Nuveen Managed Accounts Portfolios Trust N-CSRS Certified semi-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: January 31, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Accounts

Portfolios

Trust

Mutual

Funds

Nuveen

Managed

January

31,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Municipal

Total

Return

Managed

Accounts

Portfolio

NMTRX

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

NCIRX

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

NEMDX

Nuveen

High

Yield

Managed

Accounts

Portfolio

NMYHX

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

NISPX

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

NNSDX

Life

is

Complex.

Nuveen

makes

things

e-simple.

It

only

takes

a

minute

to

sign

up

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e-Reports.

Once

enrolled,

you’ll

receive

an

e-mail

as

soon

as

your

Nuveen

Fund

information

is

ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

the

link

within

the

e-mail

to

see

the

report

and

save

it

on

your

computer

if

you

wish.

Free

e-Reports

right

to

your

email!

www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

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

Important

Notices

5

Risk

Considerations

and

Dividend

Information

6

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

8

Yields

21

Expense

Examples

22

Portfolios

of

Investments

24

Statement

of

Assets

and

Liabilities

84

Statement

of

Operations

85

Statement

of

Changes

in

Net

Assets

87

Financial

Highlights

90

Notes

to

Financial

Statements

102

Additional

Fund

Information

114

Glossary

of

Terms

Used

in

this

Report

115

Liquidity

Risk

Management

Program

117

Annual

Investment

Management

Agreement

Approval

Process

118

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

over

the

past

year

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

February

2023,

the

Fed

raised

the

target

fed

funds

rate

by

4.50%

to

a

range

of

4.50%

to

4.75%,

marking

the

fastest

interest

rate

hiking

cycle

in

its

history.

Across

most

of

the

world,

inflation

rates

have

fallen

from

their

post-pandemic

highs

but

currently

remain

well

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

surprisingly

resilient,

even

as

financial

conditions

have

tightened.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

the

year

overall

compared

to

2021.

More

recent

data

have

shown

a

relatively

strong

jobs

market,

rebounding

consumer

sentiment

and

spending,

and

a

pick-up

in

manufacturing.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

inflation,

which

could

prompt

central

banks

to

continue

raising

interest

rates

at

the

risk

of

slowing

economies

too

much.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

policy

based

upon

these

factors,

and

additional

rate

hikes

are

expected

until

the

Fed

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

Recently,

following

the

collapses

of

Silicon

Valley

Bank

and

two

cryptocurrency-exposed

banks,

investors

sought

to

assess

contagion

risks

across

the

banking

sector

as

well

as

the

impact

to

the

Fed’s

pace

of

rate

hikes

going

forward,

which

contributed

to

volatility

in

the

markets.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

noise.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

March

22,

2023

Important

Notices

5

For

Shareholders

of

Municipal

Total

Return

Managed

Accounts

Portfolio

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Nuveen

High

Yield

Managed

Accounts

Portfolio

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Portfolio

Manager

Commentaries

in

Semiannual

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

Municipal

Total

Return

Managed

Accounts

Portfolio’s

and

Nuveen

Core

Impact

Bond

managed

Accounts

Portfolio’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

July

31,

2022

and

October

31,

2022

annual

shareholder

report,

respectively.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

6

Risk

Considerations

and

Dividend

Information

Risk

Considerations

Municipal

Total

Return

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

political

and

economic

risk,

tax

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Credit

risk

refers

to

an

issuers

ability

to

make

interest

and

principal

payments

when

due.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

The

Fund’s

use

of

inverse

floaters

creates

effective

leverage.

Leverage

involves

the

risk

that

the

Fund

could

lose

more

than

its

original

investment

and

also

increases

the

Fund’s

exposure

to

volatility

and

interest

rate

risk.

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

The

Fund

will

include

only

holdings

deemed

consistent

with

the

applicable

Environmental

Social

Governance

(ESG)

guidelines.

As

a

result,

the

universe

of

investments

available

to

the

Fund

will

be

more

limited

than

other

funds

that

do

not

apply

such

guidelines.

ESG

criteria

risk

is

the

risk

that

because

the

Fund’s

ESG

criteria

exclude

securities

of

certain

issuers

for

nonfinancial

reasons,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

The

issuer

of

a

debt

security

may

be

able

to

repay

principal

prior

to

the

security’s

maturity,

known

as

prepayment

(call)

risk,

because

of

an

improvement

in

its

credit

quality

or

falling

interest

rates.

In

this

event,

this

principal

may

have

to

be

reinvested

in

securities

with

lower

interest

rates

than

the

original

securities,

reducing

the

potential

for

income.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

These

and

other

risk

considerations,

such

as

active

management,

extension,

issuer,

illiquid

investments,

income

volatility,

and

derivatives

risk,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Foreign

Investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets,

which

are

generally

smaller

and

more

volatile

than

developed

markets

and

are

located

in

countries

that

may

have

more

unstable

governments

than

developed

countries.

Investments

in

debt

securities

issued

or

guaranteed

by

governments

or

governmental

entities

are

subject

to

the

risk

that

an

entity

may

delay

or

refuse

to

pay

interest

or

principal

on

its

sovereign

debt

because

of

cash

flow

problems,

insufficient

foreign

reserves,

or

political

or

other

considerations.

In

this

event,

there

may

be

no

legal

process

for

collecting

sovereign

debts

that

a

governmental

entity

has

not

repaid.

The

risk

that

foreign

(non-U.S.)

currencies

may

decline

in

value

relative

to

the

U.S.

dollar

and

adversely

affect

the

value

of

the

Fund's

investments

in

foreign

currencies,

securities

denominated

in

foreign

currencies

or

derivative

instruments

that

provide

exposure

to

foreign

currencies.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

The

Fund’s

income

could

decline

during

periods

of

falling

interest

rates.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

These

and

other

risk

considerations,

such

as

active

management,

call,

derivatives,

illiquid

investments,

and

valuation

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

High

Yield

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk;

as

interest

rates

rise,

bond

prices

fall.

This

Fund

is

subject

to

the

risks

of

investing

in

loans,

including

loan

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle.

Preferred

securities

generally

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

and

therefore

will

be

subject

to

greater

credit

risk

than

those

debt

instruments.

Foreign

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

active

management,

call,

derivatives,

and

income

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

7

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company's

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company's

common

stock.

As

interest

rates

rise,

fixed

income

security

prices

fall.

Below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

The

Portfolio’s

policy

to

concentrate

in

financial

services

companies

makes

the

Portfolio

more

susceptible

to

adverse

economic

or

regulatory

occurrences

affecting

the

financial

services

sector.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

and

other

risk

considerations,

such

as

call,

credit,

illiquid

investments,

income,

and

market

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Mortgage-

and

asset-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk,

default

risk

and

adverse

economic

developments.

Holders

of

structured

products

like

collateralized

mortgage

obligations

(CMOs),

collateralized

debt

obligations

(CDOs)

and

collateralized

loan

obligations

(CLOs)

bear

the

risk

of

the

underlying

investments,

index

or

reference

obligation.

These

products

may

be

thinly

traded

and

difficult

to

value

accurately.

They

may

also

be

characterized

as

illiquid

and

are

subject

to

counterparty

risk

and

the

general

risks

associated

with

fixed

income

investments.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk;

as

interest

rates

rise,

bond

prices

fall.

The

Fund’s

income

could

decline

during

periods

of

falling

interest

rates.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

These

and

other

risk

considerations,

such

as

call,

derivatives,

illiquid

investments,

market,

and

valuation

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

The

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

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

each

Fund

during

the

current

reporting

period,

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

was

sourced

from

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

8

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

These

are

special

Funds

developed

exclusively

for

use

within

Nuveen-sponsored

separately

managed

accounts.

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

the

Funds

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

repurchased,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Fund

shares

have

no

sales

charge.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

repurchase

of

Fund

shares.

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Funds’

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements).

Refer

to

the

Financial

Highlights

later

in

this

report

for

each

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever

a

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for

each

Fund

is

the

amount

of

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

A

Fund

may

also

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Such

incidental

borrowings,

described

generally

in

Notes

to

Financial

Statements,

Note

9—Borrowing

Arrangements,

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

(except

for

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

and

Nuveen

High

Yield

Managed

Accounts

Portfolio,

which

use

lowest

rating)

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

rating;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

January

31,

2023

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

January

31,

2023

Total

Returns

as

of

January

31,

2023

Cumulative

Average

Annual

Expense

Ratios

**

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Shares

at

NAV

5/31/07

(0.56)%

(6.93)%

1.78%

2.89%

0.11%

0.06%

Bloomberg

7

Year

Municipal

Bond

Index

–

0.91%

(1.01)%

2.14%

2.19%

—

—

Effective

Leverage

Ratio

0.77%

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2023

(continued)

Holdings

Summaries

as

of

January

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97.1‌%

Other

Assets

&

Liabilities,

Net

3.5%

Net

Assets

Plus

Floating

Rate

Obligations

100.6‌%

Floating

Rate

Obligations

(0.6)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

6.6%

AAA

4.7%

AA

34.8%

A

26.4%

BBB

17.1%

BB

or

Lower

3.3%

N/R

(not

rated)

7.1%

Total

100‌%

Portfolio

Composition

(%

of

total

investments)

Health

Care

21.3%

Transportation

21.3%

Tax

Obligation/Limited

17.8%

Education

and

Civic

Organizations

10.9%

Tax

Obligation/General

9.5%

Utilities

8.1%

U.S.

Guaranteed

6.7%

Other

4.4%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Florida

11.4%

Texas

8.8%

California

7.5%

Illinois

6.3%

New

York

5.7%

Indiana

5.1%

Colorado

4.8%

Utah

4.2%

Pennsylvania

3.0%

New

Jersey

2.6%

Michigan

2.4%

District

of

Columbia

2.4%

Louisiana

2.4%

Wisconsin

2.3%

Missouri

2.3%

Ohio

2.1%

Virginia

1.7%

North

Carolina

1.6%

Minnesota

1.4%

South

Carolina

1.2%

South

Dakota

1.2%

Massachusetts

1.2%

Nebraska

1.1%

Connecticut

1.1%

Mississippi

1.0%

Other

15.2%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

January

31,

2023

11

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Aggregate

Bond

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

all

expenses

of

the

Fund,

except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses.

Effective

Leverage

Ratio

as

of

January

31,

2023

Total

Returns

as

of

January

31,

2023

Cumulative

Average

Annual

Expense

Ratios

**

Inception

Date

3-Month

1-Year

Since

Inception

Gross

Net

Shares

at

NAV

7/09/20

8.02%

(11.42)%

(5.22)%

2.16%

—%

Bloomberg

U.S.

Aggregate

Bond

Index

–

6.39%

(8.36)%

(4.51)%

–

–

Effective

Leverage

Ratio

0.00%

12

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2023

(continued)

Holdings

Summaries

as

of

January

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

53.9‌%

Asset-Backed

and

Mortgage-

Backed

Securities

30.1‌%

Municipal

Bonds

11.0‌%

U.S.

Government

and

Agency

Obligations

1.9‌%

Emerging

Market

Debt

And

Foreign

Corporate

Bonds

2.6‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

2.2‌%

Short-Term

U.S.

Government

and

Agency

Obligations

2.3‌%

Other

Assets

&

Liabilities,

Net

(4.0)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Asset-Backed

and

Mortgage-

Backed

Securities

30.1%

Electric

Utilities

14.9%

Municipal

Bonds

11.0%

Banks

6.4%

Equity

Real

Estate

Investment

Trusts

5.0%

Semiconductors

&

Semiconductor

Equipment

4.4%

U.S.

Government

and

Agency

Obligations

4.2%

Independent

Power

Producers

&

Energy

Traders

3.4%

Commercial

Services

&

Supplies

2.9%

Diversified

Financial

Services

2.6%

Chemicals

2.6%

Capital

Markets

2.6%

Independent

Power

And

Renewable

Electricity

Producers

2.3%

Beverages

2.2%

Diversified

Telecommunication

Services

2.1%

Hotels,

Restaurants

&

Leisure

2.0%

Software

1.4%

Oil,

Gas

&

Consumable

Fuels

0.9%

Diversified

Consumer

Services

0.8%

Investments

Purchased

with

Collateral

from

Securities

Lending

2.2%

Other

Assets

&

Liabilities,

Net

(4.0)%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AAA

12.4%

AA

16.3%

A

27.4%

BBB

16.5%

BB

or

Lower

5.3%

N/R

(not

rated)

22.1%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

January

31,

2023

13

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPMorgan

EMBI

Global

Diversified

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

all

expenses

of

the

Fund,

except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses.

Effective

Leverage

Ratio

as

of

January

31,

2023

Total

Returns

as

of

January

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

8.25%

0.83%

—%

JP

Morgan

EMBI

Global

Diversified

Index

–

10.80%

—

—

Effective

Leverage

Ratio

0.00%

14

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2023

(continued)

Holdings

Summaries

as

of

January

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

50.2‌%

Sovereign

Debt

47.0‌%

Contingent

Capital

Securities

0.7‌%

Other

Assets

&

Liabilities,

Net

2.1%

Net

Assets

100‌%

Country

Allocation

1

(%

of

net

assets)

Mexico

10.1‌%

Indonesia

7.6‌%

Chile

6.3‌%

United

Arab

Emirates

5.6‌%

Brazil

5.3‌%

Saudi

Arabia

4.4‌%

India

4.2‌%

South

Africa

4.0‌%

Israel

3.8‌%

Colombia

3.5‌%

Peru

3.2‌%

Philippines

2.8‌%

Panama

2.8‌%

Qatar

2.5‌%

Malaysia

2.1‌%

Uruguay

2.0‌%

Romania

2.0‌%

Oman

1.7‌%

Dominican

Republic

1.7‌%

Poland

1.7‌%

Morocco

1.6‌%

Other

19.0‌%

Other

Assets

&

Liabilities,

Net

2.1%

Net

Assets

100‌%

Portfolio

Composition

(%

of

net

assets)

Sovereign

Debt

47.0%

Oil,

Gas

&

Consumable

Fuels

10.5%

Banks

7.0%

Metals

&

Mining

4.1%

Electric

Utilities

3.5%

2.4%

Transportation

Infrastructure

2.3%

Diversified

Financial

Services

2.2%

Chemicals

2.0%

Road

&

Rail

1.6%

Commercial

Banks

1.4%

Independent

Power

And

Renewable

Electricity

Producers

1.3%

Paper

&

Forest

Products

1.3%

Beverages

1.2%

Food

Products

0.8%

Marine

0.8%

Aerospace

&

Defense

0.8%

Containers

&

Packaging

0.7%

Hotels

0.7%

Industrial

Conglomerates

0.7%

Diversified

Telecommunication

Services

0.7%

Other

4.9%

Other

Assets

&

Liabilities,

Net

2.1%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AA

6.9%

A

16.0%

BBB

46.5%

BB

or

Lower

29.7%

N/R

(not

rated)

0.9%

Total

100‌%

1

Includes

93.4%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

January

31,

2023

15

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

all

expenses

of

the

Fund,

except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses.

Effective

Leverage

Ratio

as

of

January

31,

2023

Total

Returns

as

of

January

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

4.34%

1.10%

—%

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index

–

4.94%

—

—

Effective

Leverage

Ratio

0.00%

16

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

January

31,

2022

(continued)

Holdings

Summaries

as

of

January

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

94

.2‌

%

Other

Assets

&

Liabilities,

Net

5.8%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Media

10.5%

Oil,

Gas

&

Consumable

Fuels

10.2%

Hotels,

Restaurants

&

Leisure

5.7%

Chemicals

5.4%

Commercial

Services

&

Supplies

4.6%

Health

Care

Providers

&

Services

4.2%

Specialty

Retail

3.3%

Consumer

Finance

2.9%

Containers

&

Packaging

2.6%

Capital

Markets

2.6%

Metals

&

Mining

2.6%

Automobiles

2.6%

Wireless

Telecommunication

Services

2.0%

IT

Services

1.9%

Energy

Equipment

&

Services

1.8%

Airlines

1.8%

Gas

Utilities

1.7%

Insurance

1.6%

Trading

Companies

&

Distributors

1.6%

Equity

Real

Estate

Investment

Trusts

1.5%

Aerospace

&

Defense

1.3%

Auto

Components

1.3%

Software

1.3%

Independent

Power

Producers

&

Energy

Traders

1.3%

Food

&

Staples

Retailing

1.3%

Other

16.6%

Other

Assets

&

Liabilities,

Net

5.8%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

BBB

2.6%

BB

or

Lower

96.4%

N/R

(not

rated)

1.0%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

January

31,

2023

17

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Blended

Benchmark.

The

Fund's

Blended

Benchmark

consists

of:

1)

45%

ICE

BofA

U.S.

Investment

Grade

Institutional

Capital

Securities

Index

(CIPS),

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

and

3)

15%

ICE

BofA

U.S.

High

Yield

Institutional

Capital

Securities

Index

(HIPS).

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

all

expenses

of

the

Fund,

except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses.

Effective

Leverage

Ratio

as

of

January

31,

2023

Total

Returns

as

of

January

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

8.39%

1.02%

—%

ICE

BofA

U.S.

All

Capital

Securities

Index

–

11.43%

—

—

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Blended

Benchmark

–

10.08%

–

–

Effective

Leverage

Ratio

0.00%

18

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2023

(continued)

Holdings

Summaries

as

of

January

31,

2023

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

55.0‌%

Contingent

Capital

Securities

39.6‌%

$25

Par

(or

similar)

Retail

Preferred

3.5‌%

Other

Assets

&

Liabilities,

Net

1.9%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

BBB

63.2%

BB

or

Lower

35.8%

N/R

(not

rated)

1.0%

Total

100‌%

Country

Allocation

(%

of

net

assets)

United

States

45.4‌%

United

Kingdom

13.7‌%

Switzerland

9.0‌%

France

8.2‌%

Spain

4.6‌%

Australia

3.9‌%

Ireland

3.9‌%

Canada

3.4‌%

Netherlands

2.6‌%

Germany

2.2‌%

Italy

1.2‌%

Other

Assets

&

Liabilities,

Net

1.9%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Banks

41.2%

Capital

Markets

14.0%

Insurance

12.4%

Consumer

Finance

5.5%

Multi-Utilities

4.5%

Trading

Companies

&

Distributors

3.9%

Oil,

Gas

&

Consumable

Fuels

3.7%

Automobiles

3.7%

Electric

Utilities

2.4%

Industrial

Conglomerates

2.4%

Wireless

Telecommunication

Services

1.9%

Media

1.6%

Food

Products

0.9%

Other

Assets

&

Liabilities,

Net

1.9%

Net

Assets

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

January

31,

2023

19

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Securitized

Index.

**

The

Fund’s

investment

adviser

has

contractually

agreed

irrevocably

during

the

existence

of

the

Fund

to

waive

all

fees

and

pay

or

re-

imburse

all

expenses

of

the

Fund,

except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses.

Effective

Leverage

Ratio

as

of

January

31,

2023

Total

Returns

as

of

January

31,

2023

Cumulative

Expense

Ratios

**

Inception

Date

Since

Inception

Gross

Net

Shares

at

NAV

11/01/22

6.02%

0.83%

—%

Bloomberg

U.S.

Securitized

Index

–

6.64%

—

—

Effective

Leverage

Ratio

0.00%

20

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2023

(continued)

Holdings

Summaries

as

of

January

31,

2023

Fund

Allocation

(%

of

net

assets)

Asset-Backed

and

Mortgage-

Backed

Securities

98.1‌%

Other

Assets

&

Liabilities,

Net

1.9%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AAA

27.2%

AA

7.2%

A

0.8%

BBB

17.3%

N/R

(not

rated)

47.5%

Total

100‌%

Yields

as

of

January

31,

2023

21

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

discounts.

The

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis

at

an

assumed

tax

rate.

Your

actual

combined

federal

and

state

income

tax

rates

may

differ

from

the

assumed

rate.

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Municipal

Total

Return

Managed

Accounts

Portfolio

Dividend

Yield

3.63%

SEC

30-Day

Yield

-

Subsidized

3.54%

SEC

30-Day

Yield

-

Unsubsidized

3.47%

Taxable-Equivalent

Yield

-

Subsidized

(40.8%)

1

5.98%

Taxable-Equivalent

Yield

-

Unsubsidized

(40.8%)

1

5.86%

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Dividend

Yield

4.20%

SEC

30-Day

Yield

-

Subsidized

4.90%

SEC

30-Day

Yield

-

Unsubsidized

2

(1.36)%

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Dividend

Yield

13.70%

SEC

30-Day

Yield

-

Subsidized

5.82%

SEC

30-Day

Yield

-

Unsubsidized

5.78%

Nuveen

High

Yield

Managed

Accounts

Portfolio

Dividend

Yield

7.48%

SEC

30-Day

Yield

-

Subsidized

6.48%

SEC

30-Day

Yield

-

Unsubsidized

6.36%

Nuveen

Preferred

Securities

and

Income

Managed

Acc

ounts

Portfolio

Dividend

Yield

6.45%

SEC

30-Day

Yield

-

Subsidized

6.51%

SEC

30-Day

Yield

-

Unsubsidized

6.20%

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Dividend

Yield

4.75%

SEC

30-Day

Yield

-

Subsidized

4.79%

SEC

30-Day

Yield

-

Unsubsidized

4.69%

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.

2

A

negative

SEC

30-Day

Yield

-

Unsubsidized

results

when

accrued

expenses

of

the

past

30

days

exceed

the

income

generated

during

the

past

30

days.

22

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

examples

below

do

not

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

Since

the

Core

Impact

Bond

Managed

Accounts

Portfolio

below

reflects

only

92

days

and

Emerging

Markets

Debt

Managed

Accounts

Portfolio,

High

Yield

Managed

Accounts

Portfolio,

Preferred

Securities

and

Income

Managed

Accounts

Portfolio,

and

Securitized

Credit

Managed

Accounts

Portfolio

below

reflects

on

the

first

92

days

of

the

Funds’

operations,

it

may

not

provide

a

meaningful

understanding

of

the

Fund’s

ongoing

expenses.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

January

31,

2023.

The

beginning

of

the

period

for

Municipal

Total

Return

Managed

Accounts

Portfolio

is

August

1,

2022.

The

beginning

of

the

period

for

Core

Impact

Bond

Managed

Accounts

Portfolio

is

November

1,

2022.

The

beginning

of

the

period

for

Emerging

Markets

Debt

Managed

Accounts

Portfolio,

High

Yield

Managed

Accounts

Portfolio,

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

and

Securitized

Credit

Managed

Accounts

Portfolio

is

November

1,

2022

(commencement

of

operations).

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Municipal

Total

Return

Managed

Accounts

Portfolio

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$994.38

Expenses

Incurred

During

the

Period

$–

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,025.21

Expenses

Incurred

During

the

Period

$–

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.00%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

23

Core

Impact

Bond

Managed

Accounts

Portfolio

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$975.87

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

92/365

(to

reflect

the

three-month

period).

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,000.00

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

92/365

(to

reflect

the

92

days

in

the

period

since

commencement

of

operations).

High

Yield

Managed

Accounts

Portfolio

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,000.00

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

92/365

(to

reflect

the

92

days

in

the

period

since

commencement

of

operations).

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,000.00

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

92/365

(to

reflect

the

92

days

in

the

period

since

commencement

of

operations).

Securitized

Credit

Managed

Accounts

Portfolio

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,000.00

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

92/365

(to

reflect

the

92

days

in

the

period

since

commencement

of

operations).

24

Municipal

Total

Return

Managed

Accounts

Portfolio

Portfolios

of

Investments

January

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

97.1%  

X

1,379,052,095

MUNICIPAL

BONDS

-

97.1%

X

1,379,052,095

Alabama

-

0.9%

$

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  

$

1,319,860

3,970

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Subordinate

Lien

Series

2013D,

6.500%,

10/01/53

10/23

at

105.00

BBB  

4,244,803

1,920

Mobile

County

Board

of

School

Commissioners,

Alabama,

Special

Tax

Warrants,

School

Series

2022B,

5.000%,

3/01/41

-

BAM

Insured

3/32

at

100.00

AA  

2,133,255

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)

1,065,245

795

5.000%,

2/01/37,

(Pre-refunded

2/01/27)

2/27

at

100.00

AA-  (4)

882,156

1,050

5.000%,

2/01/43,

(Pre-refunded

2/01/27)

2/27

at

100.00

AA-  (4)

1,165,111

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  

2,469,020

12,275

Total

Alabama

13,279,450

Alaska

-

0.5%

1,100

Alaska

Housing

Finance

Corporation,

General

Obligation

Bonds,

State

Capital

Project

II,

Series

2015C,

5.000%,

6/01/31,

(Pre-refunded

12/01/25)

12/25

at

100.00

AA+  (4)

1,178,936

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  

1,449,546

1,500

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

Three

Series

2015,

5.250%,

10/01/31

4/25

at

100.00

A+  

1,578,660

2,310

Anchorage,

Alaska,

Solid

Waste

Services

Revenue

Bonds,

Refunding

Series

2022A,

5.500%,

11/01/41

11/32

at

100.00

AA  

2,712,079

6,310

Total

Alaska

6,919,221

Arizona

-

0.9%

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  

1,667,326

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  

100,231

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  

935,300

80

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,  Arizona

Agribusiness

and

Equine

Center,

Inc.

Project,

Series

2017B,

4.000%,

3/01/27,

144A

No

Opt.

Call

BB+  

78,026

Arizona

Industrial

Development

Authority,

Education

Facility

Revenue

Bonds,

Leman

Academy

of

Excellence

Projects,

Series

2022A:

500

4.000%,

7/01/28

No

Opt.

Call

Baa3  

510,845

500

4.000%,

7/01/29

No

Opt.

Call

Baa3  

510,545

1,405

4.000%,

7/01/30

7/29

at

100.00

Baa3  

1,429,531

25

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Arizona

(continued)

$

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

Ba2  (4)

$

1,014

,170

350

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Arizona

Autism

Charter

Schools

Project,

Social

Series

2021A,

4.000%,

7/01/51,

144A

7/29

at

100.00

BB  

269,574

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A:

3,450

5.000%,

7/01/35

7/25

at

100.00

A+  

3,635,610

1,000

5.000%,

7/01/45

7/25

at

100.00

A+  

1,033,020

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-  

226,820

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  

425,428

Yavapai

County

Industrial

Development

Authority,  Arizona,

Education

Revenue

Bonds,

Arizona

Agribusiness

and

Equine

Center

Inc

Project,

Refunding

Series

2015A:

90

3.900%,

9/01/24,

144A

No

Opt.

Call

BB+  

88,778

1,500

5.000%,

9/01/34,

144A

3/25

at

100.00

BB+  

1,500,225

13,310

Total

Arizona

13,425,429

Arkansas

-

0.5%

1,200

Arkansas

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Washington

Regional

Medical

Center,

Refunding

Series

2015B,

5.000%,

2/01/23

No

Opt.

Call

Baa1  

1,200,000

2,015

Arkansas

Tech

University,

Revenue

Bonds,

Refunding

Student

Fee

Series

2022A,

5.000%,

12/01/42

-

BAM

Insured

12/30

at

100.00

AA  

2,173,903

635

Boone

County,

Arkansas,

Hospital

Revenue

Bonds,

North

Arkansas

Regional

Medical

Center,

Refunding

Series

2022,

4.000%,

5/01/23

No

Opt.

Call

N/R  

635,197

2,500

University

of

Arkansas,

Various

Facilities

Revenue

Bonds,

UAMS

Campus,

Series

2022A,

5.000%,

4/01/39

4/32

at

100.00

Aa2  

2,848,850

6,350

Total

Arkansas

6,857,950

California

-

7.4%

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  

6,085,920

100

California

Educational

Facilities

Authority,

Revenue

Bonds,

Loma

Linda

University

Series

2017A,

5.000%,

4/01/35

4/27

at

100.00

A  

107,126

655

California

Educational

Facilities

Authority,

Revenue

Bonds,

Stanford

University,

Series

2013-U3,

5.000%,

6/01/43

(5)

No

Opt.

Call

AAA  

807,504

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  

1,203,012

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+  

217,314

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health

System,

Series

2009C:

5,795

5.000%,

7/01/32

No

Opt.

Call

A+  

6,795,043

3,540

5.000%,

7/01/33

1/33

at

100.00

A+  

4,083,957

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

26

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

5,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph

Health

System,

Refunding

Series

2009D,

5.000%,

7/01/32

No

Opt.

