# EDGAR Filing Document

**Accession Number:** 0001390204
**File Stem:** 0001193125-25-230143
**Filing Date:** 2025-10
**Character Count:** 387325
**Document Hash:** ee72ebbf30a7bb1712978ca0a7fc14ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-230143.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-230143

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Managed Accounts Portfolios Trust
- **CENTRAL INDEX KEY:** 0001390204

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22023
- **FILM NUMBER:** 251373895

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Managed Account Pooled Shares Trust
- **DATE OF NAME CHANGE:** 20070215

## Series and Classes Contracts Data

### Municipal Total Return Managed Accounts Portfolio (Series ID: S000017347)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000048022 | Common Shares | NMTRX           |

### Nuveen Core Impact Bond Managed Accounts Portfolio (Series ID: S000068798)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000219780 | Common Shares | NCIRX           |

### Nuveen Emerging Markets Debt Managed Accounts Portfolio (Series ID: S000077852)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000238439 | Common Shares | NEMDX           |

### Nuveen High Yield Managed Accounts Portfolio (Series ID: S000077853)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000238440 | Common Shares | NMYHX           |

### Nuveen Preferred Securities and Income Managed Accounts Portfolio (Series ID: S000077854)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000238441 | Common Shares | NISPX           |

### Nuveen Securitized Credit Managed Accounts Portfolio (Series ID: S000077855)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000238442 | Common Shares | NNSDX           |

### Nuveen Ultra Short Municipal Managed Accounts Portfolio (Series ID: S000083961)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000248080 | Common Shares | NUSMX           |

?xml version='1.0' encoding='ASCII'? Nuveen Managed Accounts Portfolios Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22023

Nuveen Managed Accounts Portfolios Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, 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: <u>(312) 917-7700</u>

Date of fiscal year end: <u>July 31</u>

Date of reporting period: <u>July 31, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g949669g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

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, 2024 to July 31, 2025. 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** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Municipal Total Return Managed Accounts Portfolio | $1 | 0.01% |

---

\* 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**<br>• The Municipal Total Return Managed Accounts Portfolio returned -0.69% for Class I Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund significantly underperformed the Bloomberg 7-Year Municipal Bond Index, which returned 3.45%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Overweights to the hospital and housing sectors.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Underweights to the industrial development revenue/pollution control revenue and state general obligation sectors.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Longer-maturity positioning than the index.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Longer-duration positioning than the index.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Overweight to BB-rated bonds.<br>

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, 2015 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g949669g1g31k31.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Municipal Total Return Managed Accounts Portfolio at NAV | (0.69)% | (0.20)% | 2.39% |
| &nbsp;&nbsp;&nbsp; Bloomberg Municipal Bond Index | 0.00% | 0.13% | 2.11% |
| &nbsp;&nbsp;&nbsp; Bloomberg 7 Year Municipal Bond Index | 3.45% | 0.68% | 2.18% |

---

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.

Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1501667972 |
|  Total number of portfolio holdings | 688 |
|  Portfolio turnover (%) | 48% |
|  Total management fees paid for the year | $0 |

---

2 continued>>

------

What did the Fund invest in? (as of July 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g01a04.jpg)

![LOGO](g949669g1g02a04.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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 October 31, 2025 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_0725<br> 4716005 | ![LOGO](g949669g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g949669g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

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, 2024 to July 31, 2025. 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** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; 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**<br>• The Nuveen Core Impact Bond Managed Accounts Portfolio returned 4.60% for Class I Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.38%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Overweights to corporate bonds, commercial mortgage-backed securities (CMBS) and government related-credit.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Underweights to U.S. Treasury bonds and mortgage-backed securities (MBS).<br>&nbsp;&nbsp;&nbsp;&nbsp;• Overweight to emerging markets government related-agency securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within CMBS.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Yield curve positioning, specifically an underweight to two-year key rate duration.<br>

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, 2025) **Initial Investment of $10,000**![LOGO](g949669g1g36k36.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br> (7/9/20)** |
| &nbsp;&nbsp;&nbsp; Nuveen Core Impact Bond Managed Accounts Portfolio at NAV | 4.60% | (1.03)% | (0.95)% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07)% | (0.90)% |

---

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.

Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $19086762 |
|  Total number of portfolio holdings | 130 |
|  Portfolio turnover (%) | 77% |
|  Total management fees paid for the year | $0 |

---

2 continued>>

------

What did the Fund invest in? (as of July 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g00a37.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g00b37.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g01x38.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(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.

3 continued>>

------

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 31, 2025 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.

