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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number  811‑22023                           

Nuveen Managed Accounts Portfolios Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: July 31, 2024

Item 1. Reports to Stockholders.

    

Annual Shareholder Report     July 31, 2024  

Municipal Total Return Managed Accounts Portfolio

NMTRX

Annual Shareholder Report

This annual shareholder report contains important information about the Municipal Total Return Managed Accounts Portfolio for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Municipal Total Return Managed Accounts Portfolio	$0	0.00%

* Annualized for period less than one year. The Fund does not pay a management fee or other expenses (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Fund’s investment adviser and sub-adviser are compensated from the fee charged by the separately managed account through which Fund shares are held.

 

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Municipal Total Return Managed Accounts Portfolio returned 5.08% at net asset value (NAV) for the 12 months ended July 31, 2024. The Fund outperformed the Bloomberg 7‑Year Municipal Bond Index, which returned 2.71%.   •  Top contributors to relative performance   »   Overweight to bonds with maturities of 17 years and longer, which outperformed shorter-duration bonds in the index.   »   Underweight to local and state general obligation (GO) sectors.   »   Overweight to bonds rated BBB, BB and B which outperformed bonds with higher ratings.   •  Top detractors from relative performance   »   Overweight to bonds with maturities of less than one year, which underperformed bonds with longer maturities.   »   Underweight to the industrial development revenue/pollution control revenue (IDR/PCR) sector.   »   Underweight to bonds from Georgia state issuers, which was a top‑performing state in the index. Performance Attribution    17+ year duration bonds    Local and state GO sectors    BBB‑, BB‑ and B‑rated bonds    Bonds with maturities of less than 1 year    IDR/PCR sector    Georgia state-issued bonds

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (August 1, 2014 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			5‑Year			10‑Year
Municipal Total Return Managed Accounts Portfolio at NAV		5.08	%		0.92	%		3.06	%
Bloomberg Municipal Bond Index		3.74	%		1.18	%		2.47	%
Bloomberg 7 Year Municipal Bond Index		2.71	%		0.97	%		2.09	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

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Fund Statistics (as of July 31, 2024)

Fund net assets	$	1,565,551,487
Total number of portfolio holdings		677
Portfolio turnover (%)		43%
Total management fees paid for the year	$	0

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• Portfolio Manager Updates: Effective October 13, 2023, Michael Sheykar, CFA was added as a portfolio manager of the Fund.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67073H103_AR_0724 3824674‑INV‑Y‑09/25

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Annual Shareholder Report     July 31, 2024  

Nuveen Core Impact Bond Managed Accounts Portfolio

NCIRX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Core Impact Bond Managed Accounts Portfolio for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Core Impact Bond Managed Accounts Portfolio	$0	0.00%

* Annualized for period less than one year. The Fund does not pay a management fee or other expenses (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Fund’s investment adviser and sub-adviser are compensated from the fee charged by the separately managed account through which Fund shares are held.

 

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Core Impact Bond Managed Accounts Portfolio returned 6.7% at net asset value (NAV) for the 12 months ended July 31, 2024. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 5.1%.   •  Top contributors to relative performance   »   Overweight to corporate bonds and an out-of-benchmark allocation to municipal bonds.   »   Underweights to U.S. Treasury bonds and mortgage-backed securities (MBS).   »   Security selection within asset-backed securities (ABS), notably residential solar holdings.   •  Top detractors from relative performance   »   Security selection within commercial mortgage-backed securities (CMBS), particularly those issued by BFLD Trust and One Market Plaza Trust, which are energy-efficient, single-asset, single borrower, office properties.   »   Longer-duration positioning, which was unfavorable as long-end rates generally increased and the yield curve steepened during the reporting period.    Performance Attribution     Corporate bonds, municipal bonds and ABS     U.S. Treasury bonds and MBS     Security selection within CMBS     Longer-duration positioning

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (July 9, 2020 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			Since Inception (7/9/20)
Nuveen Core Impact Bond Managed Accounts Portfolio at NAV		6.70	%		(2.28	)%
Bloomberg U.S. Aggregate Bond Index		5.10	%		(1.93	)%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

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Fund Statistics (as of July 31, 2024)

Fund net assets	$	8,864,370
Total number of portfolio holdings		94
Portfolio turnover (%)		71%
Total management fees paid for the year	$	0

 

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

3 continued>>

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787. 

 

67073H400_AR_0724 3824683-INV-Y-09/25     

4

    

Annual Shareholder Report     July 31, 2024  

Nuveen Emerging Markets Debt Managed Accounts Portfolio

NEMDX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Emerging Markets Debt Managed Accounts Portfolio for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Emerging Markets Debt Managed Accounts Portfolio	$0	0.00%

* Annualized for period less than one year. The Fund does not pay a management fee or other expenses (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Fund’s investment adviser and sub-adviser are compensated from the fee charged by the separately managed account through which Fund shares are held.

 

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Emerging Markets Debt Managed Accounts Portfolio returned 7.15% at net asset value (NAV) for the 12 months ended July 31, 2024. The Fund underperformed the JP Morgan EMBI Global Diversified Index, which returned 9.18%.   •  Top contributors to relative performance   »   Security selection within Chilean and Brazilian corporate bonds.   »   Shorter-duration positioning, which was advantageous amid the volatile interest rate environment and generally rising long‑end rates.   »   Underweight to lower-beta, quasi-sovereign debt in China and Malaysia.   •  Top detractors from relative performance   »   Underweight to high yield bonds.   »   Lack of exposure to distressed sovereign issuers that were in the benchmark, including Argentina, Ecuador and Pakistan, which rallied during the reporting period.   »   Underweight to distressed Egyptian sovereign bonds, which also outperformed.   »   Security selection within Mexican debt. Performance Attribution    Chilean and Brazilian corporate bonds    Shorter-duration positioning    Low‑beta, quasi-sovereign debt in China and Malaysia    High yield bonds    Distressed sovereign issuers    Mexican debt

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (November 1, 2022 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			Since Inception (11/1/22)
Nuveen Emerging Markets Debt Managed Accounts Portfolio at NAV		7.15	%		9.84	%
JP Morgan EMBI Global Diversified Index		9.18	%		13.32	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

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Fund Statistics (as of July 31, 2024)

Fund net assets	$	28,056,618
Total number of portfolio holdings		123
Portfolio turnover (%)		27%
Total management fees paid for the year	$	0

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the credit quality ratings for its portfolio securities provided by Standard & Poor’s Group, Moody’s Investors Service, Inc. and Fitch, Inc. If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

 

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

3 continued>>

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257‑8787.

 

67073H509_AR_0724 3824689‑INV‑Y‑09/25

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Annual Shareholder Report     July 31, 2024  

Nuveen High Yield Managed Accounts Portfolio

NMYHX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen High Yield Managed Accounts Portfolio for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen High Yield Managed Accounts Portfolio	$0	0.00%

* Annualized for period less than one year. The Fund does not pay a management fee or other expenses (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Fund’s investment adviser and sub-adviser are compensated from the fee charged by the separately managed account through which Fund shares are held.

 

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen High Yield Managed Accounts Portfolio returned 10.69% at net asset value (NAV) for the 12 months ended July 31, 2024. The Fund performed in line with the ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index, which returned 10.47%.   •  Top contributors to relative performance   »   Security selection within the telecommunications and cable & satellite industries.   »   An overweight to and security selection within support services and health care facilities industries, as higher beta names generally outperformed.   »   Security selection within CCC‑rated bonds, which benefited from the market’s risk‑on tone and the Fund’s avoidance of certain distressed names.   •  Top detractors from relative performance   »   Security selection within the specialty retail industry, driven by an underperforming arts and crafts retailer, The Michael’s Companies.   »   Overweight to and security selection within the rail sector, including a holding in a private passenger rail credit, Brightline East, which underperformed. Performance Attribution    Telecom and cable & satellite    Support services and health care facilities    CCC‑rated bonds    Specialty retail    Rail  

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (November 1, 2022 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			Since Inception (11/1/22)
Nuveen High Yield Managed Accounts Portfolio at NAV		10.69	%		10.19	%
Bloomberg U.S. Aggregate Bond Index		5.10	%		5.85	%
ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index		10.47	%		10.39	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	18,037,207
Total number of portfolio holdings		196
Portfolio turnover (%)		77%
Total management fees paid for the year	$	0

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• Portfolio Manager Updates: Effective April 5, 2024, Jacob Fitzpatrick, CFA is no longer a portfolio manager of the Fund. Effective April 5, 2024, Kristal Seales, CFA was added as a portfolio manager of the Fund.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67073H608_AR_0724 3824698-INV-Y-09/25    

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen Preferred Securities and Income Managed Accounts Portfolio

NISPX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Preferred Securities and Income Managed Accounts Portfolio for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Preferred Securities and Income Managed Accounts Portfolio	$0	0.00%

* Annualized for period less than one year. The Fund does not pay a management fee or other expenses (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Fund’s investment adviser and sub-adviser are compensated from the fee charged by the separately managed account through which Fund shares are held.

 

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Preferred Securities and Income Managed Accounts Portfolio returned 13.85% at net asset value (NAV) for the 12 months ended July 31, 2024. The Fund outperformed the Preferred Securities and Income Managed Accounts Portfolio Blended Benchmark, which returned 12.85%. The Fund’s Blended Benchmark consists of: 1) 60% ICE US Institutional Capital Securities Index and 2) 40% ICE USD Contingent Capital Index.   •  Top contributors to relative performance   »   Overweights to the consumer cyclical and finance companies industries.   »   Overweight to floating-rate coupon securities and a corresponding underweight to fixed-rate coupon securities.   »   Security selection within the banking and insurance industries.   •  Top detractors from relative performance   »   Out‑of‑benchmark exposure to $25 par preferred securities.   »   Underweight to the contingent capital securities (CoCos) segment, which generally outperformed the $25 par preferred securities and $1000 par preferred securities segments. Performance Attribution    Consumer cyclical and finance companies sectors    Floating and fixed rate couon securities    Banking and insurance sectors    $25 par preferred securities    CoCos

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (November 1, 2022 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			Since Inception (11/1/22)
Nuveen Preferred Securities and Income Managed Accounts Portfolio at NAV		13.85	%		9.90	%
Bloomberg U.S. Aggregate Bond Index		5.10	%		5.85	%
ICE US Institutional Capital Securities Index*		12.41	%		11.56	%
Preferred Securities and Income Managed Accounts Portfolio Blended Benchmark		12.85	%		10.09	%

* Effective November 30, 2023, the Fund selected the ICE U.S. Institutional Capital Securities Index to replace the ICE BofA U.S. All Capital Securities Index as a Fund benchmark because the Fund’s investment adviser believes that the ICE U.S. Institutional Capital Securities Index better reflects the securities in which the Fund primarily invests as well as the principal investment strategies employed by the Fund. The benchmark change was applied retroactively to the Fund’s inception date, November 1, 2022.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	17,798,994
Total number of portfolio holdings		70
Portfolio turnover (%)		38%
Total management fees paid for the year	$	0

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

67073H707_AR_0724 3824708-INV-Y-09/25

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen Securitized Credit Managed Accounts Portfolio

NNSDX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Securitized Credit Managed Accounts Portfolio for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Securitized Credit Managed Accounts Portfolio	$0	0.00%

* Annualized for period less than one year. The Fund does not pay a management fee or other expenses (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Fund’s investment adviser and sub-adviser are compensated from the fee charged by the separately managed account through which Fund shares are held.

 

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Securitized Credit Managed Accounts Portfolio returned 7.81% at net asset value (NAV) for the 12 months ended July 31, 2024. The Fund outperformed the Bloomberg US Securitized Index, which returned 4.98%.   •  Top contributors to relative performance   »   An out-of-benchmark allocation to mortgage credit, including non-agency mortgage-backed securities (MBS) and credit risk transfers.   »   An overweight to commercial mortgage-backed securities (CMBS).   »   Security selection within the asset-backed securities (ABS) sector, including a higher allocation to esoteric ABS.   •  Top detractors from relative performance   »   Shorter-duration positioning, which was unfavorable as short-end rates declined during the reporting period.  Performance Attribution     Mortgage credit     CMBS     ABS     Shorter-duration positioning

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (November 1, 2022 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			Since Inception (11/1/22)
Nuveen Securitized Credit Managed Accounts Portfolio at NAV		7.81	%		8.42	%
Bloomberg U.S. Aggregate Bond Index		5.10	%		5.85	%
Bloomberg U.S. Securitized Index		4.98	%		5.82	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	26,793,416
Total number of portfolio holdings		129
Portfolio turnover (%)		46%
Total management fees paid for the year	$	0

 

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

 

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

67073H806_AR_0724 3824713-INV-Y-09/25       

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen Ultra Short Municipal Managed Accounts Portfolio

NUSMX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Ultra Short Municipal Managed Accounts Portfolio for the period of February 29, 2024 (inception) to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Ultra Short Municipal Managed Accounts Portfolio	$0	0.00%

* Annualized for period less than one year. The Fund does not pay a management fee or other expenses (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Fund’s investment adviser and sub-adviser are compensated from the fee charged by the separately managed account through which Fund shares are held.

How did the Fund perform since inception? What affected the Fund’s performance?

Performance Highlights

•  The Nuveen Ultra Short Municipal Managed Accounts Portfolio returned 1.39% at net asset value (NAV) for the abbreviated reporting period from the Fund’s inception on February 29, 2024, through July 31, 2024. The Fund performed in line with the SIFMA Municipal Swap Index, which returned 1.44%.

•  Primary performance drivers impacting relative yield

»   Shorter-duration positioning, specifically with more daily than weekly putable securities.

»   Overweight to positions in the AAA‑ and AA‑rated categories.

»   Overweight to positions with enhancement features that added another level of security to the bond’s underlying credit quality.

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (February 29, 2024 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	Since Inception (2/29/24)
Nuveen Ultra Short Municipal Managed Accounts Portfolio at NAV		1.39	%
S&P Municipal Bond Index		1.11	%
SIFMA Municipal Swap Index		1.44	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	10,000,000
Total number of portfolio holdings		30
Portfolio turnover (%)		0%
Total management fees paid for the year	$	0

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   • financial statements and other information   • fund holdings   • proxy voting information

You can also request this information at (800) 257‑8787.

67073H889_AR_0724 3824720‑INV‑Y‑09/25    

3

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3. Audit Committee Financial Expert.

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

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

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

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional

investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

Fiscal Year Ended July 31, 2024	Audit Fees Billed to Funds1		Audit-Related Fees Billed to Funds2		Tax Fees Billed to Funds3		All Other Fees Billed to Funds4
Municipal Total Return Managed Accounts Portfolio		$55,665		$0		$0		$0
Nuveen Core Impact Bond Managed Accounts Portfolio		$55,665		$0		$0		$0
Nuveen Emerging Markets Debt Managed Accounts Portfolio		$55,665		$0		$0		$0
Nuveen High Yield Managed Accounts Portfolio		$55,665		$0		$0		$0
Nuveen Preferred Securities and Income Managed Accounts Portfolio		$55,665		$0		$29		$0
Nuveen Securitized Credit Managed Accounts Portfolio		$55,665		$0		$0		$0
Nuveen Ultra Short Municipal Managed Accounts Portfolio5		$55,575		$0		$0		$0
Total		$389,565		$0		$29		$0

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

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

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

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

5 Fund commenced operations on 2/29/2024.

Fiscal Year Ended July 31, 2024	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds		Audit-Related Fees Billed to Funds		Tax Fees Billed to Funds		All Other Fees Billed to Funds
Municipal Total Return Managed Accounts Portfolio		0%		0%		0%		0%

Fiscal Year Ended July 31, 2024	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds		Audit-Related Fees Billed to Funds		Tax Fees Billed to Funds		All Other Fees Billed to Funds
Nuveen Core Impact Bond Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen Emerging Markets Debt Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen High Yield Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen Preferred Securities and Income Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen Securitized Credit Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen Ultra Short Municipal Managed Accounts Portfolio		0%		0%		0%		0%
Fiscal Year Ended July 31, 2023	Audit Fees Billed to Funds1		Audit-Related Fees Billed to Funds2		Tax Fees Billed to Funds3		All Other Fees Billed to Funds4
Municipal Total Return Managed Accounts Portfolio		$58,603		$0		$0		$0
Nuveen Core Impact Bond Managed Accounts Portfolio		$58,940		$0		$0		$0
Nuveen Emerging Markets Debt Managed Accounts Portfolio		$58,500		$0		$0		$0
Nuveen High Yield Managed Accounts Portfolio		$58,500		$0		$0		$0
Nuveen Preferred Securities and Income Managed Accounts Portfolio		$58,500		$0		$0		$0
Nuveen Securitized Credit Managed Accounts Portfolio		$58,500		$0		$0		$0
Total		$351,543		$0		$0		$0

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

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

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

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

Fiscal Year Ended July 31, 2023	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Municipal Total Return Managed Accounts Portfolio		0	%		0	%		0	%		0	%

Fiscal Year Ended July 31, 2023	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds		Audit-Related Fees Billed to Funds		Tax Fees Billed to Funds		All Other Fees Billed to Funds
Nuveen Core Impact Bond Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen Emerging Markets Debt Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen High Yield Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen Preferred Securities and Income Managed Accounts Portfolio		0%		0%		0%		0%
Nuveen Securitized Credit Managed Accounts Portfolio		0%		0%		0%		0%

Fiscal Year Ended July 31, 2024	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Managed Accounts Portfolios Trust	$0		$0		$0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
	0%		0%		0%
Fiscal Year Ended July 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Managed Accounts Portfolios Trust	$0		$0		$0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
	0%		0%		0%

Fiscal Year Ended July 31, 2024	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Municipal Total Return Managed Accounts Portfolio		$0		$0		$0		$0
Nuveen Core Impact Bond Managed Accounts Portfolio		$0		$0		$0		$0
Nuveen Emerging Markets Debt Managed Accounts Portfolio		$0		$0		$0		$0

Fiscal Year Ended July 31, 2024	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Nuveen High Yield Managed Accounts Portfolio		$0		$0		$0		$0
Nuveen Preferred Securities and Income Managed Accounts Portfolio		$29		$0		$0		$29
Nuveen Securitized Credit Managed Accounts Portfolio		$0		$0		$0		$0
Nuveen Ultra Short Municipal Managed Accounts Portfolio		$0		$0		$0		$0
Total		$29		$0		$0		$29

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

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

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

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

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

Item 4(i) and Item 4(j) are not applicable to the registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Investments.

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

3

4

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Nuveen

Managed

Accounts

Portfolios

Trust

and

Shareholders

of

Municipal

Total

Return

Managed

Accounts

Portfolio,

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio,

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio,

Nuveen

High

Yield

Managed

Accounts

Portfolio,

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio,

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

and

Nuveen

Ultra

Short

Municipal

Managed

Accounts

Portfolio

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(constituting

Nuveen

Managed

Accounts

Portfolios

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

July

31,

2024,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

July

31,

2024,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Municipal

Total

Return

Managed

Accounts

Portfolio

(1)

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(2)

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(3)

Nuveen

High

Yield

Managed

Accounts

Portfolio

(3)

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(3)

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(3)

Nuveen

Ultra

Short

Municipal

Managed

Accounts

Portfolio

(4)

(1)

Statement

of

operations

for

the

year

ended

July

31,

2024,

statement

of

changes

in

net

assets

for

the

years

ended

July

31,

2024

and

2023

and

the

financial

highlights

for

the

years

ended

July

31,

2024,

2023,

2022,

2021

and

2020

(2)

Statement

of

operations

for

the

year

ended

July

31,

2024,

statement

of

changes

in

net

assets

for

the

year

ended

July

31,

2024,

the

nine

months

ended

July

31,

2023

and

the

year

ended

October

31,

2022

and

the

financial

highlights

for

the

year

ended

July

31,

2024,

the

nine

months

ended

July

31,

2023,

the

years

ended

October

31,

2022

and

2021,

and

the

period

July

9,

2020

(commencement

of

operations)

through

October

31,

2020

(3)

Statement

of

operations

for

the

year

ended

July

31,

2024,

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

July

31,

2024,

and

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

(4)

Statement

of

operations,

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

period

February

29,

2024

(commencement

of

operations)

through

July

31,

2024

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

5

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2024

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

September 26,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

6

Municipal

Total

Return

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.5% 

X

–

MUNICIPAL

BONDS

-

97

.5

%

X

1,526,013,970

ALABAMA

-

0.4%

$

2,960

Huntsville,

Alabama,

General

Obligation

Warrants,

Series

2023B,

5.000%,

3/01/40

3/33

at

100.00

$

3,347,109

1,415

Madison

Water

and

Wastewater

Board,

Alabama,

Water

and

Sewer

Revenue

Bonds,

Series

2023,

5.250%,

12/01/48

12/33

at

100.00

1,581,703

1,205

The

Public

Educational

Building

Authority

of

Jacksonville,

Alabama,

Jacksonville

State

University

Foundation,

Higher

Educational

Facilities

Revenue

Bonds,

Jackson

State

University

Project

Series

2023A,

5.000%,

8/01/54

-

AGM

Insured

2/33

at

100.00

1,268,346

TOTAL

ALABAMA

6,197,158

ALASKA

-

0.5%

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

1,408,998

1,590

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

Three

Series

2015,

5.250%,

10/01/31

4/25

at

100.00

1,612,322

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

Three

Series

2023

:

1,030

5.250%,

12/01/38,

(AMT)

12/33

at

100.00

1,138,194

1,145

5.250%,

12/01/40,

(AMT)

12/33

at

100.00

1,253,069

2,310

Anchorage,

Alaska,

Solid

Waste

Services

Revenue

Bonds,

Refunding

Series

2022A,

5.500%,

11/01/41

11/32

at

100.00

2,641,654

TOTAL

ALASKA

8,054,237

ARIZONA

-

2.0%

2,200

(c)

Arizona

Industrial

Development

Authority

Education

Revenue

Bonds,

Pinecrest

Academy

of

Northern

Nevada

Project,

Series

2022A,

4.500%,

7/15/29

7/25

at

100.00

2,108,401

100

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017D,

5.000%,

7/01/37

7/27

at

100.00

101,403

1,000

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017G,

5.000%,

7/01/51

7/27

at

100.00

988,275

60

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,  Arizona

Agribusiness

and

Equine

Center,

Inc.

Project,

Series

2017B,

4.000%,

3/01/27

No

Opt.

Call

59,361

615

(c)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Horizon,

Inspirada

and

St.

Rose

Campus

Projects,

Series

2018A,

5.000%,

7/15/28

7/26

at

100.00

625,983

Arizona

Industrial

Development

Authority,

Education

Facility

Revenue

Bonds,

Leman

Academy

of

Excellence

Projects,

Series

2022A

:

500

4.000%,

7/01/28

No

Opt.

Call

496,108

500

4.000%,

7/01/29

No

Opt.

Call

495,130

1,405

4.000%,

7/01/30

7/29

at

100.00

1,386,157

1,050

Maricopa

County

and

Phoenix

City

Industrial

Development

Authority,

Arizona,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C,

4.750%,

9/01/49

3/33

at

100.00

1,058,786

7

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

ARIZONA

(continued)

$

2,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2024,

4.000%,

7/01/34

7/31

at

100.00

$

1,996,294

1,605

(c)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Sun

Valley

Academy,

Series

2024A,

6.250%,

7/01/44

7/31

at

100.00

1,680,902

2,875

Maricopa

County

Union

High

School

District

216

Agua

Fria,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Project

of

2023,

Series

2024A,

5.000%,

7/01/42

7/33

at

100.00

3,217,317

1,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

1,005,904

3,785

Phoenix

Civic

Improvement

Corporation,

Arizona,

Wastewater

System

Revenue

Bonds,

Junior

Lien

Series

2023,

5.250%,

7/01/47

7/33

at

100.00

4,249,559

5,025

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Great

Hearts

Academies

Project,

Series

2014A,

5.000%,

7/01/44

9/24

at

100.00

5,024,711

410

(c)

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2017,

6.750%,

2/01/50

2/28

at

100.00

424,011

3,300

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2023A,

5.000%,

1/01/50

1/33

at

100.00

3,572,250

1,575

(c)

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Desert

Heights

Charter

School

Project,

Refunding

Series

2024,

5.875%,

6/01/44

6/32

at

102.00

1,593,924

Yavapai

County

Industrial

Development

Authority,  Arizona,

Education

Revenue

Bonds,

Arizona

Agribusiness

and

Equine

Center

Inc

Project,

Refunding

Series

2015A

:

45

(c)

3.900%,

9/01/24

No

Opt.

Call

44,973

1,500

(c)

5.000%,

9/01/34

3/25

at

100.00

1,502,756

TOTAL

ARIZONA

31,632,205

ARKANSAS

-

0.4%

1,400

(c)

Arkansas

Development

Finance

Authority,

Charter

School

Revenue

Bonds,

Academy

of

Math

and

Science

-

Little

Rock

Project

Series

2024A,

7.000%,

7/01/59

7/31

at

103.00

1,359,066

1,800

Arkansas

Development

Finance

Authority,

Revenue

Bonds,

Baptist

Memorial

Health

Care,

Refunding

Series

2020B-1,

5.000%,

9/01/36

9/30

at

100.00

1,853,834

2,015

Arkansas

Tech

University,

Revenue

Bonds,

Refunding

Student

Fee

Series

2022A,

5.000%,

12/01/42

-

BAM

Insured

12/30

at

100.00

2,116,008

1,000

Pulaski

County,

Arkansas,

Hospital

Revenue

Bonds,

Arkansas

Children's

Hospital,

Series

2023,

5.000%,

3/01/41

3/33

at

100.00

1,092,999

TOTAL

ARKANSAS

6,421,907

CALIFORNIA

-

4.8%

Burbank-Glendale-Pasadena

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2024B

:

2,250

5.250%,

7/01/40,

(AMT)

7/34

at

100.00

2,491,523

250

5.250%,

7/01/42,

(AMT)

7/34

at

100.00

274,768

2,500

4.250%,

7/01/43

-

AGM

Insured,

(AMT)

7/34

at

100.00

2,509,993

655

California

Educational

Facilities

Authority,

Revenue

Bonds,

Stanford

University,

Series

2013-U3,

5.000%,

6/01/43

No

Opt.

Call

801,922

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

212,747

3,540

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health

System,

Series

2009C,

5.000%,

7/01/33

1/33

at

100.00

3,933,512

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

8

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

CALIFORNIA

(continued)

$

450

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Stanford

Health

Care,

Series

2020A,

4.000%,

8/15/50

8/30

at

100.00

$

443,759

100

(c)

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A,

5.500%,

6/01/38

6/26

at

100.00

101,207

1,180

(c)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A,

5.000%,

7/01/36

7/26

at

100.00

1,197,821

1,500

(c)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2018A,

5.000%,

7/01/38

7/28

at

100.00

1,530,919

California

Municipal

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Westside

Neighborhood

School

Project,

Series

2024

:

600

(c)

5.500%,

6/15/39

6/31

at

102.00

643,459

315

(c)

5.900%,

6/15/44

6/31

at

102.00

339,415

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

735,409

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

:

3,015

5.000%,

7/01/33

7/27

at

100.00

3,096,470

1,750

4.000%,

7/01/42

7/27

at

100.00

1,591,243

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

6,166,814

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Improvement

Area

A

Hesperia

Silverwood,

Series

2024

:

325

5.000%,

9/01/44

9/31

at

103.00

340,822

335

5.000%,

9/01/49

9/31

at

103.00

347,339

4,000

(c)

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012,

5.000%,

11/21/45,

(AMT)

1/25

at

100.00

4,009,190

355

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2021A,

4.000%,

10/15/24

No

Opt.

Call

354,986

1,000

(c)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A,

5.000%,

8/01/35

8/25

at

100.00

1,010,282

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016

:

305

(c)

5.000%,

8/01/24

No

Opt.

Call

305,000

25

(c),(d)

5.000%,

8/01/24,

(ETM)

No

Opt.

Call

25,000

325

(c)

5.000%,

8/01/25

No

Opt.

Call

327,587

35

(c),(d)

5.000%,

8/01/25,

(ETM)

No

Opt.

Call

35,709

725

(c)

5.000%,

8/01/26

8/25

at

100.00

733,236

65

(c),(d)

5.000%,

8/01/26,

(Pre-refunded

8/01/25)

8/25

at

100.00

66,317

225

(c)

5.000%,

8/01/27

8/25

at

100.00

227,673

25

(c),(d)

5.000%,

8/01/27,

(Pre-refunded

8/01/25)

8/25

at

100.00

25,507

1,485

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Classical

Academies

Project,

Series

2017A,

5.000%,

10/01/37

10/27

at

100.00

1,516,783

1,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Envision

Education,

Series

2024A,

5.000%,

6/01/44,

(WI/DD)

6/32

at

100.00

1,016,108

700

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/31

6/25

at

100.00

705,758

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G

:

310

(c)

5.000%,

6/01/30

6/27

at

100.00

318,544

325

(c)

5.000%,

6/01/37

6/27

at

100.00

329,321

9

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

CALIFORNIA

(continued)

$

1,195

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2023,

5.250%,

10/01/45

4/33

at

100.00

$

1,361,428

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

:

3,900

(c)

5.000%,

12/01/36

6/26

at

100.00

3,974,557

280

(c)

5.000%,

12/01/46

6/26

at

100.00

282,953

165

(c)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.250%,

12/01/38

6/28

at

100.00

172,878

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

811,455

1,250

El

Rancho

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2016

Series

2023D,

5.750%,

8/01/48

-

BAM

Insured

8/33

at

100.00

1,474,792

5,000

Glendale

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

2011

Election

Series

2016C,

3.000%,

9/01/39

9/26

at

100.00

4,505,273

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

751,270

50

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.000%,

11/15/35

No

Opt.

Call

54,556

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

1,231,900

1,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Green

Series

2023A,

5.250%,

5/15/40,

(AMT)

5/33

at

100.00

1,115,184

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

2,435,158

1,475

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015D,

5.000%,

5/15/31,

(AMT)

5/25

at

100.00

1,489,520

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

5,642,542

500

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2016B,

5.000%,

5/15/34,

(AMT)

5/26

at

100.00

510,759

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

1,115,237

1,200

Rancho

Mirage,

California,

Special

Tax

Bonds,

Community

Facilities

District

5

Section

31,

Improvement

Area

1

Series

2024A,

5.000%,

9/01/44

9/34

at

100.00

1,245,538

1,290

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

4

North

Natomas,

Refunding

Series

2015F,

5.000%,

9/01/27

9/25

at

100.00

1,307,508

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

299,276

3,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2023C,

5.500%,

5/01/38,

(AMT)

5/33

at

100.00

3,433,115

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

10

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

CALIFORNIA

(continued)

$

4,000

San

Francisco

Unified

School

District,

California,

General

Obligation

Bonds,

Proposition

A,

Election

of

2011

&

2006,

Series

2015C&F,

4.000%,

6/15/34

9/24

at

100.00

$

4,000,412

TOTAL

CALIFORNIA

74,981,454

COLORADO

-

5.7%

1,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021,

4.250%,

12/01/41

12/26

at

103.00

932,197

1,630

Arista

Metropolitan

District,

Broomfield

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Convertible

to

Unlimited

Tax

Series

2023A,

5.000%,

12/01/48

-

BAM

Insured

12/33

at

100.00

1,708,919

500

Bromley

Park

Metropolitan

District

No.

