,

5.000%,

5/01/33,

(AMT)

5/30

at

100.00

Aa3

778,803

27,230

Total

North

Carolina

28,618,513

North

Dakota

-

0.7%

3,290

City

of

Horace,

North

Dakota,

Temporary

Refunding

Improvement

Bonds,

Series

2022A,

3.250%,

8/01/24

,

(WI/DD,

Settling

8/10/22)

8/23

at

100.00

N/R

3,293,718

1,190

Grand

Forks,

North

Dakota,

Health

Care

System

Revenue

Bonds,

Altru

Health

System

Obligated

Group,

Series

2021,

4.000%,

12/01/37

12/31

at

100.00

Baa2

1,179,314

Horace,

Cass

County,

North

Dakota,

General

Obligation

Bonds,

Refunding

Improvement

Series

2021:

490

3.000%,

5/01/35

5/27

at

100.00

Baa2

433,013

2,320

3.000%,

5/01/41

5/27

at

100.00

Baa2

1,909,685

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-

1,491,822

1,485

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C,

5.000%,

6/01/34

6/28

at

100.00

BBB-

1,587,643

10,140

Total

North

Dakota

9,895,195

Ohio

-

2.7%

1,000

Bethel

Local

School

District,

Miami

County,

Ohio,

Certificates

of

Participation,

Series

2020,

4.000%,

12/01/36

-

BAM

Insured

6/28

at

100.00

AA

1,054,520

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1:

975

4.000%,

6/01/37

6/30

at

100.00

A-

987,802

945

4.000%,

6/01/38

6/30

at

100.00

A-

954,176

945

4.000%,

6/01/39

6/30

at

100.00

A-

951,501

City

of

Elyria,

Ohio,

General

Obligation

Various

Purpose

Bonds,

Series

2018:

1,315

5.000%,

12/01/39,

(Pre-refunded

6/01/23)

-

BAM

Insured

6/23

at

100.00

AA

(4)

1,353,043

3,045

5.000%,

12/01/43,

(Pre-refunded

6/01/23)

-

BAM

Insured

6/23

at

100.00

AA

(4)

3,133,092

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)

348,373

115

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

N/R

(4)

119,320

45

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Ohio

(continued)

$

870

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Public

Facilities

Improvements,

Subordinate

Lien

Series

2018A,

5.000%,

10/01/38

4/28

at

100.00

AA

$

969,484

1,000

Cuyahoga

Community

College

District,

Ohio,

General

Obligation

Bonds,

Facilities

Construction

&

Improvement

Series

2018,

5.000%,

12/01/37

6/26

at

100.00

Aa1

1,093,090

2,000

Franklin

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

OhioHealth

Corporation,

Series

2015,

5.000%,

5/15/35

5/25

at

100.00

AA+

2,105,520

Franklin

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Various

Purpose

Series

2018:

2,250

5.000%,

6/01/36

6/28

at

100.00

AAA

2,533,365

2,250

5.000%,

6/01/37

6/28

at

100.00

AAA

2,521,057

5,000

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Cincinnati

Children's

Hospital

Medical

Center,

Series

2019CC,

5.000%,

11/15/49

No

Opt.

Call

AA

6,091,800

550

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013,

5.000%,

2/15/27

2/23

at

100.00

BB+

553,646

1,150

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Refunding

Series

2009D,

3.375%,

8/01/29,

(Mandatory

Put

9/15/21)

No

Opt.

Call

N/R

1,052,284

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Kenyon

College,

Series

2017:

500

5.000%,

7/01/34

7/27

at

100.00

A

535,065

495

5.000%,

7/01/42

7/27

at

100.00

A

522,963

455

Ohio

Higher

Educational

Facility

Commission,

Senior

Hospital

Parking

Revenue

Bonds,

University

Circle

Incorporated

2020

Project,

Series

2020,

5.000%,

1/15/37

1/30

at

100.00

A3

481,950

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

2,759,325

2,040

Ohio

State,

Hospital

Revenue

Bonds,

Cleveland

Clinic

Health

System

Obligated

Group,

Refunding

Series

2017A,

5.000%,

1/01/32

1/28

at

100.00

AA

2,296,224

2,450

Ohio

Water

Development

Authority,

Revenue

Bonds,

Fresh

Water

Development,

Series

2019,

5.000%,

6/01/44

12/29

at

100.00

AAA

2,772,151

2,500

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Refunding

Series

2019B,

5.000%,

12/01/39

12/29

at

100.00

AAA

2,855,700

2,245

Ross

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2019,

5.000%,

12/01/44

12/29

at

100.00

A-

2,396,807

36,930

Total

Ohio

40,442,258

Oklahoma

-

0.8%

Clinton

Public

Works

Authority,  Oklahoma,

Educational

Facilities,

Lease

Revenue

Bonds,

Series

2022:

2,145

5.000%,

10/01/33

10/32

at

100.00

N/R

2,409,478

1,925

5.000%,

10/01/35

10/32

at

100.00

N/R

2,134,825

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-

2,225,840

2,170

Kingfisher

Special

Projects

Authority,

Oklahoma,

Educational

Facilities

Lease

Revenue

Bonds,

Kingfisher

Public

Schools

Project,

Series

2020,

4.000%,

3/01/28

No

Opt.

Call

A

2,358,378

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

46

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Oklahoma

(continued)

$

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-

$

560,870

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-

1,471,942

800

Pontotoc

County

Educational

Facilities

Authority,

Oklahoma,

Facilities

Lease

Revenue

Bonds,

Ada

Public

Schools

Project,

Series

2021,

4.000%,

9/01/33

9/31

at

100.00

N/R

847,064

10,910

Total

Oklahoma

12,008,397

Oregon

-

0.2%

950

Clatsop

County,

Oregon,

General

Obligation

Bonds,

Series

2019,

5.000%,

6/15/38

6/29

at

100.00

Aa2

1,080,274

2,000

Lane

County

School

District

4J

Eugene,

Oregon,

General

Obligation

Bonds,

Series

2017,

5.000%,

6/15/31

6/27

at

100.00

Aa1

2,264,920

150

Oregon

Special

Districts

Association,

Certificates

of

Participation,

Flexlease

Program,

Series

2013A,

4.000%,

1/01/24

1/23

at

100.00

N/R

151,104

3,100

Total

Oregon

3,496,298

Pennsylvania

-

3.4%

650

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2016,

5.000%,

10/15/22

No

Opt.

Call

Baa3

652,730

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

104,670

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017:

650

5.000%,

11/01/24

No

Opt.

Call

BB-

637,839

710

5.000%,

11/01/29

11/27

at

100.00

BB-

636,614

50

5.000%,

11/01/37

11/27

at

100.00

BB-

41,121

160

4.000%,

11/01/47

11/27

at

100.00

BB-

112,086

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Reading

Hospital

&

Medical

Center

Project,

Series

2012A:

1,300

5.000%,

11/01/40

8/22

at

100.00

BB-

1,033,461

1,155

5.000%,

11/01/44

8/22

at

100.00

BB-

895,206

835

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2021,

3.000%,

8/15/53

8/30

at

100.00

A-

634,558

2,595

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2020A,

4.000%,

9/01/41

9/30

at

100.00

AA

2,642,670

Delaware

County

Authority,

Pennsylvania,

Revenue

Bonds,

Elwyn,

Inc.

Project,

Series

2017:

1,750

5.000%,

6/01/32

6/25

at

102.00

BB

1,766,310

1,760

5.000%,

6/01/37

6/25

at

102.00

BB

1,762,112

1,350

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/49

7/29

at

100.00

BBB-

1,315,048

Luzerne

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2017A:

1,000

5.000%,

12/15/26

No

Opt.

Call

AA

1,120,120

500

5.000%,

12/15/27

No

Opt.

Call

AA

566,570

47

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

Luzerne

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2017B:

$

500

5.000%,

12/15/26

No

Opt.

Call

AA

$

560,060

500

5.000%,

12/15/27

No

Opt.