Call

A+  

$

5,862,850

5,960

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Brightline

West

Passenger

Rail

Project,

Series

2020A,

3.650%,

1/01/50,

(AMT),

(Mandatory

Put

1/31/24)

3/23

at

100.00

N/R  

5,959,881

60

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

Albert

Einstein

Academies

Project,

Series

2013A,

6.000%,

8/01/23,

(ETM)

No

Opt.

Call

BB  (4)

61,012

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  

101,264

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  

1,162,949

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Series

2012A:

1,340

5.000%,

8/01/32

3/23

at

100.00

BB+  

1,310,292

850

5.250%,

8/01/42

3/23

at

100.00

BB+  

813,994

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-  

754,867

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-  

737,512

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  

1,078,300

3,015

5.000%,

7/01/33

7/27

at

100.00

Baa2  

3,221,226

1,750

4.000%,

7/01/42

7/27

at

100.00

Baa2  

1,649,550

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-  

6,242,760

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+  

917,323

355

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2021A,

4.000%,

10/15/24

No

Opt.

Call

BBB-  

359,768

650

California

School

Finance

Authority

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2015A,

3.625%,

7/01/25,

144A

No

Opt.

Call

BBB  

653,165

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  

1,024,810

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

25

5.000%,

8/01/24,

(ETM),

144A

No

Opt.

Call

N/R  (4)

25,955

305

5.000%,

8/01/24,

144A

No

Opt.

Call

BBB  

312,655

35

5.000%,

8/01/25,

(ETM),

144A

No

Opt.

Call

N/R  (4)

37,294

325

5.000%,

8/01/25,

144A

No

Opt.

Call

BBB  

338,026

725

5.000%,

8/01/26,

144A

8/25

at

100.00

BBB  

754,783

65

5.000%,

8/01/26,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

N/R  (4)

69,261

25

5.000%,

8/01/27,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

N/R  (4)

26,639

225

5.000%,

8/01/27,

144A

8/25

at

100.00

BBB  

234,103

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-  

1,545,900

27

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

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  

$

705,922

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G:

310

5.000%,

6/01/30,

144A

6/27

at

100.00

N/R  

315,407

325

5.000%,

6/01/37,

144A

6/27

at

100.00

N/R  

320,726

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  

86,135

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  

1,096,855

300

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2017A,

5.000%,

7/01/25,

144A

No

Opt.

Call

BBB  

311,910

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-  

874,500

830

5.000%,

10/01/32

10/26

at

100.00

A-  

878,796

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A:

3,900

5.000%,

12/01/36,

144A

6/26

at

100.00

BB+  

3,964,467

280

5.000%,

12/01/46,

144A

6/26

at

100.00

BB+  

273,188

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+  

170,272

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  

1,036,970

750

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.125%,

8/15/47

-

AGM

Insured

8/32

at

100.00

AA  

809,790

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  

4,523,840

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  

752,325

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  

1,254,875

50

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.000%,

11/15/35

No

Opt.

Call

AA-  

54,714

1,145

Long

Beach,

California,

Airport

Revenue

Bonds,

Senior

Refunding

Series

2022C,

5.250%,

6/01/47

-

AGM

Insured,

(AMT)

6/32

at

100.00

AA  

1,249,332

1,400

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2017,

5.000%,

5/15/29,

(AMT)

5/27

at

100.00

AA+  

1,536,262

Long

Beach,

California,

Marina

Revenue

Bonds,

Alamitos

Bay

Marina

Project,

Series

2015:

320

5.000%,

5/15/24

No

Opt.

Call

BBB  

328,019

745

5.000%,

5/15/26

5/25

at

100.00

BBB  

775,851

2,220

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Series

2022I,

5.000%,

5/15/48

11/31

at

100.00

AA  

2,486,289

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

28

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

California

(continued)

$

750

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015D,

5.000%,

5/15/30,

(AMT)

5/25

at

100.00

AA  

$

784,717

5,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Series

2022H,

5.500%,

5/15/38,

(AMT)

11/31

at

100.00

AA  

5,760,100

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2016B:

2,200

5.000%,

5/15/33,

(AMT)

5/26

at

100.00

AA-  

2,332,154

500

5.000%,

5/15/34,

(AMT)

5/26

at

100.00

AA-  

527,615

2,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2017A,

5.000%,

5/15/34,

(AMT)

5/27

at

100.00

AA-  

2,141,860

1,135

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C,

5.000%,

5/15/33,

(AMT)

11/27

at

100.00

AA-  

1,232,133

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  

387,948

1,000

North

Lake

Tahoe

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Health

&

Human

Services

Center

Series

2022,

5.500%,

12/01/47

12/29

at

103.00

AA  

1,153,750

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)

2,051,386

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  

1,252,215

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

4

North

Natomas,

Refunding

Series

2015F:

615

5.000%,

9/01/26

9/25

at

100.00

A-  

647,939

1,290

5.000%,

9/01/27

9/25

at

100.00

A-  

1,359,570

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  

307,455

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+  

1,069,650

500

5.000%,

7/01/35,

(AMT)

7/27

at

100.00

A+  

530,990

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  

1,384,051

Upland,

California,

Certificates

of

Participation,

San

Antonio

Regional

Hospital,

Series

2017:

585

5.000%,

1/01/25

No

Opt.

Call

BBB  

605,884

1,110

5.000%,

1/01/26

No

Opt.

Call

BBB  

1,172,349

530

5.000%,

1/01/28

No

Opt.

Call

BBB  

574,716

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  

1,091,310

98,085

Total

California

104,730,252

29

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

-

4.7%

$

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  

$

674,234

1,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021,

4.375%,

12/01/52

12/26

at

103.00

N/R  

773,240

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  

1,346,784

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+  

5,025,092

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  

484,411

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  

1,074,050

1,330

5.000%,

6/15/35

6/26

at

100.00

Aa2  

1,418,312

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  

500,540

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013:

450

5.000%,

12/01/33

3/23

at

100.00

BB+  

450,081

845

5.000%,

12/01/42

3/23

at

100.00

BB+  

830,331

1,155

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A,

5.250%,

11/01/36

11/32

at

100.00

A-  

1,294,212

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,

14.910%,

1/01/35,

144A,

(IF)

(5)

1/24

at

100.00

N/R  

1,105,710

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  

901,314

2,500

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2021S,

4.000%,

3/15/46

3/31

at

100.00

Aa2  

2,486,175

1,665

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

5.500%,

11/15/35,

(AMT)

11/32

at

100.00

AA-  

1,971,027

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D:

1,725

5.750%,

11/15/34,

(AMT)

11/32

at

100.00

AA-  

2,112,866

805

5.750%,

11/15/35,

(AMT)

11/32

at

100.00

AA-  

973,430

3,500

5.750%,

11/15/40,

(AMT)

11/32

at

100.00

AA-  

4,129,475

2,500

5.750%,

11/15/41,

(AMT)

11/32

at

100.00

AA-  

2,933,675

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016:

1,100

5.000%,

12/01/25

No

Opt.

Call

Baa2  

1,146,376

2,500

5.000%,

12/01/26

No

Opt.

Call

Baa2  

2,638,050

1,240

5.000%,

12/01/28

12/26

at

100.00

Baa2  

1,301,157

500

5.000%,

12/01/36

12/26

at

100.00

Baa2  

508,355

3,000

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A,

6.750%,

12/01/34,

144A

9/27

at

103.00

N/R  

3,049,980

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

30

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

(continued)

$

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  

$

305,625

500

Grandview

Reserve

Metropolitan

District,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Senior

Bonds,

Series

2022A

and

Limited

Tax

General

Obligation

Subordinate

Bonds,

Series

2022B(3),

6.250%,

12/01/52

9/27

at

103.00

N/R  

482,290

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  

442,955

2,550

Ledge

Rock

Center

Commercial

Metropolitan

District

(In

the

Town

of

Johnstown,

Weld

County,

Colorado),

Limited

Tax

General

Obligation

Bonds,

Series

2022,

7.125%,

11/01/42,

144A

11/29

at

103.00

N/R  

2,574,531

500

Meridian

Ranch

Metropolitan

District

2018,

Subdistrict,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.250%,

12/01/37

12/27

at

103.00

N/R  

501,785

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  

1,398,537

1,665

5.500%,

12/01/36

12/27

at

100.00

AA  

1,874,374

1,300

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022,

5.250%,

7/01/52

7/31

at

100.00

AA+  

1,447,368

1,330

Peak

Metropolitan

District

3,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1,

7.500%,

12/01/52

12/27

at

103.00

N/R  

1,343,087

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  

1,226,400

9,930

State

of

Colorado,

Rural

Colorado,

Certificates

of

Participation,

Series

2022,

6.000%,

12/15/41

12/32

at

100.00

Aa2  

12,184,010

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  

972,580

1,250

Village

Metropolitan

District

In

the

Town

of

Avon,

Eagle

County,

Colorado,

Special

Revenue

and

Limited

Property

Tax

Bonds,

Refunding

&

Improvement

Series

2020,

5.000%,

12/01/40

12/25

at

103.00

N/R  

1,221,788

1,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.750%,

12/01/52

12/29

at

103.00

N/R  

957,910

60,125

Total

Colorado

66,062,117

Connecticut

-

1.0%

5,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A,

4.000%,

7/01/51

7/31

at

100.00

A+  

4,752,500

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  

532,075

410

5.000%,

7/01/37

7/27

at

100.00

A  

434,428

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

A  

1,158,470

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  

1,527,525

31

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Connecticut

(continued)

$

6,465

5.000%,

4/01/39,

144A

4/27

at

100.00

N/R  

$

6,472,499

14,875

Total

Connecticut

14,877,497

Delaware

-

0.1%

340

Delaware

Economic

Development

Authority,

Delaware,

Revenue

Bonds,

ASPIRA

of

Delaware

Charter

Operations

Inc.

DBA

Las

Americas

ASPIRA

Academy

Project,

Series

2022A,

4.000%,

6/01/42

6/32

at

100.00

BB  

288,388

235

Delaware

Economic

Development

Authority,

Revenue

Bonds,

Newark

Charter

School,

Refunding

Series

2016A,

2.800%,

9/01/26

No

Opt.

Call

BBB+  

228,871

540

Delaware

Economic

Development

Authority,

Revenue

Bonds,

Newark

Charter

School,

Series

2021,

4.000%,

9/01/41

9/31

at

100.00

BBB+  

510,295

1,115

Total

Delaware

1,027,554

District

of

Columbia

-

2.3%

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+  

2,126,680

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  

2,199,420

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  

1,064,960

5,000

District

of

Columbia,

Revenue

Bonds,

Georgetown

University,

Refunding

Series

2017,

5.000%,

4/01/33

4/27

at

100.00

A-  

5,401,550

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)

1,017,310

1,000

5.000%,

10/01/29,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+  (4)

1,017,310

575

5.000%,

10/01/30,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+  (4)

584,953

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+  

2,062,280

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+  

2,062,280

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

KIPP

DC

Issue,

Series

2019:

250

5.000%,

7/01/28

No

Opt.

Call

BBB+  

267,635

250

5.000%,

7/01/29

No

Opt.

Call

BBB+  

270,058

1,240

4.000%,

7/01/44

7/29

at

100.00

BBB+  

1,098,962

1,540

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

5.000%,

10/01/47

10/29

at

100.00

A-  

1,623,144

2,990

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2013A,

5.000%,

10/01/32,

(AMT)

10/23

at

100.00

AA-  

3,023,907

3,500

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

10/01/29,

(AMT)

10/24

at

100.00

AA-  

3,599,225

5,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

10/01/34,

(AMT)

10/24

at

100.00

AA-  

5,126,900

31,345

Total

District

of

Columbia

32,546,574

Florida

-

11.2%

Alachua

County

Health

Facilities

Authority,

Florida,

Continuing

Care

Retirement

Community

Revenue

Bonds,

Oak

Hammock

at

the

University

of

Florida,

Inc.

Project,

Series

2021:

325

4.000%,

10/01/30

10/27

at

103.00

BBB  

303,713

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

32

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

800

4.000%,

10/01/40

10/27

at

103.00

BBB  

$

682,432

Babcock

Ranch

Community

Independent

Special

District,

Charlotte

County,

Florida,

Special

Assessment

Bonds,

2022

Project

Series

2022:

530

4.250%,

5/01/32

No

Opt.

Call

N/R  

519,071

1,000

5.000%,

5/01/42

5/32

at

100.00

N/R  

980,680

1,495

Bay

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2022A,

5.500%,

7/01/42

7/32

at

100.00

Aa3  

1,693,970

740

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A,

5.000%,

9/01/33

9/23

at

100.00

BBB  

747,067

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

A  

2,133,720

5,000

Brevard

County

School

Board,

Florida,

Certificates

of

Participation,

Refunding

Series

2017A,

5.000%,

7/01/31

7/27

at

100.00

Aa3  

5,500,950

1,930

Broward

County,

Florida,

Airport

System

Revenue

Bonds,

Series

2017,

5.000%,

10/01/35,

(AMT)

10/27

at

100.00

A+  

2,052,130

Broward

County,

Florida,

Airport

System

Revenue

Bonds,

Series

2019A:

2,750

5.000%,

10/01/37,

(AMT)

10/29

at

100.00

A+  

2,958,367

1,750

5.000%,

10/01/39,

(AMT)

10/29

at

100.00

A+  

1,873,778

1,000

Broward

County,

Florida,

Port

Facilities

Revenue

Bonds,

Refunding

Subordinate

Series

2019D,

5.000%,

9/01/23,

(AMT)

No

Opt.

Call

A2  

1,012,950

1,000

Broward

County,

Florida,

Port

Facilities

Revenue

Bonds,

Series

2022,

5.250%,

9/01/47,

(AMT)

9/32

at

100.00

A1  

1,079,140

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  

1,477,212

2,095

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Odyssey

Charter

School

Project,

Series

2019,

5.000%,

7/01/54,

144A

7/26

at

103.00

Ba1  

1,974,831

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  

209,210

110

4.000%,

10/01/51,

(AMT),

144A

10/31

at

100.00

N/R  

84,975

3,035

City

of

Miami

Beach,

Florida,

Stormwater

Revenue

Bonds,

Series

2015,

5.000%,

9/01/41

9/25

at

100.00

AA-  

3,205,172

Cocoa,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2018C:

1,225

5.000%,

10/01/36

10/28

at

100.00

AA  

1,382,082

1,315

5.000%,

10/01/37

10/28

at

100.00

AA  

1,473,878

1,000

5.000%,

10/01/38

10/28

at

100.00

AA  

1,116,870

Corkscrew

Crossing

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2023:

500

4.300%,

5/01/33

,

(WI/DD,

Settling

2/14/23)

No

Opt.

Call

N/R  

500,315

1,000

5.100%,

5/01/43

,

(WI/DD,

Settling

2/14/23)

5/33

at

100.00

N/R  

999,920

1,190

Daytona

Beach

Florida

Housing

Authority,Multi-family

Housing

Revenue

Bonds,

WM

At

The

River

LP,

Series

2021

B,

1.250%,

12/01/25,

(Mandatory

Put

12/01/24)

12/24

at

100.00

Aaa  

1,141,472

Deerfield

Beach,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2018:

2,865

5.000%,

12/01/37

12/28

at

100.00

AA  

3,186,138

1,200

5.000%,

12/01/38

12/28

at

100.00

AA  

1,331,088

33

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

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  

$

2,524,566

2,295

4.000%,

7/01/38

7/29

at

100.00

A1  

2,320,015

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  

236,969

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  

177,095

385

5.750%,

7/01/47,

144A

7/27

at

101.00

N/R  

388,357

1,700

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Imagine

School

at

Broward

Project,

Series

2021A,

4.000%,

12/15/51,

144A

12/29

at

100.00

Baa3  

1,492,634

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  

172,907

1,500

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School,

Inc.

Projects,

Series

2013A,

8.500%,

6/15/44,

(Pre-refunded

6/15/23)

6/23

at

100.00

N/R  (4)

1,531,035

2,000

Florida

Development

Finance

Corporation,

Florida,

Surface

Transportation

Facility

Revenue

Bonds,

Brightline

Passenger

Rail

Project,

Green

Series

2019B,

7.375%,

1/01/49,

(AMT),

144A

1/24

at

107.00

N/R  

1,810,000

4,525

Florida

Development

Finance

Corporation,

Florida,

Surface

Transportation

Facility

Revenue

Bonds,

Virgin

Trains

USA

Passenger

Rail

Project,

Series

2019A,

6.500%,

1/01/49,

(AMT),

(Mandatory

Put

1/01/29),

144A

3/23

at

102.00

N/R  

4,116,483

1,760

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2021A-1,

2.900%,

12/01/56,

(AMT),

(Mandatory

Put

4/04/23)

3/23

at

100.00

Aaa  

1,758,962

5,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Passenger

Rail

Expansion

Project,

Series

2022A,

7.250%,

7/01/57,

(AMT),

(Mandatory

Put

10/03/23),

144A

3/23

at

102.00

N/R  

4,992,250

1,000

Florida

Gulf

Coast

University

Financing

Corporation,

Capital

Improvement

Revenue

Bonds,

Refunding

Housing

Project,

Series

2019A,

3.000%,

2/01/39

2/30

at

100.00

A+  

832,640

1,000

Florida

Gulf

Coast

University

Financing

Corporation,

Capital

Improvement

Revenue

Bonds,

Refunding

Housing

Project,

Series

2022A,

5.000%,

2/01/40

8/32

at

100.00

A+  

1,080,270

12,000

Florida

Mid-Bay

Bridge

Authority,

Revenue

Bonds,

1st

Senior

Lien

Series

2015A,

5.000%,

10/01/35

10/25

at

100.00

BBB+  

12,383,640

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  

650,818

400

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Priority

Subordinated

Series

2017A,

5.000%,

10/01/34,

(AMT)

10/27

at

100.00

A+  

428,888

4,000

Hernando

County,

Florida,

Non-Ad

Valorem

Revenue

Bonds,

Series

2022,

5.250%,

6/01/47

6/32

at

100.00

AA-  

4,459,840

3,250

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Senior

Lien

Series

2015A,

5.000%,

10/01/40,

(Pre-refunded

10/01/24),

(AMT)

10/24

at

100.00

N/R  (4)

3,362,937

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

34

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

715

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Series

2018E,

5.000%,

10/01/35,

(AMT)

10/28

at

100.00

AA-  

$

769,033

3,000

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Subordinate

Refunding

Series

2013A,

5.500%,

10/01/28,

(Pre-refunded

10/01/23),

(AMT)

10/23

at

100.00

A+  (4)

3,059,730

2,000

Hillsborough

County

Industrial

Development

Authority,

Florida,

Hospital

Revenue

Bonds,

Florida

Health

Sciences

Center

Inc

D/B/A

Tampa

General

Hospital,

Series

2020A,

4.000%,

8/01/45

2/31

at

100.00

A  

1,892,280

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

Aa3  

3,102,843

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  

982,394

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  

1,791,586

400

Lake

Worth

Beach,

Florida,

Consolidated

Utility

Revenue

Bonds,

Series

2022,

5.000%,

10/01/36

-

BAM

Insured

10/32

at

100.00

AA  

465,816

600

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2012A,

5.000%,

6/15/24,

144A

3/23

at

100.00

BB  

600,330

Lee

County,

Florida,

Solid

Waste

System

Revenue

Bonds,

Refunding

Series

2016:

1,110

5.000%,

10/01/24,

(AMT)

No

Opt.

Call

AA-  

1,138,549

605

5.000%,

10/01/26,

(AMT)

No

Opt.

Call

AA-  

639,969

1,155

Marco

Island,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2016,

3.000%,

10/01/33

10/26

at

100.00

Aa3  

1,160,925

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-  

865,155

250

5.000%,

11/15/26

11/24

at

100.00

A-  

257,835

375

5.000%,

11/15/27

11/24

at

100.00

A-  

386,640

500

5.000%,

11/15/28

11/24

at

100.00

A-  

515,145

9,250

5.000%,

11/15/39

11/24

at

100.00

A-  

9,398,000

4,000

5.000%,

11/15/44

11/24

at

100.00

A-  

4,015,920

Miami

Dade

County,

Florida,

Rickenbacker

Causeway

Revenue

Bonds,

Series

2014:

900

5.000%,

10/01/27

10/24

at

100.00

A-  

928,422

920

5.000%,

10/01/28

10/24

at

100.00

A-  

948,888

500

5.000%,

10/01/30

10/24

at

100.00

A-  

515,250

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2014A:

1,145

5.000%,

10/01/28,

(AMT)

10/24

at

100.00

A1  

1,180,392

4,000

5.000%,

10/01/33,

(AMT)

10/24

at

100.00

A1  

4,108,680

1,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/41

10/26

at

100.00

A  

1,039,330

4,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

10/01/38,

(AMT)

10/28

at

100.00

A  

4,241,000

1,870

Miami-Dade

County,

Florida,

Seaport

Revenue

Bonds,

Refunding

Series

2022A,

5.000%,

10/01/38,

(AMT),

(UB)

,

(WI/DD,

Settling

2/02/23)

10/32

at

100.00

A  

2,047,388

Monroe

County,

Florida,

Airport

Revenue

Bonds,

Key

West

International

Airport,

Series

2022:

1,430

5.000%,

10/01/39,

(AMT)

10/32

at

100.00

A-  

1,500,513

1,575

5.000%,

10/01/41,

(AMT)

10/32

at

100.00

A-  

1,635,118

35

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

750

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health

Obligated

Group,

Inc.,

Series

2023,

5.000%,

10/01/33

,

(WI/DD,

Settling

2/02/23)

4/33

at

100.00

A+  

$

876,608

500

Orange

County

Health

Facilities

Authority,

Florida,

Revenue

Bonds,

Presbyterian

Retirement

Communities

Project,

Series

2014,

5.000%,

8/01/24

No

Opt.

Call

A-  

509,905

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  

1,095,230

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1:

745

5.000%,

10/01/29

No

Opt.

Call

BBB+  

789,484

250

5.000%,

10/01/36

10/29

at

100.00

BBB+  

258,005

250

5.000%,

10/01/38

10/29

at

100.00

BBB+  

256,968

250

5.000%,

10/01/39

10/29

at

100.00

BBB+  

256,677

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Jupiter

Medical

Center,

Series

2022:

620

5.000%,

11/01/34

11/32

at

100.00

BBB  

677,133

750

5.000%,

11/01/36

11/32

at

100.00

BBB  

801,825

1,520

5.000%,

11/01/47

11/32

at

100.00

BBB  

1,576,179

2,175

5.000%,

11/01/52

11/32

at

100.00

BBB  

2,240,642

425

Palm

Beach

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2015C,

5.000%,

8/01/30

8/25

at

100.00

Aa3  

450,096

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  

549,294

1,000

Poitras

East

Community

Development

District,

Osceola

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023,

4.199%,

5/01/33

,

(WI/DD,

Settling

2/14/23)

No

Opt.

Call

N/R  

998,300

Pompano

Beach,

Florida,

Revenue

Bonds,

John

Knox

Village

Project,

Series

2015:

225

5.000%,

9/01/24

No

Opt.

Call

BBB  

226,996

410

5.000%,

9/01/35

9/24

at

100.00

BBB  

411,279

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  

949,008

2,000

School

Board

of

Duval

County,

Florida,

Certificates

of

Participation,

Series

2022A,

5.000%,

7/01/31

-

AGM

Insured

7/30

at

100.00

AA  

2,346,320

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  

250,539

280

4.000%,

6/15/31,

144A

No

Opt.

Call

Ba1  

261,937

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  

65,415

2,000

4.000%,

5/01/33

5/26

at

100.00

AA  

2,054,460

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)

508,320

1,425

Tampa

Bay,

Florida,

Regional

Water

Supply

Authority,

Utility

System

Revenue

Bonds,

Sustainability

Series

2022,

5.250%,

10/01/47

10/32

at

100.00

AA+  

1,638,508

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+  

1,427,743

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

36

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Florida

(continued)

$

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+  

$

556,853

15

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-2,

0.000%,

5/01/40

(6)

3/23

at

100.00

N/R  

13,415

15

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-3,

6.610%,

5/01/40

(7)

3/23

at

100.00

N/R  

–

3,000

Village

Community

Development

District

14,

Leesburg,

Florida,

Special

Assessment

Bonds,

Series

2022,

4.750%,

5/01/32,

144A

5/30

at

100.00

N/R  

3,029,430

154,150

Total

Florida

158,605,137

Georgia

-

0.7%

3,000

Atlanta,

Georgia,

Airport

General

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/38,

(AMT)

7/32

at

100.00

Aa3  

3,305,940

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+  

2,551,659

1,380

5.000%,

4/01/37

4/27

at

100.00

A+  

1,456,549

1,860

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2022,

5.250%,

7/01/43

7/32

at

100.00

AA  

2,163,906

950

Henry

County

Hospital

Authority,

Georgia,

Revenue

Certificates,

Piedmont

Henry

Hospital

Project,

Series

2014A,

5.000%,

7/01/34

7/24

at

100.00

AA-  

973,674

9,580

Total

Georgia

10,451,728

Guam

-

0.1%

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

1,035

5.000%,

11/15/23

No

Opt.

Call

BB  

1,048,031

1,000

5.000%,

11/15/33

11/25

at

100.00

BB  

1,032,660

2,035

Total

Guam

2,080,691

Hawaii

-

0.7%

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  

1,614,432

2,000

Honolulu

City

and

County,

Hawaii,

General

Obligation

Bonds,

Series

2015A,

5.000%,

10/01/37

10/25

at

100.00

Aa1  

2,108,760

3,840

Honolulu

City

and

County,

Hawaii,

General

Obligation

Bonds,

Series

2022B,

5.250%,

7/01/41

7/32

at

100.00

Aa1  

4,472,832

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  

429,928

470

4.000%,

5/15/30

No

Opt.

Call

N/R  

456,079

375

5.000%,

5/15/31

No

Opt.

Call

N/R  

390,454

250

5.000%,

5/15/32

No

Opt.

Call

N/R  

259,577

8,975

Total

Hawaii

9,732,062

Idaho

-

0.8%

Boise

State

University,

Idaho,

General

Revenue

Bonds,

Series

2018A:

575

5.000%,

4/01/38

4/28

at

100.00

Aa3  

625,410

600

5.000%,

4/01/39

4/28

at

100.00

Aa3  

651,354

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  

520,380

37

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Idaho

(continued)

$

1,000

5.000%,

6/01/30

12/24

at

100.00

A3  

$

1,039,670

2,090

5.000%,

6/01/31

12/24

at

100.00

A3  

2,171,008

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  

2,299,950

610

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Madison

Memorial

Hospital

Project,

Refunding

Series

2016,

5.000%,

9/01/29

9/26

at

100.00

BB+  

633,211

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  

1,308,838

865

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Group,

Series

2015,

5.500%,

12/01/29

6/25

at

100.00

AA-  

925,472

1,170

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Future

Public

School

Project,

Series

2022A,

4.000%,

5/01/32,

144A

5/29

at

103.00

Ba2  

1,095,693

100

Idaho

State

University,

General

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

4/01/23

No

Opt.

Call

A1  

100,395

11,760

Total

Idaho

11,371,381

Illinois

-

6.2%

1,395

Beford

Park

Village,

Illinois,

Hotel

and

Motel

Tax

Revenue

Bonds,

Refunding

Series

2015A,

4.000%,

12/01/23

No

Opt.

Call

A3  

1,399,855

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

AA  

2,176,248

633

Chicago,

Illinois,

Certificates

of

Participation,

Tax

Increment

Allocation

Revenue

Bonds,

Pullman

Park/Chicago

Redevelopement

Project,

Series

2013A,

7.125%,

3/15/33

2/23

at

100.00

N/R  

633,194

600

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Refunding

Senior

Lien

Series

2020A,

5.000%,

1/01/35

1/30

at

100.00

A+  

680,478

Chicago,

Illinois,

General

Obligation

Bonds,

Chicago

Works

Series

2023A:

3,850

5.000%,

1/01/35

1/32

at

100.00

BBB+  

4,133,168

1,685

5.500%,

1/01/39

1/32

at

100.00

BBB+  

1,839,986

Chicago,

Illinois,

Midway

Airport

Revenue

Bonds,

Refunding

Second

Lien

Series

2014A:

2,500

5.000%,

1/01/25

1/24

at

100.00

A  

2,543,000

2,000

5.000%,

1/01/27

1/24

at

100.00

A  

2,032,360

3,000

5.000%,

1/01/30

1/24

at

100.00

A  

3,048,210

4,650

DuPage

County

School

District

58

Downers

Grove,

Illinois,

General

Obligation

Bonds,  School

Series

2022,

5.250%,

12/15/40

12/32

at

100.00

Aa1  

5,392,651

100

Illinois

Finance

Authority

Revenue

Bonds,

OSF

Healthcare

System,

Refunding

Series

2018A,

5.000%,

5/15/25

No

Opt.