2,

In

the

City

of

Brighton,

Adams

and

Weld

Counties,

Colorado,

Senior

General

Obligation

Limited

Tax

Refunding

Bonds,

Series

2023,

5.500%,

12/01/43

-

BAM

Insured

12/33

at

100.00

559,983

5,785

Centennial

Water

and

Sanitation

District,

Douglas

County,

Colorado,

Water

and

Wastewater

Revenue

Bonds,

Series

2024,

5.250%,

12/01/53

12/33

at

100.00

6,421,304

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

481,744

1,330

Colorado

Department

of

Transportation,

Headquarters

Facilities

Lease

Purchase

Agreement

Certificates

of

Participation,

Series

2016,

5.000%,

6/15/35

6/26

at

100.00

1,362,611

500

(c)

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Aspen

Ridge

School

Project,

Series

2015A,

5.000%,

7/01/36

7/25

at

100.00

502,246

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013

:

415

5.000%,

12/01/33

9/24

at

100.00

415,207

845

5.000%,

12/01/42

9/24

at

100.00

845,129

1,555

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2016A,

5.000%,

11/15/41

5/26

at

100.00

1,584,671

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A

:

1,155

5.250%,

11/01/36

11/32

at

100.00

1,306,298

5,300

5.250%,

11/01/52

11/32

at

100.00

5,699,111

1,930

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Improvement

Series

2014A-2,

4.000%,

11/15/34

11/24

at

100.00

1,931,013

4,000

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Improvement

Series

2023A,

5.250%,

11/15/48

11/33

at

100.00

4,479,340

2,905

Dawson

Trails

Metropolitan

District

1,

Colorado,

In

The

Town

of

Castle

Rock,

Limited

Tax

General

Obligation

Capital

Appreciation

Turbo

Bonds,

Series

2024,

0.000%,

12/01/31

6/26

at

66.03

1,610,449

1,665

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

5.500%,

11/15/35,

(AMT)

11/32

at

100.00

1,905,405

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D

:

1,725

5.750%,

11/15/34,

(AMT)

11/32

at

100.00

2,029,046

805

5.750%,

11/15/35,

(AMT)

11/32

at

100.00

943,203

3,500

5.750%,

11/15/40,

(AMT)

11/32

at

100.00

4,015,506

2,500

5.750%,

11/15/41,

(AMT)

11/32

at

100.00

2,856,589

700

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2023B,

5.500%,

11/15/40,

(AMT)

11/33

at

100.00

794,595

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

:

11

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

COLORADO

(continued)

$

1,100

5.000%,

12/01/25

No

Opt.

Call

$

1,115,041

500

5.000%,

12/01/36

12/26

at

100.00

508,927

5,000

Eagle,

Garfield

and

Routt

Counties

School

District

RE50J,

Colorado,

General

Obligation

Bonds,

Series

2024,

5.000%,

12/01/42

12/33

at

100.00

5,597,696

3,000

(c)

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A,

6.750%,

12/01/34

9/27

at

103.00

2,968,418

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

309,356

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

495,168

500

(c)

Hogback

Metropolitan

District,

Jefferson

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2021A,

5.000%,

12/01/51

12/26

at

103.00

447,160

2,000

Lakes

at

Centerra

Metropolitan

District

2,

Loveland,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2024A,

5.000%,

12/01/49

-

AGM

Insured

12/29

at

103.00

2,139,591

2,550

(c)

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

11/29

at

103.00

2,600,664

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

511,597

1,300

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022,

5.250%,

7/01/52

7/31

at

100.00

1,405,083

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

1,354,341

1,035

(c)

Plaza

Metropolitan

District

1,

Lakewood,

Colorado,

Tax

Increment

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

12/01/40

9/24

at

100.00

1,034,967

5,130

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

5,281,102

Ravenna

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Refunding

Limited

Tax

Series

2023

:

1,400

5.000%,

12/01/38

-

AGM

Insured

12/33

at

100.00

1,519,963

690

5.000%,

12/01/43

-

AGM

Insured

12/33

at

100.00

729,494

1,345

Silverstone

Metropolitan

District

3,

Weld

County,

Colorado,

General

Obligation

and

Special

Revenue

Bonds,

Limited

Tax

Series

2023,

7.750%,

12/01/45

12/28

at

103.00

1,383,643

State

of

Colorado,

Rural

Colorado,

Certificates

of

Participation,

Series

2022

:

2,060

6.000%,

12/15/39

12/32

at

100.00

2,475,783

7,870

6.000%,

12/15/40

12/32

at

100.00

9,399,081

900

Thompson

Crossing

Metropolitan

District

4,

Johnstown,

Larimer

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

&

Improvement

Series

2019,

5.000%,

12/01/39

9/24

at

103.00

900,201

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

838,737

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

12

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

COLORADO

(continued)

$

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

$

1,259,298

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

982,178

700

Westerly

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-1,

5.000%,

12/01/40

3/26

at

103.00

642,997

750

Wildwing

Metropolitan

District

5,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2024,

4.500%,

12/01/53

-

AGM

Insured

12/33

at

100.00

760,257

TOTAL

COLORADO

89,045,309

CONNECTICUT

-

0.8%

5,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A,

4.000%,

7/01/51

7/31

at

100.00

4,651,878

Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017

:

1,115

(c)

5.000%,

4/01/30

4/27

at

100.00

1,127,138

6,465

(c)

5.000%,

4/01/39

4/27

at

100.00

6,510,348

775

University

of

Connecticut,

General

Obligation

Bonds,

Series

2023A,

5.000%,

8/15/41

8/33

at

100.00

872,557

TOTAL

CONNECTICUT

13,161,921

DELAWARE

-

0.2%

375

(c)

Bridgeville,

Delaware,

Special

Obligation

Bonds,

Heritage

Shores

Special

Development

District,

Series

2024,

5.250%,

7/01/44

7/33

at

100.00

393,584

715

Delaware

State

Housing

Authority,

Senior

Single

Family

Mortgage

Revenue

Bonds,

Series

2024A,

4.625%,

7/01/49

1/33

at

100.00

717,708

Kent

County,

Delaware,

Student

Housing

&

Dining

Facility

Revenue

Bonds,

Collegiate

Housing

Foundation

-

Dover

LLC

Delaware

State

University

Project,

Series

2018A

:

1,030

5.000%,

7/01/30

1/28

at

100.00

1,057,257

750

5.000%,

7/01/31

1/28

at

100.00

769,126

TOTAL

DELAWARE

2,937,675

DISTRICT

OF

COLUMBIA

-

0.9%

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

2,065,542

1,240

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

KIPP

DC

Issue,

Series

2019,

4.000%,

7/01/44

7/29

at

100.00

1,171,998

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

1,592,535

3,500

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

10/01/28,

(AMT)

10/24

at

100.00

3,511,199

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

5,015,999

TOTAL

DISTRICT

OF

COLUMBIA

13,357,273

FLORIDA

-

12.5%

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

531,396

1,000

5.000%,

5/01/42

5/32

at

100.00

1,011,760

13

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

FLORIDA

(continued)

$

1,495

Bay

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2022A,

5.500%,

7/01/42

7/32

at

100.00

$

1,667,070

715

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A,

5.000%,

9/01/33

9/24

at

100.00

715,569

2,000

Brevard

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Health

First

Obligated

Group,

Series

2022A,

5.000%,

4/01/52

4/32

at

100.00

2,099,897

4,100

Broward

County

School

District,

Florida,

General

Obligation

Bonds,

School

Series

2022,

5.000%,

7/01/47

7/32

at

100.00

4,444,585

1,000

Broward

County,

Florida,

Port

Facilities

Revenue

Bonds,

Series

2022,

5.250%,

9/01/47,

(AMT)

9/32

at

100.00

1,073,458

4,000

(c)

Cabot

Citrus

Farms

Community

Development

District,

Florida,

Special

Revenue

Bond,

Anticipated

Note

Series

2024,

5.250%,

3/01/29

5/25

at

103.00

4,039,382

1,000

Cape

Coral,

Florida,

Water

and

Sewer

Revenue

Bonds,

Series

2023,

5.250%,

10/01/48

-

BAM

Insured

10/33

at

100.00

1,118,928

2,095

(c)

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Odyssey

Charter

School

Project,

Series

2019,

5.000%,

7/01/54

7/26

at

103.00

2,056,627

110

(c)

Charlotte

County

Industrial

Development

Authority,

Florida,

Utility

System

Revenue

Bonds,

Town

&

Country

Utilities

Project,

Series

2021A,

4.000%,

10/01/51,

(AMT)

10/31

at

100.00

92,511

Collier

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Ave

Maria

University,

Refunding

Series

2023

:

2,235

5.500%,

6/01/30

No

Opt.

Call

2,338,200

2,490

5.500%,

6/01/32

No

Opt.

Call

2,626,175

435

5.000%,

6/01/43

6/33

at

100.00

422,064

Corkscrew

Crossing

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2023

:

500

4.300%,

5/01/33

No

Opt.

Call

506,180

1,000

5.100%,

5/01/43

5/33

at

100.00

1,009,763

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

12/24

at

100.00

1,178,099

2,375

Escambia

County

Health

Facilities

Authority,

Florida,

Health

Care

Facilities

Revenue

Bonds,

Baptist

Health

Care

Corporation

Obligated

Group,

Series

2020A,

5.000%,

8/15/32

2/30

at

100.00

2,482,281

2,950

Escambia

County

Health

Facilities

Authority,

Florida,

Health

Care

Facilities

Revenue

Bonds,

Baptist

Health

Care

Corporation

Obligated,

Series

2020A,

5.000%,

8/15/33

2/30

at

100.00

3,074,566

925

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Cornerstone

Charter

Schools

Project,

Series

2022,

5.000%,

10/01/32

10/29

at

100.00

955,092

1,230

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Cornerstone

Classical

Academy

Series

2024A,

5.250%,

6/01/44

6/32

at

100.00

1,248,049

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Downtown

Doral

Charter

Upper

School

Project,

Series

2017C

:

175

(c)

5.150%,

7/01/27

No

Opt.

Call

177,688

385

(c)

5.750%,

7/01/47

7/27

at

101.00

390,222

170

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School

Income

Projects,

Series

2015A,

6.000%,

6/15/35

6/25

at

100.00

171,972

700

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Refunding

Bonds,

Central

Charter

School,

Series

2022,

5.250%,

8/15/37

8/32

at

100.00

698,674

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024

:

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

14

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

FLORIDA

(continued)

$

5,500

5.000%,

7/01/44

-

AGM

Insured,

(AMT)

7/32

at

100.00

$

5,757,107

3,600

5.250%,

7/01/47

-

AGM

Insured,

(AMT)

7/32

at

100.00

3,798,560

500

(c)

Florida

Development

Finance

Corporation,

Student

Housing

Revenue

Bonds,

SPP

-

Tampa

I

-

LLC

The

Henry

Project,

Series

2024A-1,

5.000%,

6/01/44

6/34

at

100.00

511,276

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

1,082,396

12,000

Florida

Mid-Bay

Bridge

Authority,

Revenue

Bonds,

1st

Senior

Lien

Series

2015A,

5.000%,

10/01/35

10/25

at

100.00

12,164,741

2,285

Florida

State

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Department

of

Transportation,

Series

2018A,

4.000%,

7/01/41

7/28

at

100.00

2,307,525

760

(c)

Fort

Lauderdale,

Florida,

Special

Assessment

Bonds,

Las

Olas

Isles

Undergrounding

Project,

Series

2022,

4.000%,

7/01/42

7/32

at

100.00

679,686

8,000

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Series

2015A,

5.000%,

10/01/40,

(AMT)

10/25

at

100.00

8,074,219

500

Hammock

Oaks

Community

Development

District,

Lady

Lake,

Florida,

Special

Assessment

Revenue

Bonds,

Area

2,

Series

2024,

6.150%,

5/01/54

5/34

at

100.00

511,067

4,000

Hernando

County,

Florida,

Non-Ad

Valorem

Revenue

Bonds,

Series

2022,

5.250%,

6/01/47

6/32

at

100.00

4,336,674

1,905

Hialeah

Utility

Systems,

Florida,

Systems

Revenue

Bonds,

Refunding

Series

2022,

5.000%,

10/01/33

10/32

at

100.00

2,086,692

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Senior

Lien

Series

2015A

:

7,415

5.000%,

10/01/34,

(AMT)

10/24

at

100.00

7,436,222

4,000

5.000%,

10/01/40,

(AMT)

10/24

at

100.00

4,011,448

3,250

(d)

5.000%,

10/01/40,

(Pre-refunded

10/01/24),

(AMT)

10/24

at

100.00

3,257,106

300

Hobe-Saint

Lucie

Conservancy

District,

Florida,

Special

Assessment

Revenue

Bonds,

Improvement

Unit

1A,

Series

2024,

5.600%,

5/01/44

5/34

at

100.00

310,616

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

3,040,250

1,110

(c)

Jacksonville,

Florida,

Educational

Facilities

Revenue

Bonds,

Jacksonville

University

Project,

Series

2018B,

5.000%,

6/01/53

6/28

at

100.00

1,060,993

1,875

Julington

Creek

Plantation

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023,

5.500%,

5/01/43

-

AGM

Insured

5/33

at

100.00

2,076,432

400

Lake

Worth

Beach,

Florida,

Consolidated

Utility

Revenue

Bonds,

Series

2022,

5.000%,

10/01/36

-

BAM

Insured

10/32

at

100.00

451,681

1,665

Lakeland,

Florida,

Energy

System

Revenue

Bonds,

Refunding

Series

2023,

5.000%,

10/01/42

10/33

at

100.00

1,834,907

10,000

Lakeland,

Florida,

Energy

System

Revenue

Bonds,

Series

2021,

5.000%,

10/01/48

No

Opt.

Call

11,154,311

885

Lauderhill,

Florida,

Water

and

Sewer

Revenue

Bonds,

Series

2023,

5.000%,

10/01/48

-

AGM

Insured

10/33

at

100.00

954,627

740

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2007A,

5.250%,

6/15/27

9/24

at

100.00

740,319

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2024A

:

1,000

(c)

6.000%,

6/15/38

6/31

at

103.00

1,032,621

1,000

(c)

6.250%,

6/15/42

6/31

at

103.00

1,032,236

15

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

FLORIDA

(continued)

$

605

Lee

County,

Florida,

Solid

Waste

System

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

10/01/26,

(AMT)

No

Opt.

Call

$

616,115

2,895

Manatee

County,

Florida,

Public

Utilities

Revenue

Bonds,

Improvement

and

Refunding

Series

2023,

4.000%,

10/01/48

4/33

at

100.00

2,836,047

Miami

Beach

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Mount

Sinai

Medical

Center

of

Florida

Project,

Refunding

2014

:

9,250

5.000%,

11/15/39

11/24

at

100.00

9,265,707

6,550

5.000%,

11/15/44

11/24

at

100.00

6,560,786

Miami

Dade

County,

Florida,

Rickenbacker

Causeway

Revenue

Bonds,

Series

2014

:

900

5.000%,

10/01/27

10/24

at

100.00

901,822

920

5.000%,

10/01/28

10/24

at

100.00

921,882

500

5.000%,

10/01/30

10/24

at

100.00

500,992

325

Miami-Dade

County

Expressway

Authority,

Florida,

Toll

System

Revenue

Bonds,

Series

2010A,

5.000%,

7/01/40

9/24

at

100.00

325,220

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2014A

:

1,145

5.000%,

10/01/28,

(AMT)

10/24

at

100.00

1,146,551

10,000

5.000%,

10/01/33,

(AMT)

10/24

at

100.00

10,013,105

4,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

10/01/38,

(AMT)

10/28

at

100.00

4,131,036

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

1,509,453

1,575

5.000%,

10/01/41,

(AMT)

10/32

at

100.00

1,646,573

745

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1,

5.000%,

10/01/29

No

Opt.

Call

791,981

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

657,349

750

5.000%,

11/01/36

11/32

at

100.00

790,611

1,520

5.000%,

11/01/47

11/32

at

100.00

1,547,007

2,175

5.000%,

11/01/52

11/32

at

100.00

2,201,820

250

(c)

Parrish

Lakes

Community

Development

District,

Manatee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

3,

Series

2024,

5.800%,

5/01/54

11/34

at

100.00

250,979

1,000

Pasco

County,

Florida,

Cigarette

Tax

Allocation

Bonds,

H.

Lee

Moffitt

Cancer

Center

and

Research

Institute

Capital

Improvement

Series

2023A,

5.500%,

9/01/41

-

AGM

Insured

3/33

at

100.00

1,126,650

1,000

Poitras

East

Community

Development

District,

Osceola

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023,

4.200%,

5/01/33

No

Opt.

Call

1,011,217

Pompano

Beach,

Florida,

Revenue

Bonds,

John

Knox

Village

Project,

Series

2015

:

225

5.000%,

9/01/24

No

Opt.

Call

225,129

410

5.000%,

9/01/35

9/24

at

100.00

410,312

5,000

Sarasota

County

Public

Hospital

District,

Florida,

Hospital

Revenue

Bonds,

Sarasota

Memorial

Hospital

Project,

Series

2018,

5.000%,

7/01/38

7/28

at

100.00

5,227,834

2,120

Sarasota

County,

Florida,

Utility

System

Revenue

Bonds,

Series

2022,

5.250%,

10/01/52

10/32

at

100.00

2,335,610

4,440

Sarasota

County,

Florida,

Utility

System

Revenue

Bonds,

Series

2023,

5.000%,

10/01/48

4/33

at

100.00

4,825,919

St.

Johns

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2024A

:

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

16

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

FLORIDA

(continued)

$

2,200

5.250%,

7/01/46

-

AGM

Insured

7/33

at

100.00

$

2,446,074

3,000

5.500%,

7/01/49

-

AGM

Insured

7/33

at

100.00

3,377,683

1,350

Sumter

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2024,

5.250%,

1/01/49

-

AGM

Insured

7/33

at

100.00

1,485,664

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

1,568,381

4,090

Tampa,

Florida,

Water

and

Wastewater

Systems

Revenue

Bonds,

Green

Series

2022A,

5.250%,

10/01/57

10/32

at

100.00

4,485,832

15

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-2,

6.610%,

5/01/40

9/24

at

100.00

14,778

15

(e)

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-3,

6.610%,

5/01/40

9/24

at

100.00

0

Village

Community

Development

District

10,

Sumter

County,

Florida,

Special

Assessment

Revenue

Bonds,

Refunding

Series

2023

:

1,110

5.000%,

5/01/39

-

AGM

Insured

5/33

at

100.00

1,217,068

985

5.000%,

5/01/40

-

AGM

Insured

5/33

at

100.00

1,073,617

2,930

(c)

Village

Community

Development

District

14,

Leesburg,

Florida,

Special

Assessment

Bonds,

Series

2022,

4.750%,

5/01/32

5/30

at

100.00

3,048,934

TOTAL

FLORIDA

196,329,658

GEORGIA

-

1.1%

3,000

Atlanta,

Georgia,

Airport

General

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/38,

(AMT)

7/32

at

100.00

3,248,920

1,000

Columbia

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

WellStar

Health

System,

Inc.

Project,

Series

2023B,

5.750%,

4/01/53

4/33

at

100.00

1,127,856

8,425

Coweta

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2019A,

5.000%,

7/01/44

7/29

at

100.00

8,784,400

950

Henry

County

Hospital

Authority,

Georgia,

Revenue

Certificates,

Piedmont

Henry

Hospital

Project,

Series

2014A,

5.000%,

7/01/34

9/24

at

100.00

952,984

2,500

(c)

Marietta

Development

Authority,

Georgia,

University

Facilities

Revenue

Bonds,

Life

University,

Inc.

Project,

Refunding

Series

2017A,

5.000%,

11/01/27

No

Opt.

Call

2,524,964

TOTAL

GEORGIA

16,639,124

GUAM

-

0.1%

1,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D,

5.000%,

11/15/33

11/25

at

100.00

1,011,755

TOTAL

GUAM

1,011,755

HAWAII

-

0.1%

750

(c)

Hawaii

Department

of

Budget

and

Finance,

Special

Purpose

Revenue

Bonds,

Hawaii

Pacific

University

Project,

Refunding

Series

2024,

5.000%,

7/01/34

No

Opt.

Call

770,734

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

433,176

470

4.000%,

5/15/30

No

Opt.

Call

460,081

375

5.000%,

5/15/31

No

Opt.

Call

391,431

250

5.000%,

5/15/32

No

Opt.

Call

261,748

TOTAL

HAWAII

2,317,170

17

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

IDAHO

-

1.2%

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

$

502,625

1,000

5.000%,

6/01/30

12/24

at

100.00

1,005,217

2,090

5.000%,

6/01/31

12/24

at

100.00

2,100,553

610

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Madison

Memorial

Hospital

Project,

Refunding

Series

2016,

5.000%,

9/01/29

9/26

at

100.00

615,974

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Saint

Luke's

Health

System

Project,

Series

2018A

:

1,250

5.000%,

3/01/37

9/28

at

100.00

1,296,534

4,000

4.000%,

3/01/38

9/28

at

100.00

3,969,569

6,105

Idaho

Housing

&

Finance

Association,

Idaho,

Sales

Tax

Revenue

Bonds,

Transportation

Expansion

&

Congestion

Mitigation

Fund,

Series

2023A,

5.250%,

8/15/48

8/33

at

100.00

6,785,565

1,170

(c)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Future

Public

School

Project,

Series

2022A,

4.000%,

5/01/32

5/29

at

103.00

1,118,713

750

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2024,

6.250%,

9/01/53

3/29

at

103.00

789,769

TOTAL

IDAHO

18,184,519

ILLINOIS

-

7.8%

3,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Series

2014,

5.000%,

12/01/44

-

AGM

Insured

12/24

at

100.00

3,008,154

569

Chicago,

Illinois,

Certificates

of

Participation,

Tax

Increment

Allocation

Revenue

Bonds,

Pullman

Park/Chicago

Redevelopement

Project,

Series

2013A,

7.125%,

3/15/33

8/24

at

100.00

569,073

Chicago,

Illinois,

General

Obligation

Bonds,

Chicago

Works

Series

2023A

:

3,850

5.000%,

1/01/35

1/32

at

100.00

4,147,216

1,685

5.500%,

1/01/39

1/32

at

100.00

1,848,558

3,000

Chicago,

Illinois,

General

Obligation

Bonds,

Project

and

Refunding

Series

2005D,

5.500%,

1/01/40

1/25

at

100.00

3,008,191

Chicago,

Illinois,

Midway

Airport

Revenue

Bonds,

Refunding

Senior

Lien

Series

2023C

:

5,000

5.000%,

1/01/33

No

Opt.

Call

5,419,788

385

5.000%,

1/01/40

1/34

at

100.00

409,603

1,500

5.000%,

1/01/41

1/34

at

100.00

1,588,596

4,320

Chicago,

Illinois,

Water

Revenue

Bonds,

Refunding

Second

Lien

Series

2012,

4.000%,

11/01/37

9/24

at

100.00

4,320,072

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

5,261,554

2,000

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2014,

4.000%,

8/01/38

8/24

at

100.00

1,955,056

525

Illinois

Finance

Authority,

Revenue

Bonds,

Bradley

University,

Refunding

Series

2021A,

4.000%,

8/01/39

8/31

at

100.00

504,418

Illinois

Finance

Authority,

Revenue

Bonds,

DePaul

College

Prep

Foundation,

Series

2023A

:

1,220

(c)

4.300%,

8/01/28

No

Opt.

Call

1,234,981

1,275

(c)

4.500%,

8/01/33

No

Opt.

Call

1,329,970

1,000

(c)

5.250%,

8/01/38

8/33

at

100.00

1,085,826

3,000

(d)

Illinois

Finance

Authority,

Revenue

Bonds,

Edward-Elmhurst

Healthcare,

Series

2017A,

5.000%,

1/01/36,

(Pre-refunded

1/01/27)

1/27

at

100.00

3,141,712

Illinois

Finance

Authority,

Revenue

Bonds,

Northshore

University

HealthSystem,

Series

2020A

:

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

18

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

ILLINOIS

(continued)

$

1,750

4.000%,

8/15/40

8/30

at

100.00

$

1,724,320

2,000

4.000%,

8/15/41

8/30

at

100.00

1,955,032

9,885

Illinois

Finance

Authority,

Revenue

Bonds,

Northwestern

Memorial

Healthcare,

Series

2017A,

4.000%,

7/15/47

1/28

at

100.00

9,447,224

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

2,770,212

12,000

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C,

5.000%,

8/15/44

8/25

at

100.00

12,057,816

725

Illinois

Finance

Authority,

Revenue

Bonds,

Smith

Crossing,

Refunding

Series

2022,

4.000%,

10/15/30

4/29

at

103.00

683,724

5,000

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Series

2014A,

4.000%,

10/01/38

10/24

at

100.00

4,960,594

Illinois

Finance

Authority,

Student

Housing

&

Academic

Facility

Revenue

Bonds,

CHF-Collegiate

Housing

Foundation

-

Chicago

LLC

University

of

Illinois

at

Chicago

Project,

Series

2017A

:

830

5.000%,

2/15/26

No

Opt.

Call

836,333

400

5.000%,

2/15/29

8/27

at

100.00

407,661

1,340

Illinois

Housing

Development

Authority,

Revenue

Bonds,

Social

Series

2022G,

6.250%,

10/01/52

4/32

at

100.00

1,442,586

5,425

Illinois

Sports

Facility

Authority,

State

Tax

Supported

Bonds,

Refunding

Series

2014,

5.250%,

6/15/32

-

AGM

Insured

8/24

at

100.00

5,444,322

2,000

Illinois

State,

General

Obligation

Bonds,

December

Series

2017B,

5.000%,

12/01/24

No

Opt.

Call

2,011,395

5,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020,

5.500%,

5/01/30

No

Opt.

Call

5,391,838

1,500

Illinois

State,

General

Obligation

Bonds,

May

Series

2024B,

5.250%,

5/01/45

5/34

at

100.00

1,650,708

6,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D,

5.000%,

11/01/28

11/27

at

100.00

6,303,112

2,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Refunding

Senior

Series

2024A,

5.000%,

1/01/38

7/34

at

100.00

2,302,339

5,330

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2015B,

5.000%,

1/01/40

1/26

at

100.00

5,423,568

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

5,166,488

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

1,224,455

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

650,019

1,000

Romeoville,

Will

County,

Illinois,

Revenue

Bonds,

Lewis

University

Project,

Refunding

Series

2018B,

5.000%,

10/01/39

4/25

at

100.00

1,000,784

1,000

Sangamon

County

School

District

186

Springfield,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2023,

5.500%,

6/01/48

-

AGM

Insured

6/33

at

100.00

1,092,572

2,250

Southwestern

Illinois

Development

Authority,

Local

Government

Revenue

Bonds,

Edwardsville

Community

Unit

School

District

7

Project,

Series

2023A,

5.500%,

12/01/35

-

BAM

Insured

12/31

at

100.00

2,583,982

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

2,238,540

19

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

ILLINOIS

(continued)

$

4,000

Will

County,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2019,

4.000%,

11/15/47

11/29

at

100.00

$

3,856,230

TOTAL

ILLINOIS

121,458,622

INDIANA

-

5.1%

Avon

Community

School

Building

Corporation,

Hendricks

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2023

:

1,000

5.500%,

7/15/41

7/33

at

100.00

1,151,566

1,625

5.500%,

1/15/43

7/33

at

100.00

1,848,884

3,500

Brownsburg

1999

School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2023,

5.500%,

7/15/40

7/31

at

100.00

3,892,568

750

Carmel,

Indiana,

Waterworks

Revenue

Bonds,

Refunding,

Series

2024C,

5.250%,

5/01/51

-

BAM

Insured

5/32

at

100.00

801,804

2,500

Evansville,

Indiana,

Waterworks

District

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/47

-

BAM

Insured

1/32

at

100.00

2,642,213

1,000

(c)

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

6/30

at

100.00

955,459

850

IIndiana

Finance

Authority,

Hospital

Revenue

Bonds,

Parkview

Health,

Series

2018A,

4.000%,

11/01/48

11/28

at

100.00

812,477

4,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

DePauw

University

Project,

Series

2022A,

5.000%,

7/01/42

7/32

at

100.00

4,173,010

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

3,837,452

520

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Seven

Oaks

Classical

School

Project,

Series

2021A,

5.000%,

6/01/51

6/31

at

100.00

457,300

4,195

Indiana

Finance

Authority,

Health

System

Revenue

Bonds,

Franciscan

Alliance,

Inc

Obligated

Group,

Series

2016B,

5.000%,

11/01/41

11/25

at

100.00

4,244,913

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

:

500

5.000%,

11/01/30

5/29

at

100.00

518,680

1,020

5.000%,

11/01/31

5/29

at

100.00

1,052,799

435

5.000%,

11/01/32

5/29

at

100.00

447,601

1,110

5.000%,

11/01/33

5/29

at

100.00

1,140,022

760

5.000%,

11/01/34

5/29

at

100.00

780,406

665

5.000%,

11/01/35

5/29

at

100.00

683,270

235

4.000%,

11/01/36

5/29

at

100.00

228,735

1,125

4.000%,

11/01/43

5/29

at

100.00

1,052,721

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Reid

Health

Series

2022

:

1,785

5.000%,

1/01/42

-

AGM

Insured

1/32

at

100.00

1,893,286

1,700

5.000%,

1/01/52

-

AGM

Insured

1/32

at

100.00

1,763,410

Indiana

Finance

Authority,

Indiana,

Health

Facilities

Project

Revenue

Bonds,

Margaret

Mary

Health

Project,

Series

2024A

:

1,635

5.000%,

3/01/32

No

Opt.

Call

1,741,611

1,805

5.000%,

3/01/34

No

Opt.

Call

1,939,857

2,485

5.500%,

3/01/44

3/34

at

100.00

2,677,304

3,845

5.750%,

3/01/54

3/34

at

100.00

4,166,961

785

Indiana

Housing

and

Community

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2024A-1,

4.650%,

7/01/49

1/33

at

100.00

788,330

3,000

Indiana

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

2022A,

5.500%,

1/01/47

1/32

at

100.00

3,320,606

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

1,088,114

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

20

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

INDIANA

(continued)

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Airport

Authority

Project

Revenue

Bonds,

Series

2023I-2

:

$

500

5.250%,

1/01/42,

(AMT)

1/33

at

100.00

$

543,239

500

5.250%,

1/01/43,

(AMT)

1/33

at

100.00

540,936

1,030

5.250%,

1/01/48,

(AMT)

1/33

at

100.00

1,102,043

2,235

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Circle

City

Forward

Phase

II

Project

Revenue

Bonds,

Series

2023B,

5.250%,

2/01/48

8/33

at

100.00

2,465,355

5,850

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Ad

Valorem

Property

Tax

Funded

Project

Series

2023D,

6.000%,

2/01/48

2/33

at

100.00

6,808,743

IPS

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Revenue

Bonds,

Social

Series

2022

:

630

5.500%,

7/15/37

7/32

at

100.00

732,264

500

5.500%,

7/15/39

7/32

at

100.00

575,777

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

3,415,818

3,500

5.500%,

7/15/38

7/32

at

100.00

4,003,050

1,280

5.500%,

7/15/40

7/32

at

100.00

1,446,106

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

1,282,054

4,000

Terre

Haute

Sanitary

District,

Indiana,

Revenue

Bonds,

Bond

Anticipation

Notes

Series

2023,

5.250%,

9/28/28

8/24

at

100.00

4,000,515

Tippecanoe

County

NSE08

School

Building

Corporation,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2023B

:

465

6.000%,

7/15/41

7/33

at

100.00

553,998

1,325

6.000%,

1/15/43

7/33

at

100.00

1,566,582

1,050

Warrick

County

School

Corporation,

Indiana,

General

Obligation

Bonds,

Series

2023,

5.000%,

1/15/25

No

Opt.

Call

1,055,066

TOTAL

INDIANA

80,192,905

IOWA

-

0.2%

3,000

PEFA

Inc.,

Public

Energy

Facilities

Authority,

Inc.,

Iowa,

Gas

Project

Revenue

Bonds,

Series

2019,

5.000%,

9/01/49

6/26

at

100.62

3,062,896

TOTAL

IOWA

3,062,896

KANSAS

-

0.6%

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

1,041,618

Kansas

Independent

College

Finance

Authority,

Revenue

Anticipation

Notes,

Private

Education

Short-Term

Loan

Program,

Series

2024A,

B,

and

C

:

525

8.150%,

5/01/25

No

Opt.