Call

AA

566,570

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

3,935,916

1,125

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B,

5.000%,

5/01/34

5/32

at

100.00

N/R

1,265,603

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

989,750

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

N/R

570,610

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

2,371,570

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2019:

2,000

4.000%,

8/15/44,

(UB)

(5)

8/29

at

100.00

AA

2,017,260

3,000

4.000%,

8/15/49,

(UB)

(5)

8/29

at

100.00

AA

3,009,270

500

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015A-1,

5.000%,

12/01/45

6/25

at

100.00

A+

522,875

5,385

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2019A,

5.000%,

12/01/38

12/29

at

100.00

A1

6,001,798

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

1,976,272

935

Philadelphia

Health

and

Educational

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Temple

University

Health

System

Obligated

Group,

Series

2022,

5.000%,

7/01/35

-

AGM

Insured

7/32

at

100.00

N/R

1,048,733

1,500

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/15/26,

(AMT)

6/25

at

100.00

A2

1,603,545

3,000

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/35,

(AMT)

7/27

at

100.00

A2

3,198,030

600

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

First

Lien

Series

2019A,

5.000%,

9/01/32

-

AGM

Insured

9/29

at

100.00

AA

692,256

4,740

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

Wellspan

Health

Obligated

Group,

Series

2019A,

5.000%,

6/01/38,

(UB)

(5)

6/29

at

100.00

Aa3

5,185,939

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

761,540

590

Upper

Merion

Area

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2016,

5.000%,

1/15/35,

(Pre-refunded

1/15/25)

1/25

at

100.00

Aa1

(4)

636,834

48,900

Total

Pennsylvania

50,835,546

Rhode

Island

-

0.4%

1,500

Rhode

Island

Health

and

Educational

Building

Corporation,

Higher

Education

Facility

Revenue

Bonds,

Providence

College,

Refunding

Series

2015,

5.000%,

11/01/40

11/25

at

100.00

A

1,605,480

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

48

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Rhode

Island

(continued)

Rhode

Island

Health

and

Educational

Building

Corporation,

Hospital

Financing

Revenue

Bonds,

Lifespan

Obligated

Group,

Refunding

Series

2016:

$

1,500

5.000%,

5/15/30

5/26

at

100.00

BBB+

$

1,570,380

2,200

5.000%,

5/15/31

5/26

at

100.00

BBB+

2,292,840

5,200

Total

Rhode

Island

5,468,700

South

Carolina

-

1.0%

Charleston

County

Airport

District,

South

Carolina,

Airport

Revenue

Bonds,

Series

2019:

1,000

5.000%,

7/01/36

7/29

at

100.00

A1

1,129,590

800

5.000%,

7/01/37

7/29

at

100.00

A1

901,392

3,005

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

Wofford

College,

Series

2019,

5.000%,

4/01/49

4/29

at

100.00

A-

3,175,654

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

York

Preparatory

Academy

Project,

Series

2014A:

75

5.750%,

11/01/23,

(ETM),

144A

No

Opt.

Call

N/R

(4)

77,294

180

7.000%,

11/01/33,

(Pre-refunded

11/01/24),

144A

11/24

at

100.00

N/R

(4)

200,475

785

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2015,

5.000%,

7/01/33,

(Pre-refunded

7/01/25),

(AMT)

7/25

at

100.00

A+

(4)

850,854

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018:

2,840

5.000%,

7/01/34,

(AMT)

7/28

at

100.00

A+

3,075,805

450

5.000%,

7/01/48,

(AMT)

7/28

at

100.00

A+

476,483

Spartanburg

County

School

District

7,

South

Carolina,

General

Obligation

Bonds,

Series

2018B:

825

5.000%,

3/01/30

3/29

at

100.00

Aa1

964,574

1,495

5.000%,

3/01/38

3/29

at

100.00

Aa1

1,688,318

Spartanburg

Regional

Health

Services

District,

Inc.,

South

Carolina,

Hosptial

Revenue

Bonds,

Series

2020A:

1,000

5.000%,

4/15/33

-

AGM

Insured

4/30

at

100.00

AA

1,150,430

1,050

5.000%,

4/15/35

-

AGM

Insured

4/30

at

100.00

AA

1,199,887

13,505

Total

South

Carolina

14,890,756

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

N/R

1,785,295

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

N/R

2,276,814

350

Lincoln

County,

South

Dakota,

Economic

Development

Revenue

Bonds,

The

Augustana

College

Association

Project,

Series

2021A,

4.000%,

8/01/41

8/31

at

100.00

BBB-

327,632

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-

1,080,060

8,000

4.000%,

7/01/42

7/27

at

100.00

N/R

7,977,520

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-

2,908,891

15,630

Total

South

Dakota

16,356,212

Tennessee

-

0.6%

1,820

Greeneville

Health

and

Educational

Facilities

Board,

Tennessee,

Hospital

Revenue

Bonds,

Ballad

Health,

Series

2018A,

5.000%,

7/01/35

7/28

at

100.00

A

1,955,135

49

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tennessee

(continued)

$

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

$

1,530,424

830

Metropolitan

Government

of

Nashville-Davidson

County

Health

and

Educational

Facilities

Board,

Tennessee,

Revenue

Bonds,

Vanderbilt

University

Medical

Center,

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00

A3

890,067

1,500

Metropolitan

Government

of

Nashville-Davidson

County,

Tennessee,

Water

and

Sewerage

Revenue

Bonds,

Series

2013,

5.000%,

7/01/40,

(Pre-refunded

7/01/23)

7/23

at

100.00

AA

(4)

1,545,480

1,350

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Refunding

&

Improvement

Series

2015B,

5.000%,

7/01/32,

(AMT)

7/25

at

100.00

A1

1,424,533

500

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Subordinate

Series

2019A,

5.000%,

7/01/29

No

Opt.

Call

N/R

578,090

1,245

Tennessee

State

School

Bond

Authority,

Higher

Educational

Facilities

Second

Program

Bonds,

Refunding

Series

2015B,

5.000%,

11/01/35,

(Pre-refunded

11/01/25)

11/25

at

100.00

AA+

(4)

1,372,476

8,645

Total

Tennessee

9,296,205

Texas

-

12.6%

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

1,703,190

560

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education,

Refunding

Series

2017A,

5.000%,

12/01/35

6/27

at

100.00

AAA

616,129

1,125

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education,

Series

2016A,

2.750%,

12/01/26

No

Opt.

Call

BBB-

1,088,021

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+

525,515

500

5.000%,

1/01/33

1/27

at

100.00

BB+

523,080

Austin,

Texas,

Airport

System

Revenue

Bonds,

Series

2017A:

890

5.000%,

11/15/35

11/26

at

100.00

A1

974,683

5,000

5.000%,

11/15/41

11/26

at

100.00

A1

5,431,850

5,000

Austin,

Texas,

Airport

System

Revenue

Bonds,

Series

2017B,

5.000%,

11/15/46,

(AMT)

11/26

at

100.00

A1

5,277,300

2,000

Austin,

Texas,

Airport

System

Revenue

Bonds,

Series

2019B,

5.000%,

11/15/33,

(AMT)

11/29

at

100.00

A1

2,232,060

3,200

Austin,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/15/45,

(UB)

(5)

11/25

at

100.00

AA

3,388,224

Brazoria

County

Municipal

Utility

District

28,

Texas,

General

Obligation

Bonds,

Refunding

Series

2021:

910

2.000%,

9/01/27

-

AGM

Insured

9/26

at

100.00

AA

906,442

645

2.000%,

9/01/28

-

AGM

Insured

9/26

at

100.00

AA

629,352

985

2.000%,

9/01/29

-

AGM

Insured

9/26

at

100.00

AA

945,413

505

2.000%,

9/01/30

-

AGM

Insured

9/26

at

100.00

AA

474,104

520

2.000%,

9/01/31

-

AGM

Insured

9/26

at

100.00

AA

478,052

360

2.000%,

9/01/32

-

AGM

Insured

9/26

at

100.00

AA

322,373

1,750

Brazoria

County

Toll

Road

Authority,

Texas,

Toll

Road

Revenue

Bond,

Refunding

Limited

Contract

Tax

&

Subordinate

Lien

Series

2020,

5.000%,

3/01/49

3/27

at

100.00

AA+

1,893,325

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

50

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

1,825

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2013A,

5.000%,

1/01/33,

(Pre-refunded

1/01/23)

1/23

at

100.00

A-

(4)

$

1,851,207

1,210

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016,

5.000%,

1/01/28

1/26

at

100.00

BBB+

1,302,093

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2021B:

900

5.000%,

1/01/38

1/31

at

100.00

A-

995,427

1,150

5.000%,

1/01/39

1/31

at

100.00

A-

1,268,047

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)

393,408

1,695

5.000%,

1/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00

A-

(4)

1,852,296

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Idea

Public

Schools,

Series

2022A:

510

5.000%,

8/15/32

No

Opt.

Call

N/R

581,017

555

4.000%,

8/15/34

8/32

at

100.00

N/R

568,753

410

4.000%,

8/15/35

8/32

at

100.00

N/R

418,889

50

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education

Charter

School,

Series

2013A,

3.100%,

12/01/22

No

Opt.