Call

A  

104,902

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+  

129,924

2,000

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2014,

4.000%,

8/01/38

8/24

at

100.00

AA  

1,989,380

4,500

Illinois

Finance

Authority,

Revenue

Bonds,

Edward-Elmhurst

Healthcare,

Refunding

Series

2018A,

4.250%,

1/01/44,

(Pre-refunded

1/01/28)

1/28

at

100.00

AA-  (4)

4,859,010

Illinois

Finance

Authority,

Revenue

Bonds,

Edward-

Elmhurst

Healthcare,

Series

2017A:

3,000

5.000%,

1/01/36,

(Pre-refunded

1/01/27)

1/27

at

100.00

AA-  (4)

3,286,590

590

Illinois

Finance

Authority,

Revenue

Bonds,

Lifespace

Community

Inc.,

Series

2015A,

5.000%,

5/15/27

5/25

at

100.00

BBB  

586,584

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

38

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Illinois

(continued)

$

5,000

Illinois

Finance

Authority,

Revenue

Bonds,

Northwest

Community

Hospital,

Refunding

Series

2016A,

4.000%,

7/01/37,

(Pre-refunded

7/01/26)

7/26

at

100.00

Aa3  (4)

$

5,288,450

9,885

Illinois

Finance

Authority,

Revenue

Bonds,

Northwestern

Memorial

Healthcare,

Series

2017A,

4.000%,

7/15/47

1/28

at

100.00

AA+  

9,845,163

1,000

Illinois

Finance

Authority,

Revenue

Bonds,

OSF

Healthcare

System,

Series

2015A,

4.000%,

11/15/33

11/25

at

100.00

A  

1,017,850

2,750

Illinois

Finance

Authority,

Revenue

Bonds,

Rush

University

Medical

Center

Obligated

Group,

Series

2015A,

5.000%,

11/15/38

5/25

at

100.00

AA-  

2,803,515

220

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C,

5.000%,

8/15/23

No

Opt.

Call

A3  

222,528

Illinois

Finance

Authority,

Revenue

Bonds,

Smith

Crossing,

Refunding

Series

2022:

725

4.000%,

10/15/30

4/29

at

103.00

BBB-  

675,548

6,000

4.000%,

10/15/37

4/29

at

103.00

BBB-  

5,187,720

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  

860,220

1,500

Illinois

Housing

Development

Authority,

Revenue

Bonds,

Social

Series

2022G,

6.250%,

10/01/52

4/32

at

100.00

Aaa  

1,690,695

2,000

Illinois

State,

General

Obligation

Bonds,

December

Series

2017B,

5.000%,

12/01/24

No

Opt.

Call

BBB+  

2,074,740

6,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D,

5.000%,

11/01/28

11/27

at

100.00

BBB+  

6,438,180

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-  

5,353,862

1,100

Lake

County

Consolidated

High

School

District

120

Mundelein,

Illinois,

General

Obligation

Bonds,

School

Series

2022A,

5.500%,

12/01/40

12/32

at

100.00

AA+  

1,249,545

600

Madison,

Bond

and

Montgomery

Counties

Community

Unit

School

District

05,

Highland,

Illinois,

General

Obligation

Bonds,

School

Series

2022B,

5.500%,

2/01/42

-

AGM

Insured

2/30

at

100.00

AA  

671,370

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  

77

1,259

1,250

Northern

Illinois

University,

Auxiliary

Facilities

System

Revenue

Bonds,

Refunding

Series

2020B,

4.000%,

4/01/35

-

BAM

Insured

4/30

at

100.00

AA  

1,278,187

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  

1,002,200

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  

689,648

140

5.000%,

2/01/34,

(Pre-refunded

2/01/28)

-

AGM

Insured

2/28

at

100.00

AA  (4)

158,365

100

University

of

Illinois,

Auxiliary

Facilities

System

Revenue

Bonds,

Series

2014A,

5.000%,

4/01/39

4/24

at

100.00

AA-  

101,285

2,000

Will

County

School

District

114,

Manhattan,

Illinois,

General

Obligation

Bonds,

Series

2022,

5.500%,

1/01/43

-

BAM

Insured

1/33

at

100.00

AA  

2,294,000

4,000

Will

County,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2019,

4.000%,

11/15/47

11/29

at

100.00

AA+  

4,026,760

85,023

Total

Illinois

88,536,630

39

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Indiana

-

5.0%

$

2,500

Evansville,

Indiana,

Waterworks

District

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/47

-

BAM

Insured

1/32

at

100.00

AA  

$

2,753,575

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  

893,180

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+  

779,674

795

5.000%,

7/15/36

1/28

at

100.00

AA+  

879,047

500

5.000%,

7/15/37

1/28

at

100.00

AA+  

550,240

1,000

5.000%,

7/15/38

1/28

at

100.00

AA+  

1,096,880

850

IIndiana

Finance

Authority,

Hospital

Revenue

Bonds,

Parkview

Health,

Series

2018A,

4.000%,

11/01/48

11/28

at

100.00

AA-  

836,783

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-  

573,468

425

5.000%,

2/01/27

2/24

at

100.00

A-  

435,081

1,350

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Butler

University

Project,

Series

2019,

5.000%,

2/01/35

8/29

at

100.00

A-  

1,494,869

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  

2,545,888

4,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

DePauw

University

Project,

Series

2022A,

5.000%,

7/01/42

7/32

at

100.00

Baa1  

4,191,320

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  

3,997,521

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  

256,945

665

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A,

5.000%,

11/01/35

5/29

at

100.00

A-  

715,081

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Reid

Health

Series

2022:

1,785

5.000%,

1/01/42

-

AGM

Insured

1/32

at

100.00

AA  

1,962,018

1,700

5.000%,

1/01/52

-

AGM

Insured

1/32

at

100.00

N/R  

1,793,568

3,025

Indiana

Finance

Authority,

Wastewater

Utility

Revenue

Bonds,

CWA

Authority

Project,

Refunding

Second

Lien

Series

2021-2,

4.000%,

10/01/40

-

BAM

Insured

10/31

at

100.00

AA  

3,066,957

2,020

Indiana

Health

Facility

Financing

Authority,

Revenue

Bonds,

Ascension

Health,

Series

2001A-1,

5.000%,

11/15/34

11/25

at

100.00

AA+  

2,125,363

1,420

Indiana

Municipal

Power

Agency

Power

Supply

System

Revenue

Bonds,

Refunding

Series

2016C,

5.000%,

1/01/38

7/26

at

100.00

A+  

1,505,072

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)

1,011,600

670

Indiana

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

2017A,

5.000%,

1/01/42

1/28

at

100.00

A+  

722,387

3,000

Indiana

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

2022A,

5.500%,

1/01/47

1/32

at

100.00

A+  

3,432,240

1,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Airport

Authority

Project

Revenue

Bonds,

Series

2022G-2,

5.000%,

1/01/33,

(AMT)

1/32

at

100.00

A1  

1,141,730

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

40

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Indiana

(continued)

IPS

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Revenue

Bonds,

Social

Series

2022:

$

630

5.500%,

7/15/37

7/32

at

100.00

AA+  

$

736,615

500

5.500%,

7/15/39

7/32

at

100.00

AA+  

580,835

1,625

Ivy

Tech

Community

College,

Indiana,

Student

Fee

Revenue

Bonds,

Series

2018V,

5.000%,

7/01/36

7/28

at

100.00

AA  

1,763,320

Lake

Ridge

Multi-School

Building

Corporation,

Lake

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2022:

2,960

5.500%,

7/15/36

7/32

at

100.00

AA+  

3,512,958

3,500

5.500%,

7/15/38

7/32

at

100.00

AA+  

4,090,975

1,280

5.500%,

7/15/40

7/32

at

100.00

AA+  

1,477,043

1,150

Mount

Vernon

of

Hancock

County

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2022,

5.500%,

1/15/42

7/31

at

100.00

AA+  

1,321,166

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+  

2,575,592

2,480

5.000%,

7/15/36

7/26

at

100.00

AA+  

2,687,750

Plymouth

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2018:

1,655

5.000%,

1/15/34

7/28

at

100.00

AA+  

1,858,201

3,655

5.000%,

7/15/36

7/28

at

100.00

AA+  

4,034,718

Richmond

Hospital

Authority,

Indiana,

Revenue

Bonds,

Reid

Hospital

Project,  Refunding

Series

2015A:

500

5.000%,

1/01/28

1/25

at

100.00

A  

517,755

815

5.000%,

1/01/29

1/25

at

100.00

A  

842,629

4,905

Tippecanoe

County

NSE08

School

Building

Corporation,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2022B,

6.000%,

7/15/39

7/32

at

100.00

AA+  

6,049,925

64,390

Total

Indiana

70,809,969

Iowa

-

0.5%

Iowa

Finance

Authority,

State

Revolving

Fund

Revenue

Bonds,

Green

Series

2021A:

2,490

4.000%,

5/15/29

5/28

at

103.00

BBB  

2,325,013

1,260

4.000%,

5/15/30

5/28

at

103.00

BBB  

1,161,972

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  

3,114,960

6,750

Total

Iowa

6,601,945

Kansas

-

1.0%

1,075

Hutchinson,

Kansas,

Hospital

Facilities

Revenue

Bonds,

Hutchinson

Regional

Medical

Center,

Inc.,

Series

2016,

5.000%,

12/01/36

12/26

at

100.00

Ba1  

1,092,576

4,000

Kansas

Department

of

Transportation,

Highway

Revenue

Bonds,

Series

2018A,

5.000%,

9/01/36

9/27

at

100.00

AA  

4,383,720

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  

217,019

2,100

Kansas

State

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Refunding

Series

2019A,

5.000%,

9/01/37

9/29

at

100.00

Aa2  

2,385,285

3,000

Shawnee

County

Unified

School

District

437

Auburn-

Washburn,

Kansas,

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2022,

5.000%,

9/01/42

9/32

at

100.00

Aa2  

3,449,340

41

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Kansas

(continued)

$

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-  

$

2,095,440

12,380

Total

Kansas

13,623,380

Kentucky

-

0.9%

750

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A,

5.000%,

6/01/26

No

Opt.

Call

Baa2  

799,965

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

First

Tier

Series

2013A:

2,495

5.750%,

7/01/49,

(Pre-refunded

7/01/23)

7/23

at

100.00

Baa2  (4)

2,522,819

8,595

6.000%,

7/01/53,

(Pre-refunded

7/01/23)

7/23

at

100.00

Baa2  (4)

8,698,828

1,250

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

127,

Series

2022A,

5.250%,

6/01/39

6/32

at

100.00

A1  

1,420,850

13,090

Total

Kentucky

13,442,462

Louisiana

-

2.3%

Cameron

Parish

School

District

15,

Louisiana,

General

Obligtion

Bonds,

Series

2021:

350

4.000%,

10/01/34

10/30

at

100.00

BBB  

363,122

350

4.000%,

10/01/35

10/30

at

100.00

BBB  

358,767

350

4.000%,

10/01/36

10/30

at

100.00

BBB  

355,513

350

4.000%,

10/01/37

10/30

at

100.00

BBB  

353,493

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  

1,061,740

805

5.000%,

11/01/37

-

AGM

Insured

11/25

at

100.00

AA  

853,606

4,000

5.000%,

11/01/42

-

AGM

Insured

11/25

at

100.00

AA  

4,228,440

5,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Insurance

Assessment

Revenue

Bonds,

Louisiana

Insurance

Guaranty

Association

Project,

Series

2022B,

5.000%,

8/15/33

8/27

at

100.00

A1  

5,395,200

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  

196,118

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  

2,156,920

2,000

5.000%,

5/15/34

5/27

at

100.00

A  

2,147,660

2,640

5.000%,

5/15/35

5/27

at

100.00

A  

2,815,639

3,940

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

North

Terminal

Project,

Series

2015B,

5.000%,

1/01/30,

(AMT)

1/25

at

100.00

A  

4,078,846

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

North

Terminal

Project,

Series

2017B:

400

5.000%,

1/01/34,

(AMT)

1/27

at

100.00

A  

425,224

500

5.000%,

1/01/35,

(AMT)

1/27

at

100.00

A  

528,160

355

5.000%,

1/01/36,

(AMT)

1/27

at

100.00

A  

372,725

2,720

Port

New

Orleans

Board

of

Commissioners,

Louisiana,

Revenue

Bonds,

Port

Facilities,

Refunding

Series

2013B,

5.000%,

4/01/32,

(Pre-

refunded

4/01/23),

(AMT)

4/23

at

100.00

A  (4)

2,730,608

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  

3,122,400

860

5.000%,

4/01/38

-

AGM

Insured,

(AMT)

4/28

at

100.00

AA  

892,542

30,820

Total

Louisiana

32,436,723

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

42

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Maine

-

0.0%

$

500

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Series

2022C,

5.500%,

7/01/38

-

AGM

Insured

7/32

at

100.00

AA  

$

575,855

500

Total

Maine

575,855

Maryland

-

0.9%

2,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015,

5.000%,

7/01/29

7/25

at

100.00

A  

2,076,420

250

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds

Doctors

Community

Hospital,

Series

2017B,

5.000%,

7/01/32

7/27

at

100.00

A3  

265,495

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)

1,250,064

625

5.000%,

7/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00

A+  (4)

665,687

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)

2,194,179

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  

1,091,350

4,615

Maryland

Transportation

Authority,

Passenger

Facility

Charge

Revenue

Bonds,

Baltimore/Washington

Internatonal

Thurgood

Marshall

Airport

Project,

Series

2019,

5.000%,

6/01/26,

(AMT)

No

Opt.

Call

A+  

4,899,792

11,810

Total

Maryland

12,442,987

Massachusetts

-

1.1%

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  

1,756,645

1,385

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2022,

5.000%,

10/01/37

10/32

at

100.00

A1  

1,627,846

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A:

590

5.000%,

7/01/31

1/29

at

100.00

BBB+  

627,713

1,350

5.000%,

7/01/34

1/29

at

100.00

BBB+  

1,413,113

6,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017E,

4.000%,

11/01/32

11/27

at

100.00

Aa1  

6,371,040

3,885

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017F,

5.000%,

11/01/44

11/27

at

100.00

Aa1  

4,174,510

14,870

Total

Massachusetts

15,970,867

Michigan

-

2.3%

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  

560,260

1,220

5.000%,

5/01/42

5/28

at

100.00

AA  

1,338,572

5,000

Holly

Area

School

District,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site,

Series

2022I,

5.250%,

5/01/48

5/32

at

100.00

AA  

5,712,200

Kalamazoo

Hospital

Finance

Authority,

Michigan,

Hospital

Revenue

Bonds,

Bronson

Healthcare

Group,

Inc.,

Refunding

Series

2016:

95

5.000%,

5/15/26

No

Opt.

Call

A2  

101,770

5

5.000%,

5/15/26,

(ETM)

No

Opt.

Call

N/R  (4)

5,418

43

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Michigan

(continued)

$

335

Kent

Hospital

Finance

Authority,

Michigan,

Revenue

Bonds,

Mary

Free

Bed

Rehabilitatin

Hospital,

Series

2021A,

4.000%,

4/01/36

4/31

at

100.00

A  

$

340,863

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  

1,069,170

825

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

McLaren

Health

Care,

Refunding

Series

2015B,

5.000%,

5/15/34

5/25

at

100.00

AA-  

858,850

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2022A:

3,600

5.000%,

11/15/33

11/32

at

100.00

A-  

4,091,220

3,785

5.000%,

11/15/34

11/32

at

100.00

A-  

4,261,304

3,975

5.000%,

11/15/35

11/32

at

100.00

A-  

4,417,338

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-  

561,671

1,205

5.000%,

9/01/37

9/31

at

100.00

A-  

1,326,669

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  

304,863

1,000

Michigan

Mathematics

&

Science

Initiative,

Michigan,

Public

School

Academy

Revenue

Bonds,

Series

2021,

4.000%,

1/01/51

1/31

at

100.00

BB+  

814,130

5,000

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A,

4.000%,

11/15/44

11/31

at

100.00

AA+  

5,046,550

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

AA  (4)

2,260,786

30,640

Total

Michigan

33,071,634

Minnesota

-

1.3%

4,580

Forest

Lake,

Minnesota

Charter

School

Lease

Revenue

Bonds,

North

Lakes

Academy,

Refunding

Series

2021A,

5.000%,

7/01/41

7/31

at

100.00

N/R  

4,326,818

585

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

4.500%,

8/01/26

3/23

at

102.00

BB+  

586,931

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2015A:

1,380

5.000%,

11/15/28

11/25

at

100.00

A  

1,454,768

1,000

5.000%,

11/15/29

11/25

at

100.00

A  

1,052,060

1,000

5.000%,

11/15/30

11/25

at

100.00

A  

1,050,480

3,665

5.000%,

11/15/31

11/25

at

100.00

A  

3,844,219

1,750

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B,

5.000%,

1/01/37,

(AMT)

1/32

at

100.00

A+  

1,927,537

1,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2022M,

5.100%,

7/01/42

1/32

at

100.00

AA+  

1,070,590

1,000

Ramsey,

Anoka

County,

Minnesota,

Lease

Revenue

Bonds,

PACT

Charter

School

Project,  Series

2022A,

5.000%,

6/01/32

6/29

at

100.00

BB+  

1,002,620

1,895

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

of

Peace

Academy

Project,

Series

2019,

5.000%,

12/01/39

12/29

at

100.00

BBB-  

1,933,506

400

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Luthran

Home,

Refunding

Series

2013,

4.000%,

1/01/24

3/23

at

100.00

N/R  

393,280

18,255

Total

Minnesota

18,642,809

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

44

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Mississippi

-

1.0%

$

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  

$

1,233,087

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A:

4,000

5.000%,

9/01/41

9/26

at

100.00

BBB+  

4,053,760

8,500

5.000%,

9/01/46

9/26

at

100.00

BBB+  

8,569,275

13,635

Total

Mississippi

13,856,122

Missouri

-

2.2%

1,000

Greene

County,

Missouri,

Certificates

of

Participation,

Capital

Projects,

Series

2018,

5.000%,

9/01/36

9/28

at

100.00

Aa2  

1,108,230

1,960

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

Improvement

Series

2022B,

5.250%,

5/01/52

5/32

at

100.00

AAA  

2,235,321

4,000

Missouri

Development

Finance

Board,

Revenue

Bonds,

Zoo

Projects,

Series

2022,

5.500%,

5/01/42

5/32

at

100.00

AA-  

4,567,960

1,030

Missouri

Health

and

Education

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Health

System,

Inc.,

Series

2016,

5.000%,

11/15/24

No

Opt.

Call

A+  

1,072,941

3,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2015A,

4.000%,

1/01/45

1/25

at

100.00

AA  

2,919,210

10,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2012,

4.000%,

11/15/42

3/23

at

100.00

A+  

9,859,300

650

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016B,

5.000%,

2/01/28

2/26

at

100.00

BBB  

660,471

2,330

Orchard

Farm

R-V

School

District,

Saint

Charles

County,

Missouri,

Certificates

of

Participation,

Series

2022A,

5.250%,

4/01/39

4/29

at

100.00

A+  

2,534,225

2,200

Ozark

Reorganized

School

District

6,

Christian

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2022,

6.000%,

3/01/42

-

AGM

Insured

9/32

at

100.00

AA  

2,689,654

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+  

436,239

850

4.000%,

12/01/38

12/25

at

100.00

AA+  

856,613

264

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Notes,

Marquette

Building

Redevelopment

Project,

Series

2008-A,

6.500%,

1/23/28

3/23

at

100.00

N/R  

134,640

1,500

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

4.500%,

6/01/36

6/26

at

100.00

BBB  

1,486,050

600

Wright

City

School

District

R-II,

Warren

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2022,

6.000%,

3/01/42

-

AGM

Insured

9/32

at

100.00

AA  

736,872

29,814

Total

Missouri

31,297,726

Montana

-

0.7%

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+  

510,347

45

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Montana

(continued)

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  

$

714,939

1,255

5.000%,

6/01/37

6/28

at

100.00

A  

1,317,449

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  

2,910,970

1,470

Montana

State

University,

General

Revenue

Bonds,

Series

2022,

5.250%,

11/15/52

-

AGM

Insured

11/32

at

100.00

AA  

1,652,838

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  

3,341,772

9,575

Total

Montana

10,448,315

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-  

1,115,214

1,070

5.000%,

11/15/37

5/27

at

100.00

AA-  

1,138,865

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  

946,485

2,000

Douglas

County

Nebraska,

Sanitary

and

Improvement,

District

Number

608,

General

Obligation

Bonds,

North

Streams,

Series

2022,

6.000%,

12/15/37

6/27

at

100.00

N/R  

1,943,460

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Refunding

Series

2017A:

1,765

5.000%,

7/01/25

No

Opt.

Call

BBB  

1,830,923

1,000

5.000%,

7/01/27

No

Opt.

Call

BBB  

1,070,140

1,500

5.000%,

7/01/28

7/27

at

100.00

BBB  

1,595,940

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  

545,060

600

Omaha

Airport

Authority,

Nebraska,

Airport

Facilities

Revenue

Refunding

Bonds,

Series

2017A,

5.000%,

12/15/34,

(AMT)

12/26

at

100.00

AA-  

635,784

1,000

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2017A,

5.000%,

2/01/42

12/27

at

100.00

AA  

1,083,460

2,800

Southeast

Community

College

Area,

Nebraska,

Certificates

of

Participation,

Series

2018,

5.000%,

12/15/47

6/28

at

100.00

Aa1  

3,055,976

14,205

Total

Nebraska

14,961,307

Nevada

-

0.8%

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-  

542,390

1,000

5.000%,

9/01/33

9/27

at

100.00

A-  

1,070,370

4,000

Clark

County,

Nevada  Airport

Revenue

Bonds,

Senior

Series

2015A,

5.000%,

7/01/40

7/25

at

100.00

Aa2  

4,154,800

2,000

Clark

County,

Nevada,

Airport

Revenue

Bonds,

Jet

Aviation

Fuel

Tax,

Refunding

Series

2022A,

5.000%,

7/01/26,

(AMT)

No

Opt.

Call

A1  

2,132,520

115

Clark

County,

Nevada,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019D,

5.000%,

7/01/25

No

Opt.

Call

Aa3  

122,375

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

46

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Nevada

(continued)

$

1,370

Clark

County,

Nevada,

Passenger

Facility

Charge

Revenue

Bonds,

Las

Vegas-McCarran

International

Airport,

Refunding

Series

2017B,

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

Aa3  

$

1,408,867

Las

Vegas,

Nevada,

Local

Improvement

Bonds,

Special

Improvement

District

812

Summerlin

Village

24,

Series

2015:

1,140

4.000%,

12/01/23

No

Opt.

Call

N/R  

1,142,440

910

4.250%,

12/01/24

No

Opt.

Call

N/R  

916,497

440

Las

Vegas,

Nevada,

Local

Improvement

Bonds,

Special

Improvement

District

814

Summerlin

Village

21&

24A,

Series

2019,

3.250%,

6/01/24

No

Opt.

Call

N/R  

434,535

11,480

Total

Nevada

11,924,794

New

Hampshire

-

0.8%

580

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Catholic

Medical

Center,

Series

2012,

5.000%,

7/01/27

3/23

at

100.00

BBB+  

580,911

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+  

3,266,806

1,950

5.000%,

7/01/37

7/27

at

100.00

BBB+  

2,000,368

670

5.000%,

7/01/44

7/27

at

100.00

BBB+  

663,863

4,055

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Concord

Hospital,

Series

2017,

5.000%,

10/01/42

10/27

at

100.00

AA-  

4,235,529

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  

171,078

10,560

Total

New

Hampshire

10,918,555

New

Jersey

-

2.6%

2,000

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Refunding

Series

2014A,

5.000%,

2/15/28

2/24

at

100.00

A-  

2,025,280

500

Delaware

River

Port

Authority,

Pennsylvania

and

New

Jersey,

Revenue

Refunding

Bonds,

Port

District

Project,

Series

2022,

5.000%,

1/01/24

No

Opt.

Call

A  

511,245

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-  

462,902

485

5.000%,

7/15/24

No

Opt.

Call

BBB-  

495,059

510

5.000%,

7/15/25

No

Opt.

Call

BBB-  

528,799

535

5.000%,

7/15/26

No

Opt.

Call

BBB-  

561,691

560

5.000%,

7/15/27

No

Opt.

Call

BBB-  

594,367

5,300

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A,

5.000%,

11/01/37

11/32

at

100.00

A3  

5,854,327

1,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2015XX,

5.000%,

6/15/25

No

Opt.

Call

A3  

1,052,420

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017:

1,525

5.000%,

10/01/23,

(AMT)

No

Opt.

Call

Baa2  

1,538,100

1,800

5.000%,

10/01/24,

(AMT)

No

Opt.

Call

Baa2  

1,833,822

1,000

5.000%,

10/01/37,

(AMT)

10/27

at

100.00

Baa2  

1,018,230

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

A3  

5,514,400

47

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Jersey

(continued)

$

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+  

$

2,408,771

1,700

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC,

5.250%,

6/15/36

12/32

at

100.00

A3  

1,940,720

1,700

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009C,

5.250%,

6/15/32

12/24

at

100.00

A3  

1,772,403

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2013AA:

330

5.250%,

6/15/33

6/23

at

100.00

A3  

332,617

645

5.000%,

6/15/36

6/23

at

100.00

A3  

647,909

200

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA,

5.250%,

6/15/32

6/25

at

100.00

A3  

210,722

2,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

1/01/32

1/27

at

100.00

AA-  

2,201,440

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  

2,228,394

1,300

5.000%,

1/01/35,

(AMT)

1/28

at

100.00

Baa1  

1,370,564

1,250

5.000%,

1/01/36,

(AMT)

1/28

at

100.00

Baa1  

1,306,963

34,135

Total

New

Jersey

36,411,145

New

York

-

5.6%

400

Buffalo

and

Erie

County

Industrial

Land

Development

Corporation,

New

York,

Revenue

Bonds,

Catholic

Health

System,

Inc.

Project,

Series

2015,

5.000%,

7/01/27

7/25

at

100.00

B-  

380,060

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-  

313,540

300

4.000%,

6/15/28

No

Opt.

Call

BBB-  

304,992

400

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Global

Community

Charter

School

Project,

Series

2022A,

4.000%,

6/15/32

No

Opt.

Call

BB+  

386,908

250

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Richmond

Preparatory

Charter

School

Project,

Social

Impact

Project

Series

2021A,

4.000%,

6/01/31,

144A

6/29

at

100.00

N/R  

238,702

Build

New

York

Resource

Corporation

Revenue

Bonds,

East

Harlem

Scholars

Academy

Charter

School

Project,

Series

2022

(Social

Bonds):

400

5.000%,

6/01/32,

144A

6/30

at

100.00

BB+  

414,620

1,000

5.750%,

6/01/42,

144A

6/30

at

100.00

BB+  

1,045,480

1,335

Dormitory

Authority

of

the

State

of

New

York,

Columbia

University

Revenue

Bonds,

Series

2020A,

5.000%,

10/01/50

No

Opt.

Call

AAA  

1,595,312

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Barnard

College,

Series

2022A:

785

5.000%,

7/01/37

7/30

at

100.00

A3  

847,470

500

5.000%,

7/01/38

7/30

at

100.00

A3  

537,215

1,250

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A,

5.000%,

7/15/32

No

Opt.

Call

BBB-  

1,380,275

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Catholic

Health

System

Obligated

Group

Series

2019A:

725

5.000%,

7/01/32

7/29

at

100.00

B-  

652,109

525

5.000%,

7/01/34

7/29

at

100.00

B-  

464,520

925

4.000%,

7/01/38

7/29

at

100.00

B-  

706,413

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

48

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

York

(continued)

$

800

5.000%,

7/01/41

7/29

at

100.00

B-  

$

676,744

2,535

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A,

5.000%,

8/01/25

No

Opt.