Call

533,385

1,000

8.500%,

5/01/25

No

Opt.

Call

1,015,603

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

208,827

1,500

Marion

County

Unified

School

District

410

Marion-Durham-Hillsboro-

Lehigh,

Kansas,

General

Obligation

Bonds,

Series

2024,

4.000%,

9/01/44

-

AGM

Insured

9/33

at

100.00

1,478,233

2,700

Unified

School

District

No.

491,

Douglas

County.

Kansas,

General

Obligation

Bonds,

Refunding

and

School

Building,

Eudora

Series

2023A,

5.000%,

9/01/42

-

AGM

Insured

9/32

at

100.00

2,918,827

21

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

KANSAS

(continued)

$

2,350

University

of

Kansas

Hospital

Authority,

Health

Facilities

Revenue

Bonds,

KU

Health

System,

Refunding

&

Improvement

Series

2015,

5.000%,

9/01/33

9/25

at

100.00

$

2,390,347

TOTAL

KANSAS

9,586,840

KENTUCKY

-

0.1%

1,250

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

127,

Series

2022A,

5.250%,

6/01/39

6/32

at

100.00

1,405,487

TOTAL

KENTUCKY

1,405,487

LOUISIANA

-

2.1%

4,000

Greater

New

Orleans

Expressway

Commission,

Louisiana,

Toll

Revenue

Bonds,

Subordinate

Lien

Series

2017,

5.000%,

11/01/42

-

AGM

Insured

11/25

at

100.00

4,053,926

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

5,198,488

200

(c)

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Lincoln

Preparatory

School

Project,

Series

2021A,

5.000%,

6/01/31

No

Opt.

Call

196,359

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

2,070,109

2,000

5.000%,

5/15/34

5/27

at

100.00

2,068,695

2,640

5.000%,

5/15/35

5/27

at

100.00

2,727,658

2,000

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Loyola

University

of

New

Orleans

Project,

Refunding

Series

2023A,

5.000%,

10/01/43

4/33

at

100.00

2,098,820

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

3,955,659

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

408,740

500

5.000%,

1/01/35,

(AMT)

1/27

at

100.00

510,759

355

5.000%,

1/01/36,

(AMT)

1/27

at

100.00

362,296

500

(c)

Plaquemines

Port,

Harbor

and

Terminal

District,

Louisiana,

Facilities

Revenue

Bonds,

NOLA

Terminal

LLC

Project

Dock

and

Wharf

Series

2024A,

9.000%,

12/01/44

12/34

at

100.00

498,966

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

3,113,732

860

5.000%,

4/01/38

-

AGM

Insured,

(AMT)

4/28

at

100.00

893,036

4,900

Saint

John

the

Baptist

Parish

School

District

1,

Louisiana,

General

Obligation

Bonds,

Series

2023,

5.250%,

3/01/37

3/33

at

100.00

5,373,369

TOTAL

LOUISIANA

33,530,612

MAINE

-

0.2%

Bath,

Maine,

General

Obligation

Bonds,

Series

2024

:

1,500

4.000%,

5/01/44

5/34

at

100.00

1,497,293

1,000

4.000%,

5/01/49

5/34

at

100.00

978,637

500

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Series

2022C,

5.500%,

7/01/38

-

AGM

Insured

7/32

at

100.00

566,110

700

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Series

2023A,

5.000%,

7/01/42

-

AGM

Insured

7/33

at

100.00

760,918

TOTAL

MAINE

3,802,958

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

22

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

MARYLAND

-

0.3%

$

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

$

255,919

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

4,758,309

TOTAL

MARYLAND

5,014,228

MASSACHUSETTS

-

0.5%

3,280

Massachusetts

State,

General

Obligation

Bonds,

Refunding

Series

2023B,

5.000%,

5/01/43

5/33

at

100.00

3,647,922

4,000

Massachusetts

State,

General

Obligation

Bonds,

Refunding

Series

2024A,

5.000%,

3/01/40

3/34

at

100.00

4,564,593

TOTAL

MASSACHUSETTS

8,212,515

MICHIGAN

-

2.9%

1,090

Belding

School

District,

Ionia,

Kent

and

Montcalm

Counties,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2022,

5.250%,

5/01/48

5/32

at

100.00

1,180,635

5,000

Flat

Rock

Community

School

District,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Refunding

School

Building

and

Site

Series

2023,

5.250%,

5/01/52

5/32

at

100.00

5,422,655

5

(d)

Kalamazoo

Hospital

Finance

Authority,

Michigan,

Hospital

Revenue

Bonds,

Bronson

Healthcare

Group,

Inc.,

Refunding

Series

2016,

5.000%,

5/15/26,

(ETM)

No

Opt.

Call

5,164

4,000

Lansing,

Ingham

and

Eaton

Counties,

Michigan,

General

Obligation

Bonds,

Refunding

&

Capital

Improvement

Series

2023B,

5.000%,

6/01/42

-

AGM

Insured

6/33

at

100.00

4,389,275

825

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

McLaren

Health

Care,

Refunding

Series

2015B,

5.000%,

5/15/34

5/25

at

100.00

832,650

2,500

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

McLaren

Health

Care,

Series

2019A,

5.000%,

2/15/32

8/29

at

100.00

2,676,083

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2022A

:

3,600

(d)

5.000%,

11/15/33,

(Pre-refunded

11/15/32)

11/32

at

100.00

4,087,412

3,785

(d)

5.000%,

11/15/34,

(Pre-refunded

11/15/32)

11/32

at

100.00

4,297,460

3,975

(d)

5.000%,

11/15/35,

(Pre-refunded

11/15/32)

11/32

at

100.00

4,513,185

4,460

Michigan

Finance

Authority,

Local

Government

Loan

Program

Revenue

Bonds,

Detroit

Financial

Recovery

Income

Tax

Local

Project,

Refunding

Series

2014F-1,

4.500%,

10/01/29

10/24

at

100.00

4,462,716

375

(c)

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

7/27

at

100.00

301,327

1,000

Michigan

Mathematics

&

Science

Initiative,

Michigan,

Public

School

Academy

Revenue

Bonds,

Series

2021,

4.000%,

1/01/51

1/31

at

100.00

851,616

3,075

Michigan

State

University,

General

Revenue

Bonds,

Series

2024A,

5.250%,

8/15/43

8/34

at

100.00

3,499,272

5,000

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A,

4.000%,

11/15/44

11/31

at

100.00

4,989,824

3,000

Wyoming

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023,

5.000%,

5/01/43

-

AGM

Insured

5/33

at

100.00

3,261,046

TOTAL

MICHIGAN

44,770,320

23

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

MINNESOTA

-

0.6%

$

4,580

Forest

Lake,

Minnesota

Charter

School

Lease

Revenue

Bonds,

North

Lakes

Academy,

Refunding

Series

2021A,

5.000%,

7/01/41

7/31

at

100.00

$

4,339,363

305

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

4.500%,

8/01/26

9/24

at

100.00

305,035

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

1,884,877

1,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2022M,

5.100%,

7/01/42

1/32

at

100.00

1,063,876

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

1,014,499

750

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Charter

School

Revenue

Bonds,

Higher

Ground

Academy

Charter

School,

Series

2023,

5.500%,

12/01/38

12/29

at

102.00

792,519

TOTAL

MINNESOTA

9,400,169

MISSISSIPPI

-

1.3%

3,180

Medical

Center

Educational

Building

Corporation,

Mississippi,

Revenue

Bonds,

University

of

Mississippi

Medical

Center,

Colony

Park

Teaching

Campus,

Series

2023A,

5.000%,

6/01/42

6/33

at

100.00

3,454,503

5,000

Mississippi

Home

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2023C,

4.550%,

12/01/43

6/32

at

100.00

5,049,183

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

4,044,550

8,500

5.000%,

9/01/46

9/26

at

100.00

8,561,209

TOTAL

MISSISSIPPI

21,109,445

MISSOURI

-

2.8%

2,500

(c)

Lee's

Summit,

Missouri,

Special

Obligation

Tax

Increment

and

Special

District

Improvement

Bonds,

Summit

Fair

Project,

Refunding

Series

2017,

4.875%,

11/01/37

11/27

at

100.00

2,338,968

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

2,148,963

4,000

Missouri

Development

Finance

Board,

Revenue

Bonds,

Zoo

Projects,

Series

2022,

5.500%,

5/01/42

5/32

at

100.00

4,424,363

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

2,899,187

10,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2012,

4.000%,

11/15/42

9/24

at

100.00

9,698,930

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

662,601

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

2,468,569

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

2,571,115

10,000

Saint

Louis,

Missouri,

Airport

Revenue

Bonds,

Lambert-St.

Louis

International

Airport,

Series

2024A,

5.250%,

7/01/49

-

AGM

Insured

7/34

at

100.00

11,083,590

253

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Notes,

Marquette

Building

Redevelopment

Project,

Series

2008-A,

6.500%,

1/23/28

9/24

at

100.00

103,730

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

24

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

MISSOURI

(continued)

$

510

(c)

Taney

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Improvement

Bonds,

Big

Cedar

Infrastructure

Project

Series

2023,

6.000%,

10/01/49

10/30

at

100.00

$

513,520

1,060

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

4.500%,

6/01/36

6/26

at

100.00

1,065,837

2,340

Universal

City

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Tax

Increment

and

Special

District

Markets

at

Olive

Project

Series

2023A,

4.875%,

6/15/36

6/33

at

100.00

2,379,895

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

706,745

TOTAL

MISSOURI

43,066,013

MONTANA

-

1.2%

3,000

Montana

Board

of

Housing,

Single

Family

Mortgage

Bonds,

Series

2023A,

4.450%,

12/01/43

12/32

at

100.00

3,010,345

1,220

Montana

Facility

Finance

Authority,

Hospital

Revenue

Bonds,

Benefis

Health

System

Obligated

Group,

Refunding

Series

2016,

5.000%,

2/15/31

2/27

at

100.00

1,254,831

5,000

Montana

Facility

Finance

Authority,

Revenue

Bonds,

Billings

Clinic

Obligated

Group,

Series

2018A,

5.000%,

8/15/48

8/28

at

100.00

5,125,877

8,720

Montana

State

Board

of

Regents

of

Higher

Education,

General

Revenue

Bonds,

Series

2022,

5.250%,

11/15/52

-

AGM

Insured

11/32

at

100.00

9,532,142

TOTAL

MONTANA

18,923,195

NEBRASKA

-

1.0%

Douglas

County

Hospital

Authority

2,

Nebraska,

Health

Facilities

Revenue

Bonds,

Children's

Hospital

Obligated

Group,

Series

2017

:

1,045

5.000%,

11/15/36

5/27

at

100.00

1,086,556

1,070

5.000%,

11/15/37

5/27

at

100.00

1,110,836

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

1,935,834

1,750

Douglas

County

Sanitary

and

Improvement

District

608

North

Streams,

Nebraska,

General

Obligation

Bonds,

Series

2022,

5.750%,

12/15/37

6/27

at

100.00

1,654,849

1,045

Douglas

County

Sanitary

and

Improvement

District

608

North

Streams,

Nebraska,

General

Obligation

Bonds,

Series

2023,

7.000%,

10/15/38

4/28

at

100.00

1,044,855

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

526,372

2,500

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2023G,

5.150%,

9/01/43

9/32

at

100.00

2,629,011

3,000

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2024A,

4.500%,

9/01/44

3/33

at

100.00

3,003,768

2,800

Southeast

Community

College

Area,

Nebraska,

Certificates

of

Participation,

Series

2018,

5.000%,

12/15/47

6/28

at

100.00

2,953,864

TOTAL

NEBRASKA

15,945,945

NEVADA

-

1.6%

Clark

County

Water

Reclamation

District,

Nevada,

General

Obligation

Water

Bonds,

Limited

Tax

Series

2023

:

2,425

5.000%,

7/01/41

7/33

at

100.00

2,714,789

12,335

5.000%,

7/01/47

7/33

at

100.00

13,468,429

4,000

Clark

County,

Nevada  Airport

Revenue

Bonds,

Senior

Series

2015A,

5.000%,

7/01/40

7/25

at

100.00

4,038,324

25

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

NEVADA

(continued)

$

2,000

Clark

County,

Nevada,

Airport

Revenue

Bonds,

Jet

Aviation

Fuel

Tax,

Refunding

Series

2022A,

5.000%,

7/01/26,

(AMT)

No

Opt.

Call

$

2,065,030

775

Henderson,

Nevada,

Local

Improvement

Bonds,

Local

Improvement

District

T-22

Rainbow

Canyon

Phase

II,

Series

2023,

5.000%,

3/01/38

3/33

at

100.00

789,736

600

Las

Vegas

Special

Improvement

District

613,

Nevada,

Local

Improvement

Bonds,

Sunstone

Phases

III

and

IV

Series

2024,

5.500%,

12/01/53

12/34

at

100.00

606,405

870

Las

Vegas,

Nevada,

Local

Improvement

Bonds,

Special

Improvement

District

812

Summerlin

Village

24,

Series

2015,

4.250%,

12/01/24

No

Opt.

Call

870,853

TOTAL

NEVADA

24,553,566

NEW

HAMPSHIRE

-

1.0%

670

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Catholic

Medical

Center,

Series

2017,

5.000%,

7/01/44

7/27

at

100.00

670,033

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

4,171,987

9,455

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

University

System

of

New

Hampshire,

Series

2015,

5.000%,

7/01/40

7/25

at

100.00

9,516,979

1,350

New

Hampshire

Housing

Finance

Authority,

Single

Family

Mortgage

Acquisition

Bonds,

Social

Series

2023B,

4.450%,

7/01/43

7/32

at

100.00

1,354,095

TOTAL

NEW

HAMPSHIRE

15,713,094

NEW

JERSEY

-

2.2%

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023A

:

3,920

5.000%,

8/15/49

8/33

at

100.00

4,302,048

2,715

5.000%,

8/15/53

8/33

at

100.00

2,963,071

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

5,901,626

1,500

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013,

5.125%,

1/01/39

-

AGM

Insured,

(AMT)

9/24

at

100.00

1,501,472

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017

:

1,800

5.000%,

10/01/24,

(AMT)

No

Opt.

Call

1,802,296

3,500

5.000%,

10/01/37,

(AMT)

10/27

at

100.00

3,615,571

2,235

5.000%,

10/01/47,

(AMT)

10/27

at

100.00

2,270,794

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

5,254,080

2,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018B,

3.800%,

10/01/32,

(AMT)

10/27

at

100.00

1,963,895

1,700

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC,

5.250%,

6/15/36

12/32

at

100.00

1,940,352

1,700

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009C,

5.250%,

6/15/32

12/24

at

100.00

1,709,097

200

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA,

5.250%,

6/15/32

6/25

at

100.00

202,909

1,300

South

Jersey

Port

Corporation,

New

Jersey,

Marine

Terminal

Revenue

Bonds,

Subordinate

Series

2017B,

5.000%,

1/01/35,

(AMT)

1/28

at

100.00

1,351,292

TOTAL

NEW

JERSEY

34,778,503

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

26

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

NEW

MEXICO

-

0.1%

$

1,980

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2023D,

5.150%,

9/01/43

9/32

at

100.00

$

2,109,919

TOTAL

NEW

MEXICO

2,109,919

NEW

YORK

-

7.8%

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

395,505

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

402,945

Build

New

York

Resource

Corporation

Revenue

Bonds,

East

Harlem

Scholars

Academy

Charter

School

Project,

Series

2022

(Social

Bonds)

:

400

(c)

5.000%,

6/01/32

6/30

at

100.00

422,952

1,250

(c)

5.750%,

6/01/42

6/30

at

100.00

1,333,919

1,335

Dormitory

Authority

of

the

State

of

New

York,

Columbia

University

Revenue

Bonds,

Series

2020A,

5.000%,

10/01/50

No

Opt.

Call

1,582,649

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

844,600

500

5.000%,

7/01/38

7/30

at

100.00

535,129

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

707,851

525

5.000%,

7/01/34

7/29

at

100.00

508,231

925

4.000%,

7/01/38

7/29

at

100.00

792,063

800

5.000%,

7/01/41

7/29

at

100.00

764,764

9,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Icahn

School

of

Medicine

at

Mount

Sinai,

Refunding

Series

2015A,

5.000%,

7/01/32

7/25

at

100.00

9,051,264

5,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Memorial

Sloan

Kettering

Cancer

Center

Series

2022-1A,

4.000%,

7/01/51

7/32

at

100.00

4,859,078

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

2,539,182

470

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A,

5.000%,

9/01/28

No

Opt.

Call

485,124

300

(c)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017,

5.000%,

12/01/29

6/27

at

100.00

298,142

1,575

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005,

5.250%,

10/01/35

No

Opt.

Call

1,830,817

580

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

694,161

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

1,016,275

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

1,990,802

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2020A

:

600

5.000%,

12/01/24

No

Opt.

Call

601,999

750

5.000%,

12/01/25

No

Opt.

Call

760,743

2,011

Nassau

County

Tobacco

Settlement

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2006A-2,

5.250%,

6/01/26

8/24

at

100.00

1,982,060

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

NEW

YORK

(continued)

$

370

New

Rochelle

Corporation,

New

York,

Local

Development

Revenue

Bonds,

Iona

College

Project,

Series

2015A,

5.000%,

7/01/32

7/25

at

100.00

$

373,888

3,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

B-1,

5.000%,

8/01/36

8/26

at

100.00

3,087,285

2,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2025

Subseries

Series

A-1,

5.000%,

11/01/39

11/34

at

100.00

2,290,027

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

2,885,526

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

5,675,664

6,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2023E-1,

5.000%,

11/01/40

5/33

at

100.00

6,715,258

4,035

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2024A-1,

5.000%,

5/01/44

5/33

at

100.00

4,450,283

7,090

(c)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014,

5.000%,

11/15/44

11/24

at

100.00

7,097,104

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

Pooled

Loan

Issue,

Series

2005B

:

500

(d)

5.500%,

10/15/27,

(ETM)

No

Opt.

Call

536,248

1,000

(d)

5.500%,

4/15/35,

(ETM)

No

Opt.

Call

1,182,656

500

New

York

State

Power

Authority,

Green

Transmission

Project

Revenue

Bonds,

Green

Series

2023A,

5.250%,

11/15/42

-

AGM

Insured

11/33

at

100.00

579,317

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

1

Project,

Green

Series

2024

:

1,785

5.250%,

6/30/43,

(AMT)

6/33

at

100.00

1,916,242

2,600

5.500%,

6/30/54,

(AMT)

6/33

at

100.00

2,776,035

1,980

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

1

John

F

Kennedy

International

Airport

Project,

Green

Series

2023,

5.500%,

6/30/44

-

AGM

Insured,

(AMT)

6/31

at

100.00

2,145,766

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022

:

8,500

5.000%,

12/01/31,

(AMT)

No

Opt.

Call

9,174,726

1,660

5.000%,

12/01/42,

(AMT)

12/32

at

100.00

1,738,455

2,750

Niagara

Frontier

Transportation

Authority,

New

York,

Airport

Revenue

Bonds,

Buffalo

International

Airport,

Series

2014A,

5.000%,

4/01/25,

(AMT)

9/24

at

100.00

2,751,097

7,390

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Eighty-Sixth

Series

2014,

5.000%,

10/15/44,

(AMT)

10/24

at

100.00

7,402,202

4,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eighteen

Series

2019,

5.000%,

11/01/44,

(AMT)

11/29

at

100.00

4,140,230

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

821,335

7,625

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-City

Sales

Tax,

Series

2022A,

5.250%,

5/15/52

11/32

at

100.00

8,349,896

7,165

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-City

Sales

Tax,

Series

2024A-1,

5.250%,

5/15/59

5/34

at

100.00

7,898,614

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

28

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

NEW

YORK

(continued)

$

1,360

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Series

2023,

5.750%,

11/01/48

-

AGM

Insured

11/33

at

100.00

$

1,524,295

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

987,282

1,155

Yonkers,

New

York,

General

Obligation

Bonds,

Serial

Series

2022F,

5.000%,

11/15/38

-

BAM

Insured

11/32

at

100.00

1,294,303

TOTAL

NEW

YORK

122,193,989

NORTH

CAROLINA

-

0.4%

1,000

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Refunding

Series

2017B,

5.000%,

7/01/42,

(AMT)

7/27

at

100.00

1,022,046

1,090

Greater

Asheville

Regional

Airport

Authority,  North

Carolina,

Airport

System

Revenue

Bonds,

Series

2023,

5.250%,

7/01/42

-

AGM

Insured,

(AMT)

7/33

at

100.00

1,193,204

1,300

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds,

Series

2022A,

5.250%,

7/01/39

-

AGM

Insured,

(AMT)

7/32

at

100.00

1,429,770

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds,

Series

2023

:

430

5.250%,

7/01/41

-

AGM

Insured,

(AMT)

7/33

at

100.00

472,588

620

5.250%,

7/01/43

-

AGM

Insured,

(AMT)

7/33

at

100.00

675,685

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

1,572,607

500

5.000%,

1/01/49

1/30

at

100.00

519,422

TOTAL

NORTH

CAROLINA

6,885,322

NORTH

DAKOTA

-

0.7%

2,580

North

Dakota

Board

of

Higher

Education,

Housing

and

Auxiliary

Facilities

Revenue

Bonds,

Bismarck

State

College,

Series

2024,

5.000%,

5/01/49

-

AGM

Insured,

(WI/DD)

5/33

at

100.00

2,752,719

1,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2023D,

4.500%,

7/01/43

7/32

at

100.00

1,006,291

5,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2024C,

4.650%,

7/01/44

7/33

at

100.00

5,064,535

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

1,494,046

TOTAL

NORTH

DAKOTA

10,317,591

OHIO

-

1.7%

925

Beachwood

City

School

District,

Cuyahoga

County,

Ohio,

General

Obligation

Bonds,  School

Improvement

Series

2023,

4.125%,

12/01/60

6/30

at

100.00

897,578

1,315

Brunswick

City

School

District,

Medina

County,

Ohio,

General

Obligation

Bonds,

Classroom

Facilities

School

Improvement

Series

2023,

5.250%,

12/01/53

-

BAM

Insured

6/31

at

100.00

1,415,642

3,700

(c)

Columbus-Franklin

County

Finance

Authority,

Ohio,

Revenue

Bonds,

Bridge

Park

G

Block

Project,

Public

Infrastructure

Series

2022,

5.000%,

12/01/53

12/29

at

100.00

3,711,242

1,000

Dayton,

Ohio,

Water

System

Revenue

Bonds,

Series

2022,

5.500%,

12/01/42

12/30

at

100.00

1,110,133

2,000

Franklin

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

OhioHealth

Corporation,

Series

2015,

5.000%,

5/15/35

5/25

at

100.00

2,023,360

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

OHIO

(continued)

$

420

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013,

5.000%,

2/15/27

9/24

at

100.00

$

420,027

5,000

New

Albany

Plain

Local

Joint

Park

District,

Franklin

and

Licking

Counties,

Ohio,

General

Obligation

Bonds,

Park

Facilities

Series

2023,

5.500%,

12/01/48

-

BAM

Insured

12/32

at

100.00

5,553,549

1,150

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Refunding

Series

2009D,

3.375%,

8/01/29

No

Opt.

Call

1,120,289

1,730

Ohio

State,

Hospital

Revenue

Bonds,

Children's

Hospital

Medical

Center

of

Akron,

Series

2024A,

5.250%,

8/14/48

8/34

at

100.00

1,914,544

1,700

Summit

County

Development

Finance

Authority,

Ohio,

Parking

System

Revenue

Bonds,

University

of

Akron

Parking

Project

Series

2023,

5.500%,

12/01/43

12/33

at

100.00

1,856,732

5,000

Washington

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Memorial

Health

System

Obligated

Group,

Series

2022,

6.375%,

12/01/37

12/32

at

100.00

5,459,415

635

West

Holmes

Local

School

District,

Ohio,

Certificates

of

Participation,

Series

2023,

5.250%,

12/01/44

-

BAM

Insured

12/31

at

100.00

693,604

TOTAL

OHIO

26,176,115

OKLAHOMA

-

0.5%

Clinton

Public

Works

Authority,  Oklahoma,

Educational

Facilities,

Lease

Revenue

Bonds,

Series

2022

:

2,145

5.000%,

10/01/33

10/32

at

100.00

2,318,092

1,925

5.000%,

10/01/35

10/32

at

100.00

2,078,190

2,000

Grand

River

Dam

Authority,

Oklahoma,

Revenue

Bonds,

Refunding

Series

2024A,

5.000%,

6/01/42

6/34

at

100.00

2,242,762

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

795,004

TOTAL

OKLAHOMA

7,434,048

OREGON

-

0.7%

Astoria

Hospital

Facilities

Authority,

Oregon,

Hospital

Revenue

Bonds,

Columbia

Memorial

Hospital

Project,

Series

2024

:

1,625

5.250%,

8/01/41

2/34

at

100.00

1,787,944

1,635

5.250%,

8/01/42

2/34

at

100.00

1,792,800

1,375

5.250%,

8/01/43

2/34

at

100.00

1,500,659

525

(f)

Oregon

Coast

Community

College

District,

Lincoln

County,

Oregon,

General

Obligation

Bonds,

Convertible

Deferred

Interest

Series

2024,

0.000%,

6/15/43,

(WI/DD)

6/34

at

100.00

544,711

Oregon

Facilities

Authority

Charter

School

Revenue

Bonds,

Oregon,

Portland

Village

School

Project,

Series

2024

:

1,600

(c)

6.500%,

12/15/44

12/34

at

100.00

1,619,088

1,300

(c)

6.750%,

12/15/54

12/34

at

100.00

1,308,036

West

Linn,

Oregon,

General

Obligation

Bonds,

Series

2023

:

1,530

4.000%,

6/01/41

6/32

at

100.00

1,548,625

1,465

4.000%,

6/01/43

6/32

at

100.00

1,469,978

TOTAL

OREGON

11,571,841

PENNSYLVANIA

-

2.1%

100

(c)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2018,

5.000%,

5/01/33

5/28

at

100.00

102,009

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017

:

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

30

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

PENNSYLVANIA

(continued)

$

50

5.000%,

11/01/37

11/27

at

100.00

$

32,000

160

4.000%,

11/01/47

11/27

at

100.00

102,400

Cumberland

Valley

School

District,

Cumberland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A

:

1,000

5.000%,

11/15/44

-

AGM

Insured

11/32

at

100.00

1,094,016

1,420

5.000%,

11/15/47

-

AGM

Insured

11/32

at

100.00

1,530,684

1,000

Hatboro-Horsham

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A,

5.250%,

9/15/47

9/31

at

100.00

1,090,188

3,500

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A,

5.000%,

9/01/30

9/28

at

100.00

3,677,546

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

6,424,163

4,500

5.250%,

6/30/35,

(AMT)

12/32

at

100.00

4,908,607

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

959,393

2,500

Pennsylvania

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Refunding

Series

2015A,

5.250%,

9/01/50

3/25

at

100.00

2,509,039

1,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2023-143A,

4.800%,

4/01/35

4/33

at

100.00

1,060,928

3,000

Pennsylvania

State,

General

Obligation

Bonds,

First

Series

2023,

4.000%,

9/01/42

9/33

at

100.00

3,017,098

2,500

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2022B,

5.250%,

12/01/47

12/32

at

100.00

2,745,123

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

1,896,304

1,215

South

Western

School

District

of

York

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023,

5.250%,

2/15/50

2/31

at

100.00

1,301,334

TOTAL

PENNSYLVANIA

32,450,832

SOUTH

CAROLINA

-

1.6%

1,150

Aiken

Water

&

Sewer

System,

South

Carolina,

Revenue

Bonds,

Series

2024A,

4.000%,

8/01/49

8/33

at

100.00

1,132,083

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

844,396

3,000

South

Carolina

Housing

Finance

and

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Edgewood

Place

Apartments

Series

2023A,

4.800%,

7/01/45

No

Opt.

Call

3,082,605

180

(c),(d)

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

York

Preparatory

Academy

Project,

Series

2014A,

7.000%,

11/01/33,

(Pre-refunded

11/01/24)

11/24

at

100.00

181,529

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

:

5,000

5.500%,

11/01/45

5/34

at

100.00

5,707,894

4,000

5.500%,

11/01/46

5/34

at

100.00

4,548,994

3,265

5.500%,

11/01/50

5/34

at

100.00

3,677,671

3,500

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022B,

4.000%,

12/01/49

6/32

at

100.00

3,317,933

31

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SOUTH

CAROLINA

(continued)

$

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

$

965,518

1,325

Spartanburg

County

School

District

4,

South

Carolina,

General

Obligation

Bonds,

Series

2022A,

5.000%,

3/01/47

3/32

at

100.00

1,439,209

TOTAL

SOUTH

CAROLINA

24,897,832

SOUTH

DAKOTA

-

0.7%

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

1,693,364

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

2,192,790

8,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Avera

Health,

Refunding

Series

2017,

4.000%,

7/01/42

7/27

at

100.00

7,728,298

TOTAL

SOUTH

DAKOTA

11,614,452

TENNESSEE

-

0.6%

2,050

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/49

8/29

at

100.00

2,119,500

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

1,439,078

Knox

County

Health,

Educational,

and

Housing

Facilities

Board,

Revenue

Bonds,

Provident

Group

-

UTK

Properties

LLC

-

University

of

Tennessee

Project,

Student

Housing

Series

2024A-1

:

685

5.000%,

7/01/43

-

BAM

Insured

7/33

at

100.00

738,596

665

5.000%,

7/01/44

-

BAM

Insured

7/33

at

100.00

714,617

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022A

:

1,100

5.250%,

7/01/34,

(AMT)

7/32

at

100.00

1,220,629

1,300

5.500%,

7/01/37,

(AMT)

7/32

at

100.00

1,474,165

2,160

Tennessee

State

School

Bond

Authority,

Higher

Educational

Facilities

Second

Program

Bonds,

Series

2022A,

5.000%,

11/01/47

11/32

at

100.00

2,348,652

TOTAL

TENNESSEE

10,055,237

TEXAS

-

6.4%

500

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Great

Hearts

America

-

Texas,

Series

2024A,

5.000%,

8/15/49

8/27

at

100.00

501,242

685

(c)

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2022A,

6.000%,

2/15/42

2/30

at

100.00

684,978

645

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education,

Series

2016A,

5.000%,

12/01/51

12/26

at

100.00

645,297

500

Austin

Independent

School

District,

Travis

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023,

4.000%,

8/01/48

2/33

at

100.00

484,789

4,300

Austin

Independent

School

District,

Travis

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2024,

5.250%,

8/01/49

8/34

at

100.00

4,818,432

4,300

Austin,

Texas,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Forward

Delivery

Series

2023,

5.000%,

11/15/42

5/33

at

100.00

4,754,049

360

(d)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

5.000%,

1/01/35,

(Pre-refunded

7/01/25)

7/25

at

100.00

366,715

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

32

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TEXAS

(continued)

$

550

(c)

City

of

Midlothian,

Texas,

Westside

Preserve

Public

Improvement

District

Improvement

Area

#1

Project,

Special

Assessment

Revenue

Bonds,

Series

2022,

5.250%,

9/15/42

9/32

at

100.00

$

545,133

3,000

Collin

County,

Texas,

General

Obligation

Bonds,

Limited

Tax

Permanent

Improvement

Series

2023,

5.000%,

2/15/40

2/33

at

100.00

3,340,255

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

3,578,234

3,055

Dallas

Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Refunding

Series

2022B,

5.000%,

11/01/40

11/32

at

100.00

3,391,864

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2021B

:

70

(d)

5.000%,

9/01/24,

(ETM)

No

Opt.