Call

BBB-

50,112

150

Corpus

Christi,

Texas,

General

Obligation

Bonds,

General

Improvement

Series

2013,

5.000%,

3/01/27,

(Pre-refunded

3/01/23)

3/23

at

100.00

AA

(4)

152,946

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)

5,904,996

3,055

Dallas

Fort

Worth

International

Airport,

Joint

Revenue

Bonds,

Refunding

Series

2022B,

5.000%,

11/01/40

,

(WI/DD,

Settling

8/09/22)

11/32

at

100.00

N/R

3,499,350

5,980

Dallas-Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Improvement

Series

2014B,

4.500%,

11/01/45,

(Pre-refunded

11/01/22),

(AMT)

11/22

at

100.00

A+

(4)

6,022,936

765

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2013A,

6.625%,

9/01/31,

(Pre-refunded

9/01/23)

9/23

at

100.00

N/R

(4)

800,810

Garland,

Dallas,

Collin

and

Rockwell

Counties,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2019:

1,280

5.000%,

3/01/30

3/29

at

100.00

AA-

1,467,021

1,190

5.000%,

3/01/31

3/29

at

100.00

AA-

1,362,871

1,790

5.000%,

3/01/32

3/29

at

100.00

AA-

2,041,889

Garland,

Dallas,

Collin

and

Rockwell

Counties,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2019A:

350

4.000%,

3/01/34

3/30

at

100.00

AA-

375,316

370

4.000%,

3/01/35

3/30

at

100.00

AA-

394,464

390

4.000%,

3/01/36

3/30

at

100.00

AA-

413,529

540

4.000%,

3/01/37

3/30

at

100.00

AA-

564,899

590

4.000%,

3/01/38

3/30

at

100.00

AA-

609,293

500

4.000%,

3/01/39

3/30

at

100.00

AA-

511,130

1,000

Garland,

Dallas,

Collin

and

Rockwell

Counties,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2020,

4.000%,

3/01/45

3/30

at

100.00

AA-

1,009,890

Garland,

Dallas,

Collin

and

Rockwell

Counties,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2021A:

1,250

3.000%,

3/01/37

3/31

at

100.00

AA-

1,183,800

1,330

4.000%,

3/01/38

3/31

at

100.00

AA-

1,378,425

51

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

4,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Refunding

First

Tier

Series

2020C,

4.000%,

10/01/49,

(UB)

(5)

4/30

at

100.00

A+

$

3,951,160

5,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Subordinate

Lien

Series

2018A

Tela

Supported,

5.000%,

10/01/43,

(UB)

(5)

4/28

at

100.00

AA+

5,514,900

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-

1,247,958

955

4.500%,

9/01/32

9/27

at

100.00

BBB-

968,943

9,000

Harris

County

Flood

Control

District,

Texas,

Contract

Tax

Bonds,

Refunding

Series

2017A,

4.000%,

10/01/37

10/27

at

100.00

AAA

9,301,320

800

Hidalgo

County

Regional

Mobility

Authority,

Texas,

Toll

and

Vehicle

Registration

Fee

Revenue

Bonds,

Senior

Lien

Series

2022A,

5.000%,

12/01/35

12/31

at

100.00

N/R

864,008

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

2,905,770

2,000

5.000%,

7/01/35,

(AMT)

7/28

at

100.00

A1

2,167,340

1,750

5.000%,

7/01/36,

(AMT)

7/28

at

100.00

A1

1,891,382

1,665

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

&

Subordinate

Lien

Series

2018C,

5.000%,

7/01/32,

(AMT)

7/28

at

100.00

AA

1,830,351

2,000

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2021A,

4.000%,

7/01/40,

(AMT)

7/31

at

100.00

N/R

2,005,720

2,855

Houston,

Texas,

General

Obligation

Bonds,

Refunding

Public

Improvement

Series

2013A,

5.000%,

3/01/28,

(Pre-refunded

3/01/23)

3/23

at

100.00

AA

(4)

2,913,585

2,500

Keller

Independent

School

District,

Tarrant

County,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015A,

4.000%,

2/15/34,

(Pre-

refunded

2/15/25)

2/25

at

100.00

AAA

(4)

2,631,350

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

1,455,916

Lake

Houston

Redevelopment

Authority,

Texas,

Tax

Increment

Contract

Revenue

Bonds,

Series

2021:

350

3.000%,

9/01/38

9/31

at

100.00

BBB-

288,180

350

3.000%,

9/01/40

9/31

at

100.00

BBB-

280,955

4,220

3.000%,

9/01/44

9/31

at

100.00

BBB-

3,241,424

Lazy

Nine

Municipal

Utility

District

1B,

Travis

County,

Texas,

General

Obligation

Water

and

Sewer

Bonds,

Series

2021A:

525

2.000%,

3/01/35

-

AGM

Insured

3/27

at

100.00

AA

417,307

530

2.000%,

3/01/37

-

AGM

Insured

3/27

at

100.00

AA

401,316

4,825

Little

Elm

Independent

School

District,

Denton

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2018,

5.000%,

8/15/46

2/28

at

100.00

AAA

5,344,701

1,695

Lone

Star

College

System,

Harris,

Montgomery

and

San

Jacinto

Counties,

Texas,

Revenue

Financing

System

Bonds,

Refunding

Series

2021,

3.000%,

2/15/36

2/31

at

100.00

AA

1,617,928

2,000

Love

Field

Airport

Modernization

Corporation,

Texas,

General

Airport

Revenue

Bonds

Series

2015,

5.000%,

11/01/32,

(AMT)

11/25

at

100.00

A1

2,117,720

1,250

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2021,

5.000%,

5/15/41

5/30

at

100.00

A+

1,392,600

2,550

Lubbock,

Texas,

Electric

Light

and

Power

Revenue

Bonds,

Series

2021,

4.000%,

4/15/39

4/30

at

100.00

A+

2,630,606

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

52

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

Martin

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Refunding

Series

2021:

$

350

4.000%,

4/01/33

4/30

at

100.00

A3

$

369,208

350

4.000%,

4/01/35

4/30

at

100.00

A3

364,465

Midtown

Redevelopment

Authority,

Texas,

Tax

Increment

Contract

Revenue,

Refunding

Series

2015:

500

5.000%,

1/01/24

No

Opt.

Call

A

520,610

300

5.000%,

1/01/25

1/24

at

100.00

A

312,966

1,500

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

4.625%,

10/01/31,

(AMT),

144A

8/22

at

105.00

BB-

1,540,185

1,000

Montgomery

County

Municipal

Utility

District

47,

Texas,

Waterworks

and

Sewer

System

Unlimited

Tax

Bonds,

Series

2020,

1.500%,

10/01/29

10/25

at

100.00

Aa3

902,380

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-

1,675,662

1,060

5.000%,

9/15/31

9/25

at

100.00

BBB-

1,114,378

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

626,137

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A:

1,500

5.000%,

7/01/23

No

Opt.

Call

Caa1

1,275,000

750

5.000%,

7/01/30

7/25

at

100.00

Caa1

637,500

2,895

North

East

Regional

Mobility

Authority,

Texas,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2016A,

5.000%,

1/01/29

1/26

at

100.00

BBB

3,068,063

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-

3,062,189

North

Houston

Development

Corporation,

Texas,

Tax

Increment

Contract

Revenue

Bonds,

Refunding

Series

2019:

880

3.000%,

9/01/36

-

AGM

Insured

9/29

at

100.00

AA

804,857

1,000

3.000%,

9/01/37

-

AGM

Insured

9/29

at

100.00

AA

909,680

3,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Capital

Appreciation

Series

2008I,

6.500%,

1/01/43,

(Pre-refunded

1/01/25)

1/25

at

100.00

A+

(4)

3,334,380

1,500

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2018,

5.000%,

1/01/31

1/28

at

100.00

A

1,690,245

Port

Freeport,

Brazoria

County,

Texas,

Revenue

Bonds,

Senior

Lien

Series

2018:

1,050

5.000%,

6/01/34,

(AMT)

6/28

at

100.00

A+

1,160,260

1,105

5.000%,

6/01/35,

(AMT)

6/28

at

100.00

A+

1,218,550

460

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)

484,076

1,000

San

Antonio

Education

Facilities

Corporation,

Texas,

Higher

Education

Revenue

Bonds,

University

Incarnate

Word

Project,

Refunding

&

Improvement

Series

2021A,

4.000%,

4/01/41

4/31

at

100.00

Baa1

982,620

1,500

San

Antonio,

Texas,

Airport

System

Revenue

Bonds,

Improvement

Series

2015,

5.000%,

7/01/45,

(AMT)

7/25

at

100.00

A1

1,559,145

53

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

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

$

1,027,160

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-

982,320

3,975

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Cook

Childrens

Medical

Center,

Series

2020,

3.000%,

12/01/40

12/29

at

100.00

AA

3,570,703

1,405

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

III,

Gas

Supply

Revenue

Bonds,

Refunding

Series

2021,

5.000%,

12/15/30

No

Opt.