Call

BBB-  

2,615,106

470

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A,

5.000%,

9/01/28

No

Opt.

Call

BBB-  

496,978

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-  

308,721

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  

1,305,335

4,500

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A,

5.000%,

2/15/36

2/27

at

100.00

Aa2  

4,890,060

1,120

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005,

5.250%,

10/01/35

No

Opt.

Call

A2  

1,291,035

340

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

A2  

397,576

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  

1,485,730

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  

1,053,510

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  

2,184,640

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+  

987,530

1,975

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2017,

5.000%,

12/01/46

12/26

at

100.00

BBB+  

1,986,593

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2020A:

600

5.000%,

12/01/24

No

Opt.

Call

BBB+  

619,452

750

5.000%,

12/01/25

No

Opt.

Call

BBB+  

787,822

2,260

Nassau

County

Tobacco

Settlement

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2006A-2,

5.250%,

6/01/26

2/23

at

100.00

CCC+  

2,235,814

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  

1,301,548

370

5.000%,

7/01/32

7/25

at

100.00

BBB  

386,372

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+  

2,009,497

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+  

5,302,850

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  

3,213,930

2,500

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2023B-1,

5.250%,

11/01/36

11/32

at

100.00

AAA  

3,019,025

49

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

York

(continued)

$

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2023D-1,

5.500%,

11/01/45

11/32

at

100.00

AAA  

$

5,865,200

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  

560,887

250

5.000%,

6/01/31

6/26

at

100.00

A  

258,935

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  

2,836,024

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  

3,222,990

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

Pooled

Loan

Issue,

Series

2005B:

500

5.500%,

10/15/27,

(ETM)

No

Opt.

Call

N/R  (4)

571,115

1,000

5.500%,

4/15/35,

(ETM)

No

Opt.

Call

N/R  (4)

1,265,190

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

Baa2  

1,067,428

5,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022,

5.000%,

12/01/30,

(AMT)

No

Opt.

Call

Baa1  

5,533,700

2,500

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Eighth

Series

2013,

5.000%,

12/01/27,

(AMT)

12/23

at

100.00

AA-  

2,539,250

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

AA-  

1,668,128

1,250

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Six

Series

2022,

5.000%,

1/15/39,

(AMT),

(UB)

(5)

1/33

at

100.00

AA-  

1,378,963

600

Poughkeepsie

City,

New

York,

General

Obligation

Bonds,

Refunding

Public

Improvement

Series

2019.,

5.000%,

6/01/31

6/26

at

100.00

Ba1  

634,788

750

Schenectady

County

Capital

Resource

Corporation,

New

York,

Revenue

Bonds,

Union

College

Project,

Series

2022,

5.250%,

7/01/52

7/32

at

100.00

A1  

829,035

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-  

276,617

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  

429,604

915

Yonkers

Industrial

Development

Agency,

New

York,

School

Facility

Revenue

Bonds,

New

Community

School

Project

Series

2022,

5.250%,

5/01/51

5/32

at

100.00

AA  

1,018,084

1,155

Yonkers,

New

York,

General

Obligation

Bonds,

Serial

Series

2022F,

5.000%,

11/15/38

-

BAM

Insured

11/32

at

100.00

AA  

1,304,977

74,060

Total

New

York

79,084,399

North

Carolina

-

1.6%

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  

1,040,300

1,000

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

Aa3  

1,033,680

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

50

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

North

Carolina

(continued)

$

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  

$

4,279,512

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds,

Series

2022A:

750

5.000%,

7/01/27

-

AGM

Insured,

(AMT)

No

Opt.

Call

AA  

812,220

1,300

5.250%,

7/01/39

-

AGM

Insured,

(AMT)

7/32

at

100.00

AA  

1,453,621

2,500

North

Carolina

Medical

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Lutheran

Services

for

the

Aging,

Series

2021A,

4.000%,

3/01/51

3/28

at

103.00

N/R  

1,830,375

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)

784,620

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  

1,065,550

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  

3,840,165

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019:

1,500

5.000%,

1/01/44

1/30

at

100.00

BBB  

1,576,785

500

5.000%,

1/01/49

1/30

at

100.00

Aa1  

521,230

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  

1,197,423

1,750

5.000%,

5/01/32,

(AMT)

5/27

at

100.00

Aa3  

1,882,300

1,135

5.000%,

5/01/33,

(AMT)

5/27

at

100.00

Aa3  

1,218,718

21,875

Total

North

Carolina

22,536,499

North

Dakota

-

0.5%

3,290

City

of

Horace,

North

Dakota,

Temporary

Refunding

Improvement

Bonds,

Series

2022A,

3.250%,

8/01/24

8/23

at

100.00

Baa2  

3,251,737

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  

1,174,733

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-  

1,453,097

1,485

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C,

5.000%,

6/01/34

6/28

at

100.00

BB+  

1,484,911

7,330

Total

North

Dakota

7,364,478

Ohio

-

2.0%

5,000

$280,000,000,

Count

of

Washington,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Series

2022,

(Memorial

Health

System

Obligated

Group),

6.375%,

12/01/37

12/32

at

100.00

N/R  

5,142,450

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)

1,326,309

3,045

5.000%,

12/01/43,

(Pre-refunded

6/01/23)

-

BAM

Insured

6/23

at

100.00

AA  (4)

3,071,187

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)

340,799

115

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

N/R  (4)

116,875

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  

950,606

51

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Ohio

(continued)

$

1,000

Dayton,

Ohio,

Water

System

Revenue

Bonds,

Series

2022,

5.500%,

12/01/42

12/30

at

100.00

Aa2  

$

1,134,120

2,000

Franklin

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

OhioHealth

Corporation,

Series

2015,

5.000%,

5/15/35

5/25

at

100.00

AA+  

2,081,320

Franklin

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Various

Purpose

Series

2018:

2,250

5.000%,

6/01/36

6/28

at

100.00

AAA  

2,503,643

2,250

5.000%,

6/01/37

6/28

at

100.00

AAA  

2,488,252

550

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013,

5.000%,

2/15/27

3/23

at

100.00

BB+  

550,363

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

BBB-  

1,023,857

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Kenyon

College,

Series

2017:

500

5.000%,

7/01/34

7/27

at

100.00

A  

539,300

495

5.000%,

7/01/42

7/27

at

100.00

A  

521,497

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+  

2,719,525

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  

2,291,083

1,575

Ohio

State,

Major

New

State

Infrastructure

Project

Revenue

Bonds,

Series

2022-1,

5.000%,

12/15/23

No

Opt.

Call

AA  

1,610,469

26,990

Total

Ohio

28,411,655

Oklahoma

-

0.7%

Clinton

Public

Works

Authority,  Oklahoma,

Educational

Facilities,

Lease

Revenue

Bonds,

Series

2022:

2,145

5.000%,

10/01/33

10/32

at

100.00

A-  

2,424,644

1,925

5.000%,

10/01/35

10/32

at

100.00

A-  

2,127,356

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-  

2,165,520

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-  

557,920

750

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2022,

5.500%,

8/15/37

8/32

at

100.00

N/R  

732,585

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-  

1,453,652

8,690

Total

Oklahoma

9,461,677

Oregon

-

0.1%

950

Clatsop

County,

Oregon,

General

Obligation

Bonds,

Series

2019,

5.000%,

6/15/38

6/29

at

100.00

Aa2  

1,063,097

50

Oregon

Special

Districts

Association,

Certificates

of

Participation,

Flexlease

Program,

Series

2013A,

4.000%,

1/01/24

7/23

at

100.00

N/R  

50,206

1,000

Total

Oregon

1,113,303

Pennsylvania

-

2.9%

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  

100,723

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

52

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

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-  

$

625,131

710

5.000%,

11/01/29

11/27

at

100.00

BB-  

608,712

50

5.000%,

11/01/37

11/27

at

100.00

BB-  

37,211

160

4.000%,

11/01/47

11/27

at

100.00

BB-  

93,651

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Reading

Hospital

&

Medical

Center

Project,

Series

2012A:

1,300

5.000%,

11/01/40

2/23

at

100.00

BB-  

929,630

1,155

5.000%,

11/01/44

2/23

at

100.00

BB-  

827,223

Delaware

County

Authority,

Pennsylvania,

Revenue

Bonds,

Elwyn,

Inc.

Project,

Series

2017:

1,750

5.000%,

6/01/32

6/25

at

102.00

BB+  

1,687,892

1,760

5.000%,

6/01/37

6/25

at

102.00

BB+  

1,643,576

1,350

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/49

7/29

at

100.00

B3  

1,115,667

500

Luzerne

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2017A,

5.000%,

12/15/27

No

Opt.

Call

AA  

555,165

500

Luzerne

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2017B,

5.000%,

12/15/27

No

Opt.

Call

AA  

555,165

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  

3,916,476

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022:

6,000

5.000%,

6/30/33,

(AMT)

12/32

at

100.00

Baa2  

6,726,720

5,000

5.250%,

6/30/36,

(AMT)

12/32

at

100.00

Baa2  

5,564,650

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  

925,820

500

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2022A,

5.000%,

2/15/36

2/32

at

100.00

A  

558,180

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  

2,325,655

2,500

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2022B,

5.250%,

12/01/47

12/32

at

100.00

AA-  

2,800,150

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  

1,947,471

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

AA  

1,051,230

1,500

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/15/26,

(AMT)

6/25

at

100.00

A2  

1,565,775

3,000

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/35,

(AMT)

7/27

at

100.00

A2  

3,178,380

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  

768,689

53

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

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

Aaa  (4)

$

620,550

39,470

Total

Pennsylvania

40,729,492

Rhode

Island

-

0.6%

1,500

Rhode

Island

Health

and

Educational

Building

Corporation,

Higher

Education

Facility

Revenue

Bonds,

Providence

College,

Refunding

Series

2015,

5.000%,

11/01/40

11/25

at

100.00

A  

1,578,600

1,060

Rhode

Island

Health

and

Educational

Building

Corporation,

Higher

Education

Facility

Revenue

Bonds,

University

of

Rhode

Island

Auxiliary

Enterprise,

Refunding

Series

2017B,

4.000%,

9/15/34

9/27

at

100.00

A+  

1,088,662

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+  

1,557,345

2,200

5.000%,

5/15/31

5/26

at

100.00

BBB+  

2,281,378

1,900

Rhode

Island

Student

Loan

Authority,

Student

Loan

Program

Revenue

Bonds,

Senior

Series

2018A,

5.000%,

12/01/24,

(AMT)

No

Opt.

Call

AA  

1,967,450

8,160

Total

Rhode

Island

8,473,435

South

Carolina

-

1.2%

Charleston

County

Airport

District,

South

Carolina,

Airport

Revenue

Bonds,

Series

2019:

1,000

5.000%,

7/01/36

7/29

at

100.00

A+  

1,124,510

800

5.000%,

7/01/37

7/29

at

100.00

A+  

893,216

750

Horry

County,

South

Carolina,

Limited

Obligation

Bonds,

Hospitality

Fee

&

Local

Accommodations

Fee

Pledge,

Series

2022,

5.000%,

9/01/39

9/32

at

100.00

AA  

850,800

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-  

3,143,621

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

York

Preparatory

Academy

Project,

Series

2014A:

40

5.750%,

11/01/23,

(ETM),

144A

No

Opt.

Call

N/R  (4)

40,910

180

7.000%,

11/01/33,

(Pre-refunded

11/01/24),

144A

11/24

at

100.00

N/R  (4)

193,152

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2015:

785

5.000%,

7/01/33,

(Pre-refunded

7/01/25),

(AMT)

7/25

at

100.00

A+  (4)

823,810

2,625

5.250%,

7/01/55,

(Pre-refunded

7/01/25),

(AMT)

7/25

at

100.00

A1  (4)

2,769,979

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018:

2,840

5.000%,

7/01/34,

(AMT)

7/28

at

100.00

A+  

3,065,638

450

5.000%,

7/01/48,

(AMT)

7/28

at

100.00

A+  

466,857

870

South

Island

Public

Service

District,

South

Carolina,

Waterworks

and

Sewer

System

Revenue

Bonds,

Improvement

Series

2022,

5.250%,

4/01/42

4/32

at

100.00

AA+  

995,463

Spartanburg

County

School

District

7,

South

Carolina,

General

Obligation

Bonds,

Series

2018B:

825

5.000%,

3/01/30

3/29

at

100.00

Aa1  

955,787

1,495

5.000%,

3/01/38

3/29

at

100.00

Aa1  

1,665,610

15,665

Total

South

Carolina

16,989,353

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

54

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

South

Dakota

-

1.1%

$

1,555

Baltic

School

District

No.

49-1,

South

Dakota,

General

Obligation

Bonds,

Series

2022,

5.500%,

12/01/51

-

AGM

Insured

12/31

at

100.00

AA  

$

1,766,216

1,960

Brandon,

Minnehaha

County,

South

Dakota,

Water

Surcharge

Revenue

Bonds,

Series

2022,

5.500%,

8/01/47

-

BAM

Insured

8/32

at

100.00

AA  

2,246,101

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-  

311,283

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-  

1,075,120

8,000

4.000%,

7/01/42

7/27

at

100.00

AA-  

7,857,440

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-  

2,836,862

15,630

Total

South

Dakota

16,093,022

Tennessee

-

0.7%

1,420

Greeneville

Health

and

Educational

Facilities

Board,

Tennessee,

Hospital

Revenue

Bonds,

Ballad

Health,

Series

2018A,

5.000%,

7/01/37

7/28

at

100.00

A  

1,509,801

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  

1,497,874

830

Metropolitan

Government

of

Nashville-Davidson

County

Health

and

Educational

Facilities

Board,

Tennessee,

Revenue

Bonds,

Vanderbilt

University

Medical

Center,

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00

A  

871,550

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)

1,516,185

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022A:

1,100

5.250%,

7/01/34,

(AMT)

7/32

at

100.00

A1  

1,274,163

1,300

5.500%,

7/01/37,

(AMT),

(UB)

(5)

7/32

at

100.00

A1  

1,491,269

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

A+  

1,409,413

500

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Subordinate

Series

2019A,

5.000%,

7/01/29

No

Opt.

Call

A2  

575,625

9,400

Total

Tennessee

10,145,880

Texas

-

8.6%

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  

1,677,755

685

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2022A,

6.000%,

2/15/42,

144A

2/30

at

100.00

N/R  

671,286

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  

609,778

915

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education,

Series

2016A,

2.750%,

12/01/26

No

Opt.

Call

BBB-  

893,214

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+  

520,985

55

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

500

5.000%,

1/01/33

1/27

at

100.00

BB+  

$

519,905

890

Austin,

Texas,

Airport

System

Revenue

Bonds,

Series

2017A,

5.000%,

11/15/35

11/26

at

100.00

A+  

961,574

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-  

3,321,120

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+  

1,280,349

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)

383,436

1,695

5.000%,

1/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00

A-  (4)

1,805,344

550

City

of

Midlothian,

Texas,

Westside

Preserve

Public

Improvement

District

Improvement

Area

Project,

Special

Assessment

Revenue

Bonds,

Series

2022,

5.250%,

9/15/42,

144A

9/32

at

100.00

N/R  

538,752

3,740

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2021B,

4.000%,

12/01/51

12/30

at

100.00

AA+  

3,731,361

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)

5,751,434

1,000

Dallas

County

Community

College

District,

Texas,

General

Obligation

Bonds,

Series

2023,

5.000%,

2/15/36

8/25

at

100.00

AAA  

1,054,300

3,055

Dallas

Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Refunding

Series

2022B,

5.000%,

11/01/40

11/32

at

100.00

A+  

3,480,103

710

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2013A,

6.625%,

9/01/31,

(Pre-refunded

9/01/23)

9/23

at

100.00

N/R  (4)

726,245

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2021B:

70

5.000%,

9/01/24

No

Opt.

Call

BB+  

71,101

75

5.000%,

9/01/25

No

Opt.

Call

BB+  

77,090

276

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2021C,

4.000%,

9/01/44

9/31

at

100.00

BB+  

233,747

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-  

1,251,906

955

4.500%,

9/01/32

9/27

at

100.00

BBB-  

972,009

2,500

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Memorial

Hermann

Health

System,

Series

2019A,

5.000%,

12/01/23

No

Opt.

Call

A+  

2,546,475

1,250

Harris

County

Flood

Control

District,

Texas,

General

Obligation

Bonds,

Refunding

Improvement,  Sustainability

Green

Series

2022A,

5.250%,

10/01/40

10/32

at

100.00

Aaa  

1,464,137

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

Baa2  

848,824

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  

2,871,330

2,000

5.000%,

7/01/35,

(AMT)

7/28

at

100.00

A1  

2,149,540

1,750

5.000%,

7/01/36,

(AMT)

7/28

at

100.00

A1  

1,868,510

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

&

Subordinate

Lien

Series

2018C:

1,240

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

A1  

1,273,617

1,665

5.000%,

7/01/32,

(AMT)

7/28

at

100.00

AA  

1,818,696

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

56

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

2,000

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2021A,

4.000%,

7/01/40,

(AMT)

7/31

at

100.00

A1  

$

1,971,100

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  

1,448,314

Lake

Houston

Redevelopment

Authority,

Texas,

Tax

Increment

Contract

Revenue

Bonds,

Series

2021:

350

3.000%,

9/01/38

9/31

at

100.00

BBB-  

287,627

350

3.000%,

9/01/40

9/31

at

100.00

BBB-  

277,648

4,220

3.000%,

9/01/44

9/31

at

100.00

BBB-  

3,201,123

1,500

Love

Field

Airport

Modernization

Corporation,

Texas,

General

Airport

Revenue

Bonds,

Refunding

Series

2021,

5.000%,

11/01/29,

(AMT)

No

Opt.

Call

A  

1,659,300

Martin

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Refunding

Series

2021:

350

4.000%,

4/01/33

4/30

at

100.00

A3  

372,144

350

4.000%,

4/01/35

4/30

at

100.00

A3  

365,369

Midtown

Redevelopment

Authority,

Texas,

Tax

Increment

Contract

Revenue,

Refunding

Series

2015:

500

5.000%,

1/01/24

No

Opt.

Call

A  

509,785

300

5.000%,

1/01/25

1/24

at

100.00

A  

305,622

1,500

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

4.625%,

10/01/31,

(AMT),

144A

2/23

at

104.00

BB-  

1,493,025

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-  

1,635,039

1,060

5.000%,

9/15/31

9/25

at

100.00

BBB-  

1,091,980

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  

606,844

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A:

1,500

5.000%,

7/01/23

(7)

No

Opt.

Call

Caa2  

1,275,000

750

5.000%,

7/01/30

(7)

7/25

at

100.00

Caa2  

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

A-  

2,977,855

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+  

2,987,376

3,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Capital

Appreciation

Series

2008I,

6.500%,

1/01/43,

(Pre-refunded

1/01/25)

1/25

at

100.00

AA-  (4)

3,225,540

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+  

1,657,485

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+  

1,122,261

1,105

5.000%,

6/01/35,

(AMT)

6/28

at

100.00

A+  

1,172,880

320

Red

River

Health

Facilities

Development

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

MRC

Crossings

Project,

Series

2014A,

6.750%,

11/15/24,

(ETM)

No

Opt.

Call

N/R  (4)

333,299

57

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

1,500

San

Antonio,

Texas,

Airport

System

Revenue

Bonds,

Improvement

Series

2015,

5.000%,

7/01/45,

(AMT)

7/25

at

100.00

A1  

$

1,520,040

5,455

San

Antonio,

Texas,

Electric

and

Gas

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

2/01/42

2/27

at

100.00

Aa2  

5,756,880

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+  

1,027,500

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-  

957,729

2,185

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Scott

&

White

Healthcare

Project,

Series

2022D,

5.500%,

11/15/47

11/32

at

100.00

AA-  

2,486,836

3,850

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckner

Senior

Living

Ventana

Project,

Series

2017A,

6.625%,

11/15/37

5/27

at

100.00

N/R  

3,959,764

1,155

Texas

Department

of

Housing

and

Community

Affairs,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021A,

5.000%,

3/01/29

No

Opt.

Call

Aaa  

1,304,318

Texas

Department

of

Housing

and

Community

Affairs,

Single

Family

Mortgage

Revenue

Bonds,

Series

2022B:

5,000

5.250%,

9/01/52

3/32

at

100.00

Aaa  

5,341,700

6,000

6.000%,

3/01/53

3/32

at

104.76

Aaa  

6,815,700

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Segments

3A

&

3B

Facility,

Series

2013:

3,335

7.000%,

12/31/38,

(AMT)

9/23

at

100.00

Baa2  

3,393,996

455

6.750%,

6/30/43,

(AMT)

9/23

at

100.00

Baa2  

462,007

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  

1,763,860

2,000

Texas

State

Technical

College

System,

Financing

System

Revenue

Bonds,

Improvement

Series

2022A,

6.000%,

8/01/54

-

AGM

Insured

8/32

at

100.00

AA  

2,365,660

1,200

Texas

State,

General

Obligation

Bonds,

College

Student

Loan

Series

2014,

6.000%,

8/01/25,

(AMT)

8/24

at

100.00

AAA  

1,258,116

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2015C:

1,140

5.000%,

8/15/29

8/24

at

100.00

A-  

1,175,169

3,150

5.000%,

8/15/42

8/24

at

100.00

A-  

3,200,904

400

Town

of

Lakewood

Village,

Texas,

Lakewood

Village

Public

Improvement

District

Improvement

District

No.

1

Project,

Special

Assessment

Revenue

Bonds,

Series

2022,

5.250%,

9/15/42,

144A

9/32

at

100.00

N/R  

392,292

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  

976,144

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  

1,674,676

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  

847,856

118,101

Total

Texas

122,669,186

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

58

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utah

-

4.1%

$

4,895

Canyons

School

District,

Salt

Lake

County,

Utah,

General

Obligation

Bonds,

Series

2020,

4.000%,

6/15/31

6/30

at

100.00

Aaa  

$

5,364,822

3,545

Herber

Light

and

Power

Company,

Utah,

Electric

Revenue

Bonds,

Series

2023,

5.000%,

12/15/47

-

BAM

Insured

12/32

at

100.00

AA  

3,878,195

2,855

Holladay,

Utah,

Sales

Tax

Revenue

Bonds,

Series

2022,

5.000%,

11/15/42

11/32

at

100.00

AA+  

3,254,300

Intermountain

Power

Agency,

Utah,

Power

Supply

Revenue

Bonds,

Series

2022A:

4,000

5.000%,

7/01/39

7/31

at

100.00

Aa3  

4,559,520

5,000

5.000%,

7/01/40

7/31

at

100.00

Aa3  

5,672,200

Lehi

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Series

2022:

4,490

5.250%,

6/15/47

6/32

at

100.00

AA+  

5,011,738

4,060

5.500%,

6/15/49

6/32

at

100.00

AA+  

4,612,201

1,255

Lehi,

Utah,

Sales

Tax

Revenue

Bonds,

Series

2018,

5.250%,

6/01/38

6/28

at

100.00

AA+  

1,403,165

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  

1,531,528

1,875

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017A,

5.000%,

7/01/34,

(AMT)

7/27

at

100.00

A  

2,006,381

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  

2,188,900

5,000

University

of

Utah,

General

Revenue

Bonds,

Green

Series

2022B,

5.000%,

8/01/41

8/32

at

100.00

AA+  

5,728,750

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  

514,332

145

4.000%,

6/15/41

6/28

at

103.00

N/R  

114,620

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  

542,765

500

5.000%,

10/15/31

10/27

at

100.00

AA  

540,360

1,190

Utah

Telecommunication

Open

Infrastructure

Agency,

Utah,

Revenue

Bonds,

Refunding

Sales

Tax

and

Telecommunication

Series

2022,

5.500%,

6/01/40

6/32

at

100.00

AA-  

1,386,564

8,820

Wasatch

County

School

District

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Board

of

Education

Series

2022,

5.500%,

6/01/47

6/32

at

100.00

Aa3  

10,110,542

52,645

Total

Utah

58,420,883

Vermont

-

0.3%

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+  

1,330,312

1,500

5.000%,

12/01/38

6/26

at

100.00

A+  

1,568,325

1,000

Vermont

Student

Assistance

Corporation,

Education

Loan

Revenue

Bonds,

Senior

Series

2016A,

5.000%,

6/15/23,

(AMT)

No

Opt.

Call

AAA  

1,006,390

3,770

Total

Vermont

3,905,027

59

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Virginia

-

1.6%

$

5,190

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Bond

Anticipation

Notes

Series

2019,

5.000%,

11/01/23

No

Opt.

Call

BBB  

$

5,266,293

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  

1,096,311

1,400

Fredericksburg

Economic

Development

Authority,

Virginia,

Revenue

Bonds,Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2014,

5.000%,

6/15/33

6/24

at

100.00

A  

1,432,732

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+  

2,890,500

5,000

Norfolk

Economic

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Sentara

Healthcare

Systems,

Refunding

Series

2018B,

4.000%,

11/01/48

11/28

at

100.00

AA  

5,005,350

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  

980,357

475

Stafford

County

Economic

Development

Authority,

Virginia,

Hospital

Facilities

Revenue

Bonds,

Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2016,

5.000%,

6/15/27

6/26

at

100.00

A  

508,203

815

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Washington

and

Lee

University,

Series

2001,

5.750%,

1/01/34

No

Opt.