Call

70,090

75

(d)

5.000%,

9/01/25,

(ETM)

No

Opt.

Call

76,364

276

(d)

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2021C,

4.000%,

9/01/44,

(Pre-refunded

9/01/31)

9/31

at

100.00

291,365

Galveston,

Texas,

Wharves

and

Terminal

First

Lien

Revenue

Bonds,

Series

2024A

:

650

5.500%,

8/01/40,

(AMT),

(WI/DD)

8/33

at

100.00

715,512

600

5.500%,

8/01/41,

(AMT),

(WI/DD)

8/33

at

100.00

656,684

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

1,215,147

955

4.500%,

9/01/32

9/27

at

100.00

943,468

5,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Memorial

Hermann

Health

System,

Series

2022A,

5.000%,

7/01/52

7/32

at

100.00

5,251,560

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

1,412,595

2,255

Highland

Park

Independent

School

District,

Potter

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023,

5.250%,

2/15/41

2/33

at

100.00

2,552,955

5,000

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2023A,

5.250%,

7/01/41

-

AGM

Insured,

(AMT)

7/33

at

100.00

5,495,203

1,200

Irving

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023,

5.000%,

2/15/41

8/32

at

100.00

1,334,931

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

1,410,159

1,500

Love

Field

Airport

Modernization

Corporation,

Texas,

General

Airport

Revenue

Bonds,

Refunding

Series

2021,

5.000%,

11/01/29,

(AMT)

No

Opt.

Call

1,597,946

1,500

(c)

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

4.625%,

10/01/31,

(AMT)

8/24

at

103.00

1,498,553

1,060

Montgomery

County

Toll

Road

Authority,

Texas,

Toll

Road

Revenue

Bonds,

Senior

Lien

Series

2018,

5.000%,

9/15/31

9/25

at

100.00

1,073,355

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

603,752

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

:

750

(e)

5.000%,

7/01/30

7/25

at

100.00

729,375

1,500

(e)

5.000%,

7/01/33

No

Opt.

Call

1,268,996

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TEXAS

(continued)

$

1,270

Reagan

Hospital

District

of

Reagan

County,

Texas,

Limited

Tax

Revenue

Bonds,

Series

2014A,

5.000%,

2/01/29

9/24

at

100.00

$

1,267,086

165

(d)

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

166,557

5,455

San

Antonio,

Texas,

Electric

and

Gas

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

2/01/42

2/27

at

100.00

5,618,154

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

2,423,907

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

4,038,180

6,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Texas

Health

Resources

System,

Series

2016A,

5.000%,

2/15/47

8/26

at

100.00

6,094,897

2,250

Tarrant

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Limited

Tax

Series

2023,

5.250%,

8/15/40

8/32

at

100.00

2,479,803

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

5,226,101

5,820

6.000%,

3/01/53

3/32

at

104.76

6,330,640

2,700

Texas

Private

Activity

Bond

Surface

Transpiration

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Refunding

Series

2023,

5.250%,

12/31/36,

(AMT)

6/28

at

103.00

2,925,327

2,450

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding  Series

2020A,

4.000%,

12/31/32

12/30

at

100.00

2,496,702

500

Texas

Public

Finance

Authority,

Revenue

Bonds,

Texas

Southern

University

Financing

System

Series

2023,

5.250%,

5/01/38

-

BAM

Insured

5/33

at

100.00

545,573

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

2,280,915

3,150

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2015C,

5.000%,

8/15/42

11/24

at

100.00

3,164,527

400

(c)

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

9/32

at

100.00

396,002

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

1,656,930

1,240

Viridian

Municipal

Management

District,

Texas,

Revenue

Bonds,

Road

Improvement

Series

2023,

5.000%,

12/01/38

-

AGM

Insured

12/29

at

100.00

1,311,442

TOTAL

TEXAS

99,731,741

UTAH

-

3.8%

265

(c)

Black

Desert

Public

Infrastructure

District,

Washington

County,

Utah,

Special

Assessment

Bonds,

Black

Desert

Assessment

Area

1,

Series

2024,

5.625%,

12/01/53

6/29

at

103.00

273,992

355

(c)

Firefly

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2024A-1,

5.625%,

12/01/43

6/29

at

103.00

367,673

5,995

Herber

Light

and

Power

Company,

Utah,

Electric

Revenue

Bonds,

Series

2023,

5.000%,

12/15/47

-

BAM

Insured

12/32

at

100.00

6,385,286

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

34

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

UTAH

(continued)

Intermountain

Power

Agency,

Utah,

Power

Supply

Revenue

Bonds,

Series

2022A

:

$

4,000

5.000%,

7/01/39

7/31

at

100.00

$

4,431,947

5,000

5.000%,

7/01/40

7/31

at

100.00

5,507,100

5,925

Jordan

Valley

Water

Conservancy

District,

Utah,

Water

Revenue

Bonds,

Series

2024A,

5.000%,

10/01/54

10/31

at

100.00

6,326,309

1,275

(c)

Jordanelle

Ridge

Public

Infrastructure

District

2,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2023A,

7.750%,

3/01/54

12/28

at

103.00

1,296,793

Lehi

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Series

2022

:

4,490

5.250%,

6/15/47

6/32

at

100.00

4,828,003

4,060

5.500%,

6/15/49

6/32

at

100.00

4,425,186

1,955

(c)

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

12/26

at

103.00

1,556,764

1,375

Ogden

City

Municipal

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Series

2023A,

5.000%,

1/15/48

1/33

at

100.00

1,472,491

1,875

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017A,

5.000%,

7/01/34,

(AMT)

7/27

at

100.00

1,927,503

2,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2018A,

5.000%,

7/01/30,

(AMT)

7/28

at

100.00

2,089,606

1,715

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

5.250%,

7/01/43,

(AMT)

7/33

at

100.00

1,854,354

5,000

University

of

Utah,

General

Revenue

Bonds,

Green

Series

2022B,

5.000%,

8/01/41

8/32

at

100.00

5,566,183

145

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Bridge

Elementary

Project,

Series

2021A,

4.000%,

6/15/41

6/28

at

103.00

117,683

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

1,345,926

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

9,709,448

TOTAL

UTAH

59,482,247

VERMONT

-

1.0%

12,000

University

of

Vermont

and

State

Agricultural

College,

General

Obligation

Bonds,

Series

2015,

5.000%,

10/01/40

10/25

at

100.00

12,186,988

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

1,291,450

1,500

5.000%,

12/01/38

6/26

at

100.00

1,522,484

TOTAL

VERMONT

15,000,922

VIRGIN

ISLANDS

-

0.1%

1,540

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/32

No

Opt.

Call

1,631,346

TOTAL

VIRGIN

ISLANDS

1,631,346

VIRGINIA

-

2.2%

8,350

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016,

5.000%,

7/01/46

7/26

at

100.00

8,423,792

1,400

Fredericksburg

Economic

Development

Authority,

Virginia,

Revenue

Bonds,Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2014,

5.000%,

6/15/33

8/24

at

100.00

1,400,495

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

VIRGINIA

(continued)

$

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

$

2,868,485

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

:

415

6.750%,

12/01/53

12/30

at

103.00

456,864

350

6.875%,

12/01/58

12/30

at

103.00

386,435

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

4,786,550

2,200

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A,

6.500%,

9/01/43

9/30

at

103.00

2,503,685

5,875

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

21st

Century

College

&

Equipment

Programs,

Series

2024A,

4.000%,

2/01/40

2/34

at

100.00

6,005,107

815

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Washington

and

Lee

University,

Series

2001,

5.750%,

1/01/34

No

Opt.

Call

995,168

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

1,779,313

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022

:

500

5.000%,

1/01/38,

(AMT)

1/32

at

100.00

528,908

300

5.000%,

6/30/38,

(AMT)

12/32

at

100.00

323,985

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022

:

1,365

4.000%,

1/01/31,

(AMT)

No

Opt.

Call

1,360,975

1,300

4.000%,

1/01/32,

(AMT)

No

Opt.

Call

1,294,838

650

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A,

5.250%,

7/01/53

-

AGM

Insured

7/33

at

100.00

709,590

TOTAL

VIRGINIA

33,824,190

WASHINGTON

-

3.0%

2,500

Grant

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

Quincy

Valley

Medical

Center,

Series

2023,

5.000%,

12/01/38

12/32

at

100.00

2,599,055

5,000

Jefferson

County

Public

Hospital

District

2,

Washington,

Hospital

Revenue

Bonds,

Refunding

Series

2023A,

6.875%,

12/01/53

12/30

at

103.00

5,067,628

King

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

EvergreenHealth,

Limited

Tax

Series

2024

:

1,930

5.000%,

12/01/42

12/33

at

100.00

2,080,698

2,765

5.250%,

12/01/45

12/33

at

100.00

3,012,621

10,270

King

County,

Washington,

Sewer

Revenue

Bonds,

Refunding

Series

2016A,

4.000%,

7/01/40

1/26

at

100.00

10,213,114

4,000

Kitsap

County

School

District

100C

Bremerton,

Washington,

General

Obligation

Bonds,

Series

2024,

5.250%,

12/01/47

6/34

at

100.00

4,466,337

700

Skagit

County

Public

Hospital

District

1,

Washington,

Revenue

Bonds,

Skagit

Regional

Health,

Series

2024,

5.500%,

12/01/41

12/33

at

100.00

759,909

3,855

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Central

Washington

Health

Services

Association,

Refunding

Series

2015,

5.000%,

7/01/39

7/25

at

100.00

3,865,336

9,885

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Children's

Hospital,

Series

2015B,

5.000%,

10/01/38

4/25

at

100.00

9,953,828

Municipal

Total

Return

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

36

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

WASHINGTON

(continued)

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017

:

$

675

5.000%,

8/15/25

No

Opt.

Call

$

681,879

1,300

5.000%,

8/15/29

8/27

at

100.00

1,333,467

700

4.000%,

8/15/42

8/27

at

100.00

619,122

2,550

(c),(d)

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)

7/25

at

100.00

2,624,809

TOTAL

WASHINGTON

47,277,803

WEST

VIRGINIA

-

0.3%

3,250

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Cabell

Huntington

Hospital,

Inc.

Project,

Refunding

&

Improvement

Series

2018A,

5.000%,

1/01/43

1/29

at

100.00

3,301,311

1,250

West

Virginia

Water

Development

Authority,

Infrastructure

Excess

Lottery

Revenue

Bonds,

Chesapeake

Bay/Greenbrier

River

Projects,

Series

2014A,

5.000%,

7/01/34

9/24

at

100.00

1,251,102

TOTAL

WEST

VIRGINIA

4,552,413

WISCONSIN

-

1.3%

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

1,121,755

1,775

(c)

Public

Finance

Authority,

Wisconsin,

Educational

Revenue

Bonds,

Lake

Norman

Charter

School,

Series

2018A,

5.000%,

6/15/38

6/26

at

100.00

1,786,747

7,315

(c)

Public

Finance

Authority,

Wisconsin,

Tax

Increment,

Revenue

Senior

Bonds,

Miami,

Miami

World

Center

Project,

Series

2024A,

5.000%,

6/01/41

6/29

at

103.00

7,421,687

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

2,052,658

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

2,042,811

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

1,501,869

2,410

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016B,

5.000%,

2/15/34

2/26

at

100.00

2,438,366

1,415

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Three

Pillars

Senior

Living

Communities,

Series

2024A,

5.250%,

8/15/39

8/34

at

100.00

1,510,548

TOTAL

WISCONSIN

19,876,441

WYOMING

-

0.3%

3,195

University

of

Wyoming,

Facilities

Revenue

Bonds,

Series

2021C,

4.000%,

6/01/51

-

AGM

Insured

6/31

at

100.00

3,080,430

1,000

(d)

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

1,050,581

TOTAL

WYOMING

4,131,011

TOTAL

MUNICIPAL

BONDS

(cost

$1,506,574,726)

1,526,013,970

TOTAL

LONG-TERM

INVESTMENTS

(cost

$1,506,574,726)

1,526,013,970

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

0.7% 

X

–

MUNICIPAL

BONDS

-

0

.7

%

X

11,385,000

COLORADO

-

0.1%

$

1,395

(g)

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Variable

Rate

Demand

Subordinate

Lien

Improvement

Series

2006B,

3.560%,

11/01/36

8/24

at

100.00

$

1,395,000

TOTAL

COLORADO

1,395,000

INDIANA

-

0.3%

5,000

(g)

Purdue

University,

Indiana,

University

Revenue

Bonds,

Student

Facility

System

Series

2004A,

3.500%,

7/01/33

8/24

at

100.00

5,000,000

TOTAL

INDIANA

5,000,000

NEW

YORK

-

0.1%

1,325

(g)

Battery

Park

City

Authority,

New

York,

Revenue

Bonds,

Adjustable

Rate

Junior

Series

2019D-2,

3.600%,

11/01/38

8/24

at

100.00

1,325,000

TOTAL

NEW

YORK

1,325,000

WASHINGTON

-

0.2%

3,665

(g)

King

County,

Washington,

General

Obligation

Bonds,

Payable

from

Sewer

Revenues,

Refunding

Multi-Modal

Limited

Tax

Series

2019A,

3.950%,

1/01/46

8/24

at

100.00

3,665,000

TOTAL

WASHINGTON

3,665,000

TOTAL

MUNICIPAL

BONDS

(cost

$11,385,000)

11,385,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$11,385,000)

11,385,000

TOTAL

INVESTMENTS

(cost

$

1,517,959,726

)

-

98

.2

%

1,537,398,970

OTHER

ASSETS

&

LIABILITIES,

NET

-  1.8%

28,152,517

NET

ASSETS

-

100%

$

1,565,551,487

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$109,812,685

or

7.1%

of

Total

Investments.

(d)

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.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

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.

(g)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

38

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

99.7% 

X

–

CORPORATE

BONDS

-

52

.8

%

X

4,680,488

AUTOMOBILES

&

COMPONENTS

-

0.9%

$

100

Ford

Motor

Co

3.250%

2/12/32

$

83,943

TOTAL

AUTOMOBILES

&

COMPONENTS

83,943

BANKS

-

3.3%

300

European

Investment

Bank

3.750%

2/14/33

291,681

TOTAL

BANKS

291,681

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.8%

250

Rockefeller

Foundation/The

2.492%

10/01/50

160,243

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

160,243

CONSUMER

SERVICES

-

2.9%

100

Massachusetts

Higher

Education

Assistance

Corp

2.673%

7/01/31

84,666

200

Starbucks

Corp

4.450%

8/15/49

168,038

TOTAL

CONSUMER

SERVICES

252,704

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.9%

225

(b)

Alimentation

Couche-Tard

Inc

3.625%

5/13/51

166,010

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

166,010

ENERGY

-

0.8%

100

TotalEnergies

Capital

International

SA

3.127%

5/29/50

69,701

TOTAL

ENERGY

69,701

FINANCIAL

SERVICES

-

11.4%

200

(b)

HA

Sustainable

Infrastructure

Capital

Inc

6.375%

7/01/34

198,268

125

(b)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.750%

9/15/30

109,716

100

Kreditanstalt

fuer

Wiederaufbau

4.375%

2/28/34

101,991

45

Low

Income

Investment

Fund

3.386%

7/01/26

43,298

50

NHP

Foundation/The

6.000%

12/01/33

53,116

250

(b)

WLB

Asset

II

B

Pte

Ltd

3.950%

12/10/24

238,598

250

(b)

WLB

Asset

VI

Pte

Ltd

7.250%

12/21/27

262,350

TOTAL

FINANCIAL

SERVICES

1,007,337

FOOD,

BEVERAGE

&

TOBACCO

-

1.9%

250

PepsiCo

Inc

2.875%

10/15/49

172,297

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

172,297

MATERIALS

-

4.0%

350

Air

Products

and

Chemicals

Inc

4.800%

3/03/33

352,175

TOTAL

MATERIALS

352,175

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2.6%

250

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

3.400%

5/01/30

231,567

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

231,567

TELECOMMUNICATION

SERVICES

-

2.0%

250

Verizon

Communications

Inc

2.850%

9/03/41

179,940

TOTAL

TELECOMMUNICATION

SERVICES

179,940

39

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

UTILITIES

-

19.3%

$

200

Duke

Energy

Progress

LLC

4.000%

4/01/52

$

157,004

250

MidAmerican

Energy

Co

3.150%

4/15/50

173,095

250

PG&E

Recovery

Funding

LLC

,

(WI/DD)

5.231%

6/01/42

255,132

100

Public

Service

Co

of

Oklahoma

2.200%

8/15/31

82,972

100

Public

Service

Electric

and

Gas

Co

5.125%

3/15/53

97,048

150

(b)

RWE

Finance

US

LLC

5.875%

4/16/34

154,456

200

Southern

California

Edison

Co

3.650%

6/01/51

145,934

200

Southwestern

Electric

Power

Co

3.250%

11/01/51

131,029

150

Southwestern

Public

Service

Co

3.150%

5/01/50

98,822

189

(b)

Sweihan

PV

Power

Co

PJSC2022

1

3.625%

1/31/49

152,748

122

(b)

Topaz

Solar

Farms

LLC

5.750%

9/30/39

118,905

172

(b)

UEP

Penonome

II

SA2020

1

6.500%

10/01/38

145,745

TOTAL

UTILITIES

1,712,890

TOTAL

CORPORATE

BONDS

(cost

$5,381,356)

4,680,488

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

MORTGAGE-BACKED

SECURITIES

-

17.1%

X

1,519,141

$

1

Banc

of

America

Mortgage

2004-K

Trust,

2004

K

5.178%

12/25/34

$

1,159

125

(b),(c)

BFLD

Trust

2020-EYP,

(TSFR1M

reference

rate

+

2.214%

spread),

2020

EYP

7.543%

10/15/35

23,650

200

(b)

Century

Plaza

Towers

2019-CPT,

2019

CPT

2.997%

11/13/39

145,638

100

(b)

DBUBS

2017-BRBK

Mortgage

Trust,

2017

BRBK

3.452%

10/10/34

96,912

6

Fannie

Mae

Pool,

FN

MA4518

3.000%

1/01/37

5,975

6

Fannie

Mae

Pool,

FN

MA4709

5.000%

7/01/52

5,842

9

Fannie

Mae

Pool,

FN

FS0522

2.500%

2/01/52

7,802

4

Fannie

Mae

Pool,

FN

CA6414

3.000%

7/01/50

3,470

21

Fannie

Mae

Pool,

FN

MA4785

5.000%

10/01/52

21,231

2

Fannie

Mae

Pool,

FN

BU8837

5.000%

5/01/52

2,428

2

Fannie

Mae

Pool,

FN

BT0267

3.000%

9/01/51

2,125

46

Fannie

Mae

Pool,

FN

MA4732

4.000%

9/01/52

43,040

2

Fannie

Mae

Pool,

FN

FS1535

3.000%

4/01/52

1,482

1

Fannie

Mae

Pool,

FN

MA4805,

2022

1

4.500%

11/01/52

872

1

Fannie

Mae

Pool,

FN

MA4761

5.000%

9/01/52

849

35

Fannie

Mae

Pool,

FN

MA4733

4.500%

9/01/52

34,179

6

Freddie

Mac

Gold

Pool,

FG

G08760

3.000%

4/01/47

5,710

132

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

2020

Q014

1.555%

1/25/36

107,816

5

Freddie

Mac

Pool,

FR

SD8220

3.000%

6/01/52

3,918

4

Freddie

Mac

Pool,

FR

QD1349

3.500%

11/01/51

3,766

1

Freddie

Mac

Pool,

FR

SD2609

3.500%

12/01/52

842

2

Ginnie

Mae

II

Pool,

G2

BY0340

3.500%

8/20/50

1,549

3

Ginnie

Mae

II

Pool,

G2

BY0339

3.500%

8/20/50

2,318

3

Ginnie

Mae

II

Pool,

G2

BX3681

3.000%

8/20/50

2,429

3

Ginnie

Mae

II

Pool,

G2

BY0338

3.500%

8/20/50

2,569

4

Ginnie

Mae

II

Pool,

G2

BX3679

3.000%

8/20/50

3,966

1

Ginnie

Mae

II

Pool,

G2

BY0330

3.000%

10/20/50

464

5

Ginnie

Mae

II

Pool,

G2

MA8646

4.500%

2/20/53

4,482

51

Ginnie

Mae

II

Pool,

G2

MA8149

3.500%

7/20/52

46,766

49

Ginnie

Mae

II

Pool,

G2

MA8267,

2022

A

4.000%

9/20/52

46,698

26

Ginnie

Mae

II

Pool,

G2

MA8269

5.000%

9/20/52

26,005

4

Ginnie

Mae

II

Pool,

G2

MA8648

5.500%

2/20/53

4,435

28

Ginnie

Mae

II

Pool,

G2

MA9101

3.000%

8/20/53

24,932

27

Ginnie

Mae

II

Pool,

G2

MA8268

4.500%

9/20/52

26,003

23

Ginnie

Mae

II

Pool,

G2

MA8489

4.500%

12/20/52

22,261

18

Ginnie

Mae

II

Pool,

G2

BY0325

2.500%

10/20/50

15,553

9

Ginnie

Mae

II

Pool,

G2

MA8647

5.000%

2/20/53

9,070

1

Ginnie

Mae

II

Pool,

G2

BY0331

3.000%

10/20/50

813

5

Ginnie

Mae

II

Pool,

G2

BX3680

3.000%

8/20/50

4,595

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

40

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

(continued)

$

29

Ginnie

Mae

II

Pool,

G2

MA7589,

2021

A

2.500%

9/20/51

$

24,583

235

(b)

Hudson

Yards

2019-30HY

Mortgage

Trust,

2019

30HY

3.228%

7/10/39

212,895

212

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

1.579%

spread),

2019

MILE

5.915%

7/15/36

198,679

150

(b)

One

Market

Plaza

Trust

2017-1MKT,

2017

1MKT

3.845%

2/10/32

130,930

200

(b)

VNDO

Trust

2016-350P,

2016

350P

3.903%

1/10/35

188,440

TOTAL

MORTGAGE-BACKED

SECURITIES

(cost

$1,818,510)

1,519,141

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(d)

Value

X

–

MUNICIPAL

BONDS

-

9

.9

%

X

875,217

ALASKA

-

1.8%

$

150

Port

Lions,

Alaska,

Revenue

Bonds,

Kodiak

Area

Native

Association

Project,

Taxable

Series

2022,

7.500%,

10/01/52

10/32

at

100.00

$

158,292

TOTAL

ALASKA

158,292

CALIFORNIA

-

4.5%

250

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

Revenue,

4.655%,

10/01/27

9/27

at

100.00

251,328

200

San

Francisco

City

and

County,

California,

Series

2021,

2.684%,

6/15/40

6/31

at

100.00

152,039

TOTAL

CALIFORNIA

403,367

ILLINOIS

-

0.6%

50

Village

of

Deerfield,

Illinois,

Series

2011,

4.000%,

12/01/28

9/24

at

100.00

49,240

TOTAL

ILLINOIS

49,240

MASSACHUSETTS

-

1.8%

170

Massachusetts

Clean

Energy

Cooperative

Corp,

2.020%,

7/01/28

No

Opt.

Call

156,223

TOTAL

MASSACHUSETTS

156,223

OHIO

-

1.2%

100

American

Municipal

Power

Inc.,

Ohio,

Meldahl

Hydroelectric

Projects

Revenue

Bonds,

Build

America

Bond

Series

2010E,

6.270%,

2/15/50

No

Opt.

Call

108,095

TOTAL

OHIO

108,095

TOTAL

MUNICIPAL

BONDS

(cost

$826,615)

875,217

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

ASSET-BACKED

SECURITIES

-

7.6%

X

673,453

71

(b)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-3,

2021

3CS

2.100%

5/20/48

$

56,617

122

(b)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-4,

2021

4GS

2.360%

7/20/48

92,828

134

(b)

Loanpal

Solar

Loan

2021-2

Ltd,

2021

2GS

2.220%

3/20/48

106,345

114

(b)

Mosaic

Solar

Loan

Trust

2020-2,

2020

2A

1.440%

8/20/46

97,272

132

(b)

Mosaic

Solar

Loan

Trust

2021-3,

2021

3A

1.920%

6/20/52

98,643

46

(b)

Vivint

Solar

Financing

V

LLC,

2018

1A

7.370%

4/30/48

42,850

206

(b)

Vivint

Solar

Financing

VII

LLC,

2020

1A

2.210%

7/31/51

178,898

TOTAL

ASSET-BACKED

SECURITIES

(cost

$821,618)

673,453

41

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

-

7

.2

%

X

636,830

CANADA

-

2.7%

$

250

(b)

OMERS

Finance

Trust

3.500%

4/19/32

$

234,204

TOTAL

CANADA

234,204

NETHERLANDS

-

2.2%

200

(b)

Nederlandse

Waterschapsbank

NV

4.000%

6/01/28

198,567

TOTAL

NETHERLANDS

198,567

SWEDEN

-

2.3%

200

(b)

Kommuninvest

I

Sverige

AB

4.625%

9/29/28

204,059

TOTAL

SWEDEN

204,059

TOTAL

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

(cost

$631,952)

636,830

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

3

.3

%

X

295,675

BANKS

-

2.2%

$

200

African

Development

Bank

5.750%

N/A

(e)

$

195,100

TOTAL

BANKS

195,100

UTILITIES

-

1.1%

100

(b)

Vistra

Corp

7.000%

N/A

(e)

100,575

TOTAL

UTILITIES

100,575

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(cost

$282,003)

295,675

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SOVEREIGN

DEBT

-

1

.8

%

X

154,419

DOMINICAN

REPUBLIC

-

1.8%

$

150

(b)

Dominican

Republic

International

Bond

6.600%

6/01/36

$

154,419

TOTAL

DOMINICAN

REPUBLIC

154,419

TOTAL

SOVEREIGN

DEBT

(cost

$148,798)

154,419

TOTAL

LONG-TERM

INVESTMENTS

(cost

$9,910,852)

8,835,223

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.9% 

X

–

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

2

.9

%

X

261,000

$

261

Federal

Home

Loan

Bank

Discount

Notes

0.000%

8/01/24

$

261,000

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(cost

$261,038)

261,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$261,038)

261,000

TOTAL

INVESTMENTS

(cost

$

10,171,890

)

-

102

.6

%

9,096,223

OTHER

ASSETS

&

LIABILITIES,

NET

-  (2.6)%

(

231,853

)

NET

ASSETS

-

100%

$

8,864,370

Nuveen

Core

Impact

Bond

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

42

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$4,109,217

or

45.2%

of

Total

Investments.

(c)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(e)

Perpetual

security.

Maturity

date

is

not

applicable.

TSFR

1M

CME

Term

SOFR

1

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

43

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

96.8%   

X

14,016,863

SOVEREIGN

DEBT

-

50.0%

X

14,016,863

ANGOLA

-

1.0%

$

300

(b)

Angolan

Government

International

Bond

8.750%

4/14/32

$

268,140

TOTAL

ANGOLA

268,140

BERMUDA

-

0.9%

300

(b)

Bermuda

Government

International

Bond

2.375%

8/20/30

254,460

TOTAL

BERMUDA

254,460

BRAZIL

-

0.7%

200

Brazilian

Government

International

Bond

7.125%

5/13/54

197,025

TOTAL

BRAZIL

197,025

CHILE

-

1.6%

550

Chile

Government

International

Bond

2.550%

7/27/33

452,788

TOTAL

CHILE

452,788

COLOMBIA

-

1.5%

200

Colombia

Government

International

Bond

8.000%

4/20/33

209,853

200

Colombia

Government

International

Bond

8.750%

11/14/53

212,188

TOTAL

COLOMBIA

422,041

COTE

D'IVOIRE

-

0.7%

200

(b)

Ivory

Coast

Government

International

Bond

8.250%

1/30/37

193,410

TOTAL

COTE

D'IVOIRE

193,410

DOMINICAN

REPUBLIC

-

1.6%

150

(b)

Dominican

Republic

International

Bond

7.050%

2/03/31

157,528

300

(b)

Dominican

Republic

International

Bond

5.500%

2/22/29

294,313

TOTAL

DOMINICAN

REPUBLIC

451,841

EGYPT

-

0.8%

250

(b)

Egypt

Government

International

Bond

7.600%

3/01/29

233,045

TOTAL

EGYPT

233,045

HUNGARY

-

2.2%

200

(b)

Hungary

Government

International

Bond

5.250%

6/16/29

199,189

200

(b)

Hungary

Government

International

Bond

6.250%

9/22/32

209,250

200

(b)

Magyar

Export-Import

Bank

Zrt

6.125%

12/04/27

201,438

TOTAL

HUNGARY

609,877

INDIA

-

0.7%

200

(b)

Export-Import

Bank

of

India

3.250%

1/15/30

183,098

TOTAL

INDIA

183,098

INDONESIA

-

2.4%

350

Indonesia

Government

International

Bond

3.500%

1/11/28

334,685

350

Indonesia

Government

International

Bond

4.650%

9/20/32

343,292

TOTAL

INDONESIA

677,977

ISRAEL

-

0.7%

200

Israel

Government

International

Bond

5.750%

3/12/54

185,000

TOTAL

ISRAEL

185,000

KENYA

-

0.7%

225

(b)

Republic

of

Kenya

Government

International

Bond

8.000%

5/22/32

194,405

TOTAL

KENYA

194,405

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

44

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

MEXICO

-

4.3%

$

200

Mexico

Government

International

Bond

6.338%

5/04/53

$

191,646

250

Mexico

Government

International

Bond

4.280%

8/14/41

198,179

250

Mexico

Government

International

Bond

6.400%

5/07/54

241,971

700

Mexico

Government

International

Bond

3.500%

2/12/34

580,701

TOTAL

MEXICO

1,212,497

NIGERIA

-

0.9%

300

(b)

Nigeria

Government

International

Bond

7.375%

9/28/33

245,250

TOTAL

NIGERIA

245,250

OMAN

-

0.7%

200

(b),(c)

Oman

Government

International

Bond

6.500%

3/08/47

203,203

TOTAL

OMAN

203,203

PANAMA

-

2.7%

700

Panama

Government

International

Bond

3.298%

1/19/33

557,773

200

Panama

Government

International

Bond

6.853%

3/28/54

189,187

TOTAL

PANAMA

746,960

PARAGUAY

-

0.7%

200

(b)

Paraguay

Government

International

Bond

6.000%

2/09/36

204,957

TOTAL

PARAGUAY

204,957

PERU

-

3.6%

250

(b)

Fondo

MIVIVIENDA

SA

4.625%

4/12/27

245,090

875

Peruvian

Government

International

Bond

2.783%

1/23/31

757,551

TOTAL

PERU

1,002,641

PHILIPPINES

-

2.0%

675

Philippine

Government

International

Bond

1.950%

1/06/32

552,562

TOTAL

PHILIPPINES

552,562

POLAND

-

3.2%

400

(b)

Bank

Gospodarstwa

Krajowego

5.375%

5/22/33

402,764

200

Republic

of

Poland

Government

International

Bond

5.500%

11/16/27

205,783

75

Republic

of

Poland

Government

International

Bond

5.500%

3/18/54

73,956

75

Republic

of

Poland

Government

International

Bond

5.125%

9/18/34

75,244

140

Republic

of

Poland

Government

International

Bond

5.500%

4/04/53

138,416

TOTAL

POLAND

896,163

QATAR

-

1.1%

310

(b)

Qatar

Government

International

Bond

5.103%

4/23/48

305,824

TOTAL

QATAR

305,824

REPUBLIC

OF

SERBIA

-

0.7%

250

(b)

Serbia

International

Bond

2.125%

12/01/30

203,125

TOTAL

REPUBLIC

OF

SERBIA

203,125

ROMANIA

-

2.7%

270

(b)