Call

A3

1,545,135

Texas

Municipal

Power

Agency,

Revenue

Bonds,

Transmisison

System,

Refunding

Series

2021:

3,000

2.000%,

9/01/33

-

AGM

Insured

9/26

at

100.00

AA

2,571,420

1,000

3.000%,

9/01/36

-

AGM

Insured

9/26

at

100.00

AA

940,550

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Revenue

Bonds,

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Managed

Lanes

Project,

Refunding

Senior

Lien

Series

2019A:

2,000

5.000%,

12/31/31

12/29

at

100.00

Baa2

2,200,620

3,185

5.000%,

12/31/34

12/29

at

100.00

Baa2

3,445,660

2,420

5.000%,

12/31/36

12/29

at

100.00

Baa2

2,603,485

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

1,770,615

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Segments

3A

&

3B

Facility,

Series

2013:

335

7.000%,

12/31/38,

(AMT)

9/23

at

100.00

Baa3

347,385

455

6.750%,

6/30/43,

(AMT)

9/23

at

100.00

Baa3

469,888

1,200

Texas

State,

General

Obligation

Bonds,

College

Student

Loan

Series

2014,

6.000%,

8/01/25,

(AMT)

8/24

at

100.00

AAA

1,293,984

1,140

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2015C,

5.000%,

8/15/29

8/24

at

100.00

A-

1,189,636

1,250

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2016,

5.000%,

10/15/46

10/26

at

100.00

AAA

1,360,900

1,105

Travis

County

Water

Control

and

Improvement

District

17,

Steiner

Ranch

Defined

Area,

Texas,

General

Obligation

Bonds,

Refunding

Series

2020,

3.000%,

5/01/29

-

BAM

Insured

No

Opt.

Call

AA

1,132,890

2,000

University

of

Houston,

Texas,

Consolidated

Revenue

Bonds,

Refunding

Series

2017C,

5.000%,

2/15/29

2/26

at

100.00

AA

2,195,160

1,185

Uptown

Development

Authority,

Houston,

Texas,

Tax

Increment

Contract

Revenue

Bonds,

Infrastructure

Improvement

Facilities,

Refunding

Series

2021,

3.000%,

9/01/38

9/31

at

100.00

Baa2

1,023,473

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

1,700,288

1,070

Viridian

Municipal

Management

District,

Texas,

Unlimited

Tax

Revenue

Bonds,

Utility

Improvement

Series

2021,

2.250%,

12/01/37

-

AGM

Insured

12/27

at

100.00

N/R

831,518

Washington

County

Junior

College

District,

Texas,

Combined

Fee

Revenue

Bonds,

Refunding

Series

2020:

1,700

5.000%,

10/01/29

-

AGM

Insured

No

Opt.

Call

AA

1,977,644

1,385

4.000%,

10/01/31

-

AGM

Insured

10/30

at

100.00

AA

1,508,030

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

54

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

8/24

at

100.00

Aaa

$

874,096

179,315

Total

Texas

185,941,483

Utah

-

2.3%

2,855

Holladay,

Utah,

Sales

Tax

Revenue

Bonds,

Series

2022,

5.000%,

11/15/42

11/32

at

100.00

N/R

3,304,862

Intermountain

Power

Agency,

Utah,

Power

Supply

Revenue

Bonds,

Series

2022A:

4,000

5.000%,

7/01/39

7/31

at

100.00

N/R

4,660,320

5,000

5.000%,

7/01/40

7/31

at

100.00

N/R

5,784,850

1,255

Lehi,

Utah,

Sales

Tax

Revenue

Bonds,

Series

2018,

5.250%,

6/01/38

6/28

at

100.00

AA+

1,430,022

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

1,608,437

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017A:

1,875

5.000%,

7/01/34,

(AMT)

7/27

at

100.00

A

2,029,406

2,280

5.000%,

7/01/35,

(AMT)

7/27

at

100.00

A

2,463,609

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

2,227,720

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Bridge

Elementary

Project,

Series

2021A:

560

4.000%,

6/15/31

6/28

at

103.00

N/R

524,294

145

4.000%,

6/15/41

6/28

at

103.00

N/R

119,801

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

558,275

500

5.000%,

10/15/31

10/27

at

100.00

AA

557,500

Utah

Charter

School

Finance

Authority,

Utah,

Charter

School

Revenue

Bonds,

Spectrum

Academy

Project,

Series

2020:

705

4.000%,

4/15/30

No

Opt.

Call

Aa2

760,639

760

4.000%,

4/15/32

4/30

at

100.00

Aa2

807,348

5,000

Utah

County,

Utah,

Hospital

Revenue

Bonds,

IHC

Health

Services

Inc,

Series

2020A,

5.000%,

5/15/43,

(UB)

(5)

5/30

at

100.00

AA+

5,598,100

400

Utah

County,

Utah,

Hospital

Revenue

Bonds,

IHC

Health

Services

Inc.,

Series

2016B,

4.000%,

5/15/47

5/24

at

100.00

AA+

400,020

750

Utah

Infrastructure

Agency,

Telecommunications

Revenue

Bonds,

Series

2021,

4.000%,

10/15/38

4/31

at

100.00

BBB-

697,177

30,540

Total

Utah

33,532,380

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+

1,349,426

1,500

5.000%,

12/01/38

6/26

at

100.00

A+

1,591,440

2,770

Total

Vermont

2,940,866

Virginia

-

1.3%

1,065

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016,

5.000%,

7/01/41

-

AGM

Insured

7/26

at

100.00

AA

1,132,777

55

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Virginia

(continued)

$

2,000

Fairfax

County

Economic

Development

Authority,

Virginia,

Transportation

Contract

Revenue

Bonds,

Route

28

Project,

Refunding

Series

2016B,

3.000%,

4/01/36

4/26

at

100.00

AA+

$

1,902,320

1,400

Fredericksburg

Economic

Development

Authority,

Virginia,

Revenue

Bonds,Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2014,

5.000%,

6/15/33

6/24

at

100.00

A3

1,440,292

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+

2,968,830

1,005

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Revenue

Bonds,

Fort

Norfolk

Retirement

Community,

Inc.

-

Harbor's

Edge

Project,

Refunding

Series

2014,

5.375%,

1/01/35

1/25

at

100.00

N/R

1,022,095

475

Stafford

County

Economic

Development

Authority,

Virginia,

Hospital

Facilities

Revenue

Bonds,

Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2016,

5.000%,

6/15/27

6/26

at

100.00

A3

515,745

815

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Washington

and

Lee

University,

Series

2001,

5.750%,

1/01/34

No

Opt.

Call

AA

1,051,766

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

1,820,140

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022:

3,335

5.000%,

1/01/33,

(AMT)

1/32

at

100.00

N/R

3,724,095

1,585

5.000%,

7/01/34,

(AMT)

1/32

at

100.00

N/R

1,754,674

720

5.000%,

12/31/38,

(AMT)

12/32

at

100.00

N/R

785,174

810

5.000%,

6/30/39,

(AMT)

12/32

at

100.00

N/R

887,371

17,960

Total

Virginia

19,005,279

Washington

-

1.1%

Camas,

Washington,

Water

and

Sewer

Revenue

Bonds,

Series

2019:

720

5.000%,

12/01/44

12/28

at

100.00

Aa3

802,497

1,255

5.000%,

12/01/47

12/28

at

100.00

Aa3

1,393,803

3,000

Central

Puget

Sound

Regional

Transit

Authority,

Washington,

Sales

Tax

and

Motor

Vehicle

Excise

Tax

Bonds,

Green

Series

2016S-1,

5.000%,

11/01/35,

(UB)

(5)

11/26

at

100.00

AAA

3,310,350

1,915

Energy

Northwest,

Washington,

Electric

Revenue

Bonds,

Columbia

Generating

Station,

Refunding

Series

2019A,

5.000%,

7/01/36

7/29

at

100.00

Aa2

2,196,735

1,705

King

County

School

District

415

Kent,

Washington,

General

Obligation

Bonds,

Series

2019,

4.000%,

12/01/38

12/29

at

100.00

Aaa

1,769,807

1,355

Lakewood

Water

District,

Pierce

County,

Washington,

Water

Revenue

Bonds,

2019A,

5.000%,

12/01/44,

(AMT)

12/28

at

100.00

AA

1,497,912

400

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/28

No

Opt.