Call

AA  

1,058,636

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  

1,759,520

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022:

1,585

5.000%,

7/01/34,

(AMT)

1/32

at

100.00

BBB  

1,746,385

720

5.000%,

12/31/38,

(AMT)

12/32

at

100.00

Baa1  

774,979

810

5.000%,

6/30/39,

(AMT)

12/32

at

100.00

Baa1  

866,262

22,815

Total

Virginia

23,385,528

Washington

-

0.6%

Camas,

Washington,

Water

and

Sewer

Revenue

Bonds,

Series

2019:

720

5.000%,

12/01/44

12/28

at

100.00

Aa3  

785,988

1,255

5.000%,

12/01/47

12/28

at

100.00

Aa3  

1,364,762

1,735

Grant

County

Public

Utility

District

2,

Washington,

Revenue

Bonds,

Priest

Rapids

Hydroelectric

Project,

Refunding

Series

2014B,

5.000%,

1/01/32,

(Pre-refunded

7/01/24),

(AMT)

7/24

at

100.00

AA  (4)

1,784,708

1,355

Lakewood

Water

District,

Pierce

County,

Washington,

Water

Revenue

Bonds,

2019A,

5.000%,

12/01/44,

(AMT)

12/28

at

100.00

AA  

1,456,828

2,550

Washington

State

Housing

Finance

Commission,

Non-Profit

Housing

Revenue

Bonds,

Herons

Key

Senior

Living,

Series

2015A,

7.000%,

7/01/50,

(Pre-refunded

7/01/25),

144A

7/25

at

100.00

N/R  (4)

2,784,167

7,615

Total

Washington

8,176,453

West

Virginia

-

0.1%

250

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

West

Virginia

United

Health

System

Obligated

Group,

Refunding

Series

2016A,

4.000%,

6/01/35

6/26

at

100.00

A  

252,335

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolios

of

Investments

January

31,

2023

(Unaudited)

60

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

West

Virginia

(continued)

$

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  

$

1,288,087

1,500

Total

West

Virginia

1,540,422

Wisconsin

-

2.2%

665

Onalaska

School

District,

La

Crosse

County,

Wisconsin,

Bond

Anticipation

Notes,

Series

2023,

4.000%,

7/26/23

4/23

at

100.00

N/R  

666,769

5,585

Public

Finance

Authority

of

Wisconsin,

Hospital

Revenue

Bonds,

Renown

Regional

Medical

Center

Project,

Series

2020A,

4.000%,

6/01/45

6/30

at

100.00

A+  

5,417,003

1,000

Public

Finance

Authority

of

Wisconsin,

Project

Revenue

Bonds,

CFP3

-

Eastern

Michigan

University

Student

Housing

Project,

Series

2022A-1,

5.250%,

7/01/36

-

BAM

Insured

7/32

at

100.00

AA  

1,141,800

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-  

1,796,478

1,935

University

of

Wisconsin

Hospitals

and

Clinics

Authority,

Revenue

Bonds,

Refunding

Series

2013A,

5.000%,

4/01/38,

(Pre-refunded

4/01/23)

4/23

at

100.00

AA-  (4)

1,942,547

1,875

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Bellin

Memorial

Hospital

Incorporated

Series

2022A,

5.500%,

12/01/52

12/32

at

100.00

A+  

2,082,112

1,935

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Bellin

Memorial

Hospital

Incorporated

Series

2022B,

5.250%,

12/01/48

12/32

at

100.00

A+  

2,100,713

1,500

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2017C,

5.000%,

2/15/47

2/27

at

100.00

A-  

1,519,860

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-  

2,509,653

335

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Fort

Healthcare,

Series

2014,

5.000%,

5/01/25

5/24

at

100.00

A-  

342,980

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)

2,049,061

700

5.000%,

9/01/29,

(Pre-refunded

9/01/27)

9/27

at

100.00

N/R  (4)

779,534

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  

5,402,950

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  

730,470

1,000

4.000%,

12/01/56

12/26

at

100.00

N/R  

704,010

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)

1,602,449

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  

103,174

600

Wisconsin

State,

Clean

Water

Revenue

Bonds,

Refunding

Series

2016-1,

5.000%,

6/01/29,

(Pre-refunded

6/01/24)

6/24

at

100.00

N/R  (4)

620,112

30,760

Total

Wisconsin

31,511,675

61

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

N/R  (4)

$

1,099,460

1,000

Total

Wyoming

1,099,460

$

1,308,698

Total

Long-Term

Investments

(cost

$1,375,667,990)

1,379,052,095

Floating

Rate

Obligations

-

(0.6)%

(8,090,000)

Other

Assets

&

Liabilities,

Net

-   3.5%

49,948,993

Net

Assets

-

100%

$

1,420,911,088

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4)

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

62

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Portfolio

of

Investments

January

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

99.5%  

X

4,793,689

CORPORATE

BONDS

-

53.9%

X

4,793,689

Banks

-

6.4%

$

200

ABN

AMRO

Bank

NV,

144A

2.470%

12/13/29

A

$

168,875

200

Bank

Hapoalim

BM,

144A

,

Reg

S

3.255%

1/21/32

BBB

176,126

250

BPCE

SA,

144A

2.045%

10/19/27

A+

221,209

650

Total

Banks

566,210

Beverages

-

2.2%

250

PepsiCo

Inc

2.875%

10/15/49

A+

192,188

250

Total

Beverages

192,188

Chemicals

-

2.6%

250

LG

Chem

Ltd,

144A

3.625%

4/15/29

A3

233,434

250

Total

Chemicals

233,434

Commercial

Services

&

Supplies

-

2.9%

100

Massachusetts

Higher

Education

Assistance

Corp

2.673%

7/01/31

Aa3

84,975

250

Rockefeller

Foundation

2.492%

10/01/50

AAA

169,604

350

Total

Commercial

Services

&

Supplies

254,579

Diversified

Consumer

Services

-

0.8%

100

Bush

Foundation

2.754%

10/01/50

Aaa

69,831

100

Total

Diversified

Consumer

Services

69,831

Diversified

Financial

Services

-

2.6%

250

WLB

Asset

II

B

Pte

Ltd,

144A

3.950%

12/10/24

N/R

236,271

250

Total

Diversified

Financial

Services

236,271

Diversified

Telecommunication

Services

-

2.1%

250

Verizon

Communications

Inc

(3)

2.850%

9/03/41

A-

185,116

250

Total

Diversified

Telecommunication

Services

185,116

Electric

Utilities

-

14.9%

200

Duke

Energy

Progress

LLC

4.000%

4/01/52

Aa3

170,899

250

MidAmerican

Energy

Co

3.150%

4/15/50

Aa2

191,169

125

PacifiCorp

5.350%

12/01/53

A+

133,498

120

PacifiCorp

2.900%

6/15/52

A+

85,687

200

Southern

California

Edison

Co

3.650%

6/01/51

A-

157,575

200

Southwestern

Electric

Power

Co

3.250%

11/01/51

A-

141,617

250

Southwestern

Public

Service

Co

3.750%

6/15/49

A

203,400

150

Southwestern

Public

Service

Co

3.150%

5/01/50

A

112,521

132

Topaz

Solar

Farms

LLC,

144A

5.750%

9/30/39

BB

126,831

1,627

Total

Electric

Utilities

1,323,197

Equity

Real

Estate

Investment

Trusts

-

5.0%

125

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

3.750%

9/15/30

Baa3

95,535

200

Host

Hotels

&

Resorts

LP

2.900%

12/15/31

BBB-

159,405

200

Regency

Centers

LP

3.750%

6/15/24

BBB+

194,656

525

Total

Equity

Real

Estate

Investment

Trusts

449,596

Hotels,

Restaurants

&

Leisure

-

2.0%

200

Starbucks

Corp

4.450%

8/15/49

BBB+

182,774

200

Total

Hotels,

Restaurants

&

Leisure

182,774

63

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Independent

Power

And

Renewable

Electricity

Producers

-

2.3%

$

200

Atlantica

Sustainable

Infrastructure

PLC,

144A

4.125%

6/15/28

BB+

$

178,000

25

TransAlta

Corp

7.750%

11/15/29

BB+

25,708

225

Total

Independent

Power

And

Renewable

Electricity

Producers

203,708

Independent

Power

Producers

&

Energy

Traders

-

3.4%

195

Sweihan

PV

Power

Co

PJSC2022

1,

144A

3.625%

1/31/49

BBB+

162,448

184

UEP

Penonome

II

SA2020

1,

144A

6.500%

10/01/38

BB

137,971

379

Total

Independent

Power

Producers

&

Energy

Traders

300,419

Oil,

Gas

&

Consumable

Fuels

-

0.9%

100

TotalEnergies

Capital

International

SA

3.127%

5/29/50

A+

76,377

100

Total

Oil,

Gas

&

Consumable

Fuels

76,377

Semiconductors

&

Semiconductor

Equipment

-

4.4%

250

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

3.400%

5/01/30

BBB

223,722

225

SK

Hynix

Inc,

144A

2.375%

1/19/31

Baa2

170,512

475

Total

Semiconductors

&

Semiconductor

Equipment

394,234

Software

-

1.4%

150

Autodesk

Inc

2.400%

12/15/31

A3

125,755

150

Total

Software

125,755

$

5,781

Total

Corporate

Bonds

(cost

$5,850,633)

4,793,689

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

2673762

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

30.1%

X

2,673,762

2

Banc

of

America

Mortgage

2004-K

Trust

2004

K

3.931%

12/25/34

N/R

$

1,566

250

BFLD

Trust

2020-EYP

,

144A

(1-Month

LIBOR

reference

rate

+

2.100%

spread)

2020

EYP

(4)

6.559%

10/15/35

A-

224,772

250

Century

Plaza

Towers

2019-CPT

,

144A

2019

CPT

2.997%

11/13/39

N/R

173,497

100

DBUBS

2017-BRBK

Mortgage

Trust

,

144A

2017

BRBK

3.452%

10/10/34

AAA

94,627

24

Fannie

Mae

Pool

FN

MA4785

,

(WI/DD,

Settling

2/13/23)

5.000%

10/01/52

N/R

24,511

15

Fannie

Mae

Pool

FN

MA4567

2022

2022

2.000%

3/01/37

N/R

13,317

71

Fannie

Mae

Pool

FN

MA4733

4.500%

9/01/52

N/R

70,122

8

Fannie

Mae

Pool

FN

MA4518

3.000%

1/01/37

N/R

7,671

5

Fannie

Mae

Pool

FN

CA6414

3.000%

7/01/50

N/R

4,268

5

Fannie

Mae

Pool

FN

MA4570

2.000%

3/01/42

N/R

4,095

26

Fannie

Mae

Pool

FN

MA4644

2022

1

4.000%

5/01/52

N/R

24,852

3

Fannie

Mae

Pool

FN

BT0267

3.000%

9/01/51

N/R

2,494

49

Fannie

Mae

Pool

FN

MA4732

4.000%

9/01/52

N/R

47,238

1

Fannie

Mae

Pool

FN

CB3149

2.000%

3/01/52

N/R

798

2

Fannie

Mae

Pool

FN

BU8837

5.000%

5/01/52

N/R

2,526

7

Fannie

Mae

Pool

FN

MA4709

5.000%

7/01/52

N/R

6,660

7

Freddie

Mac

Gold

Pool

FG

G08760

3.000%

4/01/47

N/R

6,611

139

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2020

Q014

1.555%

1/25/36

N/R

115,747

4

Freddie

Mac

Pool

FR

QD1349

3.500%

11/01/51

Aaa

4,304

5

Ginnie

Mae

II

Pool

G2

BX3679

3.000%

8/20/50

N/R

4,473

19

Ginnie

Mae

II

Pool

G2

BY0325

2.500%

10/20/50

N/R

16,638

1

Ginnie

Mae

II

Pool

G2

BY0331

3.000%

10/20/50

N/R

869

3

Ginnie

Mae

II

Pool

G2

BY0339

3.500%

8/20/50

N/R

2,464

3

Ginnie

Mae

II

Pool

G2

BX3681

3.000%

8/20/50

N/R

2,633

1

Ginnie

Mae

II

Pool

G2

BY0330

3.000%

10/20/50

N/R

623

6

Ginnie

Mae

II

Pool

G2

BX3680

3.000%

8/20/50

N/R

5,780

2

Ginnie

Mae

II

Pool

G2

BY0340

3.500%

8/20/50

N/R

2,369

3

Ginnie

Mae

II

Pool

G2

BY0338

3.500%

8/20/50

N/R

2,880

32

Ginnie

Mae

II

Pool

G2

MA8043

,

(WI/DD,

Settling

2/21/23)

3.000%

5/20/52

N/R

29,311

54

Ginnie

Mae

II

Pool

G2

MA7589

2.500%

9/20/51

N/R

48,765

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

64

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

2673762

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

30

Ginnie

Mae

II

Pool

G2

MA8268

,

(WI/DD,

Settling

2/21/23)

4.500%

9/20/52

N/R

$

29,518

25

Ginnie

Mae

II

Pool

G2

MA8489

4.500%

12/20/52

N/R

24,777

54

Ginnie

Mae

II

Pool

G2

MA8267

,

(WI/DD,

Settling

2/21/23)

4.000%

9/20/52

N/R

52,897

30

Ginnie

Mae

II

Pool

G2

MA8269

,

(WI/DD,

Settling

2/21/23)

5.000%

9/20/52

N/R

29,919

57

Ginnie

Mae

II

Pool

G2

MA8149

,

(WI/DD,

Settling

2/21/23)

3.500%

7/20/52

N/R

53,885

81

GoodLeap

Sustainable

Home

Solutions

Trust

2021-3

,

144A

2021

3CS

2.100%

5/20/48

N/R

64,680

135

GoodLeap

Sustainable

Home

Solutions

Trust

2021-4

,

144A

2021

4GS

2.360%

7/20/48

BBB

98,827

235

Hudson

Yards

2019-30HY

Mortgage

Trust

,

144A

2019

30HY

3.228%

7/10/39

AAA

211,486

152

Loanpal

Solar

Loan

2021-2

Ltd

,

144A

2021

2GS

2.220%

3/20/48

N/R

118,538

143

Mosaic

Solar

Loan

Trust

2020-2

,

144A

2020

2A

1.440%

8/20/46

N/R

121,785

160

Mosaic

Solar

Loan

Trust

2021-3

,

144A

2021

3A

1.920%

6/20/52

N/R

124,579

250

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE

,

144A

(1-Month

LIBOR

reference

rate

+

1.579%

spread)

2019

MILE

(4)

6.058%

7/15/36

N/R

240,929

150

One

Market

Plaza

Trust

2017-1MKT

,

144A

2017

1MKT

3.845%

2/10/32

AA-

139,298

63

Vivint

Solar

Financing

V

LLC

,

144A

2018

1A

7.370%

4/30/48

N/R

59,004

223

Vivint

Solar

Financing

VII

LLC

,

144A

2020

1A

2.210%

7/31/51

N/R

175,836

200

VNDO

Trust

2016-350P

,

144A

2016

350P

3.903%

1/10/35

AA-

181,323

$

3,085

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$3,092,161)

2,673,762

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(5)

Ratings

(2)

Value

X

980,819

MUNICIPAL

BONDS

-

11.0%

X

980,819

Alaska

-

1.7%

$

150

Port

Lions,

Alaska,

Revenue

Bonds,

Kodiak

Area

Native

Association

Project,

Taxable

Series

2022,

7.500%,

10/01/52

10/32

at

100.00

A+  

$

155,619

150

Total

Alaska

155,619

California

-

5.3%

200

Los

Angeles

Department

of

Airports,

California,

Customer

Facility

Charge

Revenue

Bonds,

Los

Angeles

International

Airport,

Consolidated

Rental

Car

Facility

Project,

Taxable

Green

Series

2022A,

4.242%,

5/15/48

-

AGM

Insured

5/32

at

100.00

AA  

176,584

185

San

Francisco

City

and

County

Public

Utilities

Commission,

California,

Power

Revenue

Bonds,

Taxable

Refunding

Series

2020E,

2.825%,

11/01/41

11/30

at

100.00

Aa2  

145,069

200

San

Francisco

City

and

County,

California,

Series

2021,

2.684%,

6/15/40

6/31

at

100.00

AAA  

148,882

585

Total

California

470,535

Massachusetts

-

1.7%

170

Massachusetts

Clean

Energy

Cooperative

Corp,

2.020%,

7/01/28

No

Opt.

Call

AA-  

149,840

170

Total

Massachusetts

149,840

Michigan

-

2.3%

250

Great

Lakes

Water

Authority,

Michigan,

Sewer

Disposal

System

Revenue

Bonds,

Taxable

Refunding

Senior

Lien

Series

2020A,

3.056%,

7/01/39

No

Opt.

Call

AA-  

204,825

250

Total

Michigan

204,825

$

1,155

Total

Municipal

Bonds

(cost

$1,108,561)

980,819

65

Principal

Amount

(000)

(6)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

233,280

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

-

2.6%

X

233,280

Canada

-

2.6%

$

250

OMERS

Finance

Trust

,

144A

3.500%

4/19/32

AAA

$

233,280

Total

Canada

233,280

Total

Emerging

Market

Debt

And

Foreign

Corporate

Bonds

(cost

$232,094)

233,280

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

165,975

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

1.9%

X

165,975

$

100

United

States

Treasury

Note/Bond

300.000%

8/15/52

Aaa

$

88,484

50

United

States

Treasury

Note/Bond

412.500%

11/15/32

Aaa

52,602

25

United

States

Treasury

Note/Bond

337.500%

1/31/28

Aaa

24,889

$

175

Total

U.S.

Government

and

Agency

Obligations

(cost

$163,838)

165,975

Total

Long-Term

Investments

(cost

$10,447,287)

8,847,525

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  2.2

%

X

191,976

MONEY

MARKET

FUNDS

-

2.2%

X

191,976

191,976

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(7)

4.350%(8)

$

191,976

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$191,976)

191,976

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

SHORT-TERM

INVESTMENTS

-

 2.3% 

205,000

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

2.3%

205,000

$

205

Federal

Home

Loan

Bank

Discount

Notes

0.000%

2/01/23

N/R

$

205,000

$

205

Total

U.S.

Government

and

Agency

Obligations

(cost

$205,000)

205,000

Total

Short-Term

Investments

(cost

$205,000)

205,000

Total

Investments

(cost

$

10,844,263

)

-

104

.0

%

9,244,501

Other

Assets

&

Liabilities,

Net

-   (4.0)%

(

351,626

)

Net

Assets

-

100%

$

8,892,875

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$185,116.

(4)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

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.

(6)

Principal

Amount

(000)

denominated

in

U.S.

Dollars,

unless

otherwise

noted.

(7)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(8)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

66

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

67

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Portfolio

of

Investments

January

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

97.9%  

X

13,594,425

CORPORATE

BONDS

-

50.2%

X

13,594,425

Brazil

-

4.6%

$

200

Arcos

Dorados

BV,

144A

6.125%

5/27/29

Ba2

$

196,360

200

Banco

BTG

Pactual

SA/Cayman

Islands,

144A

2.750%

1/11/26

BB-

182,200

120

Brazil

Minas

SPE

via

State

of

Minas

Gerais,

144A

5.333%

2/15/28

BB-

117,300

200

Embraer

Netherlands

Finance

BV,

144A

6.950%

1/17/28

BB

206,000

200

Klabin

Austria

GmbH,

144A

5.750%

4/03/29

BB+

200,258

225

Rumo

Luxembourg

Sarl,

144A

4.200%

1/18/32

Ba2

186,469

200

Suzano

Austria

GmbH

2.500%

9/15/28

BBB-

170,750

1,345

Total

Brazil

1,259,337

Chile

-

4.6%

200

Antofagasta

PLC,

144A

5.625%

5/13/32

BBB

200,600

200

Banco

del

Estado

de

Chile,

144A

2.704%

1/09/25

A

191,089

200

Cia

Cervecerias

Unidas

SA,

144A

3.350%

1/19/32

BBB

173,000

200

Corp

Nacional

del

Cobre

de

Chile,

144A

3.000%

9/30/29

A3

179,049

200

Corp

Nacional

del

Cobre

de

Chile,

144A

3.700%

1/30/50

A3

154,274

200

Enel

Chile

SA

4.875%

6/12/28

BBB

196,702

200

Inversiones

CMPC

SA,

144A

3.000%

4/06/31

BBB-

173,201

1,400

Total

Chile

1,267,915

China

-

1.3%

200

Lenovo

Group

Ltd,

144A

3.421%

11/02/30

BBB-

170,441

225

Prosus

NV,

144A

4.193%

1/19/32

Baa3

193,414

425

Total

China

363,855

Colombia

-

1.4%

200

Bancolombia

SA

3.000%

1/29/25

BB+

189,734

200

Ecopetrol

SA

5.375%

6/26/26

BB+

193,260

400

Total

Colombia

382,994

Costa

Rica

-

0.7%

200

Instituto

Costarricense

de

Electricidad,

144A

6.750%

10/07/31

B

192,890

200

Total

Costa

Rica

192,890

Dominican

Republic

-

0.7%

200

AES

Andres

BV,

144A

5.700%

5/04/28

BB-

176,098

200

Total

Dominican

Republic

176,098

Guatemala

-

0.6%

200

Millicom

International

Cellular

SA,

144A

4.500%

4/27/31

Ba2

169,300

200

Total

Guatemala

169,300

Hong

Kong

-

0.7%

200

AIA

Group

Ltd,

144A

3.600%

4/09/29

A+

187,689

200

Total

Hong

Kong

187,689

India

-

4.2%

225

Bharti

Airtel

Ltd,

144A

3.250%

6/03/31

BBB-

193,740

200

Export-Import

Bank

of

India,

144A

3.250%

1/15/30

BBB-

176,996

191

Greenko

Dutch

BV

,

Reg

S

3.850%

3/29/26

Ba2

170,574

200

ICICI

Bank

Ltd/Dubai,

144A

3.800%

12/14/27

BBB-

188,542

250

Indian

Railway

Finance

Corp

Ltd,

144A

3.249%

2/13/30

BBB-

218,545

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

68

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

India

(continued)

$

200

REC

Ltd

,

Reg

S

4.625%

3/22/28

Baa3

$

190,647

1,266

Total

India

1,139,044

Indonesia

-

4.4%

200

Bank

Mandiri

Persero

Tbk

PT

,

Reg

S

3.750%

4/11/24

BBB-

196,658

200

Freeport

Indonesia

PT,

144A

4.763%

4/14/27

Baa3

194,586

200

Indonesia

Asahan

Aluminium

Persero

PT,

144A

6.530%

11/15/28

BBB-

209,276

200

Pertamina

Persero

PT,

144A

3.650%

7/30/29

Baa2

184,528

200

Pertamina

Persero

PT,

144A

6.500%

5/27/41

BBB

209,040

200

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

144A

5.450%

5/21/28

Baa2

201,960

1,200

Total

Indonesia

1,196,048

Israel

-

2.2%

200

Bank

Leumi

Le-Israel

BM,

144A

5.125%

7/27/27

A

199,943

225

Energean

Israel

Finance

Ltd,

144A

5.375%

3/30/28

BB-

207,012

200

Israel

Electric

Corp

Ltd,

144A

3.750%

2/22/32

BBB+

178,047

625

Total

Israel

585,002

Kazakhstan

-

1.5%

200

Development

Bank

of

Kazakhstan

JSC,

144A

5.750%

5/12/25

Baa2

200,250

250

KazTransGas

JSC,

144A

4.375%

9/26/27

BBB-

228,750

450

Total

Kazakhstan

429,000

Kuwait

-

0.7%

200

NBK

SPC

Ltd,

144A

1.625%

9/15/27

A1

178,500

200

Total

Kuwait

178,500

Malaysia

-

2.1%

225

Misc

Capital

Two

Labuan

Ltd,

144A

3.750%

4/06/27

BBB

208,078

200

Petronas

Capital

Ltd,

144A

4.800%

4/21/60

A-

192,090

200

Petronas

Capital

Ltd,

144A

2.480%

1/28/32

A-

169,190

625

Total

Malaysia

569,358

Mexico

-

7.2%

200

Alpek

SAB

de

CV,

144A

3.250%

2/25/31

BBB-

167,626

200

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands,

144A

2.720%

8/11/31

BB

169,565

200

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

144A

5.375%

4/17/25

Baa1

200,440

200

Becle

SAB

de

CV,

144A

2.500%

10/14/31

BBB

159,961

225

Cemex

SAB

de

CV,

144A

3.875%

7/11/31

BB+

189,711

200

Comision

Federal

de

Electricidad,

144A

4.688%

5/15/29

BBB-

184,250

300

Mexico

City

Airport

Trust,

144A

5.500%

10/31/46

Baa3

243,753

200

Orbia

Advance

Corp

SAB

de

CV,

144A

1.875%

5/11/26

BBB-

177,061

150

Petroleos

Mexicanos

4.500%

1/23/26

B1

139,912

100

Petroleos

Mexicanos

5.350%

2/12/28

B1

87,182

225

Sigma

Alimentos

SA

de

CV,

144A

4.125%

5/02/26

BBB-

218,248

2,200

Total

Mexico

1,937,709

Morocco

-

0.7%

225

OCP

SA,

144A

3.750%

6/23/31

BB+

189,709

225

Total

Morocco

189,709

Oman

-

0.8%

225

OQ

SAOC,

144A

5.125%

5/06/28

BB

216,263

225

Total

Oman

216,263

69

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Panama

-

0.6%

$

200

Aeropuerto

Internacional

de

Tocumen

SA,

144A

4.000%

8/11/41

BBB

$

166,025

200

Total

Panama

166,025

Peru

-

1.4%

250

Fondo

MIVIVIENDA

SA,

144A

4.625%

4/12/27

BBB

242,722

200

Petroleos

del

Peru

SA,

144A

5.625%

6/19/47

BB

133,428

450

Total

Peru

376,150

Qatar

-

1.4%

250

QatarEnergy,

144A

3.300%

7/12/51

Aa3

190,550

200

QNB

Finance

Ltd

,

Reg

S

2.750%

2/12/27

A

186,477

450

Total

Qatar

377,027

Saudi

Arabia

-

0.8%

250

Saudi

Arabian

Oil

Co,

144A

2.250%

11/24/30

A

211,657

250

Total

Saudi

Arabia

211,657

South

Africa

-

1.6%

200

AngloGold

Ashanti

Holdings

PLC

3.375%

11/01/28

BB+

179,738

250

Transnet

SOC

Ltd,

144A

8.250%

2/06/28

N/R

250,625

450

Total

South

Africa

430,363

South

Korea

-

1.5%

300

Export-Import

Bank

of

Korea

2.500%

6/29/41

AA-

216,183

200

Shinhan

Bank

Co

Ltd,

144A

4.375%

4/13/32

BBB+

182,980

500

Total

South

Korea

399,163

Thailand

-

0.8%

250

PTTEP

Treasury

Center

Co

Ltd,

144A

2.993%

1/15/30

Baa1

221,575

250

Total

Thailand

221,575

Turkey

-

0.7%

200

Turkiye

Sise

ve

Cam

Fabrikalari

AS,

144A

6.950%

3/14/26

B3

194,274

200

Total

Turkey

194,274

United

Arab

Emirates

-

3.0%

250

Abu

Dhabi

Crude

Oil

Pipeline

LLC,

144A

4.600%

11/02/47

AA

237,597

200

DAE

Funding

LLC,

144A

3.375%

3/20/28

Baa3

180,952

200

DP

World

Ltd/United

Arab

Emirates,

144A

5.625%

9/25/48

BBB-

199,363

185

Galaxy

Pipeline

Assets

Bidco

Ltd,

144A

2.160%

3/31/34

Aa2

159,568

835

Total

United

Arab

Emirates

777,480

$

14,971

Total

Corporate

Bonds

(cost

$12,771,919)

13,594,425

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

12,740,225

SOVEREIGN

DEBT

-

47.0%

X

12,740,225

Angola

-

1.0%

$

300

Angolan

Government

International

Bond

,

144A

8.750%

4/14/32

B-

$

277,101

Total

Angola

277,101

Bermuda

-

0.9%

300

Bermuda

Government

International

Bond

,

144A

2.375%

8/20/30

A2

256,500

Total

Bermuda

256,500

Brazil

-

0.6%

200

Brazilian

Government

International

Bond

3.875%

6/12/30

BB-

176,902

Total

Brazil

176,902

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

70

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Chile

-

1.6%

$

550

Chile

Government

International

Bond

2.550%

7/27/33

A-

$

447,920

Total

Chile

447,920

Colombia

-

2.1%

200

Colombia

Government

International

Bond

8.000%

4/20/33

BB+

204,819

200

Colombia

Government

International

Bond

,

(WI/DD,

Settling

2/02/23)