Romanian

Government

International

Bond

4.000%

2/14/51

189,864

200

(b)

Romanian

Government

International

Bond

7.125%

1/17/33

214,200

250

(b)

Romanian

Government

International

Bond

6.375%

1/30/34

254,975

102

(b)

Romanian

Government

International

Bond

5.875%

1/30/29

102,867

TOTAL

ROMANIA

761,906

SAUDI

ARABIA

-

4.1%

200

(b)

Saudi

Government

International

Bond

5.750%

1/16/54

195,896

325

(b)

Saudi

Government

International

Bond

2.250%

2/02/33

262,678

250

(b)

Saudi

Government

International

Bond

4.500%

10/26/46

211,660

500

(b)

Saudi

Government

International

Bond

3.625%

3/04/28

480,870

TOTAL

SAUDI

ARABIA

1,151,104

45

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

SOUTH

AFRICA

-

2.4%

$

250

Republic

of

South

Africa

Government

International

Bond

4.300%

10/12/28

$

233,438

275

Republic

of

South

Africa

Government

International

Bond

5.875%

4/20/32

260,342

225

Republic

of

South

Africa

Government

International

Bond

5.375%

7/24/44

173,976

TOTAL

SOUTH

AFRICA

667,756

SOUTH

KOREA

-

0.8%

300

Export-Import

Bank

of

Korea

2.500%

6/29/41

215,328

TOTAL

SOUTH

KOREA

215,328

TURKEY

-

1.4%

200

(c)

Turkiye

Government

International

Bond

7.625%

5/15/34

205,294

200

Turkiye

Government

International

Bond

7.125%

7/17/32

199,641

TOTAL

TURKEY

404,935

UNITED

ARAB

EMIRATES

-

2.5%

425

(b)

Abu

Dhabi

Government

International

Bond

3.125%

9/30/49

298,563

425

(b)

Abu

Dhabi

Government

International

Bond

3.125%

5/03/26

413,482

TOTAL

UNITED

ARAB

EMIRATES

712,045

UZBEKISTAN

-

0.7%

250

(b)

Republic

of

Uzbekistan

International

Bond

3.700%

11/25/30

207,500

TOTAL

UZBEKISTAN

207,500

TOTAL

SOVEREIGN

DEBT

(cost

$13,537,521)

14,016,863

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

11,909,818

CORPORATE

BONDS

-

42.5%

X

11,909,818

AUSTRALIA

-

0

.7

%

$

200

(c)

AngloGold

Ashanti

Holdings

PLC

3.375%

11/01/28

$

183,129

TOTAL

AUSTRALIA

183,129

BRAZIL

-

1

.7

%

80

(b)

Brazil

Minas

SPE

via

State

of

Minas

Gerais2013

1

5.333%

2/15/28

79,000

225

Petrobras

Global

Finance

BV

6.900%

3/19/49

219,119

225

(b)

Rumo

Luxembourg

Sarl

4.200%

1/18/32

192,634

TOTAL

BRAZIL

490,753

CHILE

-

4

.5

%

200

(b)

Antofagasta

PLC

5.625%

5/13/32

201,427

200

(b)

Banco

del

Estado

de

Chile

2.704%

1/09/25

197,455

200

(b)

Cia

Cervecerias

Unidas

SA

3.350%

1/19/32

175,874

200

(b)

Corp

Nacional

del

Cobre

de

Chile

3.000%

9/30/29

178,953

200

(b)

Corp

Nacional

del

Cobre

de

Chile

3.700%

1/30/50

138,934

200

(b)

Empresa

Nacional

del

Petroleo

6.150%

5/10/33

203,366

200

(b)

Inversiones

CMPC

SA

3.000%

4/06/31

170,881

TOTAL

CHILE

1,266,890

CHINA

-

1

.4

%

200

(b)

Lenovo

Group

Ltd

3.421%

11/02/30

181,559

225

(b)

Prosus

NV

4.193%

1/19/32

201,043

TOTAL

CHINA

382,602

COLOMBIA

-

0

.6

%

160

Ecopetrol

SA

8.375%

1/19/36

159,199

TOTAL

COLOMBIA

159,199

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

46

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

DOMINICAN

REPUBLIC

-

0

.7

%

$

200

(b)

AES

Espana

BV

5.700%

5/04/28

$

192,000

TOTAL

DOMINICAN

REPUBLIC

192,000

GUATEMALA

-

0

.6

%

200

(b),(c)

Millicom

International

Cellular

SA

4.500%

4/27/31

175,687

TOTAL

GUATEMALA

175,687

INDIA

-

2

.8

%

225

(b)

Bharti

Airtel

Ltd

3.250%

6/03/31

201,374

250

(b),(c)

Indian

Railway

Finance

Corp

Ltd

3.249%

2/13/30

228,425

200

REC

Ltd,

Reg

S

4.625%

3/22/28

196,096

200

(b)

UltraTech

Cement

Ltd

2.800%

2/16/31

173,165

TOTAL

INDIA

799,060

INDONESIA

-

4

.3

%

200

(b)

Freeport

Indonesia

PT

4.763%

4/14/27

197,112

200

(b)

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

6.530%

11/15/28

208,677

200

(b)

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

5.450%

5/15/30

199,191

200

(b)

Pertamina

Persero

PT

3.650%

7/30/29

187,524

200

(b)

Pertamina

Persero

PT

6.500%

5/27/41

215,667

200

(b)

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

5.450%

5/21/28

201,557

TOTAL

INDONESIA

1,209,728

ISRAEL

-

2

.6

%

200

(b)

Bank

Hapoalim

BM,

Reg

S

3.255%

1/21/32

181,430

225

(b)

Energean

Israel

Finance

Ltd,

Reg

S

5.375%

3/30/28

201,609

200

(b)

Israel

Electric

Corp

Ltd,

Reg

S

3.750%

2/22/32

167,593

200

(b)

Mizrahi

Tefahot

Bank

Ltd,

Reg

S

3.077%

4/07/31

184,952

TOTAL

ISRAEL

735,584

KAZAKHSTAN

-

1

.5

%

200

(b)

Development

Bank

of

Kazakhstan

JSC

5.500%

4/15/27

198,930

250

(b)

QazaqGaz

NC

JSC

4.375%

9/26/27

236,370

TOTAL

KAZAKHSTAN

435,300

KUWAIT

-

0

.7

%

200

(b)

NBK

SPC

Ltd

1.625%

9/15/27

185,317

TOTAL

KUWAIT

185,317

MALAYSIA

-

2

.0

%

225

(b)

MISC

Capital

Two

Labuan

Ltd

3.750%

4/06/27

218,291

200

(b)

Petronas

Capital

Ltd

4.800%

4/21/60

180,500

200

(b)

Petronas

Capital

Ltd

2.480%

1/28/32

170,017

TOTAL

MALAYSIA

568,808

MEXICO

-

5

.3

%

200

(b)

Alpek

SAB

de

CV

3.250%

2/25/31

173,240

200

(b)

Cemex

SAB

de

CV

9.125%

N/A

(d)

215,722

200

(b)

Comision

Federal

de

Electricidad

4.688%

5/15/29

190,674

200

Grupo

Televisa

SAB

6.625%

1/15/40

200,446

300

(b)

Mexico

City

Airport

Trust

5.500%

10/31/46

252,226

200

(b)

Orbia

Advance

Corp

SAB

de

CV

1.875%

5/11/26

187,743

200

Petroleos

Mexicanos

5.950%

1/28/31

165,014

100

Petroleos

Mexicanos

5.350%

2/12/28

90,552

TOTAL

MEXICO

1,475,617

47

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

MOROCCO

-

0

.7

%

$

225

(b)

OCP

SA

3.750%

6/23/31

$

196,313

TOTAL

MOROCCO

196,313

PERU

-

1

.2

%

200

(b)

Banco

BBVA

Peru

SA

6.200%

6/07/34

202,012

200

(b)

Petroleos

del

Peru

SA

5.625%

6/19/47

127,773

TOTAL

PERU

329,785

QATAR

-

1

.3

%

250

(b)

QatarEnergy

3.300%

7/12/51

177,893

200

QNB

Finance

Ltd,

Reg

S

2.750%

2/12/27

189,195

TOTAL

QATAR

367,088

SAUDI

ARABIA

-

0

.8

%

250

(b),(c)

Saudi

Arabian

Oil

Co

2.250%

11/24/30

213,031

TOTAL

SAUDI

ARABIA

213,031

SOUTH

AFRICA

-

0

.6

%

200

Sasol

Financing

USA

LLC

5.500%

3/18/31

173,522

TOTAL

SOUTH

AFRICA

173,522

SUPRANATIONAL

-

1

.3

%

400

(b)

Banque

Ouest

Africaine

de

Developpement

4.700%

10/22/31

352,088

TOTAL

SUPRANATIONAL

352,088

THAILAND

-

1

.5

%

200

(b)

Bangkok

Bank

PCL/Hong

Kong

5.650%

7/05/34

205,093

250

(b)

PTTEP

Treasury

Center

Co

Ltd

2.993%

1/15/30

226,930

TOTAL

THAILAND

432,023

TURKEY

-

1

.5

%

200

(b),(c)

Ford

Otomotiv

Sanayi

AS

7.125%

4/25/29

203,789

200

(b)

Sisecam

UK

PLC

8.625%

5/02/32

203,876

TOTAL

TURKEY

407,665

UNITED

ARAB

EMIRATES

-

3

.5

%

250

(b)

Abu

Dhabi

Crude

Oil

Pipeline

LLC

4.600%

11/02/47

225,189

200

(b)

DAE

Funding

LLC

3.375%

3/20/28

187,255

200

(b)

DP

World

Ltd/United

Arab

Emirates

5.625%

9/25/48

192,783

162

(b)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.160%

3/31/34

140,543

240

(b)

MDGH

GMTN

RSC

Ltd

4.375%

11/22/33

228,521

TOTAL

UNITED

ARAB

EMIRATES

974,291

UNITED

KINGDOM

-

0

.7

%

200

(b)

Standard

Chartered

PLC

5.905%

5/14/35

204,338

TOTAL

UNITED

KINGDOM

204,338

TOTAL

CORPORATE

BONDS

(cost

$11,365,333)

11,909,818

Nuveen

Emerging

Markets

Debt

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

48

Principal

Amount

(000)

Description

(a)

,(e)

Coupon

Maturity

Value

X

1,039,827

CONTINGENT

CAPITAL

SECURITIES

-

3.7%

X

1,039,827

CHILE

-

1

.5

%

$

200

(b)

Banco

de

Credito

e

Inversiones

SA

8.750%

N/A

(d)

$

210,500

200

(b)

Banco

del

Estado

de

Chile

7.950%

N/A

(d)

207,260

TOTAL

CHILE

417,760

COLOMBIA

-

0

.7

%

200

Bancolombia

SA

8.625%

12/24/34

207,164

TOTAL

COLOMBIA

207,164

MEXICO

-

0

.8

%

200

(b)

BBVA

Bancomer

SA/Texas

8.450%

6/29/38

211,153

TOTAL

MEXICO

211,153

TURKEY

-

0

.7

%

200

(b)

Ulker

Biskuvi

Sanayi

AS

7.875%

7/08/31

203,750

TOTAL

TURKEY

203,750

TOTAL

CONTINGENT

CAPITAL

SECURITIES

(cost

$1,000,000)

1,039,827

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

179,971

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

0.6%

X

179,971

MEXICO

-

0

.6

%

$

200

(b)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2.720%

8/11/31

$

179,971

TOTAL

MEXICO

179,971

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(cost

$173,994)

179,971

TOTAL

LONG-TERM

INVESTMENTS

(cost

$26,076,848)

27,146,479

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  4.1%

1,149,418

(f)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.310%(g)

$

1,149,418

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$1,149,418)

1,149,418

TOTAL

INVESTMENTS

(cost

$

27,226,266

)

-

100

.9

%

28,295,897

OTHER

ASSETS

&

LIABILITIES,

NET

-  (0.9)%

(

239,279

)

NET

ASSETS

-

100%

$

28,056,618

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$18,377,224

or

64.9%

of

Total

Investments.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$1,109,453.

(d)

Perpetual

security.

Maturity

date

is

not

applicable.

49

(e)

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.

(f)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

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

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(g)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

Notes

to

Financial

Statements

50

Nuveen

High

Yield

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.8% 

X

–

CORPORATE

BONDS

-

97

.8

%

X

17,642,716

AUTOMOBILES

&

COMPONENTS

-

4.2%

$

115

Dana

Inc

4.500%

2/15/32

$

100,478

10

Dana

Inc

4.250%

9/01/30

8,831

110

(b)

Garrett

Motion

Holdings

Inc

/

Garrett

LX

I

Sarl

7.750%

5/31/32

111,849

125

Goodyear

Tire

&

Rubber

Co/The

5.000%

7/15/29

117,975

10

(b)

IHO

Verwaltungs

GmbH,

(cash

6.375%,

PIK

7.125%)

6.375%

5/15/29

10,010

105

(b)

Phinia

Inc

6.750%

4/15/29

107,101

150

(b)

ZF

North

America

Capital

Inc

6.875%

4/14/28

153,745

150

ZF

North

America

Capital

Inc

6.750%

4/23/30

152,802

TOTAL

AUTOMOBILES

&

COMPONENTS

762,791

CAPITAL

GOODS

-

7.4%

200

(b)

Albion

Financing

2

Sarl

8.750%

4/15/27

202,638

100

(b)

Alta

Equipment

Group

Inc

9.000%

6/01/29

94,762

10

(b)

Brand

Industrial

Services

Inc

10.375%

8/01/30

10,981

65

(b)

Chart

Industries

Inc

7.500%

1/01/30

67,620

100

(b)

EquipmentShare.com

Inc

8.625%

5/15/32

103,826

25

(b)

Gates

Corp/DE

6.875%

7/01/29

25,457

75

(b)

Herc

Holdings

Inc

6.625%

6/15/29

76,576

120

(b),(c)

Husky

Injection

Molding

Systems

Ltd

/

Titan

Co-Borrower

LLC

9.000%

2/15/29

123,237

70

(b)

Masterbrand

Inc

7.000%

7/15/32

71,918

35

(b)

Standard

Industries

Inc/NJ

5.000%

2/15/27

34,245

200

(b)

TransDigm

Inc

6.375%

3/01/29

203,720

80

(b)

TransDigm

Inc

6.875%

12/15/30

82,269

110

(b)

Trinity

Industries

Inc

7.750%

7/15/28

114,790

120

(b)

WESCO

Distribution

Inc

6.625%

3/15/32

122,242

TOTAL

CAPITAL

GOODS

1,334,281

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3.4%

10

(b)

AMN

Healthcare

Inc

4.000%

4/15/29

9,158

80

(b)

ASGN

Inc

4.625%

5/15/28

76,655

200

(b)

Boost

Newco

Borrower

LLC

7.500%

1/15/31

210,654

50

(b)

Brink's

Co/The

6.500%

6/15/29

50,954

115

(b)

Garda

World

Security

Corp

4.625%

2/15/27

110,718

95

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

3.375%

8/31/27

88,652

60

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.250%

1/15/28

59,803

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

606,594

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

4.3%

80

(b),(c)

Academy

Ltd

6.000%

11/15/27

79,200

35

(b)

Asbury

Automotive

Group

Inc

4.625%

11/15/29

32,705

75

(b)

Bath

&

Body

Works

Inc

6.625%

10/01/30

75,712

25

(b)

Group

1

Automotive

Inc

6.375%

1/15/30

25,215

80

(c)

Kohl's

Corp

4.625%

5/01/31

64,939

50

(b)

LCM

Investments

Holdings

II

LLC

4.875%

5/01/29

47,086

100

(b),(c)

Macy's

Retail

Holdings

LLC

5.875%

4/01/29

97,671

175

(b)

Michaels

Cos

Inc/The

5.250%

5/01/28

129,453

100

(b)

Michaels

Cos

Inc/The

7.875%

5/01/29

57,479

10

(b)

PetSmart

Inc

/

PetSmart

Finance

Corp

4.750%

2/15/28

9,395

100

(b)

Staples

Inc

10.750%

9/01/29

96,866

60

(b)

Velocity

Vehicle

Group

LLC

8.000%

6/01/29

61,800

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

777,521

51

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

CONSUMER

DURABLES

&

APPAREL

-

1.4%

$

80

(c)

Newell

Brands

Inc

6.625%

9/15/29

$

80,263

80

Newell

Brands

Inc

4.700%

4/01/26

79,809

115

(b)

Wolverine

World

Wide

Inc

4.000%

8/15/29

98,044

TOTAL

CONSUMER

DURABLES

&

APPAREL

258,116

CONSUMER

SERVICES

-

3.1%

80

(b)

Churchill

Downs

Inc

5.750%

4/01/30

78,438

95

(b)

Cinemark

USA

Inc

7.000%

8/01/32

96,686

115

(b),(c)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.625%

1/15/29

107,400

90

(b)

Hilton

Domestic

Operating

Co

Inc

5.875%

4/01/29

90,700

50

(b)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

6.625%

1/15/32

50,490

10

(b)

Merlin

Entertainments

Group

US

Holdings

Inc

7.375%

2/15/31

10,358

20

(b)

Royal

Caribbean

Cruises

Ltd

7.250%

1/15/30

20,962

100

(b)

Six

Flags

Entertainment

Corp

/

Six

Flags

Theme

Parks

Inc

6.625%

5/01/32

102,684

TOTAL

CONSUMER

SERVICES

557,718

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.3%

50

(b)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

6.500%

2/15/28

50,723

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

50,723

ENERGY

-

14.7%

105

(b)

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.750%

3/01/27

104,744

65

(b)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.250%

4/01/28

64,843

115

(b)

Baytex

Energy

Corp

7.375%

3/15/32

117,439

10

(b)

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.250%

7/15/32

10,409

15

(b)

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.000%

7/15/29

15,409

10

(b)

Borr

IHC

Ltd

/

Borr

Finance

LLC

10.000%

11/15/28

10,089

10

(b)

Buckeye

Partners

LP

6.875%

7/01/29

10,159

135

(b)

Civitas

Resources

Inc

8.750%

7/01/31

145,176

15

(b)

Civitas

Resources

Inc

8.625%

11/01/30

16,202

55

(b)

Civitas

Resources

Inc

8.375%

7/01/28

57,745

135

(b)

CNX

Resources

Corp

7.250%

3/01/32

139,463

10

(b)

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp

8.625%

3/15/29

10,389

165

(b)

EQM

Midstream

Partners

LP

6.500%

7/01/27

168,144

35

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.875%

5/15/32

35,740

150

(b)

Harvest

Midstream

I

LP

7.500%

5/15/32

154,331

165

(b)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5.750%

2/01/29

162,235

100

(b)

Kinetik

Holdings

LP

6.625%

12/15/28

101,971

65

(b),(c)

Kinetik

Holdings

LP

5.875%

6/15/30

64,343

50

(b)

Kodiak

Gas

Services

LLC

7.250%

2/15/29

51,435

75

(b)

Kraken

Oil

&

Gas

Partners

LLC

7.625%

8/15/29

75,719

110

(b)

Parkland

Corp

4.500%

10/01/29

102,712

100

(b)

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.875%

9/15/30

103,569

90

(b)

SM

Energy

Co

6.750%

8/01/29

90,597

90

(b)

Sunoco

LP

7.000%

5/01/29

92,633

100

(b)

Talos

Production

Inc

9.000%

2/01/29

105,367

25

(b)

Transocean

Aquila

Ltd

8.000%

9/30/28

25,473

40

(b)

Transocean

Inc

8.750%

2/15/30

42,543

35

(b)

Transocean

Titan

Financing

Ltd

8.375%

2/01/28

36,400

150

(b)

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

7.125%

3/15/29

152,652

100

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

100,572

100

(b)

Venture

Global

LNG

Inc

8.125%

6/01/28

104,144

100

(b)

Venture

Global

LNG

Inc

9.875%

2/01/32

111,009

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

52

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

ENERGY

(continued)

$

70

(b)

Venture

Global

LNG

Inc

7.000%

1/15/30

$

70,000

TOTAL

ENERGY

2,653,656

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.3%

115

(b)

Iron

Mountain

Inc

4.875%

9/15/27

112,292

10

(b)

RLJ

Lodging

Trust

LP

4.000%

9/15/29

8,924

95

(b)

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

10.500%

2/15/28

96,088

25

(b)

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

10.500%

2/15/28

25,286

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

242,590

FINANCIAL

SERVICES

-

8.6%

110

(b)

Block

Inc

6.500%

5/15/32

111,782

130

(b)

Compass

Group

Diversified

Holdings

LLC

5.250%

4/15/29

124,560

25

(b)

Compass

Group

Diversified

Holdings

LLC

5.000%

1/15/32

22,765

310

(b)

Encore

Capital

Group

Inc

8.500%

5/15/30

321,581

225

(b)

FirstCash

Inc

6.875%

3/01/32

227,557

165

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

158,250

10

(b)

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

9.000%

6/15/30

10,130

90

Navient

Corp

4.875%

3/15/28

84,003

10

(b)

NCR

Corp

ATM

9.500%

4/01/29

10,924

210

OneMain

Finance

Corp

3.500%

1/15/27

198,454

110

(b)

PennyMac

Financial

Services

Inc

7.875%

12/15/29

115,146

100

(b)

PennyMac

Financial

Services

Inc

7.125%

11/15/30

100,766

60

(b)

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc

3.875%

3/01/31

53,372

10

(b)

Starwood

Property

Trust

Inc

7.250%

4/01/29

10,284

TOTAL

FINANCIAL

SERVICES

1,549,574

FOOD,

BEVERAGE

&

TOBACCO

-

1.1%

10

(b)

B&G

Foods

Inc

8.000%

9/15/28

10,197

115

(b)

Darling

Ingredients

Inc

6.000%

6/15/30

114,109

85

(b)

Primo

Water

Holdings

Inc

4.375%

4/30/29

79,155

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

203,461

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

3.5%

135

(b)

CHS/Community

Health

Systems

Inc

5.250%

5/15/30

117,730

105

(b)

CHS/Community

Health

Systems

Inc

10.875%

1/15/32

112,873

40

(b)

Concentra

Escrow

Issuer

Corp

6.875%

7/15/32

41,213

95

(b)

DaVita

Inc

4.625%

6/01/30

86,996

130

(b)

LifePoint

Health

Inc

11.000%

10/15/30

145,906

100

(b)

LifePoint

Health

Inc

9.875%

8/15/30

108,982

10

(b)

Pediatrix

Medical

Group

Inc

5.375%

2/15/30

9,083

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

622,783

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.1%

65

(b)

Coty

Inc

5.000%

4/15/26

64,297

60

(b)

Coty

Inc/HFC

Prestige

Products

Inc/HFC

Prestige

International

US

LLC

6.625%

7/15/30

61,610

70

(b)

Kronos

Acquisition

Holdings

Inc

8.250%

6/30/31

70,608

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

196,515

INSURANCE

-

4.4%

130

(b)

Acrisure

LLC

/

Acrisure

Finance

Inc

4.250%

2/15/29

119,636

85

(b)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.750%

4/15/28

85,421

200

(b)

Ardonagh

Finco

Ltd

7.750%

2/15/31

202,843

110

(b)

HUB

International

Ltd

7.250%

6/15/30

113,452

260

(b)

Panther

Escrow

Issuer

LLC

7.125%

6/01/31

266,788

TOTAL

INSURANCE

788,140

53

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

MATERIALS

-

6.6%

$

120

(b)

Arsenal

AIC

Parent

LLC

8.000%

10/01/30

$

127,674

130

(b)

Avient

Corp

7.125%

8/01/30

133,478

190

(b)

Cleveland-Cliffs

Inc

7.000%

3/15/32

190,687

140

(b)

Mineral

Resources

Ltd

9.250%

10/01/28

148,885

110

(b)

Mineral

Resources

Ltd

8.000%

11/01/27

112,898

10

(b),(c)

NOVA

Chemicals

Corp

4.250%

5/15/29

9,046

10

Olin

Corp

5.625%

8/01/29

9,874

45

(b),(c)

Owens-Brockway

Glass

Container

Inc

7.250%

5/15/31

44,525

130

(b)

Sealed

Air

Corp

6.500%

7/15/32

131,771

20

(b)

Sealed

Air

Corp

6.125%

2/01/28

20,138

120

(b)

SunCoke

Energy

Inc

4.875%

6/30/29

109,746

79

(b)

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc

5.375%

9/01/25

65,966

85

(b)

Tronox

Inc

4.625%

3/15/29

77,419

TOTAL

MATERIALS

1,182,107

MEDIA

&

ENTERTAINMENT

-

11.1%

285

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.250%

2/01/31

242,495

195

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.375%

6/01/29

182,298

60

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

6.375%

9/01/29

58,420

10

(b)

Clear

Channel

Outdoor

Holdings

Inc

7.875%

4/01/30

10,177

120

(b)

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc

5.875%

8/15/27

115,554

75

(b)

DISH

Network

Corp

11.750%

11/15/27

75,070

75

(b),(c)

Getty

Images

Inc

9.750%

3/01/27

74,956

65

(b)

Gray

Television

Inc

4.750%

10/15/30

43,638

100

(b),(c)

Gray

Television

Inc

7.000%

5/15/27

96,791

80

(b),(c)

Gray

Television

Inc

10.500%

7/15/29

83,480

140

(b)

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

7.375%

2/15/31

146,649

30

(b)

Sirius

XM

Radio

Inc

4.125%

7/01/30

26,075

95

(b)

Sirius

XM

Radio

Inc

4.000%

7/15/28

87,187

200

(b)

Sunrise

FinCo

I

BV

4.875%

7/15/31

181,956

75

(b)

Univision

Communications

Inc

4.500%

5/01/29

65,510

100

(b)

Univision

Communications

Inc

6.625%

6/01/27

99,514

10

(b),(c)

Univision

Communications

Inc

7.375%

6/30/30

9,628

200

(b)

Virgin

Media

Secured

Finance

PLC

5.500%

5/15/29

186,270

200

(b)

VZ

Secured

Financing

BV

5.000%

1/15/32

175,256

40

(b)

Ziff

Davis

Inc

4.625%

10/15/30

36,079

TOTAL

MEDIA

&

ENTERTAINMENT

1,997,003

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.4%

10

(b),(c)

Endo

Finance

Holdings

Inc

8.500%

4/15/31

10,539

200

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

4.125%

4/30/28

187,904

35

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

7.875%

5/15/34

36,347

10

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

6.750%

5/15/34

10,090

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

244,880

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.5%

10

(b)

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp

7.000%

4/15/30

8,481

75

(b)

Cushman

&

Wakefield

US

Borrower

LLC

6.750%

5/15/28

75,149

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

83,630

SOFTWARE

&

SERVICES

-

2.2%

150

(b),(c)

Ahead

DB

Holdings

LLC

6.625%

5/01/28

142,673

10

(b)

Cloud

Software

Group

Inc

8.250%

6/30/32

10,375

75

(b)

Open

Text

Corp

3.875%

12/01/29

68,080

130

(b)

Rocket

Software

Inc

9.000%

11/28/28

133,803

50

(b)

Science

Applications

International

Corp

4.875%

4/01/28

48,315

TOTAL

SOFTWARE

&

SERVICES

403,246

Nuveen

High

Yield

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

54

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.6%

$

100

(b)

Imola

Merger

Corp

4.750%

5/15/29

$

94,119

200

(b)

Sensata

Technologies

Inc

6.625%

5/31/32

202,612

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

296,731

TELECOMMUNICATION

SERVICES

-

5.9%

200

(b)

Altice

France

SA

8.125%

2/01/27

161,749

100

(b)

Frontier

Communications

Holdings

LLC

8.625%

3/15/31

104,740

105

(b)

Frontier

Communications

Holdings

LLC

5.875%

10/15/27

103,967

10

(b)

Frontier

Communications

Holdings

LLC

8.750%

5/15/30

10,476

210

(b)

Iliad

Holding

SASU

8.500%

4/15/31

218,783

130

(b)

Level

3

Financing

Inc

10.500%

4/15/29

133,250

75

(b)

Level

3

Financing

Inc

10.500%

5/15/30

76,650

50

(b)

Level

3

Financing

Inc

10.750%

12/15/30

51,562

10

(b),(c)

Zayo

Group

Holdings

Inc

4.000%

3/01/27

8,504

200

(b)

Zegona

Finance

PLC

8.625%

7/15/29

204,025

TOTAL

TELECOMMUNICATION

SERVICES

1,073,706

TRANSPORTATION

-

5.0%

35

(b)

American

Airlines

Inc

8.500%

5/15/29

36,033

67

(b)

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd2021

CORP

5.500%

4/20/26

66,634

300

(b)

Brightline

East

LLC

11.000%

1/31/30

272,954

115

(b),(c)

Cargo

Aircraft

Management

Inc

4.750%

2/01/28

108,127

100

(b),(c)

GN

Bondco

LLC

9.500%

10/15/31

94,136

165

(b)

Hawaiian

Brand

Intellectual

Property

Ltd

/

HawaiianMiles

Loyalty

Ltd

11.000%

4/15/29

157,327

105

(b)

United

Airlines

Inc

4.375%

4/15/26

102,374

10

(b)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

9.500%

6/01/28

8,949

55

(b)

XPO

Inc

7.125%

6/01/31

56,731

TOTAL

TRANSPORTATION

903,265

UTILITIES

-

4.7%

80

(b)

Clearway

Energy

Operating

LLC

4.750%

3/15/28

76,795

115

(b),(c)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.375%

4/01/26

115,362

115

(b)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.875%

4/01/29

107,127

235

(b)

Talen

Energy

Supply

LLC

8.625%

6/01/30

253,243

130

(b)

TerraForm

Power

Operating

LLC

5.000%

1/31/28

125,276

95

(b)

Vistra

Operations

Co

LLC

7.750%

10/15/31

100,392

80

(b)

Vistra

Operations

Co

LLC

4.375%

5/01/29

75,490

TOTAL

UTILITIES

853,685

TOTAL

CORPORATE

BONDS

(cost

$17,142,556)

17,642,716

Shares

Description

(a)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

1

.0

%

X

178,500

8,500

Invesco

Senior

Loan

ETF

$

178,500

TOTAL

EXCHANGE-TRADED

FUNDS

(cost

$179,477)

178,500

TOTAL

LONG-TERM

INVESTMENTS

(cost

$17,322,033)

17,821,216

55

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

8.0%

1,447,778

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.310%(e)

$

1,447,778

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$1,447,778)

1,447,778

TOTAL

INVESTMENTS

(cost

$

18,769,811

)

-

106

.8

%

19,268,994

OTHER

ASSETS

&

LIABILITIES,

NET

-  (6.8)%

(

1,231,787

)

NET

ASSETS

-

100%

$

18,037,207

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$16,450,726

or

85.4%

of

Total

Investments.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$1,390,181.