Call

BBB+

442,652

2,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Children's

Hospital,

Series

2017A,

5.000%,

10/01/47,

(UB)

(5)

10/27

at

100.00

Aa2

2,123,620

2,100

Washington

State,

Certificates

of

Participation,

State

&

Local

Agency

Real

&

Personal

Property

Series

2020B,

5.000%,

7/01/39

7/30

at

100.00

Aa1

2,366,112

14,450

Total

Washington

15,903,488

West

Virginia

-

0.7%

1,000

Marshall

University,

West

Virginia,

University

Revenue

Bonds,

Refunding

&

Improvement

Series

2020A,

3.000%,

5/01/46

-

AGM

Insured

5/30

at

100.00

AA

855,780

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2022

56

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

West

Virginia

(continued)

$

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

$

253,167

1,035

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

West

Virginia

United

Health

System

Obligated

Group,

Series

2018A,

4.000%,

6/01/51

6/28

at

100.00

N/R

1,020,117

2,545

West

Virginia

State,

General

Obligation

Bonds,

State

Road

Series

2019A,

5.000%,

6/01/41

6/29

at

100.00

Aa2

2,858,111

2,840

West

Virginia

State,

General

Obligation

Bonds,

State

Road

Series

2021A,

5.000%,

6/01/38

6/31

at

100.00

Aa2

3,284,375

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

1,323,675

8,920

Total

West

Virginia

9,595,225

Wisconsin

-

1.9%

Public

Finance

Authority

of

Wisconsin,

Hospital

Revenue

Bonds,

Renown

Regional

Medical

Center

Project,

Refunding

Series

2020A:

2,950

5.000%,

6/01/38

6/30

at

100.00

A+

3,210,219

5,585

4.000%,

6/01/45

6/30

at

100.00

A+

5,341,103

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-

1,808,512

485

University

of

Wisconsin

Hospitals

and

Clinics

Authority,

Revenue

Bonds,

Tender

Option

Bond

Trust

2015-XF0127,

13.996%,

4/01/38,

(Pre-

refunded

4/01/23),

144A,

(IF)

(5)

4/23

at

100.00

AA-

(4)

528,888

2,410

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016B,

5.000%,

2/15/34

2/26

at

100.00

A-

2,542,743

335

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Fort

Healthcare,

Series

2014,

5.000%,

5/01/25

5/24

at

100.00

BBB+

350,520

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)

2,095,705

700

5.000%,

9/01/29,

(Pre-refunded

9/01/27)

9/27

at

100.00

N/R

(4)

797,279

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

5,383,400

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Hope

Christian

Schools

Obligated

Group,

Series

2021:

1,000

4.000%,

12/01/51

12/26

at

100.00

N/R

824,270

1,000

4.000%,

12/01/56

12/26

at

100.00

N/R

803,370

1,505

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Monroe

Clinic

Inc.,

Refunding

Series

2016,

5.000%,

2/15/30,

(Pre-refunded

8/15/25)

8/25

at

100.00

N/R

(4)

1,643,084

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

104,921

800

Wisconsin

Housing

and

Economic

Development

Authority,

Home

Ownership

Revenue

Bonds,

Social

Series

2021C,

2.100%,

9/01/32

9/30

at

100.00

N/R

718,400

1,850

Wisconsin

State,

Transportation

Revenue

Bonds,

Series

2021A,

3.000%,

7/01/41

7/30

at

100.00

AAA

1,699,188

27,335

Total

Wisconsin

27,851,602

57

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

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

A2

(4)

$

1,132,480

$

1,459,472

Total

Long-Term

Investments

(cost

$1,590,440,717)

1,543,616,783

Floating

Rate

Obligations

-

(6.7)%

(

98,865,000

)

Other

Assets

Less

Liabilities

-   2.2%

32,543,112

Net

Assets

-

100%

$

1,477,294,895

(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.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

IF

Inverse

floating

rate

security

issued

by

a

tender

option

bond

(“TOB”)

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

(SIFMA)

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

July

31,

2022

See

accompanying

notes

to

financial

statements.

58

Municipal

Total

Return

Managed

Accounts

Portfolio

Assets

Long-term

investments,

at

value

†

$

1,543,616,783‌

Cash

28,038,686‌

Receivable

for

interest

15,940,728‌

Receivable

for

investments

sold

4,695,000‌

Receivable

for

reimbursement

from

Adviser

135,422‌

Receivable

for

shares

sold

4,282,581‌

Other

assets

112,010‌

Total

assets

1,596,821,210‌

Liabilities

Floating

rate

obligations

98,865,000‌

Payable

for

dividends

973,614‌

Payable

for

interest

430,462‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

15,117,750‌

Payable

for

shares

redeemed

3,683,660‌

Accrued

expenses:

Trustees

fees

62,228‌

Other

393,601‌

Total

liabilities

119,526,315‌

Commitments

and

contingencies

(as

disclosed

in

Note

8)

Net

assets

$

1,477,294,895‌

Shares

outstanding

140,375,455‌

Net

assets

value

("NAV")

per

share

10.52‌

†

Long-term

investments,

cost

$

1,

590,440,717‌

Municipal

Total

Return

Managed

Accounts

Portfolio

Fund

level

net

assets

consist

of:

Capital

paid-in

$

1,569,396,216‌

Total

distributable

earnings

(loss)

(92,101,321‌)

Fund

level

net

assets

$

1,477,294,895‌

Authorized

shares

Unlimited

Par

value

per

share

$

0.01

Statement

of

Operations

July

31,

2022

See

accompanying

notes

to

financial

statements.

59

Municipal

Total

Return

Managed

Accounts

Portfolio

Investment

Income

Interest

$

45,811,190‌

Total

Investment

Income

45,811,190‌

Expenses

–

Shareholder

servicing

agent

fees

332,756‌

Interest

expense

1,011,500‌

Custodian

expenses,

net

165,301‌

Trustees

fees

49,747‌

Professional

fees

123,809‌

Shareholder

reporting

expenses

36,171‌

Federal

and

state

registration

fees

108,324‌

Other

25,938‌

Total

expenses

before

fee

waiver/expense

reimbursement

1,853,546‌

Fee

waiver/expense

reimbursement

(883,491‌)

Net

expenses

970,055‌

Net

investment

income

(loss)

44,841,135‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(41,808,765‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(164,648,032‌

)

Net

realized

and

unrealized

gain

(loss)

(206,456,797‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(161,615,662‌)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

60

Municipal

Total

Return

Managed

Accounts

Portfolio

Year

Ended

7/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

(loss)

$

44,841,135‌

$

41,524,230‌

Net

realized

gain

(loss)

from

investments

(41,808,765‌

)

2,220,950‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(164,648,032‌

)

29,773,634‌

Net

increase

(decrease)

in

net

assets

from

operations

(161,615,662‌)

73,518,814‌

Distributions

to

Shareholders

Dividends

(45,011,083)

(41,655,713)

Decrease

in

net

assets

from

distributions

to

shareholders

(45,011,083‌)

(41,655,713‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

538,514,543‌

487,203,451‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

32,748,357‌

29,181,377‌

571,262,900‌

516,384,828‌

Cost

of

shares

redeemed

(518,414,786‌)

(276,057,563‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

52,848,114‌

240,327,265‌

Net

increase

(decrease)

in

net

assets

(153,778,631‌)

272,190,366‌

Net

assets

at

the

beginning

of

period

1,631,073,526‌

1,358,883,160‌

Net

assets

at

the

end

of

period

$

1,477,294,895‌

$

1,631,073,526‌

Financial

Highlights

61

Municipal

Total

Return

Managed

Accounts

Portfolio

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

2022

$

11.95

$

0.32

$

(

1.43

)

$

(

1.11

)

$

(

0.32

)

$

—

$

(

0.32

)

$

10.52

2021

11.71

0.33

0.24

0.57

(

0.33

)

—

(

0.33

)

11.95

2020

11.50

0.35

0.21

0.56

(

0.35

)

—

(

0.35

)

11.71

2019

10.94

0.38

0.56

0.94

(

0.38

)

—

(

0.38

)

11.50

2018

11.12

0.38

(

0.18

)

0.20

(

0.38

)

—

(

0.38

)

10.94

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

See

accompanying

notes

to

financial

statements.