7.500%

2/02/34

BB+

197,641

200

Colombia

Government

International

Bond

3.000%

1/30/30

BB+

155,725

Total

Colombia

558,185

Costa

Rica

-

0.7%

200

Costa

Rica

Government

International

Bond

,

144A

6.125%

2/19/31

B

196,400

Total

Costa

Rica

196,400

Cote

d'Ivoire

-

0.6%

179

Ivory

Coast

Government

International

Bond

,

144A

2032

144A

5.750%

12/31/32

BB-

164,560

Total

Cote

d'Ivoire

164,560

Dominican

Republic

-

1.0%

300

Dominican

Republic

International

Bond

,

144A

5.500%

2/22/29

Ba3

282,200

Total

Dominican

Republic

282,200

Ecuador

-

0.7%

300

Ecuador

Government

International

Bond

,

144A

5.000%

7/31/30

B-

199,117

Total

Ecuador

199,117

Egypt

-

0.8%

250

Egypt

Government

International

Bond

,

144A

7.600%

3/01/29

B

206,268

Total

Egypt

206,268

Hungary

-

1.5%

200

Hungary

Government

International

Bond

,

144A

6.250%

9/22/32

BBB-

206,762

200

Hungary

Government

International

Bond

,

144A

5.250%

6/16/29

BBB-

196,800

Total

Hungary

403,562

Indonesia

-

3.2%

350

Indonesia

Government

International

Bond

4.650%

9/20/32

BBB

348,320

550

Indonesia

Government

International

Bond

3.500%

1/11/28

BBB

526,350

Total

Indonesia

874,670

Israel

-

1.0%

300

Israel

Government

International

Bond

2.750%

7/03/30

A1

272,551

Total

Israel

272,551

Kenya

-

0.7%

225

Republic

of

Kenya

Government

International

Bond

,

144A

8.000%

5/22/32

B

195,485

Total

Kenya

195,485

Mexico

-

3.0%

250

Mexico

Government

International

Bond

4.280%

8/14/41

BBB-

204,967

700

Mexico

Government

International

Bond

3.500%

2/12/34

BBB-

588,253

Total

Mexico

793,220

Morocco

-

0.9%

300

Morocco

Government

International

Bond

,

144A

3.000%

12/15/32

BB+

239,625

Total

Morocco

239,625

Oman

-

1.0%

250

Oman

Government

International

Bond

,

144A

6.250%

1/25/31

Ba3

258,730

Total

Oman

258,730

71

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Panama

-

2.2%

$

700

Panama

Government

International

Bond

3.298%

1/19/33

BBB-

$

583,937

Total

Panama

583,937

Peru

-

1.8%

575

Peruvian

Government

International

Bond

2.783%

1/23/31

BBB

486,698

Total

Peru

486,698

Philippines

-

2.7%

200

Philippine

Government

International

Bond

4.625%

7/17/28

Baa2

201,726

675

Philippine

Government

International

Bond

1.950%

1/06/32

Baa2

549,550

Total

Philippines

751,276

Poland

-

1.7%

200

Republic

of

Poland

Government

International

Bond

5.500%

11/16/27

A-

207,216

250

Republic

of

Poland

Government

International

Bond

3.250%

4/06/26

A-

240,973

Total

Poland

448,189

Qatar

-

1.1%

300

Qatar

Government

International

Bond

,

144A

3.750%

4/16/30

Aa3

294,001

Total

Qatar

294,001

Republic

of

Serbia

-

0.7%

250

Serbia

International

Bond

,

144A

2.125%

12/01/30

Ba2

190,125

Total

Republic

of

Serbia

190,125

Romania

-

2.0%

200

Romanian

Government

International

Bond

,

144A

7.125%

1/17/33

BBB-

211,000

326

Romanian

Government

International

Bond

,

144A

5.250%

11/25/27

BBB-

320,393

Total

Romania

531,393

Saudi

Arabia

-

3.6%

250

Saudi

Government

International

Bond

,

144A

4.500%

10/26/46

A

223,709

325

Saudi

Government

International

Bond

,

144A

2.250%

2/02/33

A

265,837

500

Saudi

Government

International

Bond

,

144A

3.625%

3/04/28

A

483,600

Total

Saudi

Arabia

973,146

South

Africa

-

2.4%

225

Republic

of

South

Africa

Government

International

Bond

5.375%

7/24/44

BB-

174,656

275

Republic

of

South

Africa

Government

International

Bond

5.875%

4/20/32

BB-

255,062

250

Republic

of

South

Africa

Government

International

Bond

4.300%

10/12/28

BB-

227,375

Total

South

Africa

657,093

Supranational

-

1.3%

400

Banque

Ouest

Africaine

de

Developpement

,

144A

4.700%

10/22/31

BBB

353,000

Total

Supranational

353,000

Turkey

-

0.7%

200

Turkey

Government

International

Bond

6.000%

3/25/27

B3

181,200

Total

Turkey

181,200

United

Arab

Emirates

-

2.7%

425

Abu

Dhabi

Government

International

Bond

,

144A

3.125%

9/30/49

AA

320,475

425

Abu

Dhabi

Government

International

Bond

,

144A

3.125%

5/03/26

AA

412,007

Total

United

Arab

Emirates

732,482

Uruguay

-

2.0%

550

Uruguay

Government

International

Bond

4.375%

1/23/31

BBB-

548,376

Total

Uruguay

548,376

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

72

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Uzbekistan

-

0.8%

$

250

Republic

of

Uzbekistan

International

Bond

,

144A

3.700%

11/25/30

BB-

$

206,313

Total

Uzbekistan

206,313

Total

Sovereign

Debt

(cost

$11,947,585)

12,740,225

Principal

Amount

(000)

Description

(1)

,(3)

Coupon

Maturity

Ratings

(2)

Value

X

179,900

CONTINGENT

CAPITAL

SECURITIES

-

0.7%

X

179,900

Israel

-

0.7%

$

200

Mizrahi

Tefahot

Bank

Ltd,

144A

,

Reg

S

3.077%

4/07/31

BBB-

$

179,900

200

Total

Israel

179,900

$

200

Total

Contingent

Capital

Securities

(cost

$169,625)

179,900

Total

Long-Term

Investments

(cost

$24,889,129)

26,514,550

Other

Assets

&

Liabilities,

Net

-   2.1%

561,175

Net

Assets

-

100%

$

27,075,725

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

The

ratings

disclosed

are

the

lowest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

73

Nuveen

High

Yield

Managed

Accounts

Portfolio

Portfolio

of

Investments

January

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

94.2%  

X

14,748,805

CORPORATE

BONDS

-

94.2%

X

14,748,805

Aerospace

&

Defense

-

1.3%

$

95

Maxar

Technologies

Inc,

144A

7.750%

6/15/27

B2

$

99,332

110

TransDigm

Inc

7.500%

3/15/27

B-

110,856

205

Total

Aerospace

&

Defense

210,188

Air

Freight

&

Logistics

-

0.7%

115

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

BB

103,883

115

Total

Air

Freight

&

Logistics

103,883

Airlines

-

1.8%

65

Allegiant

Travel

Co,

144A

7.250%

8/15/27

BB-

63,545

115

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd2021

CORP,

144A

5.500%

4/20/26

Ba2

112,737

105

United

Airlines

Inc,

144A

4.375%

4/15/26

BB-

99,680

285

Total

Airlines

275,962

Auto

Components

-

1.3%

115

Dana

Inc

4.500%

2/15/32

B1

97,004

125

Goodyear

Tire

&

Rubber

Co

5.000%

7/15/29

BB-

110,116

240

Total

Auto

Components

207,120

Automobiles

-

2.6%

440

Ford

Motor

Credit

Co

LLC

4.950%

5/28/27

Ba2

399,700

440

Total

Automobiles

399,700

Beverages

-

1.2%

170

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

B

148,281

50

Triton

Water

Holdings

Inc,

144A

6.250%

4/01/29

CCC+

39,688

220

Total

Beverages

187,969

Capital

Markets

-

2.6%

130

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

B+

116,971

115

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

Ba3

107,076

115

LPL

Holdings

Inc,

144A

4.625%

11/15/27

BB

109,439

80

NFP

Corp,

144A

4.875%

8/15/28

N/R

69,818

440

Total

Capital

Markets

403,304

Chemicals

-

5.4%

80

ASP

Unifrax

Holdings

Inc,

144A

5.250%

9/30/28

B-

68,543

130

Avient

Corp,

144A

7.125%

8/01/30

BB-

130,968

25

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

11.000%

4/15/25

Caa1

26,190

200

Celanese

US

Holdings

LLC

6.050%

3/15/25

BBB-

201,536

115

EverArc

Escrow

Sarl,

144A

5.000%

10/30/29

B2

94,300

65

Olin

Corp

5.625%

8/01/29

BB+

63,254

65

Olin

Corp

5.125%

9/15/27

BB+

63,055

115

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.375%

9/01/25

B-

100,625

115

Tronox

Inc,

144A

4.625%

3/15/29

B1

98,325

910

Total

Chemicals

846,796

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

74

Principal

Amount

(000)  

Description

(1)

Coupon

Commercial

Services

&

Supplies

-

4.6%

130

ADT

Security

Corp/The,

144A

4.125%

8/01/29

BB-

$

115,733

115

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp,

144A

6.625%

7/15/26

B

110,716

115

Garda

World

Security

Corp,

144A

4.625%

2/15/27

B

104,663

140

GFL

Environmental

Inc,

144A

3.500%

9/01/28

BB-

124,834

120

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

B-

113,808

95

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

3.375%

8/31/27

BB-

84,298

60

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

BB-

58,802

775

Total

Commercial

Services

&

Supplies

712,854

Construction

&

Engineering

-

0.2%

35

Standard

Industries

Inc/NJ,

144A

5.000%

2/15/27

B1

33,167

35

Total

Construction

&

Engineering

33,167

Construction

Materials

-

0.8%

130

Gates

Global

LLC

/

Gates

Corp,

144A

6.250%

1/15/26

B3

128,029

130

Total

Construction

Materials

128,029

Consumer

Finance

-

2.9%

100

Ally

Financial

Inc

7.100%

11/15/27

BBB-

105,536

90

Navient

Corp

6.750%

6/25/25

B+

89,792

90

Navient

Corp

4.875%

3/15/28

B+

79,534

210

OneMain

Finance

Corp

3.500%

1/15/27

BB

182,640

490

Total

Consumer

Finance

457,502

Containers

&

Packaging

-

2.6%

95

Ball

Corp

6.875%

3/15/28

BB+

97,978

115

LABL

Inc,

144A

6.750%

7/15/26

B-

111,481

55

Mauser

Packaging

Solutions

Holding

Co,

(WI/DD,

Settling

2/10/23),

144A

7.875%

8/15/26

B

55,481

115

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.375%

9/30/28

B+

102,211

40

Sealed

Air

Corp,

144A

6.125%

2/01/28

Ba2

40,356

420

Total

Containers

&

Packaging

407,507

Diversified

Telecommunication

Services

-

0.6%

105

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

B3

100,267

105

Total

Diversified

Telecommunication

Services

100,267

Electrical

Equipment

-

0.5%

25

Regal

Rexnord

Corp,

144A

6.050%

4/15/28

BB+

25,380

25

Regal

Rexnord

Corp,

144A

6.050%

2/15/26

BB+

25,406

25

Regal

Rexnord

Corp,

144A

6.300%

2/15/30

BB+

25,492

10

Regal

Rexnord

Corp,

144A

6.400%

4/15/33

BB+

10,253

85

Total

Electrical

Equipment

86,531

Electronic

Equipment,

Instruments

&

Components

-

0.6%

100

Imola

Merger

Corp,

144A

4.750%

5/15/29

B1

87,000

100

Total

Electronic

Equipment,

Instruments

&

Components

87,000

Energy

Equipment

&

Services

-

1.8%

130

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

B2

123,500

20

Transocean

Inc,

144A

8.750%

2/15/30

B-

20,620

15

Transocean

Titan

Financing

Ltd,

144A

8.375%

2/01/28

B-

15,566

75

Principal

Amount

(000)  

Description

(1)

Coupon

Energy

Equipment

&

Services

(continued)

130

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

4/01/26

B3

$

127,588

295

Total

Energy

Equipment

&

Services

287,274

Entertainment

-

0.8%

55

Live

Nation

Entertainment

Inc,

144A

6.500%

5/15/27

B1

55,305

75

Univision

Communications

Inc,

144A

4.500%

5/01/29

B+

64,531

130

Total

Entertainment

119,836

Equity

Real

Estate

Investment

Trusts

-

1.5%

115

Iron

Mountain

Inc,

144A

4.875%

9/15/27

BB-

108,277

95

RLJ

Lodging

Trust

LP,

144A

4.000%

9/15/29

BB-

79,676

65

SBA

Communications

Corp

3.125%

2/01/29

B1

55,067

275

Total

Equity

Real

Estate

Investment

Trusts

243,020

Food

&

Staples

Retailing

-

1.3%

110

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

3.500%

3/15/29

Ba3

94,875

115

Performance

Food

Group

Inc,

144A

4.250%

8/01/29

B2

102,609

225

Total

Food

&

Staples

Retailing

197,484

Food

Products

-

1.0%

50

Chobani

LLC

/

Chobani

Finance

Corp

Inc,

144A

4.625%

11/15/28

B-

45,625

115

Darling

Ingredients

Inc,

144A

6.000%

6/15/30

Ba2

114,425

165

Total

Food

Products

160,050

Gas

Utilities

-

1.7%

115

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

B

105,800

115

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

B

95,738

80

Superior

Plus

LP

/

Superior

General

Partner

Inc,

144A

4.500%

3/15/29

BB-

70,700

310

Total

Gas

Utilities

272,238

Health

Care

Equipment

&

Supplies

-

1.2%

80

Embecta

Corp,

144A

6.750%

2/15/30

B+

71,983

130

Mozart

Debt

Merger

Sub

Inc,

144A

3.875%

4/01/29

B+

111,152

210

Total

Health

Care

Equipment

&

Supplies

183,135

Health

Care

Providers

&

Services

-

4.2%

125

CHS/Community

Health

Systems

Inc,

144A

5.250%

5/15/30

B

100,865

95

DaVita

Inc,

144A

4.625%

6/01/30

B+

80,038

95

Encompass

Health

Corp

4.500%

2/01/28

B+

88,678

80

Owens

&

Minor

Inc,

144A

6.625%

4/01/30

B

70,744

195

Tenet

Healthcare

Corp

4.250%

6/01/29

B1

173,629

170

Tenet

Healthcare

Corp

4.375%

1/15/30

B1

151,118

760

Total

Health

Care

Providers

&

Services

665,072

Hotels,

Restaurants

&

Leisure

-

5.7%

150

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

B2

127,688

100

Carnival

Corp,

144A

4.000%

8/01/28

BB-

86,398

160

CDI

Escrow

Issuer

Inc,

144A

5.750%

4/01/30

B+

151,600

115

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

4.625%

1/15/29

B

101,496

105

Hilton

Domestic

Operating

Co

Inc,

144A

3.625%

2/15/32

Ba2

88,174

55

Life

Time

Inc,

144A

5.750%

1/15/26

B2

52,856

45

NCL

Corp

Ltd,

(WI/DD,

Settling

2/02/23),

144A

8.375%

2/01/28

BB-

45,721

115

Penn

Entertainment

Inc,

144A

5.625%

1/15/27

B3

108,100

130

Yum!

Brands

Inc

5.375%

4/01/32

Ba3

123,341

975

Total

Hotels,

Restaurants

&

Leisure

885,374

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

76

Principal

Amount

(000)  

Description

(1)

Coupon

Household

Durables

-

1.0%

80

Newell

Brands

Inc

6.625%

9/15/29

Ba1

$

80,872

80

Newell

Brands

Inc

4.450%

4/01/26

Ba1

76,003

160

Total

Household

Durables

156,875

Independent

Power

And

Renewable

Electricity

Producers

-

0.4%

80

Vistra

Operations

Co

LLC,

144A

4.375%

5/01/29

N/R

70,347

80

Total

Independent

Power

And

Renewable

Electricity

Producers

70,347

Independent

Power

Producers

&

Energy

Traders

-

1.3%

80

Clearway

Energy

Operating

LLC,

144A

4.750%

3/15/28

BB

75,456

130

TerraForm

Power

Operating

LLC,

144A

5.000%

1/31/28

BB-

122,112

210

Total

Independent

Power

Producers

&

Energy

Traders

197,568

Insurance

-

1.6%

130

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

4.250%

2/15/29

B

107,900

80

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

B

73,316

80

BroadStreet

Partners

Inc,

144A

5.875%

4/15/29

Caa2

70,665

290

Total

Insurance

251,881

Internet

Software

&

Services

-

0.4%

80

Ziff

Davis

Inc,

144A

4.625%

10/15/30

Ba3

70,885

80

Total

Internet

Software

&

Services

70,885

IT

Services

-

1.9%

120

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

CCC+

101,400

115

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

B+

95,450

60

Presidio

Holdings

Inc,

144A

8.250%

2/01/28

CCC+

57,675

50

Science

Applications

International

Corp,

144A

4.875%

4/01/28

B1

46,875

345

Total

IT

Services

301,400

Life

Sciences

Tools

&

Services

-

0.5%

80

Avantor

Funding

Inc,

144A

4.625%

7/15/28

B2

75,407

80

Total

Life

Sciences

Tools

&

Services

75,407

Machinery

-

1.0%

20

Chart

Industries

Inc,

144A

9.500%

1/01/31

B3

20,870

15

Chart

Industries

Inc,

144A

7.500%

1/01/30

B+

15,338

130

WASH

Multifamily

Acquisition

Inc,

144A

5.750%

4/15/26

B-

119,953

165

Total

Machinery

156,161

Media

-

10.5%

195

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.375%

6/01/29

BB-

180,375

285

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.250%

2/01/31

B1

237,419

200

CSC

Holdings

LLC,

144A

4.125%

12/01/30

B+

147,854

95

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

5.875%

8/15/27

Ba3

86,051

75

DISH

Network

Corp,

144A

11.750%

11/15/27

B+

77,940

65

Gray

Television

Inc,

144A

4.750%

10/15/30

B3

47,937

130

iHeartCommunications

Inc,

144A

4.750%

1/15/28

B1

111,157

80

Lamar

Media

Corp

4.875%

1/15/29

Ba3

75,290

50

News

Corp,

144A

3.875%

5/15/29

BB+

44,739

95

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

Ba3

84,560

25

Sirius

XM

Radio

Inc,

144A

3.125%

9/01/26

Ba3

22,501

200

UPC

Broadband

Finco

BV,

144A

4.875%

7/15/31

B1

175,954

200

Virgin

Media

Secured

Finance

PLC,

144A

5.500%

5/15/29

BB-

185,538

200

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

B+

171,266

1,895

Total

Media

1,648,581

77

Principal

Amount

(000)  

Description

(1)

Coupon

Metals

&

Mining

-

2.6%

80

Commercial

Metals

Co

4.125%

1/15/30

Ba2

$

71,600

120

FMG

Resources

August

2006

Pty

Ltd,

144A

5.875%

4/15/30

BB+

117,192

110

Mineral

Resources

Ltd,

144A

8.000%

11/01/27

Ba3

112,618

115

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

B1

101,200

425

Total

Metals

&

Mining

402,610

Multiline

Retail

-

0.5%

100

Kohl's

Corp

3.625%

5/01/31

Ba2

74,092

100

Total

Multiline

Retail

74,092

Oil,

Gas

&

Consumable

Fuels

-

10.2%

105

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.750%

3/01/27

Ba3

101,850

130

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

5.625%

5/01/27

Ba3

124,242

65

DT

Midstream

Inc,

144A

4.125%

6/15/29

Ba2

57,038

115

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

BB+

112,413

165

EQM

Midstream

Partners

LP,

144A

6.500%

7/01/27

BB-

162,032

65

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.875%

4/15/30

B

66,056

135

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

6.250%

5/15/26

B

129,009

165

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

5.750%

2/01/29

Ba3

153,450

45

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp,

144A

6.375%

4/15/27

Ba3

44,494

65

Kinetik

Holdings

LP,

144A

5.875%

6/15/30

BB+

61,750

110

Murphy

Oil

Corp

5.875%

12/01/27

BB

107,529

50

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B

47,483

130

Occidental

Petroleum

Corp

6.450%

9/15/36

BB+

136,712

35

Occidental

Petroleum

Corp

6.375%

9/01/28

BB+

36,359

110

Parkland

Corp,

144A

4.500%

10/01/29

Ba3

94,357

105

SM

Energy

Co

6.500%

7/15/28

B2

99,878

65

Western

Midstream

Operating

LP

4.550%

2/01/30

Ba1

59,524

1,660

Total

Oil,

Gas

&

Consumable

Fuels

1,594,176

Personal

Products

-

1.1%

65

Coty

Inc,

144A

5.000%

4/15/26

BB-

62,237

120

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

5.000%

12/31/26

B-

108,930

185

Total

Personal

Products

171,167

Pharmaceuticals

-

1.2%

200

ORGANON

&

CO/ORG,

144A

4.125%

4/30/28

BB

180,890

200

Total

Pharmaceuticals

180,890

Professional

Services

-

0.5%

80

ASGN

Inc,

144A

4.625%

5/15/28

BB-

72,984

80

Total

Professional

Services

72,984

Real

Estate

Management

&

Development

-

1.0%

80

Howard

Hughes

Corp,

144A

4.125%

2/01/29

BB-

69,082

110

Kennedy-Wilson

Inc

4.750%

3/01/29

B1

92,400

190

Total

Real

Estate

Management

&

Development

161,482

Software

-

1.3%

60

Fair

Isaac

Corp,

144A

4.000%

6/15/28

Ba2

55,711

105

Gen

Digital

Inc,

144A

6.750%

9/30/27

B1

106,475

35

Open

Text

Corp,

144A

6.900%

12/01/27

Ba1

35,831

200

Total

Software

198,017

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

78

Principal

Amount

(000)  

Description

(1)

Coupon

Specialty

Retail

-

3.3%

80

Academy

Ltd,

144A

6.000%

11/15/27

Ba3

$

77,824

90

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp

5.875%

8/20/26

B1

87,055

35

Asbury

Automotive

Group

Inc,

144A

4.625%

11/15/29

B1

30,885

35

Asbury

Automotive

Group

Inc,

144A

5.000%

2/15/32

B1

30,186

75

Bath

&

Body

Works

Inc,

144A

6.625%

10/01/30

BB

73,289

75

Michaels

Cos

Inc,

144A

5.250%

5/01/28

B-

62,543

170

Staples

Inc,

144A

7.500%

4/15/26

B3

151,054

560

Total

Specialty

Retail

512,836

Textiles,

Apparel

&

Luxury

Goods

-

0.6%

115

Wolverine

World

Wide

Inc,

144A

4.000%

8/15/29

B+

92,719

115

Total

Textiles,

Apparel

&

Luxury

Goods

92,719

Thrifts

&

Mortgage

Finance

-

0.8%

120

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.875%

3/01/31

BB

97,736

40

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

2.875%

10/15/26

BB

35,663

160

Total

Thrifts

&

Mortgage

Finance

133,399

Trading

Companies

&

Distributors

-

1.6%

60

H&E

Equipment

Services

Inc,

144A

3.875%

12/15/28

B2

52,803

75

United

Rentals

North

America

Inc,

144A

6.000%

12/15/29

BBB-

76,125

115

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

Ba3

117,838

250

Total

Trading

Companies

&

Distributors

246,766

Wireless

Telecommunication

Services

-

2.0%

300

Sprint

LLC

7.625%

3/01/26

BB+

317,300

300

Total

Wireless

Telecommunication

Services

317,300

Total

Long-Term

Investments

(cost

$14,349,129)

14,748,805

Other

Assets

&

Liabilities,

Net

-   5.8%

906,241

Net

Assets

-

100%

$

15,655,046

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

The

ratings

disclosed

are

the

lowest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

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.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

79

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Portfolio

of

Investments

January

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

98.1%  

X

8,934,838

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

55.0%

X

8,934,838

Automobiles

-

3.7%

$

650

General

Motors

Financial

Co

Inc

5.750%

N/A

(3)

BB+

$

594,952

650

Total

Automobiles

594,952

Banks

-

11.1%

540

CoBank

ACB

6.450%

N/A

(3)

BBB+

545,209

250

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

232,000

480

PNC

Financial

Services

Group

Inc

6.200%

N/A

(3)

Baa2

480,144

560

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

542,638

1,830

Total

Banks

1,799,991

Capital

Markets

-

2.7%

450

Charles

Schwab

Corp

5.375%

N/A

(3)

BBB

446,490

450

Total

Capital

Markets

446,490

Consumer

Finance

-

5.5%

400

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

329,000

290

American

Express

Co

3.550%

N/A

(3)

Baa2

256,592

310

Discover

Financial

Services

6.125%

N/A

(3)

Ba2

307,318

1,000

Total

Consumer

Finance

892,910

Electric

Utilities

-

2.4%

400

Emera

Inc

6.750%

6/15/76

BB+

392,853

400

Total

Electric

Utilities

392,853

Industrial

Conglomerates

-

2.4%

385

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(4)

8.099%

N/A

(3)

BBB-

383,653

385

Total

Industrial

Conglomerates

383,653

Insurance

-

12.4%

300

Assurant

Inc

7.000%

3/27/48

Baa3

296,999

185

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

157,155

270

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

222,696

310

Markel

Corp

6.000%

N/A

(3)

BBB-

309,225

325

MetLife

Inc,

144A

9.250%

4/08/38

BBB

392,437

650

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(3)

Baa2

640,250

2,040

Total

Insurance

2,018,762

Media

-

1.6%

300

Paramount

Global

6.375%

3/30/62

Baa3

261,741

300

Total

Media

261,741

Multi-Utilities

-

4.5%

190

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

160,550

250

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

245,937

330

Sempra

Energy

4.875%

N/A

(3)

BBB-

316,800

770

Total

Multi-Utilities

723,287

Oil,

Gas

&

Consumable

Fuels

-

2.9%

350

Energy

Transfer

LP

6.500%

N/A

(3)

BB

328,258

146

MPLX

LP

6.875%

N/A

(3)

BB+

146,044

496

Total

Oil,

Gas

&

Consumable

Fuels

474,302

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(con-

tinued)

Portfolio

of

Investments

January

31,

2023

80

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

3.9%

$

665

AerCap

Holdings

NV

5.875%

10/10/79

BB+

$

636,924

665

Total

Trading

Companies

&

Distributors

636,924

Wireless

Telecommunication

Services

-

1.9%

300

Vodafone

Group

PLC

7.000%

4/04/79

BB+

308,973

300

Total

Wireless

Telecommunication

Services

308,973

$

9,286

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$8,471,600)

8,934,838

Principal

Amount

(000)

Description

(1)

,(5)

Coupon

Maturity

Ratings

(2)

Value

X

6,440,421

CONTINGENT

CAPITAL

SECURITIES

-

39.6%

X

6,440,421

Banks

-

28.3%

$

400

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

$

391,504

400

Banco

Santander

SA

4.750%

N/A

(3)

Ba1

347,067

515

Barclays

PLC

8.000%

N/A

(3)

BBB-

517,137

275

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

284,625

200

BNP

Paribas

SA,

144A

9.250%

N/A

(3)

BBB

217,200

425

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

438,086

370

HSBC

Holdings

PLC

6.000%

N/A

(3)

BBB

355,348

340

HSBC

Holdings

PLC

6.375%

N/A

(3)

BBB

335,580

450

ING

Groep

NV

5.750%

N/A

(3)

BBB

425,804

400

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

396,100

330

NatWest

Group

PLC

6.000%

N/A

(3)

Baa3

315,150

370

Societe

Generale

SA,

144A

9.375%

N/A

(3)

BB+

397,288

200

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

197,250

4,675

Total

Banks

4,618,139

Capital

Markets

-

11.3%

400

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

BB-

379,000

310

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(3)

BB-

300,700

400

Deutsche

Bank

AG

6.000%

N/A

(3)

Ba2

363,062

400

UBS

Group

AG,

144A

7.000%

N/A

(3)

BBB

397,488

425

UBS

Group

AG,

144A

4.875%

N/A

(3)

BBB

382,032

1,935

Total

Capital

Markets

1,822,282

$

6,610

Total

Contingent

Capital

Securities

(cost

$5,965,385)

6,440,421

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

576,270

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

3.5%

X

576,270

Banks

-

1.8%

3,000

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

$

299,250

Total

Banks

299,250

Food

Products

-

0.9%

6,000

CHS

Inc

6.750%

N/R

151,920

Total

Food

Products

151,920

Oil,

Gas

&

Consumable

Fuels

-

0.8%

5,000

NuStar

Energy

LP

11.502%

B2

125,100

Total

Oil,

Gas

&

Consumable

Fuels

125,100

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$560,291)

576,270

Total

Long-Term

Investments

(cost

$14,997,276)

15,951,529

Other

Assets

&

Liabilities,

Net

-   1.9%

302,033

Net

Assets

-

100%

$

16,253,562

81

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Perpetual

security.

Maturity

date

is

not

applicable.