(d)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

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

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

ETF

Exchange-Traded

Fund

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

56

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

99.0% 

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

61

.3

%

X

10,912,078

AUTOMOBILES

&

COMPONENTS

-

2.9%

$

550

(b)

General

Motors

Financial

Co

Inc

5.700%

N/A

(c)

$

521,775

TOTAL

AUTOMOBILES

&

COMPONENTS

521,775

BANKS

-

14.3%

300

Citigroup

Inc

7.625%

N/A

(c)

311,994

175

Citigroup

Inc

7.125%

N/A

(c)

175,132

540

CoBank

ACB

6.450%

N/A

(c)

536,148

100

(d)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.573%

N/A

(c)

101,662

250

(b)

M&T

Bank

Corp

5.125%

N/A

(c)

238,798

280

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(c)

279,273

225

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(c)

219,340

410

Truist

Financial

Corp

5.100%

N/A

(c)

382,940

300

(b)

US

Bancorp

5.300%

N/A

(c)

290,976

TOTAL

BANKS

2,536,263

ENERGY

-

8.2%

300

Enbridge

Inc

8.500%

1/15/84

328,100

300

Enbridge

Inc

7.625%

1/15/83

311,724

275

Energy

Transfer

LP

6.500%

N/A

(c)

273,205

75

Energy

Transfer

LP

8.000%

5/15/54

79,845

24

Energy

Transfer

LP

6.625%

N/A

(c)

23,530

300

Transcanada

Trust

5.500%

9/15/79

278,895

180

Transcanada

Trust

5.600%

3/07/82

166,952

TOTAL

ENERGY

1,462,251

FINANCIAL

SERVICES

-

13.6%

487

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.950%

3/10/55

492,456

400

(b)

Ally

Financial

Inc

4.700%

N/A

(c)

366,724

290

American

Express

Co

3.550%

N/A

(c)

270,780

450

Charles

Schwab

Corp/The

5.375%

N/A

(c)

444,734

210

Discover

Financial

Services

6.125%

N/A

(c)

208,438

200

(b)

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(c)

209,229

200

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(c)

206,132

205

State

Street

Corp

6.700%

N/A

(c)

205,218

TOTAL

FINANCIAL

SERVICES

2,403,711

INSURANCE

-

10.8%

300

(b)

Assurant

Inc

7.000%

3/27/48

305,102

185

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

172,432

270

Enstar

Finance

LLC

5.500%

1/15/42

241,266

325

(e)

MetLife

Inc

9.250%

4/08/38

380,826

180

Prudential

Financial

Inc

6.500%

3/15/54

183,511

650

(e)

QBE

Insurance

Group

Ltd

5.875%

N/A

(c)

643,998

TOTAL

INSURANCE

1,927,135

MEDIA

&

ENTERTAINMENT

-

3.2%

293

(e)

Farm

Credit

Bank

of

Texas

7.750%

N/A

(c)

298,352

300

(b)

Paramount

Global

6.375%

3/30/62

275,437

TOTAL

MEDIA

&

ENTERTAINMENT

573,789

57

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.8%

$

147

(b),(e)

EUSHI

Finance

Inc

7.625%

12/15/54

$

149,769

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

149,769

TELECOMMUNICATION

SERVICES

-

1.2%

200

Vodafone

Group

PLC

7.000%

4/04/79

207,046

TOTAL

TELECOMMUNICATION

SERVICES

207,046

UTILITIES

-

6.3%

85

AES

Corp/The

7.600%

1/15/55

86,494

52

Dominion

Energy

Inc

7.000%

6/01/54

54,610

150

Emera

Inc

6.750%

6/15/76

149,213

115

Entergy

Corp

7.125%

12/01/54

115,053

72

NextEra

Energy

Capital

Holdings

Inc

6.750%

6/15/54

74,841

330

Sempra

4.875%

N/A

(c)

323,261

325

(e)

Vistra

Corp

7.000%

N/A

(c)

326,867

TOTAL

UTILITIES

1,130,339

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(cost

$10,295,728)

10,912,078

Principal

Amount

(000)

Description

(a)

,(f)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

35

.2

%

X

6,271,364

BANKS

-

30.4%

$

200

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(c)

$

215,645

200

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(c)

199,225

200

Banco

Santander

SA

9.625%

N/A

(c)

228,272

200

Banco

Santander

SA

8.000%

N/A

(c)

202,067

200

Banco

Santander

SA

4.750%

N/A

(c)

184,342

515

(b)

Barclays

PLC

8.000%

N/A

(c)

528,930

275

(e)

BNP

Paribas

SA

7.750%

N/A

(c)

283,249

235

(e)

BNP

Paribas

SA

9.250%

N/A

(c)

252,137

200

(e)

BNP

Paribas

SA

8.500%

N/A

(c)

209,778

425

(e)

Credit

Agricole

SA

8.125%

N/A

(c)

433,502

370

HSBC

Holdings

PLC

6.000%

N/A

(c)

362,206

340

HSBC

Holdings

PLC

6.375%

N/A

(c)

339,540

250

ING

Groep

NV

5.750%

N/A

(c)

242,328

200

ING

Groep

NV,

Reg

S

7.500%

N/A

(c)

203,500

200

Lloyds

Banking

Group

PLC

7.500%

N/A

(c)

200,704

330

NatWest

Group

PLC

6.000%

N/A

(c)

325,741

200

NatWest

Group

PLC

8.125%

N/A

(c)

207,093

220

(e)

Societe

Generale

SA

9.375%

N/A

(c)

225,646

350

(e)

Societe

Generale

SA

10.000%

N/A

(c)

369,535

200

(e)

Standard

Chartered

PLC

7.750%

N/A

(c)

204,450

TOTAL

BANKS

5,417,890

FINANCIAL

SERVICES

-

4.8%

200

Deutsche

Bank

AG

6.000%

N/A

(c)

191,655

200

(e)

UBS

Group

AG

9.250%

N/A

(c)

226,331

400

(e)

UBS

Group

AG

9.250%

N/A

(c)

435,488

TOTAL

FINANCIAL

SERVICES

853,474

TOTAL

CONTINGENT

CAPITAL

SECURITIES

(cost

$5,744,591)

6,271,364

Nuveen

Preferred

Securities

and

Income

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

58

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

2

.0

%

X

361,434

BANKS

-

1.7%

3,000

(e)

Farm

Credit

Bank

of

Texas

9.611%

$

299,534

TOTAL

BANKS

299,534

FOOD,

BEVERAGE

&

TOBACCO

-

0.3%

2,500

CHS

Inc

6.750%

61,900

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

61,900

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(cost

$359,239)

361,434

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

–

CORPORATE

BONDS

-

0

.5

%

X

78,100

FINANCIAL

SERVICES

-

0.5%

$

400

(e)

Credit

Suisse

Group

AG

7.500%

6/11/72

$

44,000

310

Credit

Suisse

Group

AG

7.500%

1/17/72

34,100

TOTAL

FINANCIAL

SERVICES

78,100

TOTAL

CORPORATE

BONDS

(cost

$643,299)

78,100

TOTAL

LONG-TERM

INVESTMENTS

(cost

$17,042,857)

17,622,976

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

13.9%

2,476,710

(g)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.310%(h)

$

2,476,710

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$2,476,710)

2,476,710

TOTAL

INVESTMENTS

(cost

$

19,519,567

)

-

112

.9

%

20,099,686

OTHER

ASSETS

&

LIABILITIES,

NET

-  (12.9)%

(

2,300,692

)

NET

ASSETS

-

100%

$

17,798,994

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$2,391,331.

(c)

Perpetual

security.

Maturity

date

is

not

applicable.

(d)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(e)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$4,783,462

or

23.8%

of

Total

Investments.

(f)

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.

(g)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

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

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(h)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

59

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.

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

60

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

99.3% 

X

–

MORTGAGE-BACKED

SECURITIES

-

76.8%

X

20,578,295

$

100

Bank

2019-BNK19,

2019

BN20

3.243%

9/15/62

$

86,915

350

BANK

2019-BNK22,

2019

BN22

3.210%

11/15/62

311,577

500

Benchmark

2019-B11

Mortgage

Trust,

2019

B11

3.784%

5/15/52

454,786

199

Benchmark

2019-B15

Mortgage

Trust,

2019

B15

3.720%

12/15/72

153,695

100

Benchmark

2021-B28

Mortgage

Trust,

2021

B28

2.429%

8/15/54

81,960

248

(b),(c)

BX

Commercial

Mortgage

Trust

2021-CIP,

(TSFR1M

reference

rate

+

1.385%

spread),

2021

CIP

6.714%

12/15/38

245,248

570

(c)

CAMB

Commercial

Mortgage

Trust

2021-CX2,

2021

CX2

2.700%

11/10/46

474,961

200

Citigroup

Commercial

Mortgage

Trust

2015-GC29,

2015

GC29

3.457%

4/10/48

194,955

200

Citigroup

Commercial

Mortgage

Trust

2016-C3,

2016

C3

3.366%

11/15/49

186,210

200

COMM

2015-LC21

Mortgage

Trust,

2015

LC21

4.043%

7/10/48

194,609

295

COMM

2018-COR3

Mortgage

Trust,

2018

COR3

4.517%

5/10/51

255,233

300

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

reference

rate

+

3.000%

spread),

2022

R05

8.347%

4/25/42

311,129

300

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

4.650%

spread),

2022

R07

9.998%

6/25/42

326,521

240

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R09,

(SOFR30A

reference

rate

+

4.750%

spread),

2022

R09

10.098%

9/25/42

262,692

315

(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R01,

(SOFR30A

reference

rate

+

3.750%

spread),

2023

R01

9.098%

12/25/42

338,153

45

CSAIL

2017-CX10

Commercial

Mortgage

Trust,

2017

CX10

3.458%

11/15/50

42,068

200

CSAIL

2020-C19

Commercial

Mortgage

Trust,

2020

C19

2.971%

3/15/53

166,341

77

(c)

DBWF

Mortgage

Trust,

2015

LCM

2.998%

6/10/34

74,183

194

Fannie

Mae

Pool,

FN

MA5165

5.500%

10/01/53

193,908

231

Fannie

Mae

Pool,

FN

CB2804

2.500%

2/01/52

196,075

179

Fannie

Mae

Pool,

FN

310210,

2022

1

4.000%

5/01/44

172,435

141

Fannie

Mae

Pool,

FN

MA4842,

2022

1

5.500%

12/01/52

141,132

142

Fannie

Mae

Pool,

FN

MA4699,

2022

1

3.500%

7/01/52

128,417

113

Fannie

Mae

Pool,

FN

MA4625,

2022

1

3.500%

6/01/52

102,098

109

Fannie

Mae

Pool,

FN

CB2211

2.500%

11/01/51

92,650

92

Fannie

Mae

Pool,

FN

MA4761

5.000%

9/01/52

90,564

99

Fannie

Mae

Pool,

FN

FS7299

3.000%

5/01/52

87,768

84

Fannie

Mae

Pool,

FN

FS5179

5.000%

6/01/53

83,209

79

Fannie

Mae

Pool,

FN

MA5353

5.500%

5/01/54

78,572

173

Fannie

Mae

Pool,

FN

MA5039

5.500%

6/01/53

173,199

543

Fannie

Mae

Pool,

FN

MA5106

5.000%

8/01/53

534,904

257

Fannie

Mae

Pool,

FN

CB3905

3.500%

6/01/52

233,881

342

Fannie

Mae

Pool,

FN

MA4962

4.000%

3/01/53

320,734

269

Fannie

Mae

Pool,

FN

MA4920

6.000%

2/01/53

273,044

483

Fannie

Mae

Pool,

FN

MA4737,

2022

1

5.000%

8/01/52

476,167

498

Fannie

Mae

Pool,

FN

MA4732

4.000%

9/01/52

467,529

308

Fannie

Mae

Pool,

FN

MA4600,

2022

2

3.500%

5/01/52

280,168

523

Fannie

Mae

Pool,

FN

FS1535

3.000%

4/01/52

459,398

302

Fannie

Mae

Pool,

FN

MA4918

5.000%

2/01/53

297,938

466

Fannie

Mae

Pool,

FN

MA4805,

2022

1

4.500%

11/01/52

448,963

444

Fannie

Mae

Pool,

FN

MA4784

4.500%

10/01/52

427,552

496

Fannie

Mae

Pool,

FN

MA4733

4.500%

9/01/52

478,499

445

Fannie

Mae

Pool,

FN

MA4655

4.000%

7/01/52

417,086

421

Fannie

Mae

Pool,

FN

MA4701,

2022

1

4.500%

7/01/52

405,514

431

Fannie

Mae

Pool,

FN

MA4700,

2022

1

4.000%

7/01/52

403,965

397

Fannie

Mae

Pool,

FN

MA5070

4.500%

7/01/53

381,999

364

Fannie

Mae

Pool,

FN

MA4919

5.500%

2/01/53

364,984

389

Fannie

Mae

Pool,

FN

MA4783

4.000%

10/01/52

364,688

130

Freddie

Mac

Pool,

FR

SD8220

3.000%

6/01/52

113,614

41

Freddie

Mac

Pool,

FR

RA7211,

2022

1

4.000%

4/01/52

38,469

76

Freddie

Mac

Pool,

FR

SD4810

3.000%

4/01/52

67,020

61

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

(continued)

$

192

Freddie

Mac

Pool,

FR

RA9629

5.500%

8/01/53

$

192,052

45

Freddie

Mac

REMICS,

2018

4776

4.000%

3/15/48

42,198

36

Freddie

Mac

REMICS,

2018

4783

4.000%

4/15/48

33,763

157

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5,

(SOFR30A

reference

rate

+

4.500%

spread),

2022

DNA5

9.847%

6/25/42

170,286

300

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-HQA2,

(SOFR30A

reference

rate

+

4.000%

spread),

2022

HQA2

9.347%

7/25/42

320,697

300

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-HQA3,

(SOFR30A

reference

rate

+

3.550%

spread),

2022

HQA3

8.897%

8/25/42

317,117

342

Ginnie

Mae

II

Pool,

G2

MA8149

3.500%

7/20/52

314,459

67

Ginnie

Mae

II

Pool,

G2

MA8428

5.000%

11/20/52

66,712

77

Ginnie

Mae

II

Pool,

G2

MA8043

3.000%

5/20/52

69,107

60

Ginnie

Mae

II

Pool,

G2

MA7419,

2021

MTGE

3.000%

6/20/51

54,012

246

Ginnie

Mae

II

Pool,

G2

MA8200

4.000%

8/20/52

232,184

115

Ginnie

Mae

II

Pool,

G2

MA8201

4.500%

8/20/52

111,771

103

Government

National

Mortgage

Association,

2023

111

3.000%

2/20/52

70,995

575

GS

Mortgage

Securities

Trust

2017-GS6,

2017

GS6

3.638%

5/10/50

526,854

245

GS

Mortgage

Securities

Trust

2018-GS9,

2018

GS9

3.992%

3/10/51

231,199

45

GS

Mortgage

Securities

Trust

2019-GSA1,

2019

GSA1

3.340%

11/10/52

40,571

239

(c)

GS

Mortgage-Backed

Securities

Trust

2021-PJ6,

2021

PJ6

2.500%

11/25/51

193,574

93

(c)

GS

Mortgage-Backed

Securities

Trust

2023-PJ1,

2023

PJ1

3.500%

2/25/53

81,208

82

(c)

J.P.

Morgan

Mortgage

Trust

2021-15,

2021

15

2.500%

6/25/52

66,292

186

(c)

J.P.

Morgan

Mortgage

Trust

2021-INV5,

2021

INV5

3.188%

12/25/51

152,376

262

(c)

J.P.

Morgan

Mortgage

Trust

2022-6,

2022

6

3.000%

11/25/52

220,233

241

(c)

JP

Morgan

Mortgage

Trust

2017-5,

2017

5

5.477%

10/26/48

241,402

85

(c)

JP

Morgan

Mortgage

Trust

2018-4,

2018

4

3.500%

10/25/48

74,279

251

(c)

JP

Morgan

Mortgage

Trust

2018-5,

2018

5

3.500%

10/25/48

222,232

248

(c)

JP

Morgan

Mortgage

Trust

2020-1,

2020

1

3.821%

6/25/50

219,691

402

(c)

JP

Morgan

Mortgage

Trust

2020-7,

2020

7

3.000%

1/25/51

343,982

313

(c)

JP

Morgan

Mortgage

Trust

2021-11,

2021

11

2.500%

1/25/52

253,098

23

(c)

JP

Morgan

Mortgage

Trust

2021-4,

2021

4

2.881%

8/25/51

18,399

250

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C23,

2014

C23

4.444%

9/15/47

247,518

78

(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2021-5,

2021

5

2.500%

8/25/51

62,661

273

(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2023-1,

2023

1

4.000%

2/25/53

247,128

225

(b),(c)

MTN

Commercial

Mortgage

Trust

2022-LPFL,

(TSFR1M

reference

rate

+

1.397%

spread),

2022

LPFL

6.727%

3/15/39

222,511

78

(b),(c)

OBX

2018-1

Trust,

(TSFR1M

reference

rate

+

0.764%

spread),

2018

1

4.658%

6/25/57

76,327

274

(c)

OBX

2022-INV5

Trust,

2022

INV5

4.000%

10/25/52

248,070

87

(c)

Oceanview

Mortgage

Trust

2022-1,

2022

1

4.500%

11/25/52

82,178

250

(c)

One

Bryant

Park

Trust

2019-OBP,

2019

OBP

2.516%

9/15/54

216,290

200

(c)

ONNI

Commerical

Mortgage

Trust

2024-APT,

2024

APT

5.753%

7/15/39

200,621

280

(c)

RCKT

Mortgage

Trust

2022-4,

2022

4

4.000%

6/25/52

253,738

221

(c)

Sequoia

Mortgage

Trust

2020-1,

2020

1

3.851%

2/25/50

177,937

76

(c)

Sequoia

Mortgage

Trust

2021-4,

2021

4

2.500%

6/25/51

62,148

500

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS2,

2015

NXS2

3.767%

7/15/58

487,750

165

Wells

Fargo

Commercial

Mortgage

Trust

2017-C38,

2017

C38

3.917%

7/15/50

155,296

TOTAL

MORTGAGE-BACKED

SECURITIES

(cost

$19,835,606)

20,578,295

Nuveen

Securitized

Credit

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

62

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

ASSET-BACKED

SECURITIES

-

21.6%

X

5,782,518

$

350

(c)

Affirm

Asset

Securitization

Trust

2023-B,

2023

B

6.820%

9/15/28

$

355,780

250

(b),(c)

AGL

CLO

Ltd,

(TSFR3M

reference

rate

+

2.600%

spread),

2023

25A

7.882%

7/21/36

253,110

97

(c)

Alterna

Funding

III

LLC,

2024

1A

6.260%

5/16/39

97,306

98

(c)

Alterna

Funding

III

LLC,

2024

1A

7.136%

5/16/39

98,041

264

(c)

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2019

3A

2.360%

3/20/26

260,227

100

(c)

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2024

1A

5.850%

6/20/30

101,497

150

(c)

Brex

Commercial

Charge

Card

Master

Trust,

2024

1

6.680%

7/15/27

150,917

242

(c)

Capital

Automotive

REIT,

2023

1A

5.750%

9/15/53

243,089

98

(c)

Cars

Net

Lease

Mortgage

Notes

Series

2020-1,

2020

1A

3.100%

12/15/50

89,983

100

(c)

Frontier

Issuer

LLC,

2023

1

6.600%

8/20/53

101,801

217

GM

Financial

Consumer

Automobile

Receivables

Trust

2020-4,

2020

4

0.500%

2/17/26

215,968

246

(b),(c)

Gracie

Point

International

Funding,

(SOFR90A

reference

rate

+

1.950%

spread),

2023

1A

7.299%

9/01/26

247,257

61

(b),(c)

Gracie

Point

International

Funding,

(SOFR90A

reference

rate

+

2.250%

spread),

2023

2A

7.599%

3/01/27

60,823

250

(c)

Hertz

Vehicle

Financing

III

LLC,

2023

3A

5.940%

2/25/28

253,367

100

(c)

Hertz

Vehicle

Financing

III

LP,

2021

2A

2.120%

12/27/27

92,301

141

(c)

Hilton

Grand

Vacations

Trust

2019-A,

2019

AA

2.340%

7/25/33

136,305

95

(c)

Hilton

Grand

Vacations

Trust

2024-2,

2024

2A

5.500%

3/25/38

96,717

100

(c)

Hotwire

Funding

LLC,

2024

1A

5.893%

6/20/54

102,927

300

(b),(c)

Magnetite

XXXVII

Ltd,

(TSFR3M

reference

rate

+

2.300%

spread),

2023

37A

7.582%

10/20/36

303,115

100

(c)

Mercury

Financial

Credit

Card

Master

Trust,

2024

2A

6.560%

7/20/29

101,131

100

(c)

MetroNet

Infrastructure

Issuer

LLC,

2023

1A

6.560%

4/20/53

102,885

100

(c)

MetroNet

Infrastructure

Issuer

LLC,

2024

1A

6.230%

4/20/54

102,544

185

(c)

MVW

2020-1

LLC,

2020

1A

1.740%

10/20/37

175,839

182

(c)

MVW

Owner

Trust

2019-1,

2019

1A

2.890%

11/20/36

178,493

220

(b),(c)

Myers

Park

CLO

Ltd,

(TSFR3M

reference

rate

+

1.862%

spread),

2018

1A

7.144%

10/20/30

220,552

250

(b),(c)

OneMain

Financial

Issuance

Trust

2021-1,

(SOFR30A

reference

rate

+

0.760%

spread),

2021

1A

6.097%

6/16/36

249,777

250

(c)

PenFed

Auto

Receivables

Owner

Trust

2022-A,

2022

A

4.830%

12/15/28

247,230

100

(c)

PFS

Financing

Corp,

2024

D

5.340%

4/15/29

101,401

141

(c)

Taco

Bell

Funding

LLC,

2016

1A

4.970%

5/25/46

139,347

142

(c)

Taco

Bell

Funding

LLC,

2021

1A

1.946%

8/25/51

131,160

260

(c)

Tesla

Auto

Lease

Trust,

2023

B

6.570%

8/20/27

264,092

250

(b),(c)

Texas

Debt

Capital

CLO

2024-I

Ltd,

(TSFR3M

reference

rate

+

1.950%

spread),

2024

1A

7.232%

4/22/37

252,625

100

(c)

VB-S1

Issuer

LLC

-

VBTEL,

2024

1A

5.590%

5/15/54

101,471

50

Volkswagen

Auto

Lease

Trust,

2024

A

5.210%

6/21/27

50,348

100

(c)

Ziply

Fiber

Issuer

LLC,

2024

1A

6.640%

4/20/54

103,092

TOTAL

ASSET-BACKED

SECURITIES

(cost

$5,665,863)

5,782,518

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

0

.9

%

X

256,216

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.9%

$

250

(c)

SBA

Tower

Trust

6.599%

1/15/28

$

256,216

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

256,216

TOTAL

CORPORATE

BONDS

(cost

$252,312)

256,216

TOTAL

LONG-TERM

INVESTMENTS

(cost

$25,753,781)

26,617,029

OTHER

ASSETS

&

LIABILITIES,

NET

-  0.7%

176,387

NET

ASSETS

-

100%

$

26,793,416

63

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$12,549,780

or

47.1%

of

Total

Investments.

REIT

Real

Estate

Investment

Trust

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

64

Nuveen

Ultra

Short

Municipal

Managed

Accounts

Portfolio

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

95.9% 

X

–

MUNICIPAL

BONDS

-

95

.9

%

X

9,585,000

CALIFORNIA

-

18.9%

$

335

(c)

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2024D,

3.850%,

4/01/59

8/24

at

100.00

$

335,000

215

(c)

California

State,

General

Obligation

Bonds,

Kindergarten

University,

Series

2004A-2,

3.750%,

5/01/34

8/24

at

100.00

215,000

335

(c)

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Rady

Children's

Hospital

of

San

Diego,

Variable

Rate

Revenue

Bonds,

Series

2008B,

3.820%,

8/15/47

8/24

at

100.00

335,000

335

(c)

Irvine

Ranch

Water

District,

California,

Certificates

of

Participation,

Series

2009S,

3.150%,

10/01/41

8/24

at

100.00

335,000

335

(c)

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Variable

Rate

Demand

Series

2016B-2,

3.850%,

7/01/37

8/24

at

100.00

335,000

335

(c)

San

Mateo

County

Transportation

Authority,

California,

Sales

Tax

Revenue

Bonds,

Limited

Tax

Variable

Rate

Demand

Subordinate

Series

2020B,

3.800%,

6/01/49

8/24

at

100.00

335,000

TOTAL

CALIFORNIA

1,890,000

COLORADO

-

3.2%

325

(c)

Colorado

Health

Facilities

Authority,

Revenue

Bonds,

Boulder

Community

Hospital

Project,

Variable

Rate

Demand

Obligations

Series

2000,

3.580%,

10/01/30

8/24

at

100.00

325,000

TOTAL

COLORADO

325,000

CONNECTICUT

-

6.7%

335

(c)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale

University,

Series

2013A,

3.800%,

7/01/42

8/24

at

100.00

335,000

335

(c)

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2016A-3,

3.550%,

11/15/45

8/24

at

100.00

335,000

TOTAL

CONNECTICUT

670,000

DISTRICT

OF

COLUMBIA

-

3.4%

335

(c)

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Series

2010D,

3.610%,

10/01/40

8/24

at

100.00

335,000

TOTAL

DISTRICT

OF

COLUMBIA

335,000

FLORIDA

-

2.0%

200

(c)

JEA,

Florida,

Water

and

Sewerage

System

Revenue

Bonds,

Variable

Rate

Demand

Obligations

Series

2008A-1

&

2008A-2,

3.450%,

10/01/42

8/24

at

100.00

200,000

TOTAL

FLORIDA

200,000

LOUISIANA

-

3.3%

335

(c)

Louisiana

State,

Gasoline

and

Fuels

Tax

Second

Lien

Revenue

Bonds,

Refunding

Series

2023A-2,

4.050%,

5/01/43

8/24

at

100.00

335,000

TOTAL

LOUISIANA

335,000

MASSACHUSETTS

-

6.4%

300

(c)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Series

2008U-6E,

4.050%,

10/01/42

8/24

at

100.00

300,000

335

(c)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2024E-2,

3.730%,

7/01/52

8/24

at

100.00

335,000

TOTAL

MASSACHUSETTS

635,000

MICHIGAN

-

3.3%

335

(c)

University

of

Michigan,

General

Revenue

Bonds,

Refunding

Series

2012D-

1,

3.810%,

12/01/24

8/24

at

100.00

335,000

TOTAL

MICHIGAN

335,000

65

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

MISSOURI

-

3.0%

$

300

(c)

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Washington

University,

Variable

Rate

Demand

Obligations,

Series

2000B,

3.950%,

3/01/40

8/24

at

100.00

$

300,000

TOTAL

MISSOURI

300,000

NEW

YORK

-

20.1%

335

(c)

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Variable

Rate

Series

2005D-2,

4.000%,

11/01/35

8/24

at

100.00

335,000

335

(c)

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2014

Adjustable

Rate

Series

AA-6,

4.000%,

6/15/48

8/24

at

100.00

335,000

335

(c)

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2013

Series

A-4,

4.050%,

8/01/39

8/24

at

100.00

335,000

335

(c)

New

York

City

Trust

for

Cultural

Resources,

New

York,

Revenue

Bonds,

Pierpont

Morgan

Library,

Series

2004,

3.510%,

2/01/34

8/24

at

100.00

335,000

335

(c)

New

York

City,

New

York,

General

Obligation

Bonds,

Subseries

G-6

Fiscal

Series

2012,

3.350%,

4/01/42

8/24

at

100.00

335,000

335

(c)

New

York

State

Housing

Finance

Agency,

316

Eleventh

Avenue

Housing

Revenue

Bonds,

Variable

Rate

Demand

Obligation

Series

2009A,

3.560%,

5/15/41

8/24

at

100.00

335,000

TOTAL

NEW

YORK

2,010,000

NORTH

CAROLINA

-

3.3%

330

(c)

Charlotte-Mecklenburg

Hospital

Authority,

North

Carolina,

Health

Care

Revenue

Bonds,

DBA

Carolinas

HealthCare

System,

Variable

Rate

Demand

Series

2007E,

4.050%,

1/15/44

-

AGM

Insured

8/24

at

100.00

330,000

TOTAL

NORTH

CAROLINA

330,000

OHIO

-

3.4%

335

(c)

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2024C,

4.050%,

12/01/54

8/24

at

100.00

335,000

TOTAL

OHIO

335,000

PENNSYLVANIA

-

6.1%

335

(c)

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Variable

Rate

Series

2020,

3.650%,

12/01/39

8/24

at

100.00

335,000

275

(c)

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Eighth

Series,

Variable

Rate

Demand

Obligations,

Series

2009C,

3.650%,

8/01/31

8/24

at

100.00

275,000

TOTAL

PENNSYLVANIA

610,000

TENNESSEE

-

3.4%

335

(c)

Metropolitan

Government

of

Nashville

and

Davidson

County

Industrial

Development

Board,

Tennessee,

Multifamily

Housing

Revenue

Bonds,

Summit

Apartments

Project,

Refunding

Series

2006,

3.600%,

7/15/36

8/24

at

100.00

335,000

TOTAL

TENNESSEE

335,000

Nuveen

Ultra

Short

Municipal

Managed

Accounts

Portfolio

(continued)

Portfolio

of

Investments

July

31,

2024

66

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

VIRGINIA

-

9.4%

$

355

(c)

Fairfax

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Smithsonian

Institution,

Series

2003B,

3.560%,

12/01/33

8/24

at

100.00

$

355,000

250

(c)

Loudoun

County

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Howard

Hughes

Medical

Institute,

Variable

Rate

Demand

Obligations,

Series

2003D,

3.520%,

2/15/38

8/24

at

100.00

250,000

335

(c)

Roanoke

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Carilion

Clinic

Obligated

Group,

Refunding

Series

2020C,

3.620%,

7/01/52

8/24

at

100.00

335,000

TOTAL

VIRGINIA

940,000

TOTAL

MUNICIPAL

BONDS

(cost

$9,585,000)

9,585,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$9,585,000)

9,585,000

TOTAL

INVESTMENTS

(cost

$

9,585,000

)

-

95

.9

%

9,585,000

OTHER

ASSETS

&

LIABILITIES,

NET

-  4.1%

415,000

NET

ASSETS

-

100%

$

10,000,000

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

67

July

31,

2024

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

Preferred

Securities

and

Income

Securitized

Credit

ASSETS

Long-term

investments,

at

value

†‡

$

1,526,013,970‌

$

8,835,223‌

$

27,146,479‌

$

17,821,216‌

$

17,622,976‌

$

26,617,029‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

1,149,418‌

1,447,778‌

2,476,710‌

–‌

Short-term

investments,

at

value

◊

11,385,000‌

261,000‌

–‌

–‌

–‌

–‌

Cash

13,570,116‌

440‌

570,749‌

10,886‌

–‌

192,579‌

Receivables:

Interest

16,598,941‌

89,509‌

322,951‌

306,550‌

246,605‌

85,895‌

Investments

sold

7,605,894‌

–‌

–‌

–‌

217,900‌

–‌

Reimbursement

from

Adviser

88,652‌

–‌

12,407‌

12,532‌

11,835‌

12,503‌

Shares

sold

6,772,050‌

–‌

–‌

–‌

–‌

–‌

Other

100,849‌

20,691‌

19,564‌

19,043‌

19,137‌

18,169‌

Total

assets

1,582,135,472‌

9,206,863‌

29,221,568‌

19,618,005‌

20,595,163‌

26,926,175‌

LIABILITIES

Cash

overdraft

–‌

–‌

–‌

–‌

11,958‌

–‌

Payables:

Collateral

from

securities

lending

–‌

–‌

1,149,418‌

1,447,778‌

2,476,710‌

–‌

Dividends

1,227,904‌

35,082‌

–‌

106,974‌

91,580‌

97,182‌

Interest

682‌

—‌

–‌

—‌

–‌

—‌

Payable

to

Adviser

–‌

40,842‌

–‌

–‌

–‌

–‌

Investments

purchased

-

regular

settlement

3,724,473‌

—‌

–‌

–‌

200,000‌

–‌

Investments

purchased

-

when-issued/delayed-

delivery

settlement

5,670,407‌

249,999‌

–‌

–‌

–‌

–‌

Shares

redeemed

5,582,251‌

–‌

–‌

9,488‌

4,687‌

19,206‌

Accrued

expenses:

Custodian

fees

120,354‌

13,373‌

11,289‌

12,713‌

7,512‌

11,950‌

Trustees

fees

58,970‌

190‌

482‌

301‌

296‌

434‌

Professional

fees

47,493‌

2,502‌

2,971‌

2,659‌

2,801‌

3,039‌

Shareholder

reporting

expenses

18,351‌

467‌

707‌

549‌

549‌

670‌

Shareholder

servicing

agent

fees

126,094‌

38‌

83‌

66‌

76‌

80‌

Other

7,006‌

—‌

—‌

270‌

—‌

198‌

Total

liabilities

16,583,985‌

342,493‌

1,164,950‌

1,580,798‌

2,796,169‌

132,759‌

Net

assets

$

1,565,551,487‌

$

8,864,370‌

$

28,056,618‌

$

18,037,207‌

$

17,798,994‌

$

26,793,416‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

1,711,398,428‌

$

11,129,191‌

$

26,659,198‌

$

17,334,987‌

$

17,046,144‌

$

25,697,166‌

Total

distributable

earnings

(loss)

(145,846,941‌)

(2,264,821‌)

1,397,420‌

702,220‌

752,850‌

1,096,250‌

Net

assets

$

1,565,551,487‌

$

8,864,370‌

$

28,056,618‌

$

18,037,207‌

$

17,798,994‌

$

26,793,416‌

Shares

outstanding

153,177,119‌

1,126,574‌

2,659,131‌

1,732,189‌

1,706,572‌

2,556,880‌

Net

asset

value

("NAV")

per

share

10.22‌

7.87‌

10.55‌

10.41‌

10.43‌

10.48‌

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

†

Long-term

investments,

cost

$

1,506,574,726‌

$

9,910,852‌

$

26,076,848‌

$

17,322,033‌

$

17,042,857‌

$

25,753,781‌

◊

Short-term

investments,

cost

$

11,385,000‌

$

261,038‌

$

—‌

$

—‌

$

—‌

$

—‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

1,109,453‌

$

1,390,181‌

$

2,391,331‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

68

July

31,

2024

Ultra

Short

Municipal

ASSETS

Short-term

investments,

at

value

◊

9,585,000‌

Cash

25,613‌

Receivables:

Interest

24,034‌

Investments

sold

360,113‌

Reimbursement

from

Adviser

19,813‌

Other

17,789‌

Total

assets

10,032,362‌

LIABILITIES

Payables:

Dividends

23,152‌

Payable

to

Adviser

–‌

Accrued

expenses:

Custodian

fees

6,644‌

Trustees

fees

114‌

Professional

fees

1,445‌

Other

1,007‌

Total

liabilities

32,362‌

Net

assets

$

10,000,000‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

10,000,000‌

Total

distributable

earnings

(loss)

–‌

Net

assets

$

10,000,000‌

Shares

outstanding

1,000,000‌

Net

asset

value

("NAV")

per

share

10.00‌

Authorized

shares

-

per

class

Unlimited

Par

value

per

share

$

0.01

◊

Short-term

investments,

cost

$

9,585,000‌

Statement

of

Operations

See

Notes

to

Financial

Statements

69

Year

Ended

July

31,

2024

Municipal

Total

Return

Core

Impact

Bond

Emerging

Markets

Debt

High

Yield

INVESTMENT

INCOME

Dividends

$

—‌

$

—‌

$

—‌

$

5,106‌

Interest

60,807,682‌

406,617‌

1,758,558‌

1,314,920‌

Securities

lending

income,

net

—‌

360‌

4,908‌

11,297‌

Tax

withheld

—‌

—‌

(

666‌

)

—‌

Total

investment

income

60,807,682‌

406,977‌

1,762,800‌

1,331,323‌

EXPENSES

–

–

–

–

Shareholder

servicing

agent

fees

417,106‌

256‌

65‌

78‌

Interest

expense

46,831‌

58‌

126‌

240‌

Trustees

fees

54,992‌

319‌

1,024‌

651‌

Custodian

expenses,

net

138,208‌

21,488‌

18,102‌

22,524‌

Registration

fees

175,362‌

28,943‌

28,833‌

28,578‌

Professional

fees

192,098‌

59,288‌

78,571‌

70,366‌

Shareholder

reporting

expenses

46,494‌

5,855‌

11,669‌

12,080‌

Other

18,922‌

5,434‌

6,374‌

6,842‌

Total

expenses

before

fee

waiver/expense

reimbursement

1,090,013‌

121,641‌

144,764‌

141,359‌

Fee

waiver/expense

reimbursement

(

1,066,987‌

)

(

121,592‌

)

(

144,670‌

)

(

141,137‌

)

Net

expenses

23,026‌

49‌

94‌

222‌

Net

investment

income

(loss)

60,784,656‌

406,928‌

1,762,706‌

1,331,101‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

19,242,817‌

)

(

516,667‌

)

200,624‌

203,370‌

Net

realized

gain

(loss)

(

19,242,817‌

)

(

516,667‌

)

200,624‌

203,370‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

26,827,234‌

666,388‌

(

19,849‌

)

286,601‌

Net

change

in

unrealized

appreciation

(depreciation)

26,827,234‌

666,388‌

(

19,849‌

)

286,601‌

Net

realized

and

unrealized

gain

(loss)

7,584,417‌

149,721‌

180,775‌

489,971‌

Net

increase

(decrease)

in

net

assets

from

operations

$

68,369,073‌

$

556,649‌

$

1,943,481‌

$

1,821,072‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

70

Year

Ended

July

31,

2024

Preferred

Securities

and

Income

Securitized

Credit

Ultra

Short

Municipal(a)

INVESTMENT

INCOME

Dividends

$

50,318‌

$

—‌

$

—‌

Interest

1,111,944‌

1,460,907‌

137,969‌

Securities

lending

income,

net

9,636‌

—‌

—‌

Tax

withheld

(

2,080‌

)

—‌

—‌

Total

investment

income

1,169,818‌

1,460,907‌

137,969‌

EXPENSES

–

–

–

Shareholder

servicing

agent

fees

99‌

126‌

1,243‌

Interest

expense

142‌

25‌

—‌

Trustees

fees

629‌

954‌

199‌

Custodian

expenses

11,015‌

17,868‌

8,336‌

Registration

fees

28,540‌

29,281‌

18,960‌

Professional

fees

84,971‌

71,910‌

119,666‌

Shareholder

reporting

expenses

11,543‌

11,738‌

457‌

Other

4,787‌

5,307‌

898‌

Total

expenses

before

fee

waiver/expense

reimbursement

141,726‌

137,209‌

149,759‌

Fee

waiver/expense

reimbursement

(

141,602‌

)

(

137,209‌

)

(

149,759‌

)

Net

expenses

124‌

—‌

—‌

Net

investment

income

(loss)

1,169,694‌

1,460,907‌

137,969‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

201,636‌

188,554‌

—‌

Foreign

currency

transactions

14‌

—‌

—‌

Net

realized

gain

(loss)

201,650‌

188,554‌

–‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

855,041‌

340,757‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

855,041‌

340,757‌

–‌

Net

realized

and

unrealized

gain

(loss)

1,056,691‌

529,311‌

—‌

Net

increase

(decrease)

in

net

assets

from

operations

$

2,226,385‌

$

1,990,218‌

$

137,969‌

(a)

For

the

period

February

29,

2024

(commencement

of

operations)

through

July

31,

2024.

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

71

Municipal

Total

Return

Year

Ended

7/31/24

Year

Ended

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

60,784,656‌

$

50,201,454‌

Net

realized

gain

(loss)

(19,242,817‌)

(101,338,619‌)

Net

change

in

unrealized

appreciation

(depreciation)

26,827,234‌

39,435,944‌

Net

increase

(decrease)

in

net

assets

from

operations

68,369,073‌

(11,701,221‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(60,373,205)

(50,040,266)

Total

distributions

(60,373,205‌)

(50,040,266‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

620,670,921‌

789,630,438‌

Reinvestments

of

distributions

46,693,208‌

37,754,645‌

Redemptions

(593,848,373‌)

(758,898,628‌)

Net

increase

(decrease)

from

Fund

share

transactions

73,515,756‌

68,486,455‌

Net

increase

(decrease)

in

net

assets

81,511,624‌

6,744,968‌

Net

assets

at

the

beginning

of

period

1,484,039,863‌

1,477,294,895‌

Net

assets

at

the

end

of

period

$

1,565,551,487‌

$

1,484,039,863‌

See

Notes

to

Financial

Statements

72

Statement

of

Changes

in

Net

Assets

(continued)

Core

Impact

Bond

Year

Ended

7/31/24

Nine

Months

Ended

7/31/23

Year

Ended

10/31/22

Operations

Net

investment

income

(loss)

$

406,928‌

$

276,682‌

$

295,489‌

Net

realized

gain

(loss)

(516,667‌)

(306,108‌)

(247,326‌)

Net

change

in

unrealized

appreciation

(depreciation)

666,388‌

506,380‌

(2,152,999‌)

Net

increase

(decrease)

in

net

assets

from

operations

556,649‌

476,954‌

(2,104,836‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(417,176)

(294,771)

(314,641)

Total

distributions

(417,176‌)

(294,771‌)

(314,641‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

–‌

6,000‌

–‌

Reinvestments

of

distributions

8,607‌

294,776‌

314,635‌

Net

increase

(decrease)

from

Fund

share

transactions

8,607‌

300,776‌

314,635‌

Net

increase

(decrease)

in

net

assets

148,080‌

482,959‌

(2,104,842‌)

Net

assets

at

the

beginning

of

period

8,716,290‌

8,233,331‌

10,338,173‌

Net

assets

at

the

end

of

period

$

8,864,370‌

$

8,716,290‌

$

8,233,331‌

See

Notes

to

Financial

Statements

73

Emerging

Markets

Debt

High

Yield

Year

Ended

7/31/24

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

Year

Ended

7/31/24

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

1,762,706‌

$

1,241,668‌

$

1,331,101‌

$

833,762‌

Net

realized

gain

(loss)

200,624‌

141,523‌

203,370‌

4,039‌

Net

change

in

unrealized

appreciation

(depreciation)

(19,849‌)

1,089,479‌

286,601‌

212,582‌

Net

increase

(decrease)

in

net

assets

from

operations

1,943,481‌

2,472,670‌

1,821,072‌

1,050,383‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(1,919,930)

(1,098,801)

(1,330,002)

(839,233)

Total

distributions

(1,919,930‌)

(1,098,801‌)

(1,330,002‌)

(839,233‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

519,965‌

25,030,000‌

1,395,770‌

15,080,000‌

Reinvestments

of

distributions

38,859‌

1,098,801‌

110,058‌

839,230‌

Redemptions

(28,427‌)

–‌

(90,071‌)

–‌

Net

increase

(decrease)

from

Fund

share

transactions

530,397‌

26,128,801‌

1,415,757‌

15,919,230‌

Net

increase

(decrease)

in

net

assets

553,948‌

27,502,670‌

1,906,827‌

16,130,380‌

Net

assets

at

the

beginning

of

period

27,502,670‌

–‌

16,130,380‌

–‌

Net

assets

at

the

end

of

period

$

28,056,618‌

$

27,502,670‌

$

18,037,207‌

$

16,130,380‌

See

Notes

to

Financial

Statements

74

Statement

of

Changes

in

Net

Assets

(continued)

Preferred

Securities

and

Income

Securitized

Credit

Year

Ended

7/31/24

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

Year

Ended

7/31/24

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

1,169,694‌

$

770,145‌

$

1,460,907‌

$

819,378‌

Net

realized

gain

(loss)

201,650‌

36,365‌

188,554‌

32,279‌

Net

change

in

unrealized

appreciation

(depreciation)

855,041‌

(274,922‌)

340,757‌

522,491‌

Net

increase

(decrease)

in

net

assets

from

operations

2,226,385‌

531,588‌

1,990,218‌

1,374,148‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(1,218,770)

(786,353)

(1,516,440)

(751,676)

Total

distributions

(1,218,770‌)

(786,353‌)

(1,516,440‌)

(751,676‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

1,180,279‌

15,050,000‌

4,665,291‌

20,240,000‌

Reinvestments

of

distributions

78,694‌

786,355‌

257,560‌

751,674‌

Redemptions

(49,184‌)

–‌

(217,359‌)

–‌

Net

increase

(decrease)

from

Fund

share

transactions

1,209,789‌

15,836,355‌

4,705,492‌

20,991,674‌

Net

increase

(decrease)

in

net

assets

2,217,404‌

15,581,590‌

5,179,270‌

21,614,146‌

Net

assets

at

the

beginning

of

period

15,581,590‌

–‌

21,614,146‌

–‌

Net

assets

at

the

end

of

period

$

17,798,994‌

$

15,581,590‌

$

26,793,416‌

$

21,614,146‌

See

Notes

to

Financial

Statements

75

Ultra

Short

Municipal

For

the

Period

2/29/24

(commencement

of

operations)

through

7/31/24

OPERATIONS

Net

investment

income

(loss)

$

137,969

Net

increase

(decrease)

in

net

assets

from

operations

137,969

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(137,969)

Total

distributions

(137,969

)

FUND

SHARE

TRANSACTIONS

Subscriptions

10,000,000

Net

increase

(decrease)

from

Fund

share

transactions

10,000,000

Net

increase

(decrease)

in

net

assets

10,000,000

Net

assets

at

the

beginning

of

period

–

Net

assets

at

the

end

of

period

$

10,000,000

Financial

Highlights

76

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Municipal

Total

Return

7/31/24

$

10.13

$

0.41

$

0.09

$

0.50

$

(0.41)

$

—

$

(0.41)

$

10.22

7/31/23

10.52

0.36

(0.39)

(0.03)

(0.36)

—

(0.36)

10.13

7/31/22

11.95

0.32

(1.43)

(1.11)

(0.32)

—

(0.32)

10.52

7/31/21

11.71

0.33

0.24

0.57

(0.33)

—

(0.33)

11.95

7/31/20

11.50

0.35

0.21

0.56

(0.35)

—

(0.35)

11.71

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(e)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

77

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Including

Interest(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest(c),(d)

Net

Expenses

Excluding

Interest(d)

NII

(Loss)(d)

Portfolio

Turnover

Rate

5.08‌

%

$

1,565,551

0.07‌

%

0.07‌

%

—‌(e)

—‌(e)

4.10‌

%

43‌

%

(0.19‌)

1,484,040

0.11‌

0.06‌

0.04‌

—‌(e)

3.59‌

58‌

(9

.42‌)

1,477,295

0.11‌

0.05‌

0.06‌

—‌

2.81‌

32‌

4.96‌

1,631,074

0.10‌

0.05‌

0.05‌

—‌(e)

2.80‌

7‌

5.00‌

1,358,883

0.18‌

0.06‌

0.12‌

—‌

3.07‌

19‌

78

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

4

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Core

Impact

Bond

7/31/24

$

7.74

$

0.36

$

0.14

$

0.50

$

(0.37)

$

—

$

(0.37)

$

7.87

7/31/23(e)

7.57

0.25

0.19

0.44

(0.27)

—

(0.27)

7.74

10/31/22

9.84

0.28

(2.25)

(1.97)

(0.30)

—

(0.30)

7.57

10/31/21

9.90

0.24

(0.03)

0.21

(0.27)

—

(0.27)

9.84

10/31/20(g)

10.00

0.04

(0.12)

(0.08)

(0.02)

—

(0.02)

9.90

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Value

rounded

to

zero.

(e)

For

the

nine

months

ended

July

31,

2023.

(f)

Annualized.

(g)

For

the

period

July

9,

2020

(commencement

of

operations)

through

October

31,

2020.

See

Notes

to

Financial

Statements

79

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

6.70‌

%

$

8,864

1.41‌

%

—‌(d)

4.72‌

%

71‌

%

5.77‌

8,716

2.56‌

(f)

—‌(f)

4.26‌

(f)

46‌

(20.41‌)

8,233

2.16‌

—‌(d)

3.15‌

53‌

2.17‌

10,338

2.13‌

—‌(d)

2.39‌

96‌

(0.77‌)

10,122

0.99‌

(f)

—‌(f)

1.13‌

(f)

113‌

80

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Emerging

Markets

Debt

7/31/24

$

10.55

$

0.66

$

0.06

$

0.72

$

(

0.66

)

$

(

0.06

)

$

(

0.72

)

$

10.55

7/31/23(e)

10.00

0.49

0.49

0.98

(

0.43

)

—

(

0.43

)

10.55

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Value

rounded

to

zero.

(e)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(f)

Annualized.

See

Notes

to

Financial

Statements

81

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

7

.15‌

%

$

28,057

0

.53‌

%

—‌

(d)

6

.40‌

%

27‌

%

9

.93‌

27,503

0

.51‌

(f)

—‌

(f)

6

.22‌

(f)

15‌

82

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

High

Yield

7/31/24

$

10.14

$

0.77

$

0.27

$

1.04

$

(

0.77

)

$

(

—

)

(d)

$

(

0.77

)

$

10.41

7/31/23(e)

10.00

0.54

0.14

0.68

(

0.54

)

—

(

0.54

)

10.14

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Value

rounded

to

zero.

(e)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(f)

Annualized.

See

Notes

to

Financial

Statements

83

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

10

.69‌

%

$

18,037

0

.80‌

%

—‌

(d)

7

.57‌

%

77‌

%

7

.01‌

16,130

0

.87‌

(f)

—‌

(f)

7

.19‌

(f)

16‌

84

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Preferred

Securities

and

Income

7/31/24

$

9.84

$

0.69

$

0.62

$

1.31

$

(

0.70

)

$

(

0.02

)

$

(

0.72

)

$

10.43

7/31/23(e)

10.00

0.50

(

0.15

)

0.35

(

0.51

)

—

(

0.51

)

9.84

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Value

rounded

to

zero.

(e)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(f)

Annualized.

See

Notes

to

Financial

Statements

85

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

13

.85‌

%

$

17,799

0

.84‌

%

—‌

(d)

6

.90‌

%

38‌

%

3

.57‌

15,582

0

.79‌

(f)

—‌

(f)

6

.76‌

(f)

10‌

86

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Securitized

Credit

7/31/24

$

10.31

$

0.58

$

0.19

$

0.77

$

(

0.57

)

$

(

0.03

)

$

(

0.60

)

$

10.48

7/31/23(e)

10.00

0.40

0.28

0.68

(

0.37

)

—

(

0.37

)

10.31

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Value

rounded

to

zero.

(e)

For

the

period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023.

(f)

Annualized.

See

Notes

to

Financial

Statements

87

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

7

.81‌

%

$

26,793

0

.54‌

%

—‌

(d)

5

.70‌

%

46‌

%

6

.82‌

21,614

0

.66‌

(f)

—‌

(f)

5

.20‌

(f)

17‌

88

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

4

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Ultra

Short

Municipal

7/31/24(d)

$

10.00

$

0.14

$

—

$

0.14

$

(

0.14

)

$

—

$

(

0.14

)

$

10.00

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

period

February

29,

2024

(commencement

of

operations)

through

July

31,

2024.

(e)

Annualized.

See

Notes

to

Financial

Statements

89

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

1

.39‌

%

$

10,000

1

.91‌

%

(e)

—‌

(e)

3

.28‌

%

(e)

—‌

%

90

Notes

to

Financial

Statements

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”)

and

Nuveen

Ultra

Short

Municipal

Managed

Accounts

Portfolio

(“Ultra

Short

Municipal”)

(each

a

“Fund”

and

collectively

the

“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

fixed-income

fund

to

be

used

in

combination

with

selected

individual

securities

to

effectively

model

institutional-level

investment

strategies.

Each

Fund

enables

certain

Nuveen

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.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

July

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

for

the

fiscal

year

July

31,

2024,

while

the

reporting

period

for

Ultra

Short

Municipal

is

the

period

February

29,

2024

(commencement

of

operations)

through

July

31,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds'

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds'

portfolio,

manages

the

Funds'

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

shares

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and common

shares transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The Trust

pays

no

compensation

directly

to

those

of

its officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

Municipal

Total

Return

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

the

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

the

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

the

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net”.

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

the

Fund

was

as

follows:

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

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

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable.

Fund

Gross

Custodian

Fee

Credits

Municipal

Total

Return

$

91,864

91

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

unrealized

appreciation

(depreciation)

on foreign

currency

translations”

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

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Funds'

investments

in

non-U.S.

securities

were

as

follows:

Core

Impact

Bond

Value

%

of

Net

Assets

Supranational

$

486,781

5.5

%

Canada

400,214

4.5

Mauritius

262,350

3.0

Germany

256,447

2.9

Singapore

238,598

2.7

Sweden

204,059

2.3

Netherlands

198,567

2.2

Dominican

Republic

154,419

1.7

United

Arab

Emirates

152,748

1.7

Panama

145,745

1.7

Cayman

Islands

106,345

1.2

France

69,701

0.8

Total

non-U.S.

Securities

$2,675,974

30.2%

Emerging

Markets

Debt

Value

%

of

Net

Assets

Mexico

$

3,079,238

11.0

%

Chile

2,137,438

7.6

Indonesia

1,887,705

6.7

United

Arab

Emirates

1,686,336

6.0

Saudi

Arabia

1,364,135

4.9

Peru

1,332,426

4.8

Turkey

1,016,350

3.6

India

982,158

3.5

Israel

920,584

3.3

Poland

896,163

3.2

South

Africa

841,278

3.0

Colombia

788,404

2.8

Romania

761,906

2.7

Panama

746,960

2.7

Brazil

687,778

2.4

Qatar

672,912

2.4

Dominican

Republic

643,841

2.3

Hungary

609,877

2.2

Malaysia

568,808

2.0

Philippines

552,562

2.0

Kazakhstan

435,300

1.5

Other

4,534,320

16.2

Total

non-U.S.

Securities

$27,146,479

96.8%

Preferred

Securities

and

Income

Value

%

of

Net

Assets

United

Kingdom

$

2,375,709

13.4

%

France

1,773,847

9.9

Canada

1,234,884

6.9

Spain

1,029,551

5.8

Switzerland

739,919

4.2

Australia

643,998

3.6

Ireland

492,455

2.8

Netherlands

445,829

2.5

Germany

191,655

1.1

Total

non-U.S.

Securities

$8,927,847

50.2%

92

Notes

to

Financial

Statements

(continued)

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

recorded

on

the

ex-dividend

date,

or

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

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.

93

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Municipal

Total

Return

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,526,013,970

$

–

$

1,526,013,970

Short-Term

Investments:

Municipal

Bonds

–

11,385,000

–

11,385,000

Total

$

–

$

1,537,398,970

$

–

$

1,537,398,970

Core

Impact

Bond

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

4,680,488

$

–

$

4,680,488

Mortgage-Backed

Securities

–

1,519,141

–

1,519,141

Municipal

Bonds

–

875,217

–

875,217

Asset-Backed

Securities

–

673,453

–

673,453

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

–

636,830

–

636,830

$1,000

Par

(or

similar)

Institutional

Preferred

–

295,675

–

295,675

Sovereign

Debt

–

154,419

–

154,419

Short-Term

Investments:

U.S.

Government

and

Agency

Obligations

–

261,000

–

261,000

Total

$

–

$

9,096,223

$

–

$

9,096,223

Emerging

Markets

Debt

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Sovereign

Debt

$

–

$

14,016,863

$

–

$

14,016,863

Corporate

Bonds

–

11,909,818

–

11,909,818

Contingent

Capital

Securities

–

1,039,827

–

1,039,827

$1,000

Par

(or

similar)

Institutional

Preferred

–

179,971

–

179,971

Investments

Purchased

with

Collateral

from

Securities

Lending

1,149,418

–

–

1,149,418

Total

$

1,149,418

$

27,146,479

$

–

$

28,295,897

High

Yield

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

17,642,716

$

–

$

17,642,716

Exchange-Traded

Funds

178,500

–

–

178,500

Investments

Purchased

with

Collateral

from

Securities

Lending

1,447,778

–

–

1,447,778

Total

$

1,626,278

$

17,642,716

$

–

$

19,268,994

94

Notes

to

Financial

Statements

(continued)

4.

Portfolio

Securities

Inverse

Floating

Rate

Securities:

Municipal

Total

Return is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

the

Fund.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by the

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

The

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

Preferred

Securities

and

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

10,912,078

$

–

$

10,912,078

Contingent

Capital

Securities

–

6,271,364

–

6,271,364

$25

Par

(or

similar)

Retail

Preferred

61,900

299,534

–

361,434

Corporate

Bonds

–

78,100

–

78,100

Investments

Purchased

with

Collateral

from

Securities

Lending

2,476,710

–

–

2,476,710

Total

$

2,538,610

$

17,561,076

$

–

$

20,099,686

Securitized

Credit

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Mortgage-Backed

Securities

$

–

$

20,578,295

$

–

$

20,578,295

Asset-Backed

Securities

–

5,782,518

–

5,782,518

Corporate

Bonds

–

256,216

–

256,216

Total

$

–

$

26,617,029

$

–

$

26,617,029

Ultra

Short

Municipal

Level

1

Level

2

Level

3

Total

Short-Term

Investments:

Municipal

Bonds

–

9,585,000

–

9,585,000

Total

$

–

$

9,585,000

$

–

$

9,585,000

95

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

the

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

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:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

$

—

$

—

$

—

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Municipal

Total

Return

$

264,986

4.28

%

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Municipal

Total

Return

$

—

$

—

$

—

96

Notes

to

Financial

Statements

(continued)

Securities

Lending:

Each

Fund

(except

for

Municipal

Total

Return

and

Ultra

Short

Municipal)

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.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Emerging

Markets

Debt

Corporate

Bonds

$697,807

$724,418

Sovereign

Debt

411,646

425,000

Total

$1,109,453

$1,149,418

High

Yield

Corporate

Bonds

$1,390,181

$1,447,778

Preferred

Securities

and

Income

$1000

Par

(or

similar)

Institutional

Preferred

$1,863,417

$1,938,442

Contingent

Capital

Securities

527,914

538,268

Total

$2,391,331

$2,476,710

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

Municipal

Total

Return

$

725,948,303

$

—

$

610,564,089

$

—

Core

Impact

Bond

2,762,510

3,471,187

2,179,613

3,883,516

Emerging

Markets

Debt

7,087,317

—

7,304,142

—

High

Yield

14,469,350

—

13,113,458

—

Preferred

Securities

and

Income

7,738,409

—

6,330,967

—

Securitized

Credit

10,351,125

7,203,875

3,783,727

7,749,621

Ultra

Short

Municipal

—

—

—

—

97

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

7/31/24

Year

Ended

7/31/23

Municipal

Total

Return

Shares

Amount

Shares

Amount

Subscriptions

61,510,020

$620,670,921

78,221,908

$789,630,438

Reinvestments

of

distributions

4,632,941

46,693,208

3,747,380

37,754,645

Redemptions

(59,490,974)

(593,848,373)

(75,819,611)

(758,898,628)

Net

increase

(decrease)

6,651,987

$73,515,756

6,149,677

$68,486,455

Year

Ended

7/31/24

Nine

Months

Ended

7/31/23

Year

Ended

10/31/22

Core

Impact

Bond

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

—

$—

761

$6,000

—

$—

Reinvestment

of

distributions

1,121

8,607

37,478

294,776

36,387

314,635

Net

increase

(decrease)

1,121

$8,607

38,239

$300,776

36,387

$314,635

7/31/24

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

Emerging

Markets

Debt

Shares

Amount

Shares

Amount

Subscriptions

50,141

$519,965

2,502,871

$25,030,000

Reinvestments

of

distributions

3,744

38,859

105,086

1,098,801

Redemptions

(2,711)

(28,427)

—

—

Net

increase

(decrease)

51,174

$530,397

2,607,957

$26,128,801

7/31/24

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

High

Yield

Shares

Amount

Shares

Amount

Subscriptions

139,005

$1,395,770

1,507,984

$15,080,000

Reinvestments

of

distributions

10,782

110,058

83,168

839,230

Redemptions

(8,752)

(90,071)

—

—

Net

increase

(decrease)

141,035

$1,415,757

1,591,152

$15,919,230

98

Notes

to

Financial

Statements

(continued)

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

income

tax,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements. 

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

complex

securities

character

adjustments,

distribution

reallocations,

foreign

currency

transactions,

paydowns,

and

taxable

market

discount.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

7/31/24

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

Preferred

Securities

and

Income

Shares

Amount

Shares

Amount

Subscriptions

119,891

$1,180,279

1,504,766

$15,050,000

Reinvestments

of

distributions

7,768

78,694

78,964

786,355

Redemptions

(4,817)

(49,184)

—

—

Net

increase

(decrease)

122,842

$1,209,789

1,583,730

$15,836,355

7/31/24

For

the

Period

November

1,

2022

(commencement

of

operations)

through

July

31,

2023

Securitized

Credit

Shares

Amount

Shares

Amount

Subscriptions

457,044

$4,665,291

2,023,233

$20,240,000

Reinvestments

of

distributions

25,030

257,560

72,607

751,674

Redemptions

(21,036)

(217,359)

—

—

Net

increase

(decrease)

461,038

$4,705,492

2,095,840

$20,991,674

For

the

Period

February

29,

2024

(commencement

of

operations)

through

July

31,

2024

Ultra

Short

Municipal

Shares

Amount

Subscriptions

1,000,000

$10,000,000

Net

increase

(decrease)

1,000,000

$10,000,000

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Municipal

Total

Return

$

1,517,643,803

$

26,361,865

$

(6,606,698)

$

19,755,167

Core

Impact

Bond

10,203,219

101,054

(1,208,050)

(1,106,996)

Emerging

Markets

Debt

27,226,353

1,148,014

(78,471)

1,069,543

High

Yield

18,771,239

592,308

(94,553)

497,755

Preferred

Securities

and

Income

19,494,550

1,153,785

(548,649)

605,136

Securitized

Credit

25,758,990

865,583

(7,544)

858,039

Ultra

Short

Municipal

9,585,000

—

—

—

99

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

July

1,

2024

through

July

31,

2024

and

paid

on

August

1,

2024.

1

The

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

Fund

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

$

6,887,068

$

5,307

$

—

$

19,755,167

$

(167,051,628)

$

—

$

(5,442,855)

$

(145,846,941)

Core

Impact

Bond

—

42,735

—

(1,106,996)

(1,164,722)

—

(35,838)

(2,264,821)

Emerging

Markets

Debt

—

178,307

149,570

1,069,543

—

—

—

1,397,420

High

Yield

—

143,369

178,153

497,755

—

—

(117,057)

702,220

Preferred

Securities

and

Income

—

62,123

184,566

605,136

—

—

(98,975)

752,850

Securitized

Credit

—

181,526

174,228

858,039

—

—

(117,543)

1,096,250

Ultra

Short

Municipal

23,152

—

—

—

—

—

(23,152)

—

7/31/24

7/31/23

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Municipal

Total

Return

$

60,305,606

$

67,599

$

—

$

50,037,792

$

2,474

$

—

7/31/24

Nine

Months

Ended

7/31/23

10/31/22

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

Core

Impact

Bond

$417,176

$–

$294,771

$–

$314,641

$–

7/31/24

For

the

Period

11/01/22

(commencement

of

operations)

through

7/31/23

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

Emerging

Markets

Debt

$1,919,930

$–

$1,098,801

$–

High

Yield

1,330,002

–

839,233

–

Preferred

Securities

and

Income

1,218,770

–

786,353

–

Securitized

Credit

1,516,440

–

751,676

–

For

the

Period

2/29/24

(commencement

of

operations)

through

7/31/24

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Ultra

Short

Municipal

$137,969

$–

$–

1

The

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

100

Notes

to

Financial

Statements

(continued)

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

The

Adviser

does

not

charge

any

management

fees

or

other

expenses

directly

to each

Fund.