62

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Including

Interest(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest(c),(d)

Net

Expenses

Excluding

Interest(d)

NII

(Loss)(d)

Portfolio

Turnover

Rate(e)

(

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

—‌

2

.80‌

7‌

5

.00‌

1,358,883

0

.18‌

0

.06‌

0

.12‌

—‌

3

.07‌

19‌

8

.75‌

1,220,749

0

.18‌

0

.06‌

0

.12‌

—‌

3

.41‌

20‌

1

.81‌

958,897

0

.16‌

0

.07‌

0

.09‌

—‌

3

.45‌

30‌

Notes

to

Financial

Statements

63

1.

General

Information 

Trust

and

Fund

Information

The

Nuveen

Managed

Accounts

Portfolios

Trust

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

Municipal

Total

Return

Managed

Accounts

Portfolio

(the

“Fund”),

as

a

diversified

fund,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

November

14,

2006.

The

Fund

is

developed

exclusively

for

use

within

separately

managed

accounts

sponsored

by

Nuveen,

LLC

(“Nuveen”).

the

Fund

is

a

specialized

municipal

bond

fund

to

be

used

in

combination

with

selected

individual

securities

to

effectively

model

institutional-level

investment

strategies.

The

Fund

enables

certain

Nuveen

municipal

separately

managed

account

investors

to

achieve

greater

diversification

and

return

potential

that

smaller

managed

accounts

might

otherwise

achieve

by

using

lower

quality,

higher

yielding

securities

and

to

gain

access

to

special

investment

opportunities

normally

available

only

to

institutional

investors.

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Fund

is

July

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

July

31,

2022

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser

The

Fund’s

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen.

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Fund,

oversees

the

management

of

the

Fund’s

portfolio,

manages

the

Fund’s

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Fund.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Fund’s

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. The

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund.

Compensation

The Trust

pays

no compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Fund's

Board

of Trustees

(the

"Board")

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit

As

an

alternative

to

overnight

investments,

the

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

the

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

the

Fund

was

as

follows:  

Fund

Gross

Custodian

Fee

Credits

Municipal

Total

Return

Managed

Accounts

Portfolio

$

21,747

64

Notes

to

Financial

Statements

(continued)

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.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Fund

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows the

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

the

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Fund’s

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Fund's

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Fund’s

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

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

29(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

Fund

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Fund.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

65

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

generally

provided

by

an

independent

pricing

service

(“pricing

service”)

approved

by

the

Board.

The

pricing

service

establishes

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

the

pricing

service

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Fund

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

in

Note

4

–

Portfolio

Securities

and

Investments

in

Derivatives.

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Inverse

Floating

Rate

Securities

The Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

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.

The

Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

The

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

Municipal

Total

Return

Managed

Accounts

Portfolio

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

1,543,616,783

$

–

$

1,543,616,783

Total

$

–

$

1,543,616,783

$

–

$

1,543,616,783

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

state

classifications.

66

Notes

to

Financial

Statements

(continued)

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

the

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

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

such

facilities.

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.

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

Managed

Accounts

Portfolio

$

98,865,000

$

6,400,000

$

105,265,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Municipal

Total

Return

Managed

Accounts

Portfolio

$

124,412,000

0.79

%

67

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:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities)

during

the

current

fiscal

period

were

as

follows:

The

Fund

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Fund

has

earmarked

securities

in its

portfolio

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If the

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which

the

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes,

the

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments. 

The

Fund

records

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable. 

Even

though

the

Fund's

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Fund

is

authorized

to

invest

in

derivative

instruments

and

may

do

so

in

the

future,

it

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

the

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose the

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

the

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

The Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of the

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when the

Fund

has

an

unrealized

loss,

the

Fund

has

instructed

the

custodian

to

pledge

assets

of

the

Fund

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

Managed

Accounts

Portfolio

$

98,865,000

$

6,400,000

$

105,265,000

Fund

Purchases

Sales

and

Maturities

Municipal

Total

Return

Managed

Accounts

Portfolio

$

541,254,911

$

495,114,565

68

Notes

to

Financial

Statements

(continued)

5.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

6.

Income

Tax

Information

The

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

The

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

income

tax,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Fund.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Fund

is

subject

to

federal

taxation.

The

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

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

was

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

were

as

follows:

Year

Ended

7/31/22

Year

Ended

7/31/21

Municipal

Total

Return

Managed

Accounts

Portfolio

Shares

Amount

Shares

Amount

Shares

sold

48,526,854

538,514,543

41,441,915

487,203,451

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions

2,939,662

32,748,357

2,483,938

29,181,377

Shares

redeemed

(47,621,496)

(518,414,786)

(23,479,338)

(276,057,563)

Net

increase

(decrease)

3,845,020

$52,848,114

20,446,515

$240,327,265

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Municipal

Total

Return

Managed

Accounts

Portfolio

$

1,491,368,800

$

16,793,004

$

(63,410,245)

$

(46,617,241)

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

Managed

Accounts

Portfolio

$

4,852,253

$

400

$

—

$

(46,617,240)

$

(46,556,689)

$

—

$

(3,780,045)

$

(92,101,321)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

during

the

period

July

1,

2022

through

July

31,

2022

and

paid

on

August

1,

2022.

7/31/22

7/31/21

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Municipal

Total

Return

Managed

Accounts

Portfolio

$

45,001,561

$

9,522

$

—

$

41,655,713

$

—

$

—

1

The

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

69

As

of

year

end,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

The Adviser

does

not

charge

any

management

fees

or

other

expenses

directly

to

the

Fund.

The

Adviser

has

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

reimburse

all

expenses

of

the

Fund

(excluding

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses).

The

Adviser

and

the

Sub-Adviser

are

compensated

for

their

services

to

the

Fund

from

the

fee

charged

at

the

separately

managed

account

level.

8.

Commitments

and

Contingencies

In

the

normal

course

of

business, the

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Fund

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Fund's

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the

Fund

is

not

subject

to

any

material

legal

proceedings.

9.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Fund,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

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

credit

facility

expires

in

June

2023

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

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

Fund

utilized

this

facility.

The

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Fund’s

utilization

period

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

Short-Term

Long-Term

Total

Municipal

Total

Return

Managed

Accounts

Portfolio

$

24,079,540

$

22,477,149

$

46,556,689

Fund

Maximum

Outstanding

Balance

Municipal

Total

Return

Managed

Accounts

Portfolio

$

18,000,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Municipal

Total

Return

Managed

Accounts

Portfolio

6

$

12,433,333

2.03

%

70

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, the

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

Municipal

Total

Return

Managed

Accounts

Portfolio

$

—

71

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

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.

72

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return

:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Bloomberg

7

Year

Municipal

Bond

Index

:

An

index

designed

to

measure

the

performance

of

tax-exempt

U.S.

investment-

grade

municipal

bonds

with

remaining

maturities

of

7

to

8

years.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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.

Liquidity

Risk

Management

Program

(Unaudited)

73

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

Trustees

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,

2022

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

2021

(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.

74

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2022

(the

“May

Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Fund,

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”),

approved

the

renewal

of

the

management

agreement

(the

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

the

Fund

and

the

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

the

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

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

Fund

on

an

annual

basis.

The

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

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

Board

has

established

various

standing

committees

composed

of

various

Independent

Board

Members

that

are

assigned

specific

responsibilities

to

enhance

the

effectiveness

of

the

Board’s

oversight

and

decision

making.

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

Board

further

meets,

among

other

things,

to

specifically

consider

the

annual

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

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

taken

during

2021

(such

as

mergers,

liquidations,

fund

launches,

changes

to

investment

teams,

and

changes

to

investment

policies);

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

teams;

an

analysis

of

fund

performance

with

a

focus

on

any

performance

outliers;

an

analysis

of

certain

fee

and

expense

information;

a

description

of

portfolio

manager

compensation;

a

review

of

the

performance

of

various

service

providers;

a

description

of

various

initiatives

Nuveen

had

undertaken

or

continued

in

2021

and

2022

for

the

benefit

of

particular

fund(s)

and/or

the

complex;

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.

In

continuing

its

practice,

the

Board

met

prior

to

the

May

Meeting

to

begin

its

considerations

of

the

renewal

of

the

Advisory

Agreements.

Accordingly,

on

April

13-14,

2022

(the

“April

Meeting”),

the

Board

met

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

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

sub-advisers

in

their

review

of

the

advisory

agreements.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

boards’

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

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.