(4)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

accompanying

notes

to

financial

statements

82

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Portfolio

of

Investments

January

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

98.1%  

20795582

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

98.1%

X

20,795,582

$

264

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

144A

2019

3A

2.360%

3/20/26

Aaa

$

249,640

500

Benchmark

2019-B11

Mortgage

Trust

2019

B11

3.784%

5/15/52

AAA

455,902

199

Benchmark

2019-B15

Mortgage

Trust

2019

B15

3.721%

12/15/72

A-

158,667

100

BX

2021-LBA3

Mortgage

Trust

,

144A

(1-Month

LIBOR

reference

rate

+

1.948%

spread)

2021

PAC

(3)

6.408%

10/15/36

N/R

96,267

298

BX

Commercial

Mortgage

Trust

2019-XL

,

144A

(1-Month

LIBOR

reference

rate

+

2.114%

spread)

2019

XL

(3)

2.110%

10/15/36

N/R

291,168

250

BX

Commercial

Mortgage

Trust

2021-CIP

,

144A

(1-Month

LIBOR

reference

rate

+

1.271%

spread)

2021

CIP

(3)

5.730%

12/15/38

Aa3

243,549

248

BX

Commercial

Mortgage

Trust

2021-SOAR

,

144A

(1-Month

LIBOR

reference

rate

+

0.870%

spread)

2021

SOAR

(3)

5.330%

6/15/38

AA-

239,571

570

CAMB

Commercial

Mortgage

Trust

2021-CX2

,

144A

2021

CX2

2.700%

11/10/46

AAA

476,625

275

Carmax

Auto

Owner

Trust

2019-4

2019

4

2.800%

4/15/26

AA

265,543

300

Connecticut

Avenue

Securities

Trust

2022-R03

,

144A

(SOFR30A

reference

rate

+

3.500%

spread)

2022

R03

(3)

7.810%

3/25/42

BBB-

304,521

300

Connecticut

Avenue

Securities

Trust

2022-R04

,

144A

(SOFR30A

reference

rate

+

3.100%

spread)

2022

R04

(3)

7.410%

3/25/42

BBB-

301,491

300

Connecticut

Avenue

Securities

Trust

2022-R05

,

144A

(SOFR30A

reference

rate

+

3.000%

spread)

2022

R05

(3)

7.310%

4/25/42

Baa3

295,352

300

Connecticut

Avenue

Securities

Trust

2022-R07

,

144A

(SOFR30A

reference

rate

+

4.650%

spread)

2022

R07

(3)

8.960%

6/25/42

BBB-

318,541

300

Connecticut

Avenue

Securities

Trust

2022-R09

,

144A

(SOFR30A

reference

rate

+

4.750%

spread)

2022

R09

(3)

9.060%

9/25/42

Baa3

312,736

315

Connecticut

Avenue

Securities

Trust

2023-R01

,

144A

(SOFR30A

reference

rate

+

3.750%

spread)

2023

R01

(3)

8.060%

12/25/42

BBB-

320,271

135

DBWF

Mortgage

Trust

,

144A

2015

LCM

2.998%

6/10/34

AAA

126,246

549

Fannie

Mae

Pool

FN

MA4737

5.000%

8/01/52

N/R

551,279

203

Fannie

Mae

Pool

FN

MA4255

2.000%

2/01/51

N/R

171,364

441

Fannie

Mae

Pool

FN

MA4784

4.500%

10/01/52

N/R

435,399

598

Fannie

Mae

Pool

FN

MA4733

4.500%

9/01/52

N/R

590,754

443

Fannie

Mae

Pool

FN

MA4805

2022

1

4.500%

11/01/52

N/R

437,260

126

Fannie

Mae

Pool

FN

MA4797

4.000%

11/01/37

N/R

125,237

374

Fannie

Mae

Pool

FN

MA4783

4.000%

10/01/52

N/R

361,357

663

Fannie

Mae

Pool

FN

FS1535

3.000%

4/01/52

N/R

605,711

415

Fannie

Mae

Pool

FN

MA4701

2022

1

4.500%

7/01/52

N/R

409,923

696

Fannie

Mae

Pool

FN

MA4305

2021

MTGE

2.000%

4/01/51

N/R

587,371

103

Fannie

Mae

Pool

FN

MA4761

5.000%

9/01/52

N/R

103,620

252

Fannie

Mae

Pool

FN

MA4842

2022

1

5.500%

12/01/52

N/R

256,090

667

Fannie

Mae

Pool

FN

MA4699

2022

1

3.500%

7/01/52

N/R

624,395

341

Fannie

Mae

Pool

FN

MA4600

2022

2

3.500%

5/01/52

N/R

319,597

643

Fannie

Mae

Pool

FN

MA4700

2022

1

4.000%

7/01/52

N/R

621,556

307

Fannie

Mae

Pool

FN

MA4732

4.000%

9/01/52

N/R

296,653

213

Fannie

Mae

Pool

FN

310210

2022

1,

(WI/DD,

Settling

2/12/23)

4.000%

5/01/44

N/R

209,734

687

Fannie

Mae

Pool

FN

FS0403

3.000%

1/01/52

N/R

629,147

290

Fannie

Mae

Pool

FN

MA4655

4.000%

7/01/52

N/R

280,440

122

Freddie

Mac

Pool

FR

SB8190

4.500%

11/01/37

N/R

123,032

300

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6

,

144A

(SOFR30A

reference

rate

+

1.500%

spread)

2021

DNA6

(3)

5.810%

10/25/41

BBB-

287,590

300

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2

,

144A

(SOFR30A

reference

rate

+

2.400%

spread)

2022

DNA2

(3)

6.710%

2/25/42

BBB

294,930

83

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

20795582

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

300

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5

,

144A

(SOFR30A

reference

rate

+

4.500%

spread)

2022

DNA5

(3)

8.810%

6/25/42

BBB-

$

318,862

300

Freddie

Mac

STACR

REMIC

Trust

2022-HQA3

,

144A

(SOFR30A

reference

rate

+

3.550%

spread)

2022

HQA3

(3)

7.860%

8/25/42

Baa3

300,854

300

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

,

144A

(SOFR30A

reference

rate

+

4.000%

spread)

2022

HQA2

(3)

8.310%

7/25/42

Baa3

306,478

603

Ginnie

Mae

II

Pool

G2

MA8149

3.500%

7/20/52

N/R

571,366

397

Ginnie

Mae

II

Pool

G2

MA8043

3.000%

5/20/52

N/R

364,169

75

Ginnie

Mae

II

Pool

G2

MA8428

5.000%

11/20/52

N/R

75,215

271

Ginnie

Mae

II

Pool

G2

MA8200

4.000%

8/20/52

N/R

263,540

408

Ginnie

Mae

II

Pool

G2

MA8042

2.500%

5/20/52

N/R

363,859

129

Ginnie

Mae

II

Pool

G2

MA8201

4.500%

8/20/52

N/R

127,593

350

GM

Financial

Consumer

Automobile

Receivables

Trust

2020-4

2020

4

0.500%

2/17/26

AAA

329,142

575

GS

Mortgage

Securities

Trust

2017-GS6

2017

GS6

3.638%

5/10/50

AAA

532,028

245

GS

Mortgage

Securities

Trust

2018-GS9

GS9

3.992%

3/10/51

Aaa

235,970

100

GS

Mortgage-Backed

Securities

Trust

2023-PJ1

,

144A

2023

PJ1

3.500%

2/25/53

AA+

87,055

244

Hilton

Grand

Vacations

Trust

2019-A

,

144A

2019

AA

2.340%

7/25/33

AAA

230,168

250

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C23

2014

C23

4.484%

9/15/47

Aa2

236,399

250

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C14

2014

C14

4.869%

2/15/47

AAA

243,430

228

MVW

Owner

Trust

2017-1

,

144A

2017

1A

2.420%

12/20/34

AAA

223,167

320

MVW

Owner

Trust

2019-1

,

144A

1A

2.890%

11/20/36

AAA

303,381

298

OBX

2022-INV5

Trust

,

144A

2022

INV5

4.000%

10/25/52

Aa1

267,951

350

OneMain

Financial

Issuance

Trust

2021-1

,

144A

(SOFR30A

reference

rate

+

0.760%

spread)

2021

1A

(3)

5.039%

6/16/36

AAA

340,815

300

PFS

Financing

Corp

,

144A

2021

A

0.710%

4/15/26

AAA

284,132

400

Santander

Drive

Auto

Receivables

Trust

2022

5

4.110%

8/17/26

AAA

395,582

236

Taco

Bell

Funding

LLC

,

144A

2016

1A

4.970%

5/25/46

BBB

232,349

500

Toyota

Auto

Loan

Extended

Note

Trust

2020-1

,

144A

2020

1A

1.350%

5/25/33

AAA

464,277

500

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS2

2015

NXS2

3.767%

7/15/58

Aaa

480,690

165

Wells

Fargo

Commercial

Mortgage

Trust

2017-C38

2017

C38

3.917%

7/15/50

AA-

146,895

350

Wells

Fargo

Commercial

Mortgage

Trust

2021-C60

2021

C60

2.342%

8/15/54

Aaa

291,686

$

21,831

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$19,861,795)

20,795,582

Total

Long-Term

Investments

(cost

$19,861,795)

20,795,582

Other

Assets

&

Liabilities,

Net

-   1.9%

406,374

Net

Assets

-

100%

$

21,201,956

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

January

31,

2023

(Unaudited)

See

accompanying

notes

to

financial

statements.

84

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

Preferred

Securities

and

Income

Securitized

Credit

Assets

Long-term

investments,

at

value

†‡

$

1,379,052,095‌

$

8,847,525‌

$

26,514,550‌

$

14,748,805‌

$

15,951,529‌

$

20,795,582‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

191,976‌

–‌

–‌

–‌

–‌

Short-term

investments,

at

value

◊

–‌

205,000‌

–‌

–‌

–‌

–‌

Cash

41,557,908‌

176‌

556,372‌

799,231‌

338,301‌

355,491‌

Receivable

for

interest

15,864,957‌

67,251‌

271,032‌

222,281‌

243,635‌

59,185‌

Receivable

for

investments

sold

5,451,142‌

25,344‌

194,584‌

–‌

–‌

208,449‌

Receivable

for

reclaims

–‌

–‌

–‌

–‌

670‌

–‌

Receivable

for

reimbursement

from

Adviser

80,820‌

46,048‌

1,000‌

5,734‌

4,305‌

2,110‌

Receivable

for

shares

sold

8,837,724‌

–‌

–‌

–‌

–‌

–‌

Other

assets

182,514‌

11,392‌

1,326‌

244‌

244‌

245‌

Total

assets

1,451,027,160‌

9,394,712‌

27,538,864‌

15,776,295‌

16,538,684‌

21,421,062‌

Liabilities

Floating

rate

obligations

8,090,000‌

–‌

–‌

–‌

–‌

–‌

Payable

for

collateral

from

securities

lending

–‌

191,976‌

–‌

–‌

–‌

–‌

Payable

for

dividends

1,036,749‌

–‌

–‌

–‌

–‌

–‌

Payable

for

interest

1,656,474‌

–‌

–‌

–‌

–‌

–‌

Payable

for

investments

purchased

-

regular

settlement

11,557,205‌

24,864‌

250,000‌

–‌

268,231‌

–‌

Payable

for

investments

purchased

-

when-issued/

delayed-delivery

settlement

3,984,130‌

167,368‌

198,526‌

100,000‌

–‌

207,486‌

Payable

for

shares

redeemed

3,418,389‌

–‌

–‌

–‌

–‌

–‌

Accrued

expenses:

Custodian

fees

119,534‌

17,962‌

12,143‌

9,730‌

8,156‌

3,684‌

Trustees

fees

73,489‌

162‌

264‌

152‌

108‌

207‌

Professional

fees

35,408‌

74,193‌

–‌

9,468‌

6,954‌

5,571‌

Shareholder

reporting

expenses

34,193‌

25,032‌

400‌

330‌

330‌

365‌

Shareholder

servicing

agent

fees

96,343‌

18‌

275‌

233‌

233‌

255‌

Other

14,158‌

262‌

1,531‌

1,336‌

1,110‌

1,538‌

Total

liabilities

30,116,072‌

501,837‌

463,139‌

121,249‌

285,122‌

219,106‌

Commitments

and

contingencies

(as

disclosed

in

Note

8)

Net

assets

$

1,420,911,088‌

$

8,892,875‌

$

27,075,725‌

$

15,655,046‌

$

16,253,562‌

$

21,201,956‌

Shares

outstanding

138,283,760‌

1,100,244‌

2,529,262‌

1,526,956‌

1,525,140‌

2,021,276‌

Net

assets

value

("NAV")

per

share

10

.28‌

8

.08‌

10

.70‌

10

.25‌

10

.66‌

10

.49‌

†

Long-term

investments,

cost

$

1,375,667,990‌

$

10,447,287‌

$

24,889,129‌

$

14,349,129‌

$

14,997,276‌

$

19,861,795‌

◊

Short-term

investments,

cost

$

—‌

$

205,000‌

$

—‌

$

—‌

$

—‌

$

—‌

‡

Includes

securities

loaned

of

$

—‌

$

185,116‌

$

—‌

$

—‌

$

—‌

$

—‌

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

Preferred

Securities

and

Income

Securitized

Credit

Fund

level

net

assets

consist

of:

Paid-in

capital

$

1,553,888,824‌

$

10,607,992‌

$

25,305,500‌

$

15,271,751‌

$

15,260,355‌

$

20,220,367‌

Total

distributable

earnings

(loss)

(

132,977,736‌

)

(

1,715,117‌

)

1,770,225‌

383,295‌

993,207‌

981,589‌

Fund

level

net

assets

$

1,420,911,088‌

$

8,892,875‌

$

27,075,725‌

$

15,655,046‌

$

16,253,562‌

$

21,201,956‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

Statement

of

Operations

Six

Months

Ended

January

31,

2023

(Unaudited)

See

accompanying

notes

to

financial

statements.

85

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

Six

Months

Ended

1/31/23

Three

Months

Ended

1/31/23

Year

Ended

10/31/22

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

Investment

Income

Interest

$

23,577,576‌

$

88,276‌

$

295,491‌

$

403,889‌

$

260,288‌

Securities

lending

income,

net

—‌

246‌

7‌

—‌

—‌

Tax

withheld

—‌

—‌

—‌

(566‌)

—‌

Total

Investment

Income

23,577,576‌

88,522‌

295,498‌

403,323‌

260,288‌

Expenses

–

–

–

–

–

Shareholder

servicing

agent

fees

145,658‌

45‌

207‌

1,839‌

1,771‌

Interest

expense

505,088‌

—‌

63‌

—‌

—‌

Custodian

expenses,

net

88,888‌

8,546‌

19,515‌

12,143‌

9,730‌

Trustees

fees

27,922‌

110‌

295‌

326‌

188‌

Professional

fees

65,209‌

49,339‌

113,351‌

18,567‌

20,881‌

Shareholder

reporting

expenses

21,571‌

11,646‌

30,172‌

400‌

330‌

Federal

and

state

registration

fees

68,293‌

8,323‌

33,850‌

1,094‌

656‌

Other

12,616‌

1,041‌

4,531‌

434‌

681‌

Total

expenses

before

fee

waiver/expense

reimbursement

935,245‌

79,050‌

201,984‌

34,803‌

34,237‌

Fee

waiver/expense

reimbursement

(455,502‌)

(79,050‌)

(201,975‌)

(34,803‌)

(34,237‌)

Net

expenses

479,743‌

—‌

9‌

—‌

—‌

Net

investment

income

(loss)

23,097,833‌

88,522‌

295,489‌

403,323‌

260,288‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(91,104,542‌)

(77,652‌)

(247,326‌)

46,981‌

(4,918‌)

Net

realized

gain

(loss)

(91,104,542‌)

(77,652‌)

(247,326‌)

46,981‌

(4,918‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

50,208,039‌

648,674‌

(2,152,999‌)

1,625,421‌

399,676‌

Change

in

unrealized

gain

(loss)

50,208,039‌

648,674‌

(2,152,999‌)

1,625,421‌

399,676‌

Net

realized

and

unrealized

gain

(loss)

(40,896,503‌)

571,022‌

(2,400,325‌)

1,672,402‌

394,758‌

Net

increase

(decrease)

in

net

assets

from

operations

$

(17,798,670‌)

$

659,544‌

$

(2,104,836‌)

$

2,075,725‌

$

655,046‌

Statement

of

Operations

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

86

Preferred

Securities

and

Income

Securitized

Credit

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

Investment

Income

Dividends

$

10,828‌

$

—‌

Interest

242,447‌

239,809‌

Total

Investment

Income

253,275‌

239,809‌

Expenses

–

–

Shareholder

servicing

agent

fees

1,771‌

1,805‌

Custodian

expenses,

net

8,156‌

3,684‌

Trustees

fees

144‌

255‌

Professional

fees

18,411‌

21,000‌

Shareholder

reporting

expenses

330‌

365‌

Federal

and

state

registration

fees

468‌

875‌

Other

644‌

664‌

Total

expenses

before

fee

waiver/expense

reimbursement

29,924‌

28,648‌

Fee

waiver/expense

reimbursement

(29,924‌)

(28,648‌)

Net

expenses

—‌

—‌

Net

investment

income

(loss)

253,275‌

239,809‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

46,034‌

28,360‌

Net

realized

gain

(loss)

46,034‌

28,360‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

954,253‌

933,787‌

Change

in

unrealized

gain

(loss)

954,253‌

933,787‌

Net

realized

and

unrealized

gain

(loss)

1,000,287‌

962,147‌

Net

increase

(decrease)

in

net

assets

from

operations

$

1,253,562‌

$

1,201,956‌

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

87

Municipal

Total

Return

Unaudited

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Operations

Net

investment

income

(loss)

$

23,097,833‌

$

44,841,135‌

Net

realized

gain

(loss)

(

91,104,542‌

)

(

41,808,765‌

)

Change

in

net

unrealized

appreciation

(depreciation)

50,208,039‌

(

164,648,032‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

17,798,670‌

)

(

161,615,662‌

)

Distributions

to

Shareholders

Dividends

(

23,077,744

)

(

45,011,083

)

Decrease

in

net

assets

from

distributions

to

shareholders

(

23,077,744‌

)

(

45,011,083‌

)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

561,076,463‌

538,514,543‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

17,216,954‌

32,748,357‌

578,293,417‌

571,262,900‌

Cost

of

shares

redeemed

(

593,800,810‌

)

(

518,414,786‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

15,507,393‌

)

52,848,114‌

Net

increase

(decrease)

in

net

assets

(

56,383,807‌

)

(

153,778,631‌

)

Net

assets

at

the

beginning

of

period

1,477,294,895‌

1,631,073,526‌

Net

assets

at

the

end

of

period

$

1,420,911,088‌

$

1,477,294,895‌

See

accompanying

notes

to

financial

statements.

88

Core

Impact

Bond

Unaudited

Three

Months

Ended

1/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Operations

Net

investment

income

(loss)

$

88,522‌

$

295,489‌

$

244,549‌

Net

realized

gain

(loss)

(

77,652‌

)

(

247,326‌

)

(

41,147‌

)

Change

in

net

unrealized

appreciation

(depreciation)

648,674‌

(

2,152,999‌

)

12,373‌

Net

increase

(decrease)

in

net

assets

from

operations

659,544‌

(

2,104,836‌

)

215,775‌

Distributions

to

Shareholders

Dividends

(

102,825

)

(

314,641

)

(

282,702

)

Decrease

in

net

assets

from

distributions

to

shareholders

(

102,825‌

)

(

314,641‌

)

(

282,702‌

)

Fund

Share

Transactions

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

102,825‌

314,635‌

282,702‌

102,825‌

314,635‌

282,702‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

102,825‌

314,635‌

282,702‌

Net

increase

(decrease)

in

net

assets

659,544‌

(

2,104,842‌

)

215,775‌

Net

assets

at

the

beginning

of

period

8,233,331‌

10,338,173‌

10,122,398‌

Net

assets

at

the

end

of

period

$

8,892,875‌

$

8,233,331‌

$

10,338,173‌

See

accompanying

notes

to

financial

statements.

89

Emerging

Markets

Debt

High

Yield

Preferred

Securities

and

Income

Securitized

Credit

Unaudited

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

Unaudited

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

Unaudited

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

Unaudited

For

the

Period

11/01/22

(commencement

of

operations)

through

1/31/23

Operations

Net

investment

income

(loss)

$

403,323‌

$

260,288‌

$

253,275‌

$

239,809‌

Net

realized

gain

(loss)

46,981‌

(

4,918‌

)

46,034‌

28,360‌

Change

in

net

unrealized

appreciation

(depreciation)

1,625,421‌

399,676‌

954,253‌

933,787‌

Net

increase

(decrease)

in

net

assets

from

operations

2,075,725‌

655,046‌

1,253,562‌

1,201,956‌

Distributions

to

Shareholders

Dividends

(

305,500

)

(

271,751

)

(

260,355

)

(

220,367

)

Decrease

in

net

assets

from

distributions

to

shareholders

(

305,500‌

)

(

271,751‌

)

(

260,355‌

)

(

220,367‌

)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

25,000,000‌

15,000,000‌

15,000,000‌

20,000,000‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

305,500‌

271,751‌

260,355‌

220,367‌

25,305,500‌

15,271,751‌

15,260,355‌

20,220,367‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

25,305,500‌

15,271,751‌

15,260,355‌

20,220,367‌

Net

increase

(decrease)

in

net

assets

27,075,725‌

15,655,046‌

16,253,562‌

21,201,956‌

Net

assets

at

the

beginning

of

period

–‌

–‌

–‌

–‌

Net

assets

at

the

end

of

period

$

27,075,725‌

$

15,655,046‌

$

16,253,562‌

$

21,201,956‌

Financial

Highlights

90

Municipal

Total

Return

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

2023(f)

$

10.52

$

0.17

$

(

0.23

)

$

(

0.06

)

$

(

0.18

)

$

—

$

(

0.18

)

$

10.28

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.

(f)

Unaudited.  For

the

six

months

ended

January

31,

2023.

(g)

Annualized.

(h)

Value

rounded

to

zero.

See

accompanying

notes

to

financial

statements.

91

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)

(

0

.56‌

)

%

$

1,420,911

0

.14‌

%

(g)

0

.07‌

%

(g)

0

.07‌

%

(g)

—‌

(g)

,(h)

3

.42‌

%

(g)

40‌

%

(

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

—‌

(h)

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

92

Financial

Highlights

(continued)

Core

Impact

Bond

The

Fund's

fiscal

year

end

is

July

31st.

Prior

to

the

fiscal

year

ended

July

31,

2023,

the

fiscal

year

end

was

October

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

4

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

2023(e)

$

7.57

$

0.08

$

0.52

$

0.60

$

(0.09)

$

—

$

(0.09)

$

8.08

2022

9.84

0.28

(2.25)

(1.97)

(0.30)

—

(0.30)

7.57

2021

9.90

0.24

(0.03)

0.21

(0.27)

—

(0.27)

9.84

2020(h)

10.00

0.04

(0.12)

(0.08)

(0.02)

—

(0.02)

9.90

(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)

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.

(d)

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.

(e)

Unaudited.  For

the

three

months

ended

January

31,

2023.

(f)

Annualized.

(g)

Value

rounded

to

zero.

(h)

For

the

period

July

9,

2020

(commencement

of

operations)

through

October

31,

2020.

See

accompanying

notes

to

financial

statements.

93

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

8.02‌

%

$

8,893

3.65‌

%

(f)

—‌(f),(g)

4.08‌

%

(f)

18‌

%

(20.41‌)

8,333

2.16‌

—‌(g)

3.15‌

53‌

2.17‌

10,338

2.13‌

—‌(g)

2.39‌

96‌

(0.77‌)

10,122

0.99‌

(f)

—‌(f)

1.13‌

(f)

113‌

94

Financial

Highlights

(continued)

Emerging

Markets

Debt

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

2023(e)

$

10.00

$

0.16

$

0.66

$

0.82

$

(0.12)

$

—

$

(0.12)

$

10.70

(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)

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.

(d)

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.

(e)

Unaudited.

For

the

period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023.

(f)

Annualized.

(g)

Value

rounded

to

zero.

See

accompanying

notes

to

financial

statements.

95

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

8.25‌

%

$

27,076

0.53‌

%

(f

)

—‌(f),(g

)

6.15‌

%

(f

)

5‌

%

96

Financial

Highlights

(continued)

High

Yield

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

2023(e)

$

10.00

$

0.17

$

0.26

$

0.43

$

(0.18)

$

—

$

(0.18)

$

10.25

(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)

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.

(d)

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.

(e)

Unaudited.

For

the

period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023.

(f)

Annualized.

(g)

Value

rounded

to

zero.

See

accompanying

notes

to

financial

statements.

97

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

4.34‌

%

$

15,655

0.90‌

%

(f

)

—‌(f),(g

)

6.83‌

%

(f

)

6‌

%

98

Financial

Highlights

(continued)

Preferred

Securities

and

Income

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

2023(e)

$

10.00

$

0.17

$

0.66

$

0.83

$

(0.17)

$

—

$

(0.17)

$

10.66

(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)

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.

(d)

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.

(e)

Unaudited.

For

the

period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023.

(f)

Annualized.

(g)

Value

rounded

to

zero.

See

accompanying

notes

to

financial

statements.

99

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

8.39‌

%

$

16,254

0.78‌

%

(f

)

—‌(f),(g

)

6.57‌

%

(f

)

4‌

%

100

Financial

Highlights

(continued)

Securitized

Credit

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

2023(e)

$

10.00

$

0.12

$

0.48

$

0.60

$

(0.11)

$

—

$

(0.11)

$

10.49

(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)

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.

(d)

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.

(e)

Unaudited.

For

the

period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023.

(f)

Annualized.

(g)

Value

rounded

to

zero.

See

accompanying

notes

to

financial

statements.

101

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

6.02‌

%

$

21,202

0.56‌

%

(f

)

—‌(f),(g

)

4.65‌

%

(f

)

15‌

%

102

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Trust

and

Fund

Information

The

Nuveen

Managed

Accounts

Portfolios

Trust

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

Municipal

Total

Return

Managed

Accounts

Portfolio

(“Municipal

Total

Return”),

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(“Core

Impact

Bond”),

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(“Emerging

Markets

Debt”),

Nuveen

High

Yield

Managed

Accounts

Portfolio

(“High

Yield”),

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(“Preferred

Securities

and

Income”),

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(“Securitized

Credit

Managed”)

(each

a

“Fund”

and

collectively

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

November

14,

2006.

Each

Fund

is

developed

exclusively

for

use

within

separately

managed

accounts

sponsored

by

Nuveen,

LLC

(“Nuveen”).

Each

Fund

is

a

specialized

municipal

bond

fund

to

be

used

in

combination

with

selected

individual

securities

to

effectively

model

institutional-level

investment

strategies.

Each

Fund

enables

certain

Nuveen

municipal

separately

managed

account

investors

to

achieve

greater

diversification

and

return

potential

that

smaller

managed

accounts

might

otherwise

achieve

by

investing

in

additional

fixed-income

classes,

including

those

that

have

a

lower

credit

quality,

higher

yielding

securities

and

to

gain

access

to

special

investment

opportunities

normally

available

only

to

institutional

investors.

Change

in

Fiscal

and

Tax

Year

End

On

November

16,

2022,

the

Fund’s

Board

of

Trustees

(the

“Board”)

approved

a

change

in

the

fiscal

and

tax

year

ends

for

Core

Impact

Bond

from

October

31

to

July

31,

which

became

effective

upon

Board

approval.

As

a

result,

effective

November

1,

2022,

Core

Impact

Bond

began

to

adhere

to

the

fiscal

reporting

and

regulatory

filing

schedule

required

by

a

July

31

fiscal

year

end.

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Funds

is

January

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

for

Municipal

Total

Return

is

for

the

six

months

ended

January

31,

2023,

while

the

reporting

period

for

Core

Impact

Bond

is

the

period

November

1,

2022

through

January

31,

2023

and

Emerging

Markets

Debt,

High

Yield,

Preferred

Securities

and

Income

and

Securitized

Credit

is

the

period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Advisers

The

Funds’

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

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

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

portfolios

of

the

Funds.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

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

Funds.

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

Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit

As

an

alternative

to

overnight

investments,

Municipal

Total

Return

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

the

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

the

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

the

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

the

Fund

was

as

follows:

103

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

Funds’

investments

in

non-U.S.

securities

were

as

follows:

Fund

Gross

Custodian

Fee

Credits

Municipal

Total

Return

$

14,155

Emerging

Markets

Debt

Value

%

of

Net

Assets

Mexico

$

2,730,930

10.1

%

Indonesia

2,070,719

7.6

Chile

1,715,835

6.3

United

Arab

Emirates

1,509,962

5.6

Brazil

1,436,239

5.3

Saudi

Arabia

1,184,803

4.4

India

1,139,045

4.2

South

Africa

1,087,457

4.0

Israel

1,037,453

3.8

Colombia

941,179

3.5

Peru

862,848

3.2

Philippines

751,276

2.8

Panama

749,961

2.8

Qatar

671,028

2.5

Malaysia

569,358

2.1

Uruguay

548,376

2.0

Romania

531,393

2.0

Oman

474,993

1.7

Dominican

Republic

458,298

1.7

Poland

448,189

1.7

Morocco

429,334

1.6

Other

5,165,874

19.0

Total

non-U.S.

Securities

$26,514,550

97.9%

104

Notes

to

Financial

Statements

(Unaudited)

(continued)

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.

Dividend

income

is

recorded

on

the

ex-dividend

date,

or

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statements

of

Assets

and

Liabilities.

The

Funds’

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

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

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

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

Preferred

Securities

and

Income

Value

%

of

Net

Assets

United

Kingdom

$

2,228,288

13.7

%

Switzerland

1,459,221

9.0

France

1,337,198

8.2

Spain

738,571

4.6

Australia

640,250

3.9

Ireland

636,924

3.9

Canada

553,403

3.4

Netherlands

425,804

2.6

Germany

363,062

2.2

Italy

197,250

1.2

Total

non-U.S.