The

Adviser

has

agreed

irrevocably

during

the

existence

of each

Fund

to

waive

all

fees

and

pay

or

reimburse

all

expenses

of each

Fund

(excluding

interest

expense,

taxes,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses).

The

Adviser

and

the

Sub-Adviser

are

compensated

for

their

services

to

the

Funds

from

the

fee

charged

at

the

separately

managed

account

level.

Other

Transactions

with

Affiliates:

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows:

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments

other

than

those

disclosed

in

the

Notes

to

Financial

Statements,

when

applicable.

From

time

to

time,

the

Funds

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,

the

Funds

are

not

subject

to

any

material

legal

proceedings.

10.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2025

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.

Fund

Short-Term

Long-Term

Total

Municipal

Total

Return

$

44,401,479

$

122,650,149

$

167,051,628

Core

Impact

Bond

248,299

916,423

1,164,722

Emerging

Markets

Debt

—

—

—

High

Yield

—

—

—

Preferred

Securities

and

Income

—

—

—

Securitized

Credit

—

—

—

Ultra

Short

Municipal

—

—

—

Fund

TIAA

Owned

Shares

Municipal

Total

Return

—

%

Core

Impact

Bond

100

Emerging

Markets

Debt

98

High

Yield

92

Preferred

Securities

and

Income

95

Securitized

Credit

82

Ultra

Short

Municipal

100

101

During

the

current

fiscal

period,

the

Funds

utilized

this

facility.

The

following

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

Municipal

Total

Return

$

—

Core

Impact

Bond

—

Emerging

Markets

Debt

129,198

High

Yield

—

Preferred

Securities

and

Income

—

Securitized

Credit

—

Ultra

Short

Municipal

—

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Municipal

Total

Return

—

$

—

—

%

Core

Impact

Bond

—

—

—

Emerging

Markets

Debt

5

129,198

6.53

High

Yield

—

—

—

Preferred

Securities

and

Income

—

—

—

Securitized

Credit

—

—

—

Ultra

Short

Municipal

—

—

—

102

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

Municipal

Total

Return

$

—

Core

Impact

Bond

—

Emerging

Markets

Debt

—

High

Yield

—

Preferred

Securities

and

Income

—

Securitized

Credit

—

Ultra

Short

Municipal

—

Fund

Percentage

Municipal

Total

Return

–

%

Core

Impact

Bond

0

.9

Emerging

Markets

Debt

–

High

Yield

–

Preferred

Securities

and

Income

26

.1

Securitized

Credit

–

Ultra

Short

Municipal

–

Fund

Percentage

Municipal

Total

Return

–

%

Core

Impact

Bond

0

.9

Emerging

Markets

Debt

–

High

Yield

–

Preferred

Securities

and

Income

62

.5

Securitized

Credit

–

Ultra

Short

Municipal

–

103

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

Municipal

Total

Return

—

%

—

%

Core

Impact

Bond

96

.1

43

.6

Emerging

Markets

Debt

2

.0

1

.8

High

Yield

77

.6

89

.1

Preferred

Securities

and

Income

6

.0

9

.7

Securitized

Credit

75

.7

100

.0

Ultra

Short

Municipal

—

—

Fund

Percentage

Municipal

Total

Return

–

%

Core

Impact

Bond

89

.2

Emerging

Markets

Debt

92

.8

High

Yield

99

.4

Preferred

Securities

and

Income

9

.3

Securitized

Credit

83

.5

Ultra

Short

Municipal

–

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items “Trustee Fees” and “Management Fees” as part of the financial statements filed under Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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

Nuveen Ultra Short Municipal Managed Accounts Portfolio

The Board of Trustees (the “Board” and each Trustee, a “Board Member”) of Nuveen Managed Accounts Portfolios Trust (the “Trust”) is responsible for determining whether to initially approve or, after an initial term, to renew, the advisory arrangements of the portfolios comprising the Trust. A discussion of the Board’s most recent approval of the renewal of the advisory arrangements of Municipal Total Return Managed Accounts Portfolio, Nuveen Core Impact Bond Managed Accounts Portfolio, Nuveen Emerging Markets Debt Managed Accounts Portfolio, Nuveen High Yield Managed Accounts Portfolio, Nuveen Preferred Securities and Income Managed Accounts Portfolio and Nuveen Securitized Credit Managed Accounts Portfolio is set forth in Part I below. The advisory arrangements of Nuveen Ultra Short Municipal 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 portfolio is set forth in Part II below. The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable.

PART I

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

The Approval Process

At meetings held on April 18 and 19, 2024 (for purposes of this Part I, the “Meeting”), the Board approved, for each of Municipal Total Return Managed Accounts Portfolio, Nuveen Core Impact Bond Managed Accounts Portfolio, Nuveen Emerging Markets Debt Managed Accounts Portfolio, Nuveen High Yield Managed Accounts Portfolio, Nuveen Preferred Securities and Income Managed Accounts Portfolio and Nuveen Securitized Credit Managed Accounts Portfolio (for purposes of this Part I, collectively, the “Funds” and each a “Fund”), the renewal of the investment management agreement (for purposes of this Part I, each an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (for purposes of this Part I, “NFAL”; NFAL is an “Adviser”) pursuant to which NFAL serves as investment adviser to such Fund. Similarly, for each respective Fund, the Board approved the renewal of the sub-advisory agreement (for purposes of this Part I, each a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (for purposes of this Part I, the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund.

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. For purposes of this Part I, the Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and NFAL and the Sub-Adviser are collectively, the “Fund Advisers” and each a “Fund Adviser.” In addition, the fund complex consists of the group of funds advised by NFAL (collectively referred to as the “Nuveen funds”) and the group of funds advised by Teachers Advisors, LLC (“TAL” and such funds are collectively, the “TC funds”). For clarity, NFAL serves as Adviser to the Nuveen funds, including the Funds, and TAL serves as “Adviser” to the TC funds. The Board Members considered that the prior separate boards of the TC funds and Nuveen funds were consolidated effective in January 2024. Accordingly, at the Meeting, the Board Members considered the review of the advisory agreements for the Nuveen funds as well as reviewed the investment management agreements for the TC funds. Depending on the appropriate context, references to “the Adviser” may be to NFAL with respect to the Nuveen funds and/or TAL with respect to the TC funds.

The Board Members considered the review of the advisory agreements of the Nuveen funds and the TC funds to be an ongoing process. The Board Members therefore employed the accumulated information, knowledge and experience they had gained during their tenure on the respective board of the TC funds or Nuveen funds (as the case may be) governing the applicable funds and working with the respective investment advisers and sub- advisers, as applicable, in their review of the advisory agreements for the fund complex.

During the course of the year prior to the Meeting, the Board and/or its committees received a wide variety of materials that covered a range of topics relevant to the Board’s annual consideration of the renewal of the advisory agreements, including reports on fund investment results over various periods; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements (as applicable); the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries (as applicable); securities lending (as applicable); and overall market and regulatory developments.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

The Board also met periodically with and/or received presentations by key investment professionals managing a fund’s portfolio. In particular, at the Board meeting held on February 27-29, 2024 (the “February Meeting”), the Board and/or its Investment Committee received the annual performance review of the funds as described in further detail below. The presentations, discussions and meetings throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser and sub-advisers, as applicable, and how such services have changed over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In connection with its annual consideration of the advisory agreements, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the advisory agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; the consolidation of the Nuveen fund family and TC fund family; a review of product actions advanced in 2023 for the benefit of particular funds and/or the fund complex; a review of each sub-adviser, if applicable, and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of certain fee and expense information; a list of management fee and, if applicable, sub-advisory fee schedules; a description of portfolio manager compensation; a description of the profitability and/or financial data of Nuveen, TAL and the sub-advisers; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the funds, as applicable.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the fund complex is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met by videoconference in executive session on April 10, 2024 (the “April Executive Session”) to review and discuss materials provided in connection with their annual review of the advisory agreements for the fund complex. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.

The Board’s decisions to renew each Advisory Agreement were not based on a single identified factor, but rather each decision reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the funds’ advisory arrangements and oversight of the funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund with particular focus on the services and enhancements or changes to such services provided during the last year. The Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the roles of NFAL and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as continual program of improvement and innovation aimed at enhancing the funds and fund complex for investors and meeting the needs of an increasingly complex regulatory environment. In particular, over the past several years, the Board considered the significant resources, both financial and personnel, the Adviser and its affiliates have committed in working to consolidate the Nuveen fund family and TC fund family under one centralized umbrella. The Board considered that the organizational changes in bringing together Nuveen, its affiliates and TIAA’s (as defined below) asset management businesses, consolidating the Nuveen and TC fund families and other initiatives were anticipated to provide various benefits for the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. As part of these efforts, the boards of the TC funds and Nuveen funds were consolidated effective in January 2024.

The Board also reviewed information regarding other product actions undertaken or continued by management in the 2023 calendar year in seeking to improve the effectiveness of the organization, the product line-up as well as particular funds through, among other things, continuing to review and optimize the product line and gaining efficiencies through mergers and liquidations; reviewing and updating investment policies and benchmarks; implementing fee waivers and/or expense cap changes for certain funds; evaluating and adjusting portfolio management teams as appropriate for various funds; and developing policy positions on a broad range of regulatory proposals that may impact the funds and communicating with lawmakers and other regulatory authorities to help ensure these positions are considered. In its review, the Board considered that the funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the applicable funds have expanded over the years as a result of, among other things, regulatory, market and other developments, such as the adoption of the tailored shareholder report or the revised fund name rule.

 

 

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Nuveen funds, such funds utilize sub-advisers to manage the portfolios of the funds subject to the supervision of NFAL. Accordingly, the Board considered that NFAL and its affiliates, among other things, oversee and review the performance of the respective sub-adviser and its investment team(s); evaluate Nuveen fund performance and market conditions; evaluate investment strategies and recommend changes thereto; set and manage distributions consistent with the respective Nuveen fund’s product design; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. The Board further considered that over the course of the 2023 calendar year, the Nuveen global public product team which supports the funds in the fund complex and their shareholders assessed the investment personnel across the investment leadership teams which resulted in additions or other modifications to the portfolio management teams of various funds. The Board also reviewed a description of the compensation structure applicable to certain portfolio managers.

In addition to the above investment advisory services, the Board further considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds. Given the highly regulated industry in which the funds operate, the Board considered the breadth of the Adviser’s compliance program and related policies and procedures. The Board reviewed various initiatives the Adviser’s compliance team undertook or continued in 2023, in part, to address new regulatory requirements, support international business growth and product development, enhance international trading capabilities, enhance monitoring capabilities in light of the new regulatory requirements and guidance and maintain a comprehensive training program. The Board further considered, among other things, that other non-advisory services provided included, among other things, board support and reporting; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); risk management, including reviews of the liquidity risk management and derivatives risk management programs; legal support services; regulatory advocacy; and cybersecurity, business continuity and disaster recovery planning and testing. However, the Board considered that the Funds may not require the same level of shareholder services as other funds given that they are sold via separately managed accounts.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the funds, including to enhance global talent, middle office systems, software and international and internal capabilities. The Board considered the access provided by the Adviser and its affiliates to a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the applicable funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

With respect to the Funds, the Board considered the division of responsibilities between NFAL and the Sub-Adviser and considered that the Sub- Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of NFAL and the Board. The Board considered an analysis of the Sub-Adviser provided by NFAL which included, among other things, a summary of changes in the leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time; and data reflecting product changes (if any) taken with respect to certain Nuveen funds. The Board considered that NFAL recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In this regard, the Board and/or its Investment Committee reviewed, among other things, performance of the Funds over the quarter, one-, three- and five-year periods ending December 31, 2023 and March 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods). The Board performed its annual review of fund performance at its February Meeting and an additional review at the April Executive Session and also reviewed and discussed performance data at its other regularly scheduled quarterly meetings throughout the year. The Board therefore took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including management’s analysis of a fund’s performance with particular focus on funds that met certain challenged performance measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

The Board considered that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results.

In its evaluation, the Board reviewed fund performance results from different perspectives. In general, subject to certain exceptions, the Board reviewed both absolute and relative fund performance over the various time periods and considered performance results in light of a fund’s investment objective(s), strategies and risks. With respect to the relative performance, the Board generally considered fund performance in comparison to the performance of certain peer funds (a “performance peer group”), subject to certain exceptions, and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). (Given their unique nature, the Funds do not have performance peer groups available.) In reviewing such comparative performance, the Board was cognizant of the inherent limitations

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

of such data which can make meaningful performance comparisons generally difficult. With respect to relative performance of a fund compared to a benchmark index, differences, among other things, in the investment objective(s) and strategies of a fund and the benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would necessarily contribute to differences in performance results and limit the value of the comparative performance information.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or performance peer group, as applicable, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below.

• For Municipal Total Return Managed Accounts Portfolio, the Board considered that, given the unique nature of the Fund, the Fund does not have peers. In considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2023 and March 31, 2024, the Fund outperformed its benchmark for the one-year periods ended December 31, 2023 and March 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Core Impact Bond Managed Accounts Portfolio, the Board considered that, given the unique nature of the Fund, the Fund does not have peers. In considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three-year periods ended December 31, 2023 and March 31, 2024, the Fund outperformed its benchmark for the one-year periods ended December 31, 2023 and March 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Emerging Markets Debt Managed Accounts Portfolio, the Board considered that, given the unique nature of the Fund, the Fund does not have peers. In considering the performance of the Fund relative to its benchmark, the Board considered that the Fund’s performance was below the performance of its benchmark for the one-year periods ended December 31, 2023 and March 31, 2024. The Board, however, considered that the Fund’s performance history was too short to make a meaningful assessment of performance.

• For Nuveen High Yield Managed Accounts Portfolio, the Board considered that, given the unique nature of the Fund, the Fund does not have peers. In considering the performance of the Fund relative to its benchmark, the Board considered that the Fund’s performance was below the performance of its benchmark for the one-year periods ended December 31, 2023 and March 31, 2024. The Board, however, considered that the Fund’s performance history was too short to make a meaningful assessment of performance.

• For Nuveen Preferred Securities and Income Managed Accounts Portfolio, the Board considered that, given the unique nature of the Fund, the Fund does not have peers. In considering the performance of the Fund relative to its blended benchmark, the Board considered that although the Fund’s performance was below the performance of its blended benchmark for the one-year period ended December 31, 2023, the Fund outperformed its blended benchmark for the one-year period ended March 31, 2024. The Board, however, considered that the Fund’s performance history was too short to make a meaningful assessment of performance.

• For Nuveen Securitized Credit Managed Accounts Portfolio, the Board considered that, given the unique nature of the Fund, the Fund does not have peers. In considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-year periods ended December 31, 2023 and March 31, 2024. The Board, however, considered that the Fund’s performance history was too short to make a meaningful assessment of performance.

 

 

C. Fees, Expenses and Profitability

1. Fees and Expenses

Each Fund is sold via separately managed accounts which pay the Adviser a managed account management fee. As the Adviser is compensated from the applicable managed accounts, the Funds do not pay the Adviser a management fee. Further, the Adviser had agreed to pay or reimburse each Fund’s expenses (subject to certain exceptions such as for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). Given the unique fee arrangement, the Funds do not have peer groups and, therefore, a comparative peer analysis was not provided for any of the Funds. In addition, as the Adviser pays nearly all the Funds’ expenses, the Board considered that the Funds’ expenses were also not comparable to a peer group or to other Nuveen funds. Each managed account management fee was an asset-based fee based on the entire separately managed account portfolio, including the portion invested in the respective Fund.

With respect to Municipal Total Return Managed Accounts Portfolio, the managed account management fee paid to the Adviser represented an implied management fee for managing such Fund and an implied management fee for managing individual municipal bonds. With respect to the other Funds, the managed account management fee paid to the Adviser represented an implied management fee for managing such Funds and an implied management fee for managing individual securities.

Based on its review of the information provided, the Board determined that each Fund’s fee and expense arrangement was reasonable.

2. Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser, affiliated sub-advisers and/or their affiliate(s) provide investment management services to other types of clients which may include: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board reviewed the equal weighted average fee or other fee data for the other types of clients managed in a similar manner to certain of the Nuveen funds and TC funds. The Board considered the Adviser’s rationale for the differences in the management fee rates of the funds compared to the management fee rates charged to these other types of clients. In this regard, the Board considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the funds compared to that provided to other clients as well as differences in investment policies; regulatory, disclosure and governance requirements; servicing relationships with vendors; the manner of managing such assets; product structure; investor profiles; and account sizes all may contribute to variations in relative fee rates. Further, differences in the client base, governing bodies, distribution, jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. In addition, differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. As a general matter, 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. The Board considered the wide range of services in addition to investment management that the Adviser had provided to the funds compared to other types of clients as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Given that the Funds are sold via separately managed accounts, the Board considered that the Funds may not require the same level of shareholder services as other funds. Further, as noted, given the Funds’ unique fee and expense structure pursuant to which they do not pay management fees and the expenses are primarily reimbursed, comparisons with peers were not available.

3. Profitability of Fund Advisers

In their review, the Board Members considered various profitability data relating to the Fund Advisers’ services to the Nuveen funds.

With respect to the Nuveen funds, the Board Members reviewed the estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds overall as well as profitability data of certain other asset management firms. Such profitability information included, among other things, gross and net revenue margins (excluding distribution) of Nuveen Investments, Inc. (“Nuveen Investments”) for services to the Nuveen funds on a pre-tax and after-tax basis for the 2023 and 2022 calendar years as well as the revenues earned (less any expense reimbursements/fee waivers) and expenses incurred by Nuveen Investments for its advisory activities to the Nuveen funds (excluding distribution) for the 2023 and 2022 calendar years. The Board Members also considered the rationale for the change in Nuveen’s profitability from 2022 to 2023. In addition, the Board reviewed the revenues, expenses and operating margin (pre- and after-tax) NFAL derived from its exchange-traded fund product line for the 2023 and 2022 calendar years.

In developing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. Given there is no single universally recognized expense allocation methodology and that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results, the Board reviewed, among other things, a description of the cost allocation methodologies employed to develop the financial information, a summary of the refinements Nuveen had made to the methodology that had occurred over the years from 2010 through 2021 to provide Nuveen’s profitability analysis, and a historical expense analysis of Nuveen Investments’ revenues, expenses and pre-tax net revenue margins derived from its advisory services to the Nuveen funds (excluding distribution) for the calendar years from 2017 through 2023. The Board of the Nuveen funds had also appointed two Board Members to serve as the Board’s liaisons to meet with representatives of NFAL and review the development of the profitability data and to report to the full Board.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

In addition, the Board considered certain comparative operating margin data. In this regard, the Board reviewed the operating margins of Nuveen Investments compared to the adjusted operating margins of a peer group of asset management firms with publicly available data and the most comparable assets under management (based on asset size and asset composition) to Nuveen. The Board considered that the operating margins of the peers were adjusted generally to address that certain services provided by the peers were not provided by Nuveen. The Board also reviewed, among other things, the net revenue margins (pre-tax) of Nuveen Investments on a company-wide basis and the net revenue margins (pre-tax) of Nuveen Investments derived from its services to the Nuveen funds only (including and excluding distribution) compared to the adjusted operating margins of the peer group for each calendar year from 2014 to 2023. In their review of the comparative data, the Board Members considered 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 the profitability data, the Board considered that NFAL and TAL are affiliates of Teachers Insurance and Annuity Association of America (“TIAA”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA, and TAL is an indirect wholly owned subsidiary of TIAA. Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2023 and 2022 calendar years to consider the financial strength of TIAA. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the reinvestments the Adviser, its parent and/or other affiliates made into their business through, among other things, the investment of seed capital in certain funds, initiatives in international expansion, investments in infrastructure and continued investments in enhancements to technological capabilities.

The Board Members considered the profitability of the Sub-Adviser from its relationships with the respective Nuveen funds. In this regard, the Board Members reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and after-tax) for its advisory activities to the respective Nuveen funds for the calendar years ended December 31, 2023 and December 31, 2022. The Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) grouped by similar types of funds (such as municipal, taxable fixed income, equity, real assets and index/asset allocation) for the Sub-Adviser for the calendar years ending December 31, 2023 and December 31, 2022.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits NFAL or the Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that each Fund Adviser’s level of profitability from its relationship with each Nuveen fund was not unreasonable over various time frames in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds in the fund complex, including the Funds, whether these economies of scale have been appropriately shared with such funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are various methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the applicable funds for the fees paid. The Board considered that the Adviser has generally employed one or more of these various methods among the applicable funds. In this regard, the boards governing the Nuveen funds have considered that the management fee of NFAL generally is comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. However, the Board Members considered that because the Funds do not pay a management fee, there are no applicable fund-level or complex-wide level breakpoint schedules, although the Funds’ assets would be counted toward the complex-wide total.

In addition, the Board Members considered the temporary and/or permanent expense caps (if any) applicable to a fund. The Board considered that such waivers and reimbursements applicable to the respective funds are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline. In this regard, as noted above, each Fund is reimbursed nearly all of its expenses by the Adviser.

The Board Members also considered the continued reinvestment in Nuveen/TIAA’s business to enhance its capabilities and services to the benefit of its various clients. The Board understood that many of these investments were not specific to individual funds, but rather incurred across a variety of products and services pursuant to which the family of funds as a whole may benefit. The Board further considered that the Adviser and its affiliates have provided certain additional services, including, but not limited to, services required by new regulations and regulatory interpretations, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex, including the Funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. The funds may also be

 

 

used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-advisers to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that each Fund’s fee arrangement was reasonable and that the Advisory Agreements be renewed for an additional one-year period.

PART II

Nuveen Ultra Short Municipal Managed Accounts Portfolio

The Approval Process

At the meeting held on January 18, 2024 (for purposes of this Part II, the “January Meeting”), the Board considered and approved the investment management agreement (for purposes of this Part II, the “Investment Management Agreement”) pursuant to which Nuveen Fund Advisors, LLC (for purposes of this Part II, the “Adviser”) serves as investment adviser to Nuveen Ultra Short Municipal Managed Accounts Portfolio (for purposes of this Part II, the “Fund”), a series of the Trust, and the investment sub-advisory agreement (for purposes of this Part II, the “Sub-Advisory Agreement”) pursuant to which Nuveen Asset Management, LLC (for purposes of this Part II, the “Sub-Adviser”) serves as investment sub-adviser to the Fund. For purposes of this Part II, the Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” In addition, for purposes of this Part II, the Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an “Advisory Agreement” and collectively, the “Advisory Agreements.” The Board Members oversee both a group of funds advised by the Adviser (the “Nuveen funds”) and a group of funds advised by Teachers Advisors, LLC (the “TC funds”), an affiliate of the Adviser, as the result of a consolidation of the boards of the Nuveen funds and the TC funds that became effective in January 2024.

To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the January Meeting, the Board Members had received, in adequate time in advance of the January Meeting and/or at prior 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);

• certain profitability-related information (as described below);

• the proposed fee and expense arrangements for the Fund; and

• the soft dollar practices of the Fund Adviser, if any.

At the January Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the January Meeting and/or at prior meetings, the 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 Board Members considered the Advisory Agreements. As outlined in more detail below, the Board Members considered various factors they believed relevant with respect to the Fund. 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 Fund’s Advisory Agreements. As applicable, the Board Members also considered information they had received in their capacity as trustees or directors of other registered investment companies advised by the Fund Advisers.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

A. Nature, Extent and Quality of Services

The 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 Board meets regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, Board Members may have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.

At the January Meeting and/or at prior meetings, the 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 Fund; and the experience of the respective Fund Adviser. Further, at the January Meeting and/or at prior meetings, the Board Members have evaluated the background and experience of the relevant investment personnel.

The Board has considered that the Adviser provides a wide array of management, oversight and administrative services to manage and operate the Nuveen funds and that the scope and complexity of these services, along with the undertakings required of the Adviser in connection with providing these services, have expanded over time as a result of, among other things, regulatory, market and other developments. The Board has considered the Adviser’s dedication of resources, time, personnel and capital and commitment to continuing to develop improvements and innovations that seek to enhance the fund complex and meet the needs of the Nuveen funds in an increasingly complex regulatory environment. At the January Meeting and/or at prior meetings, the Board received and considered information regarding, among other things, the Adviser’s investment oversight responsibilities, regulatory and compliance services, administrative duties and other services.

Given the Nuveen funds operate in a highly regulated industry, the Board has further considered the extensive compliance, regulatory and administrative services the Adviser and its various teams provide to manage and operate the Nuveen funds. The Board has considered that such services have included, but are not limited to, managing compliance policies; monitoring compliance with applicable policies, laws and regulations; devising internal compliance programs in seeking to enhance compliance with regulatory requirements and creating a framework to review and assess compliance programs; overseeing sub-adviser compliance testing; preparing compliance training materials; and responding to regulatory requests.

In addition to the above functions, the Board has considered the quality and extent of other non-advisory services the Adviser provides including, among other things, various fund administration services (such as preparing, overseeing or assisting with the preparation of tax and regulatory filings); product management services (such as evaluating and enhancing products and strategies); legal support services; shareholder services and transfer agency function oversight services; and board support and reporting services. However, the Board considered that the Fund may not require the same level of shareholder services as other Nuveen funds given that it is sold via separately managed accounts.

The Board Members considered that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Fund. In addition, the Board Members considered the experience and expertise of the investment team expected to manage the Fund.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services expected to be provided to the Fund under each Advisory Agreement.

B. Investment Performance

The Fund was new and, therefore, did not have its own performance history. The Board Members, however, were familiar with the performance records of other municipal Nuveen funds advised by the Adviser and sub-advised by the Sub-Adviser.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board considered that the Fund’s fee structure would differ from that of most other open-end Nuveen funds. In this regard, the Board considered that the Fund would be sold via separately managed accounts that would pay the Adviser a managed account management fee. As the Adviser will be compensated from the managed accounts, the Fund will not pay the Adviser a management fee. The managed account management fee will be an asset-based fee based on the entire separately managed account portfolio, including the portion invested in the Fund. The managed account management fee paid to the Adviser therefore will include an embedded fee for managing the Fund and embedded fees for managing individual bonds. In evaluating the proposed fee arrangement for the Fund, the Board considered the rationale for the determination of the effective gross management fee for the Fund portion of the overall product. Further, the Board considered the Fund’s estimated annual operating expenses, but also considered that the Adviser had agreed to pay or reimburse the Fund’s expenses (except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses).

Based on its review of the information provided, the Board considered the Fund’s proposed fee and expense structure and determined that the proposed arrangement was reasonable.

 

 

2. Comparisons with the Fees of Other Clients

At the January Meeting and/or at prior meetings, the Board considered information regarding the fee rates that the respective Fund Advisers charge to certain other types of clients and the types 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 municipal managed accounts sub-advised by the Sub-Adviser, municipal exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser that are offered by another fund complex, municipal managed accounts offered by an unaffiliated adviser and certain municipal private limited partnerships offered by Nuveen. The Board has reviewed, among other things, the fee range and average fee of municipal retail advisory accounts and municipal institutional accounts; the sub- advisory fee the Sub-Adviser has received for serving as sub-adviser to certain municipal ETFs offered outside the Nuveen family; and the management fee rates paid by the municipal private limited partnerships operated by Nuveen.

In considering the comparative fee data, the Board has considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the Nuveen funds compared to that provided to other clients as well as differences in investment policies; eligible portfolio assets and the manner of managing such assets; product structure; investor profiles; account sizes; and regulatory requirements contribute to the variations in the fee schedules. The Board has considered the wide range of services in addition to investment management that the Adviser provides to the Nuveen funds compared to other types of clients as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. Given that the Fund would be sold via separately managed accounts, however, the Board considered that the Fund may not require the same level of shareholder services as other Nuveen funds.

3. Profitability of Fund Advisers

At the January Meeting and/or at prior meetings, the Board Members have considered profitability and other financial data for Nuveen, including estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds as well as profitability data of certain other asset management firms. Such profitability information has included, among other things, gross and net revenue margins (excluding distribution) of Nuveen Investments, Inc. (“Nuveen Investments”) for services to the Nuveen funds on a pre-tax and after-tax basis for the 2022 and 2021 calendar years as well as the revenues earned (less any expense reimbursements/fee waivers) and expenses incurred by Nuveen Investments for its advisory activities to the Nuveen funds (excluding distribution and certain other expenses) for the 2022 and 2021 calendar years. The Board Members have also considered a summary of some of the key factors that impacted Nuveen’s profitability in 2022. In addition, the Board has considered the revenues, expenses and operating margin (pre- and after-tax) the Adviser derived from its ETF product line for the 2022 and 2021 calendar years.

In developing the profitability data of the Adviser for its advisory services to the Nuveen funds, the Board Members have considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. Given there is no single universally recognized expense allocation methodology and that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results, the Board has reviewed, among other things, a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 through 2022, and a historical expense analysis of Nuveen Investments’ revenues, expenses and pre-tax net revenue margins derived from its advisory services to the Nuveen funds (excluding distribution) for the calendar years from 2017 through 2022. The Board had also appointed four Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to meet with representatives of the Adviser and review the development of the profitability data and to report to the full Board.

In addition, the Board has considered certain comparative operating margin data. In this regard, the Board has reviewed the operating margins of Nuveen Investments compared to the adjusted operating margins of a peer group of asset management firms with publicly available data and the most comparable assets under management (based on asset size and asset composition) to Nuveen. The Board has considered that the operating margins of the peers were adjusted generally to address that certain services provided by the peers were not provided by Nuveen. The Board has also reviewed, among other things, the net revenue margins (pre-tax) of Nuveen Investments on a company-wide basis and the net revenue margins (pre-tax) of Nuveen Investments derived from its services to the Nuveen funds only (including and excluding distribution) compared to the adjusted operating margins of the peer group for each calendar year from 2012 to 2022. Although the total company operating margins of Nuveen Investments were in the bottom half of the peer group range for 2022 and 2021, the Board Members have considered 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.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

Aside from Nuveen’s profitability, the Board has considered 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 2022 and 2021 calendar years to consider the financial strength of TIAA. The Board has considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board has also considered 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 Board Members have considered the profitability of the Sub-Adviser from its relationships with the respective Nuveen funds. In this regard, the Board Members have reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and after-tax) for its advisory activities to the respective Nuveen funds for the calendar years ended December 31, 2022 and December 31, 2021. The Board Members have also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) by asset type for the Sub-Adviser for the calendar years ending December 31, 2022 and December 31, 2021.

In evaluating the reasonableness of the compensation, the 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 its consideration of the information provided, the Board was satisfied 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 Fund could be expected to benefit from any economies of scale. The Board has considered 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. In this regard, the boards governing the Nuveen funds have considered 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 Board Members considered that because the Fund would not pay management fees, there would be no applicable fund-level or complex-wide level breakpoint schedules, although the Fund’s assets would be counted toward the complex-wide total. In addition, as indicated above, the Board Members considered that the Fund was expected to be reimbursed nearly all of its expenses by the Adviser.

Based on its review, the Board was satisfied that the proposed fee arrangements would appropriately share any economies of scale with the Fund’s shareholders.

E. Indirect Benefits

At the January Meeting and/or prior meetings, the Board Members have received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. In addition, the Board Members have considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective Nuveen funds to obtain research and other services for any or all of their clients, although the Board Members have also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

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 Fund were reasonable in light of the services expected to be provided.

F. Approval

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of the Investment Management Agreement and the Sub-Advisory Agreement were reasonable, that the Fund’s fee arrangements were reasonable and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is 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.

Nuveen Managed Accounts Portfolios Trust

Date: October 4, 2024 By: /s/ Jordan M. Farris            Jordan M. Farris
Chief Administrative Officer

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.

Date: October 4, 2024	By:	/s/ Jordan M. Farris             Jordan M. Farris Chief Administrative Officer (principal executive officer)
Date: October 4, 2024	By:	/s/ E. Scott Wickerham           E. Scott Wickerham Vice President and Controller (principal financial officer)