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.

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

Fund

with

particular

focus

on

the

services

and

enhancements

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

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

Fund.

75

The

Board

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

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

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

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

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provided

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process;

and

managing

distributions

in

seeking

to

deliver

long-term

fund

earnings

to

shareholders

consistent

with

the

respective

Nuveen

fund’s

product

design

and

positioning.

The

Board

also

considered

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

The

Board

further

recognized

that

the

Adviser’s

compliance

and

regulatory

functions

were

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

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

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

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

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

Fund,

however,

the

Board

recognized

that

the

Fund

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds

given

that

it

is

sold

via

separate

managed

accounts.

The

Board

also

considered

the

quality

of

support

services

and

communications

the

Adviser

provided

the

Board,

including,

in

part,

organizing

and

administrating

Board

meetings

and

supporting

Board

committees;

preparing

regular

and

ad

hoc

reports

on

fund

performance,

market

conditions

and

investment

team

matters;

providing

due

diligence

reports

addressing

product

development

and

management

proposals;

and

coordinating

site

visits

of

the

Board

and

presentations

by

investment

teams

and

senior

management.

In

addition

to

the

services

provided,

the

Board

considered

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.

Further,

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,

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.

In

evaluating

services,

the

Board

reviewed

various

highlights

of

the

initiatives

the

Adviser

and

its

affiliates

have

undertaken

or

continued

in

2021

and

2022

to

benefit

the

Nuveen

complex

and/or

particular

Nuveen

funds

and

meet

the

requirements

of

an

increasingly

complex

regulatory

environment

including,

but

not

limited

to:

Centralization

of

Functions

–

ongoing

initiatives

to

centralize

investment

leadership

and

create

a

more

cohesive

market

approach

and

centralized

shared

support

model

(including

through

the

consolidation

of

certain

affiliated

sub-advisers)

in

seeking

to

operate

more

effectively

and

enhance

the

research

capabilities

and

services

to

the

Nuveen

funds;

Fund

Improvements

and

Product

Management

Initiatives

–

continuing

to

proactively

manage

the

Nuveen

fund

complex

as

a

whole

and

at

the

individual

fund

level

with

an

aim

to

continually

improve

product

platforms

and

investment

strategies

to

better

serve

shareholders

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;

soft

closing

certain

funds;

modifying

the

conversion

periods

on

certain

share

classes;

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

Capital

Initiatives

–

continuing

to

invest

capital

to

support

new

Nuveen

funds

with

initial

capital

as

well

as

to

support

existing

funds;

Liquidity

Management

–

continuing

to

operate

the

liquidity

management

program

of

the

applicable

Nuveen

funds

including

monitoring

daily

their

liquidity

profile

and

assessing

annually

the

overall

liquidity

risk

of

such

funds;

76

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Compliance

Program

Initiatives

–

continuing

efforts

to

mitigate

compliance

risk

with

a

focus

on

environmental,

social

and

governance

(“ESG”)

controls

and

processes,

increase

operating

efficiencies,

implement

enhancements

to

strengthen

ongoing

execution

of

key

compliance

program

elements,

support

international

business

growth

and

facilitate

integration

of

Nuveen’s

operating

model;

Investment

Oversight

–

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance;

market

conditions;

investment

team

matters;

product

developments;

changes

to

mandates,

policies

and

benchmarks;

and

other

management

proposals

as

well

as

preparing

and

coordinating

investment

presentations

to

the

Board;

Risk

Management

and

Valuation

Services

–

continuing

to

oversee

and

manage

risk

including,

among

other

things,

conducting

ongoing

calculations

and

monitoring

of

risk

measures

across

the

Nuveen

funds,

instituting

investment

risk

controls,

providing

risk

reporting

throughout

Nuveen,

participating

in

internal

oversight

committees,

dedicating

the

resources

and

time

to

develop

the

processes

necessary

to

help

address

fund

compliance

with

the

new

derivatives

rule

and

continuing

to

implement

an

operational

risk

framework

that

seeks

to

provide

greater

transparency

of

operational

risk

matters

across

the

complex

as

well

as

provide

multiple

other

risk

programs

that

seek

to

provide

a

more

disciplined

and

consistent

approach

to

identifying

and

mitigating

Nuveen’s

operational

risks.

Further,

the

securities

valuation

team

continues,

among

other

things,

to

oversee

the

daily

valuation

process

of

the

portfolio

securities

of

the

funds,

maintain

the

valuation

policies

and

procedures,

facilitate

valuation

committee

meetings,

manage

relationships

with

pricing

vendors,

prepare

relevant

valuation

reports

and

design

methods

to

simplify

and

enhance

valuation

workflow

within

the

organization

and

implement

processes

and

procedures

to

help

address

compliance

with

the

new

valuation

rule

applicable

to

the

funds;

Regulatory

Matters

–

continuing

efforts

to

monitor

regulatory

trends

and

advocate

on

behalf

of

Nuveen

and/or

the

Nuveen

funds,

to

implement

and

comply

with

new

or

revised

rules

and

mandates

and

to

respond

to

regulatory

inquiries

and

exams;

Government

Relations

–

continuing

efforts

of

various

Nuveen

teams

and

Nuveen’s

affiliates

to

develop

policy

positions

on

a

broad

range

of

issues

that

may

impact

the

Nuveen

funds,

advocate

and

communicate

these

positions

to

lawmakers

and

other

regulatory

authorities

and

work

with

trade

associations

to

ensure

these

positions

are

represented;

Business

Continuity,

Disaster

Recovery

and

Information

Security

–

continuing

efforts

of

Nuveen

to

periodically

test

and

update

business

continuity

and

disaster

recovery

plans

and,

together

with

its

affiliates,

to

maintain

an

information

security

program

that

seeks

to

identify

and

manage

information

security

risks,

and

provide

reports

to

the

Board,

at

least

annually,

addressing,

among

other

things,

management’s

security

risk

assessment,

cyber

risk

profile,

potential

impact

of

new

or

revised

laws

and

regulations,

incident

tracking

and

other

relevant

information

technology

risk-related

reports;

and

Distribution

Management

Services

–

continuing

to

manage

the

distributions

among

the

varying

types

of

Nuveen

funds

within

the

Nuveen

complex

to

be

consistent

with

the

respective

fund’s

product

design

and

positioning

in

striving

to

deliver

those

earnings

to

shareholders

in

a

relatively

consistent

manner

over

time

as

well

as

assisting

in

the

development

of

new

products

or

the

restructuring

of

existing

funds.

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

the

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

thereto,

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

Agreement.

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

Fund

under

each

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Fund

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

received

and

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

they

advise.

In

evaluating

performance,

the

Board

recognized

that

performance

data

may

differ

significantly

depending

on

the

ending

date

selected,

particularly

during

periods

of

market

volatility,

and

therefore

considered

the

broader

perspective

of

performance

over

a

variety

of

time

periods

that

may

include

full

market

cycles.

In

this

regard,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2021

and

March

31,

2022.

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.

The

performance

data

prepared

for

the

annual

review

of

the

advisory

agreements

for

the

Nuveen

funds

supplemented

the

fund

performance

data

that

the

Board

received

throughout

the

year

at

its

meetings

representing

differing

time

periods.

In

its

review,

the

Board

took

into

account

the

discussions

with

representatives

of

the

Adviser;

the

Adviser’s

analysis

regarding

fund

performance

that

occurred

at

these

Board

meetings

with

particular

focus

on

funds

that

were

considered

performance

outliers

(both

overperformance

and

underperformance);

the

factors

contributing

to

the

performance;

and

any

recommendations

or

steps

taken

to

address

performance

concerns.

Regardless

of

the

time

period

reviewed

by

the

Board,

the

Board

recognized

that

shareholders

may

evaluate

performance

based

on

their

own

holding

periods

which

may

differ

from

the

periods

reviewed

by

the

Board

and

lead

to

differing

results.

For

Nuveen

funds

that

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2019,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

In

considering

performance

data,

the

Board

is

aware

of

certain

inherent

limitations

with

such

data,

including

that

differences

between

the

objective(s),

strategies

77

and

other

characteristics

of

the

Nuveen

funds

compared

to

the

respective

performance

peer

group

and/or

benchmark(s)

would

all

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

information.

Further,

the

Board

recognized

the

inherent

limitations

in

comparing

the

performance

of

an

actively

managed

fund

to

a

benchmark

index

due

to

the

fund’s

pursuit

of

an

investment

strategy

that

does

not

directly

follow

the

index.