Securities

$8,579,971

52.7%

105

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Municipal

Total

Return

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

1,379,052,095

$

–

$

1,379,052,095

Total

$

–

$

1,379,052,095

$

–

$

1,379,052,095

1

106

Notes

to

Financial

Statements

(Unaudited)

(continued)

Municipal

Total

Return

holds

liabilities

in

floating

rate

obligations,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Fund’s

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

Note

4

–

Portfolio

Securities

and

Investments

in

Derivatives.

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Inverse

Floating

Rate

Securities

Municipal

Total

Return is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

the

Fund.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Core

Impact

Bond

Level

1

Level

2

Level

3

Total

Long-Term

Investments**:

Corporate

Bonds

$

–

$

4,793,689

$

–

$

4,793,689

Asset-Backed

and

Mortgage-Backed

Securities

–

2,673,762

–

2,673,762

Municipal

Bonds

–

980,819

–

980,819

Emerging

Market

Debt

And

Foreign

Corporate

Bonds

–

233,280

–

233,280

U.S.

Government

and

Agency

Obligations

–

165,975

–

165,975

Investments

Purchased

with

Collateral

from

Securities

Lending

191,976

–

–

191,976

Short-Term

Investments**:

U.S.

Government

and

Agency

Obligations

–

205,000

–

205,000

Total

$

191,976

$

9,052,525

$

–

$

9,244,501

1

Emerging

Markets

Debt

Level

1

Level

2

Level

3

Total

Long-Term

Investments***:

Corporate

Bonds

$

–

$

13,594,425

$

–

$

13,594,425

Sovereign

Debt

–

12,740,225

–

12,740,225

Contingent

Capital

Securities

–

179,900

–

179,900

Total

$

–

$

26,514,550

$

–

$

26,514,550

1

High

Yield

Level

1

Level

2

Level

3

Total

Long-Term

Investments**:

Corporate

Bonds

$

–

$

14,748,805

$

–

$

14,748,805

Total

$

–

$

14,748,805

$

–

$

14,748,805

1

Preferred

Securities

and

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments**:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

8,934,838

$

–

$

8,934,838

Contingent

Capital

Securities

–

6,440,421

–

6,440,421

$25

Par

(or

similar)

Retail

Preferred

576,270

–

–

576,270

Total

$

576,270

$

15,375,259

$

–

$

15,951,529

1

Securitized

Credit

Level

1

Level

2

Level

3

Total

Long-Term

Investments**:

Asset-Backed

and

Mortgage-Backed

Securities

$

–

$

20,795,582

$

–

$

20,795,582

Total

$

–

$

20,795,582

$

–

$

20,795,582

1

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

state

classifications.

**

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

***

Refer

to

the

Fund's

Portfolio

of

Investments

for

country

classifications.

107

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by the

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

The

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

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.

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

$

8,090,000

$

3,000,000

$

11,090,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Municipal

Total

Return

$

69,626,808

1.40

%

108

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

The Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, the

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Securities

Lending

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

$

8,090,000

$

3,000,000

$

11,090,000

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Core

Impact

Bond

Corporate

Bonds

$185,116

$191,976

109

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities

but

excluding

investments

purchased

with

collateral

from

securities

lending,

where

applicable)

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which

the Municipal

Total

Return may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes, each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable.

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

each Fund

is

authorized

to

invest

in

derivative

instruments

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Fund

Purchases

Sales

and

Maturities

Municipal

Total

Return

$

519,538,266

$

634,634,605

Core

Impact

Bond

1,657,962

1,503,792

Emerging

Markets

Debt

25,913,354

1,170,644

High

Yield

15,135,769

839,420

Preferred

Securities

and

Income

15,492,281

541,013

Securitized

Credit

23,122,625

3,021,151

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Municipal

Total

Return

Shares

Amount

Shares

Amount

Shares

sold

55,744,046

$561,076,463

48,526,854

$538,514,543

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,718,926

17,216,954

2,939,662

32,748,357

Shares

redeemed

(59,554,667)

(593,800,810)

(47,621,496)

(518,414,786)

Net

increase

(decrease)

(2,091,695)

$(15,507,393)

3,845,020

$52,848,114

Three

Months

Ended

1/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Core

Impact

Bond

Shares

Amount

Shares

Amount

Shares

Amount

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions

13,030

$102,825

36,387

$314,635

28,562

$282,702

Net

increase

(decrease)

13,030

$102,825

36,387

$314,635

28,562

$282,702

110

Notes

to

Financial

Statements

(Unaudited)

(continued)

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Municipal

Total

Return intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

income

tax,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Fund.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Fund

are

subject

to

federal

taxation. 

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

For

the

Period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023

Emerging

Markets

Debt

Shares

Amount

Shares

sold

2,500,000

$25,000,000

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions

29,262

305,500

Net

increase

(decrease)

2,529,262

$25,305,500

For

the

Period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023

High

Yield

Shares

Amount

Shares

sold

1,500,000

$15,000,000

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions

26,956

271,751

Net

increase

(decrease)

1,526,956

$15,271,751

For

the

Period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023

Preferred

Securities

and

Income

Shares

Amount

Shares

sold

1,500,000

$15,000,000

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions

25,140

260,355

Net

increase

(decrease)

1,525,140

$15,260,355

For

the

Period

November

1,

2022

(commencement

of

operations)

through

January

31,

2023

Securitized

Credit

Shares

Amount

Shares

sold

2,000,000

$20,000,000

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions

21,276

220,367

Net

increase

(decrease)

2,021,276

$20,220,367

111

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

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 each

Fund.

The

Adviser

has

agreed

irrevocably

during

the

existence

of each

Fund

to

waive

all

fees

and

pay

or

reimburse

all

expenses

of each

Fund

(excluding

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses).

The

Adviser

and

the

Sub-Adviser

are

compensated

for

their

services

to

the

Funds

from

the

fee

charged

at

the

separately

managed

account

level.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Municipal

Total

Return

$

1,367,299,420

$

23,383,164

$

(19,720,802)

$

3,662,362

Core

Impact

Bond

10,881,901

40,627

(1,678,027)

(1,637,400)

Emerging

Markets

Debt

24,889,129

1,626,306

(885)

1,625,421

High

Yield

14,350,358

425,866

(27,419)

398,447

Preferred

Securities

and

Income

14,998,502

953,036

(9)

953,027

Securitized

Credit

19,861,872

933,710

—

933,710

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

$

4,852,253

$

400

$

—

$

(46,617,240)

$

(46,556,689)

$

—

$

(3,780,045)

$

(92,101,321)

Core

Impact

Bond

—

42,157

—

(2,289,695)

(309,683)

—

(29,256)

(2,586,477)

Emerging

Markets

Debt

—

—

—

—

—

—

—

—

High

Yield

—

—

—

—

—

—

—

—

Preferred

Securities

and

Income

—

—

—

—

—

—

—

—

Securitized

Credit

—

—

—

—

—

—

—

—

1

Municipal

Total

Return’s

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.

Fund

Short-Term

Long-Term

Total

Municipal

Total

Return

$

24,079,540

$

22,477,149

$

46,556,689

Core

Impact

Bond

199,297

110,386

309,683

Emerging

Markets

Debt

—

—

—

High

Yield

—

—

—

Preferred

Securities

and

Income

—

—

—

Securitized

Credit

—

—

—

112

Notes

to

Financial

Statements

(Unaudited)

(continued)

Other

Transactions

with

Affiliates 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows: 

8.

Commitments

and

Contingencies

In

the

normal

course

of

business,

Municipal

Total

Return

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

Municipal

Total

Return

did

not

have

any

unfunded

commitments.

From

time

to

time,

Municipal

Total

Return

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

Municipal

Total

Return

is

not

subject

to

any

material

legal

proceedings.

9.

Borrowing

Arrangements

Committed

Line

of

Credit

Municipal

Total

Return

and

Core

Impact

Bond,

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

Funds

utilized

this

facility.

The

following

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

TIAA

Owned

Shares

Municipal

Total

Return

—

%

Core

Impact

Bond

97

Emerging

Markets

Debt

99

High

Yield

98

Preferred

Securities

and

Income

98

Securitized

Credit

99

Fund

Maximum

Outstanding

Balance

Municipal

Total

Return

$

2,300,000

Core

Impact

Bond

407

113

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Municipal

Total

Return

3

$

2,300,000

4.27

%

Core

Impact

Bond

4

407

5.39

114

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.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

115

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

between

six

and

eight

years.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-

backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Securitized

Index:

A

subset

of

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

is

an

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

mortgage-backed-securities

(MBS),

asset-backed

securities

(ABS),

commercial

mortgage-backed

securities

(CMBS)

and

covered

assets.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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.

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index:

An

index

that

contains

all

securities

in

the

ICE

BofA

U.S.

Cash

Pay

High

Yield

Constrained

Index

that

are

rated

BB1

through

B3,

based

on

an

average

of

Moody’s,

S&P

and

Fitch,

but

caps

issuer

exposure

at

2%.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

All

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

investment

grade

and

below

investment

grade

fixed

rate

and

fixed-to-floating

rate,

USD-denominated

hybrid

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

Investment

Grade

Institutional

Capital

Securities

Index

(CIPS):

An

index

designed

to

measure

the

performance

of

USD-denominated

investment

grade

hybrid

capital

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

High

Yield

Institutional

Capital

Securities

Index

(HIPS):

An

index

designed

to

measure

the

performance

of

USD-denominated

below

investment

grade

hybrid

capital

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

USD

Contingent

Capital

Index

(CDLR):

An

index

designed

to

measure

the

performance

of

USD-denominated

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

below

investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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

Glossary

of

Terms

Users

in

the

Report

(Unaudited)

(continued)

116

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.

JP

Morgan

EMBI

Global

Diversified

Index:

A

uniquely

weighted

USD-denominated

emerging

markets

sovereign

debt

index,

which

allows

for

a

more

even

weight

distribution

among

the

countries

than

the

JP

Morgan

EMBI

Global

Index.

The

countries

covered

are

identical

to

those

covered

by

the

JP

Morgan

EMBI

Global

Index,

which

is

an

index

designed

to

measure

total

returns

for

USD-denominated

debt

instruments

issued

by

emerging

market

sovereign

and

quasi-sovereign

entities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees

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.

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Blended

Benchmark:

Consists

of:

1)

45%

ICE

BofA

U.S.

Investment

Grade

Institutional

Capital

Securities

Index

(CIPS)

(defined

herein),

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein),

and

3)

15%

ICE

BofA

U.S.

High

Yield

Institutional

Capital

Securities

Index

(HIPS)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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)

117

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 (the

"Board") 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.

118

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

The

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

Nuveen

Managed

Accounts

Portfolios

Trust

(the

“Trust”),

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

is

responsible

for

determining

whether

to

initially

approve

or,

after

an

initial

term,

to

renew,

the

advisory

arrangements

of

the

portfolios

comprising

the

Trust.

A

discussion

of

the

Board’s

most

recent

approval

of

the

renewal

of

the

advisory

arrangements

of

(i)

Municipal

Total

Return

Managed

Accounts

Portfolio

is

set

forth

in

its

annual

report

for

the

period

ended

July

31,

2022;

and

(ii)

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

is

set

forth

in

its

annual

report

for

the

period

ended

October

31,

2022.

The

advisory

arrangements

of

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio,

Nuveen

High

Yield

Managed

Accounts

Portfolio,

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

and

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

have

not

yet

been

up

for

renewal,

and

a

discussion

of

the

Board’s

initial

approval

of

the

advisory

arrangements

of

such

portfolios

is

set

forth

below.

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Nuveen

High

Yield

Managed

Accounts

Portfolio

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

At

a

meeting

held

on

October

12,

2022

(the

“Meeting”),

the

Board

considered

and

approved

the

investment

management

agreements

(for

purposes

of

this

discussion,

each,

an

“Investment

Management

Agreement”)

pursuant

to

which

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

serves

as

investment

adviser

to

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(the

“Emerging

Markets

Fund”),

Nuveen

High

Yield

Managed

Accounts

Portfolio

(the

“High

Yield

Fund”),

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(the

“Preferred

Fund”),

and

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(the

“Securitized

Fund”

and,

together

with

the

Emerging

Markets

Fund,

the

High

Yield

Fund

and

the

Preferred

Fund,

for

purposes

of

this

discussion,

the

“Funds”

and

each,

a

“Fund”),

each

a

series

of

the

Trust,

and

the

investment

sub-

advisory

agreements

(for

purposes

of

this

discussion,

each,

a

“Sub-Advisory

Agreement”)

pursuant

to

which

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

serves

as

investment

sub-adviser

to

the

Funds.

For

purposes

of

this

discussion,

the

Adviser

and

the

Sub-Adviser

are

each

hereafter

a

“Fund

Adviser.”

In

addition,

for

purposes

of

this

discussion,

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

are

each

hereafter

an

“Advisory

Agreement”

and

collectively,

the

“Advisory

Agreements.”

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

To

assist

the

Board

in

its

evaluation

of

an

Advisory

Agreement

with

a

Fund

Adviser

at

the

Meeting,

the

Independent

Board

Members

had

received,

in

adequate

time

in

advance

of

the

Meeting

and/or

at

other

meetings,

materials

which

outlined,

among

other

things:

the

nature,

extent

and

quality

of

the

services

expected

to

be

provided

by

the

Fund

Adviser;

the

organization

of

the

Fund

Adviser,

including

the

responsibilities

of

various

departments

and

key

personnel;

the

expertise

and

background

of

the

Fund

Adviser;

certain

performance-related

information

(as

described

below);

the

profitability

of

Nuveen

and

its

affiliates

for

their

advisory

activities

(as

described

below);

the

proposed

fee

and

expense

arrangements

for

the

Funds;

and

the

soft

dollar

practices

of

the

Fund

Adviser,

if

any.

At

the

Meeting

and/or

at

other

meetings,

the

Adviser

made

presentations

to

and

responded

to

questions

from

the

Board.

During

the

Meeting

and/

or

at

other

meetings,

the

Independent

Board

Members

also

met

privately

with

their

legal

counsel

to,

among

other

things,

review

the

Board’s

duties

under

the

1940

Act,

the

general

principles

of

state

law

in

reviewing

and

approving

advisory

contracts,

the

standards

used

by

courts

in

determining

whether

investment

company

boards

of

directors

have

fulfilled

their

duties,

factors

to

be

considered

in

voting

on

advisory

contracts

and

an

adviser’s

fiduciary

duty

with

respect

to

advisory

agreements

and

compensation.

It

is

with

this

background

that

the

Independent

Board

Members

considered

the

Advisory

Agreements.

As

outlined

in

more

detail

below,

the

Independent

Board

Members

considered

various

factors

they

believed

relevant

with

respect

to

the

Funds.

Each

Board

Member

may

have

accorded

different

weight

to

the

various

factors

and

information

discussed

below

in

reaching

his

or

her

conclusions

with

respect

to

the

Funds’

Advisory

Agreements.

The

Board

Members

also

drew

on

information

they

had

received

in

their

capacity

as

trustees

and

directors,

as

applicable,

of

other

registered

investment

companies

advised

by

the

Fund

Advisers.

A.

Nature,

Extent

and

Quality

of

Services

The

Independent

Board

Members

considered

the

nature,

extent

and

quality

of

the

respective

Fund

Adviser’s

services,

including

portfolio

management

services

and

administrative

services.

Given

that

the

Adviser

and

the

Sub-Adviser

already

serve

as

adviser

and

sub-adviser,

respectively,

to

other

Nuveen

funds

overseen

by

the

Board

Members,

the

Board

has

a

good

understanding

of

each

such

Fund

Adviser’s

organization,

operations,

personnel

and

services.

As

the

Independent

Board

Members

meet

regularly

throughout

the

year

to

oversee

the

Nuveen

funds,

including

funds

currently

advised

by

the

Fund

Advisers,

the

Independent

Board

Members,

have,

in

part,

relied

upon

their

knowledge

from

their

meetings

and

any

other

interactions

throughout

the

year

with

the

respective

Fund

Adviser

in

evaluating

the

Advisory

Agreements.

119

At

the

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

reviewed

materials

outlining,

among

other

things,

the

respective

Fund

Adviser’s

organization

and

business;

the

types

of

services

that

such

Fund

Adviser

or

its

affiliates

provide

to

the

Nuveen

funds

(as

applicable)

and

are

expected

to

provide

to

the

Funds;

and

the

experience

of

the

respective

Fund

Adviser.

Further,

at

the

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

have

evaluated

the

background

and

experience

of

the

relevant

investment

personnel.

The

Board

has

recognized

that

the

Nuveen

funds

operate

in

a

highly

regulated

industry

and,

therefore,

the

Adviser

has

provided

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

funds,

and

the

scope

and

complexity

of

these

services

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

accordingly

has

considered

the

Adviser’s

dedication

of

extensive

resources,

time,

people

and

capital

employed

to

support

and

manage

the

Nuveen

funds

as

well

as

the

Adviser’s

continued

program

of

developing

improvements

and

innovations

for

the

benefit

of

the

funds

and

shareholders

and

to

meet

the

ever

increasing

regulatory

requirements

applicable

to

the

funds.

In

this

regard,

the

Board

has

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

has

considered

the

Adviser’s

investment

oversight

team’s

extensive

services

in

overseeing

the

various

sub-advisers

to

the

Nuveen

funds;

evaluating

fund

performance;

and

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance,

market

conditions,

investment

team

matters,

product

developments

and

management

proposals.

The

Board

has

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provide

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process;

and

managing

distributions.

The

Board

has

further

considered

that

the

Adviser’s

compliance

and

regulatory

functions

are

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

has

recognized

that

such

services

have

included,

but

are

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

law

and

regulations;

devising

internal

compliance

programs

and

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

has

further

considered

information

regarding

the

Adviser’s

business

continuity

and

disaster

recovery

plans

as

well

as

information

regarding

its

information

security

program,

including

presentations

of

such

program

provided

at

a

site

visit

in

2022,

to

help

identify

and

manage

information

security

risks.

In

addition

to

the

above

functions,

the

Board

has

considered

that

the

Adviser

also

provides,

among

other

things,

fund

administration

services

(such

as

preparing

fund

tax

returns

and

other

tax

compliance

services;

preparing

regulatory

filings;

interacting

with

the

Nuveen

funds’

independent

public

accountants

and

overseeing

other

service

providers;

and

managing

fund

budgets

and

expenses);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

services

(such

as

helping

to

prepare

and

file

registration

statements

and

proxy

statements;

overseeing

fund

activities

and

providing

legal

interpretations

regarding

such

activities;

maintaining

regulatory

registrations

and

negotiating

agreements

with

other

fund

service

providers;

and

monitoring

changes

in

regulatory

requirements

and

commenting

on

rule

proposals

impacting

investment

companies);

and

oversight

of

shareholder

services

and

transfer

agency

functions

(such

as

overseeing

transfer

agent

service

providers

which

include

registered

shareholder

customer

service

and

transaction

processing;

overseeing

proxy

solicitation

and

tabulation

services;

and

overseeing

the

production

and

distribution

of

financial

reports

by

service

providers).

With

respect

to

the

Funds,

however,

the

Board

recognized

that

the

Funds

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds

given

that

they

would

be

sold

via

separate

managed

accounts.

The

Independent

Board

Members

noted

that

the

Adviser

would

oversee

the

Sub-Adviser,

which

was

generally

expected

to

provide

portfolio

advisory

services

to

the

Funds.

In

addition,

the

Independent

Board

Members

recognized

the

experience

and

expertise

of

the

applicable

investment

team

expected

to

manage

each

Fund.

Based

on

their

review,

the

Independent

Board

Members

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement

were

satisfactory.

B.

Investment

Performance

Each

Fund

was

new

and,

therefore,

did

not

have

its

own

performance

history.

The

Independent

Board

Members,

however,

were

familiar

with

the

performance

records

of

other

Nuveen

funds

advised

by

the

Adviser

and

sub-advised

by

the

Sub-Adviser.

In

addition,

with

respect

to

the

Emerging

Markets

Fund,

High

Yield

Fund

and

Preferred

Fund,

the

Independent

Board

Members

reviewed

certain

historical

performance-related

data

pertaining

to

certain

mutual

fund(s)

managed

by

the

Sub-Adviser

or

an

affiliate

that,

based

on

information

provided

by

the

Adviser,

had

characteristics

that

were

comparable

in

certain

respects

to

those

anticipated

for

such

Funds.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

The

Board

noted

that

the

Funds’

fee

structure

would

differ

from

that

of

most

other

Nuveen

open-end

funds.

In

this

regard,

the

Board

recognized

that

each

Fund

would

be

sold

via

separate

managed

accounts

that

would

pay

the

Adviser

a

managed

account

management

fee.

As

the

Adviser

will

be

compensated

from

the

managed

accounts,

the

applicable

Fund

will

not

pay

the

Adviser

a

management

fee.

The

managed

account

management

fee

will

be

an

asset-based

fee

based

on

the

entire

separate

managed

account

portfolio,

including

the

portion

invested

in

the

applicable

Fund.

The

managed

account

management

fee

paid

to

the

Adviser

therefore

will

represent

an

implicit

management

fee

for

managing

the

applicable

Fund

and

an

implicit

management

fee

for

managing

individual

securities.

With

respect

to

each

Fund,

to

evaluate

the

fee

arrangement,

the

Independent

Board

Members

reviewed

the

estimated

range

of

management

fees

to

be

paid

by

the

separate

managed

accounts,

the

implicit

management

fee

for

the

Fund

and

the

range

of

implicit

management

fees

for

managing

individual

securities

(as

well

as

the

methodology

utilized

to

develop

these

implicit

management

fees).

Further,

the

Board

considered

each

Fund’s

estimated

annual

operating

expenses,

but

recognized

that

the

Adviser

had

agreed

to

pay

or

reimburse

each

Fund’s

expenses

(except

for

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses).

120

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Based

on

its

review

of

the

information

provided,

the

Board

recognized

the

Funds’

proposed

fee

and

expense

structure,

in

which

each

Fund

would

not

have

a

management

fee

and

the

Adviser

would

pay

nearly

all

the

Fund’s

expenses,

and

determined

the

proposed

arrangement

was

reasonable.

2.

Comparisons

with

the

Fees

of

Other

Clients

At

the

Meeting

and/or

at

other

meetings,

the

Board

has

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charge

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

has

also

noted

that

the

Adviser

advises

and

the

Sub-Adviser

sub-advises

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

recognized

that

the

Sub-Adviser

was

an

affiliated

sub-adviser

and,

with

respect

to

affiliated

sub-advisers,

the

Board

has

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

has

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-

Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

fee

data

of

other

clients,

the

Board

has

recognized,

among

other

things,

that

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

types

of

clients

as

well

as

any

differences

in

portfolio

investment

policies,

the

types

of

assets

managed

and

related

complexities

in

managing

such

assets,

the

entrepreneurial

and

other

risks

associated

with

a

particular

strategy,

investor

profiles,

account

sizes

and

regulatory

requirements,

will

contribute

to

the

variations

in

the

fee

schedules.

The

Board

has

recognized

the

breadth

of

services

the

Adviser

provides

to

the

Nuveen

funds

compared

to

these

other

types

of

clients

as

the

funds

operate

in

a

highly

regulated

industry

with

increasing

regulatory

requirements

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

Similarly,

with

respect

to

foreign

funds,

the

Board

has

recognized

that

the

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

of

the

Nuveen

funds

compared

to

those

of

the

foreign

funds.

Further,

with

respect

to

ETFs,

the

Board

has

considered

that

certain

Nuveen

ETFs

are

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

has

also

contributed

to

the

differences

in

fee

levels

between

such

Nuveen

ETFs

and

the

actively

managed

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

Given

that

the

Funds

would

be

sold

via

separate

managed

accounts,

the

Board

recognized

that

the

Funds

may

not

require

the

same

level

of

shareholder

services

as

other

Nuveen

funds.

3.

Profitability

of

Fund

Advisers

At

the

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

have

considered

profitability

and

other

financial

data

for

Nuveen,

including

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020.

The

Board

has

reviewed,

among

other

things,

the

net

margins

(pre-tax)

for

Nuveen

Investments,

Inc.

(“Nuveen

Investments”),

the

gross

and

net

revenue

margins

(pre-

and

post-tax

and

excluding

distribution)

and

the

revenues,

expenses

and

net

income

(pre-

and

post-tax

and

before

distribution

expenses)

of

Nuveen

Investments

from

the

Nuveen

funds

only;

and

comparative

profitability

data

comparing

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

certain

peers

that

had

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

each

of

the

last

two

calendar

years.

The

Board

has

also

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

post-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2021

and

2020

calendar

years.

In

reviewing

the

profitability

data,

the

Independent

Board

Members

have

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

corporate-wide

overhead/shared

service

expenses,

TIAA

(defined

below)

corporate-wide

overhead

expenses

and

partially

fund

related

expenses

to

the

Nuveen

complex

and

its

affiliates

and

to

further

allocate

such

expenses

between

the

Nuveen

fund

and

non-fund

businesses.

The

Independent

Board

Members

have

reviewed

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

to

2021,

and

the

net

revenue

margins

derived

from

the

Nuveen

funds

(pre-tax

and

including

and

excluding

distribution)

and

total

company

margins

from

Nuveen

Investments

compared

to

the

firm-wide

adjusted

operating

margins

of

the

peers

for

each

calendar

year

from

2012

to

2021.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

its

evaluation,

the

Board,

however,

has

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

have

also

reviewed

a

summary

of

the

key

drivers

that

affected

Nuveen’s

revenues

and

expenses

impacting

profitability

in

2021

versus

2020.

121

In

reviewing

the

comparative

peer

data

noted

above,

the

Board

has

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

have

also

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

has

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

has

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2021

and

2020

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

has

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

has

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

have

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

have

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

have

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

post-tax)

for

its

advisory

activities

to

the

respective

funds

for

the

calendar

years

ended

December

31,

2021

and

December

31,

2020.

The

Independent

Board

Members

have

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2021

and

December

31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2021

and

2020.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

have

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

has

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

to

be

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

the

Funds

could

be

expected

to

benefit

from

any

economies

of

scale.

The

Board

has

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

Nuveen

funds

for

the

fees

paid.

The

boards

governing

the

Nuveen

funds

have

noted

that

Nuveen

generally

has

employed

these

various

methods

and

have

considered

the

extent

to

which

the

Nuveen

funds

will

benefit

from

economies

of

scale

as

their

assets

grow.

In

this

regard,

the

boards

governing

the

Nuveen

funds

have

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

However,

the

Independent

Board

Members

noted

that

because

the

Funds

would

not

pay

management

fees,

there

would

be

no

applicable

fund-level

or

complex-wide

level

breakpoint

schedules,

although

their

respective

assets

would

be

counted

toward

the

complex-wide

total.

In

addition,

as

noted

above,

the

Board

noted

that

the

Funds

were

expected

to

be

reimbursed

nearly

all

of

their

respective

expenses

by

the

Adviser.

Based

on

their

review,

the

Independent

Board

Members

concluded

that

the

absence

of

a

fund-level

and/or

complex-level

breakpoint

schedule

or

arrangement

(as

applicable)

was

acceptable.

E.

Indirect

Benefits

At

the

Meeting

and/or

other

meetings,

the

Independent

Board

Members

have

received

and

considered

information

regarding

other

benefits

that

a

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

have

also

noted

that

various

sub-advisers

(including

the

Sub-Adviser)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

However,

the

Board

has

noted

that

any

benefits

for

the

Sub-Adviser

when

transacting

in

fixed-income

securities

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

expected

to

be

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

and

within

acceptable

parameters.

F.

Approval

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

allimportant

or

controlling.

The

Board

Members,

including

a

majority

of

the

Independent

Board

Members,

concluded

that

the

terms

of

the

Investment

Management

Agreements

and

SubAdvisory

Agreements

were

reasonable,

that

the

Funds’

fee

arrangements

were

reasonable

and

that

the

Investment

Management

Agreements

and

SubAdvisory

Agreements

should

be

and

were

approved

on

behalf

of

the

Funds.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-MAPS-0123D

2766061-INV-B-03/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

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.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nuveen Managed Accounts Portfolios Trust

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

Date: April 6, 2023

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

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

Date: April 6, 2023

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

Date: April 6, 2023