The

Board

also

evaluated

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.

In

relation

to

general

market

conditions,

the

Board

had

recognized

the

recent

periods

in

2022

of

general

market

volatility

and

underperformance.

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.

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.

Accordingly,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

Nuveen

fund

and

its

benchmark

and/or

performance

peer

group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

or

peer

group

for

certain

periods.

However,

with

respect

to

any

Nuveen

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

monitors

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

the

Fund

are

summarized

below.

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

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2021.

Although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-year

period

ended

March 31,

2022,

the

Fund

outperformed

its

benchmark

for

the

three-

and

five-year

periods

ended

March 31,

2022.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

The

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

Fund

does

not

pay

the

Adviser

a

management

fee.

Further,

the

Adviser

had

agreed

to

pay

or

reimburse

the

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

Fund

does

not

have

a

peer

group

and

therefore

a

comparative

peer

analysis

was

not

provided

for

the

Fund.

In

addition,

as

the

Adviser

pays

nearly

all

the

Fund’s

expenses,

the

Board

recognized

that

the

Fund’s

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

Fund.

The

managed

account

management

fee

paid

to

the

Adviser

therefore

represented

an

implied

management

fee

for

managing

the

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

managed

separate

accounts,

the

implied

management

fee

for

the

Fund,

the

range

of

implied

fees

for

managing

individual

municipal

bonds,

and

the

methodology

utilized

to

develop

these

implied

management

fees.

Based

on

its

review

of

the

information

provided,

the

Board

recognized

the

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

determined

the

arrangement

was

reasonable.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

determining

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

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include

retail

and

institutional

managed

accounts,

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

private

limited

partnerships

offered

by

Nuveen.

With

respect

to

the

Sub-Adviser,

the

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts

as

well

as

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

ETFs

offered

outside

the

Nuveen

family.

In

considering

the

fee

data

of

other

clients,

the

Board

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

recognized

the

breadth

of

services

the

Adviser

had

provided

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.

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

Fund

is

sold

via

separate

managed

accounts,

the

Board

recognized

that

the

Fund

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds.

Further,

as

noted,

given

the

Fund’s

unique

fee

and

expense

structure

pursuant

to

which

the

Fund

does

not

pay

management

fees

and

the

expenses

are

primarily

reimbursed,

comparisons

with

peers

were

not

available.

78

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020.

The

Board

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

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

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

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,

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

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

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

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

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

2021

and

2020

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

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

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

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

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

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

and

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds.

The

Board

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

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

Fund

does

not

pay

a

management

fee,

there

are

no

applicable

fund-level

or

complex-wide

level

breakpoint

schedules,

although

its

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

2021

and

2020).

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

79

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,

the

Fund

is

reimbursed

nearly

all

of

its

expenses

by

the

Adviser.

In

addition,

as

noted

above,

the

Independent

Board

Members

recognized

the

continued

reinvestment

in

Nuveen’s

business.

Based

on

its

review,

the

Board

concluded

that

the

absence

of

a

fund-level

and/or

complex-level

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.

The

Independent

Board

Members

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

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

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

the

Independent

Board

Members,

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

Fund’s

fee

arrangement

was

reasonable

and

that

the

Advisory

Agreements

be

renewed.

80

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),

and

chair

of

its

investment

committee;

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).

140

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;

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).

140

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.

140

81

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).

140

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).

140

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).

140

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.

140

82

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

Judith

M.

Stockdale

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1997

Board

Member,

Land

Trust

Alliance

(national

public

charity

addressing

natural

land

and

water

conservation

in

the

U.S.)

(since

2013);

formerly,

Board

Member,

U.S.

Endowment

for

Forestry

and

Communities

(national

endowment

addressing

forest

health,

sustainable

forest

production

and

markets,

and

economic

health

of

forest-reliant

communities

in

the

U.S.)

(2013-2019);

formerly,

Executive

Director

(1994-2012),

Gaylord

and

Dorothy

Donnelley

Foundation

(private

foundation

endowed

to

support

both

natural

land

conservation

and

artistic

vitality);

prior

thereto,

Executive

Director,

Great

Lakes

Protection

Fund

(endowment

created

jointly

by

seven

of

the

eight

Great

Lakes

states’

Governors

to

take

a

regional

approach

to

improving

the

health

of

the

Great

Lakes)

(1990-1994).

140

Carole

E.

Stone

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2007

Former

Director,

Chicago

Board

Options

Exchange

(2006-2017),

and

C2

Options

Exchange,

Incorporated

(2009-2017);

formerly,

Director,

Cboe

Global

Markets,

Inc.,

(2010-2020)

(formerly

named

CBOE

Holdings,

Inc.);

formerly,

Commissioner,

New

York

State

Commission

on

Public

Authority

Reform

(2005-2010).

140

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).

140

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.

140

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).

140

83

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:

Christopher

E.

Stickrod

1976

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2020

Senior

Managing

Director

(since

2017)

and

Head

of

Advisory

Product

(since

2020),

formerly,

Managing

Director

(2016-2017)

and

Senior

Vice

President

(2013-

2016)

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Securities,

LLC

(since

2018)

and

of

Nuveen

Fund

Advisors,

LLC

(since

2019).

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Enterprise

Senior

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

and

Senior

Compliance

Officer

(2012-2014)

of

BMO

Funds,

Inc.;

formerly

Senior

Compliance

Officer

of

BMO

Asset

Management

Corp.

(2012-2014).

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2016);

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.

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,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

Associate

General

Counsel

of

Jackson

National

Asset

Management,

LLC

(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),

formerly,

Vice

President

(2011-

2016)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

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

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

of

TIAA

SMA

Strategies

LLC

(since

2021);

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;

Vice

President

(since

2017),

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).

84

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

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Executive

Vice

President

(2016-2017)

and

Managing

Director

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017),

Managing

Director

(2008-2016)

and

Assistant

Secretary

(2007-2016);

Senior

Managing

Director

(since

2017),

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2011-2016);

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).

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

at

Nuveen

(since

2017);

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Senior

Director

(since

2015)

Mutual

Fund

Taxation

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.

Deann

D.

Morgan

1969

730

Third

Avenue

New

York,

NY

10017

Vice

President

2020

President,

Nuveen

Fund

Advisors,

LLC

(since

2020);

Executive

Vice

President,

Global

Head

of

Product

at

Nuveen

(since

2019);

Co-Chief

Executive

Officer

of

Nuveen

Securities,

LLC

(since

2020);

Managing

Member

of

MDR

Collaboratory

LLC

(since

2018);

Managing

Director,

Head

of

Wealth

Management

Product

Structuring

&

COO

Multi

Asset

Investing.

The

Blackstone

Group

(2013-2017).

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

and

Vice

President

(2011-2016)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

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

730

Third

Avenue

New

York,

NY

10017

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

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

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

formerly,

Senior

Director,

TIAA-CREF

Fund

Administration

(2014-2015);

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

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

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019),

formerly,

Assistant

General

Counsel

(2008-2016)

of

Nuveen.

Gifford

R.

Zimmerman

1956

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

1988

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2022);

Managing

Director,

Assistant

Secretary

and

General

Counsel

(since

2022),

formerly,

Co-General

Counsel

(2011-2020)

of

Nuveen

Fund

Advisors,

LLC;

formerly,

Managing

Director

(2004-2020)

and

Assistant

Secretary

(1994-2020)

of

Nuveen

Investments,

Inc.;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

(since

2022)

of

Nuveen

Asset

Management,

LLC;

formerly,

Vice

President

and

Assistant

Secretary

of

NWQ

Investment

Management

Company,

LLC

(2002-2020),

Santa

Barbara

Asset

Management,

LLC

(2006-2020)

and

Winslow

Capital

Management,

LLC

(2010-2020);

Chartered

Financial

Analyst.

85

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

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

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

Teacher

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-0722D

2399420-INV-Y-09/23

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

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 Carole E. Stone, 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.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

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, 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
Total	$	41,175	$	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.

	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	%
July 31, 2021	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		34,405			0			0			0
Total	$	34,405		$	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.

	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	%

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 Portfolio 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, 2021	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 Portfolio 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	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)
Fund Name
Municipal Total Return Managed Accounts Portfolio		82		0		82
Total	$	82	$	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.

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, 2021	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)
Fund Name
Municipal Total Return Managed Accounts Portfolio		0		0		0
Total	$	0	$	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.

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 7, 2022

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

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

Date: October 7, 2022

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

Date: October 7, 2022