---

| | |
|:---|:---|
| 67073H400_AR_0725<br> 4716035 | ![LOGO](g949669g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g949669g1g19w55.jpg) | <br>Annual Shareholder Report <br>July 31, 2025  |

---

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, 2024 to July 31, 2025. 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** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; 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**<br>•  The Nuveen Emerging Markets Debt Managed Accounts Portfolio returned 7.14% for Class I Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund underperformed the JP Morgan EMBI Global Diversified Index, which returned 9.32%.<br>•  Top contributors to relative performance<br>•  Security selection in Brazilian and Israeli corporate bonds.<br>•  Shorter-duration positioning relative to the benchmark.<br>•  Underweight to lower-beta, quasi-sovereign debt in China.<br>•  Top detractors from relative performance<br>•  Underweight to high yield bonds, which are limited to 30% in the Fund's policies.<br>•  Lack of exposure to distressed sovereign issuers, including Argentina, Ecuador, Lebanon and El Salvador.<br>•  Security selection in Mexican debt, as Pemex (rated B3/BBB/B+ by Moody's/S&P/Fitch as of 7/31/25) rallied considerably due to rumors of the government preparing a financial support package.<br>

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, 2025) Initial Investment of $10,000

![LOGO](g949669g1g40k40.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception<br>(11/1/22)** |
| &nbsp;&nbsp;&nbsp; Nuveen Emerging Markets Debt Managed Accounts Portfolio at NAV | 7.14% | 8.84% |
| &nbsp;&nbsp;&nbsp; JP Morgan EMBI Global Diversified Index | 9.32% | 11.85% |

---

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.

Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $27895686 |
|  Total number of portfolio holdings | 126 |
|  Portfolio turnover (%) | 39% |
|  Total management fees paid for the year | $0 |

---

2 continued>>

------

What did the Fund invest in? (as of July 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g42a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g42a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g42a03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(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.

3 continued>>

------

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 31, 2025 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.

---

| | |
|:---|:---|
| 67073H509_AR_0725<br> 4716044 | ![LOGO](g949669g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g949669g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

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, 2024 to July 31, 2025. 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** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; 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**<br>• The Nuveen High Yield Managed Accounts Portfolio returned 8.53% for Class I Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund outperformed the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index, which returned 7.56%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within the telecommunications and retail industries.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within the capital goods and gas distribution industries.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within BB-rated bonds.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within the leisure and consumer goods industries.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within the rail sector.<br>

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, 2025) **Initial Investment of $10,000**

![LOGO](g949669g1g01x45.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception**<br> **(11/1/22)** |
| &nbsp;&nbsp;&nbsp; Nuveen High Yield Managed Accounts Portfolio at NAV | 8.53% | 9.58% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | 4.95% |
| &nbsp;&nbsp;&nbsp; ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 7.56% | 9.35% |

---

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.

Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $17851057 |
|  Total number of portfolio holdings | 208 |
|  Portfolio turnover (%) | 70% |
|  Total management fees paid for the year | $0 |

---

2 continued>>

------

What did the Fund invest in? (as of July 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g72s90.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g17a22.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(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 February 11, 2025, James Kim has been added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer 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 October 31, 2025 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_0725<br> 4716051 | ![LOGO](g949669g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g949669g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

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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, 2024 to July 31, 2025. 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** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Preferred Securities and Income Managed Accounts Portfolio | $1 | 0.01% |

---

\* 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**<br>• The Nuveen Preferred Securities and Income Managed Accounts Portfolio returned 9.90% for Class I Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund outperformed the Preferred Securities and Income Managed Accounts Portfolio Blended Benchmark, which returned 9.25%. The Preferred Securities and Income Managed Accounts Portfolio Blended Benchmark consists of: 1) 60% ICE US Institutional Capital Securities Index, 2) 40% ICE USD Contingent Capital Index.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection in the banking and insurance industries.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection in the natural gas industry.<br>

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, 2025) **Initial Investment of $10,000**

![LOGO](g949669g1g00z00.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception<br> (11/1/22)** |
| &nbsp;&nbsp;&nbsp; Nuveen Preferred Securities and Income Managed Accounts Port. at NAV | 9.90% | 9.90% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | 4.95% |
| &nbsp;&nbsp;&nbsp; ICE US Institutional Capital Securities Index | 8.45% | 10.41% |
| &nbsp;&nbsp;&nbsp; Preferred Securities and Income Managed Accounts Portfolio Blended Benchmark | 9.25% | 9.78% |

---

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.

Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $18012664 |
|  Total number of portfolio holdings | 92 |
|  Portfolio turnover (%) | 44% |
|  Total management fees paid for the year | $0 |

---

2 continued>>

------

What did the Fund invest in? (as of July 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g01a50.jpg)

![LOGO](g949669g1g01b50.jpg)

![LOGO](g949669g1g51x15.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(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 October 31, 2025 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.

4.0 ---

| | |
|:---|:---|
| 67073H707_AR_0725<br> 4716061 | ![LOGO](g949669g1g85u20.jpg) |

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g949669g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

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, 2024 to July 31, 2025. 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** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; 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**<br>• The Nuveen Securitized Credit Managed Accounts Portfolio returned 5.15% for Class I Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund outperformed the Bloomberg U.S. Securitized Index, which returned 3.45%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage allocation, including residential mortgage-backed securities (MBS) and an out-of-benchmark allocation to mortgage credit risk transfer (CRT) securities issued by government-sponsored enterprises.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within asset-backed securities (ABS), including a higher allocation to esoteric ABS.<br>&nbsp;&nbsp;&nbsp;&nbsp;• An overweight to commercial mortgage-backed securities (CMBS).<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Higher-quality bias of Fund holdings.<br>

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, 2025) **Initial Investment of $10,000**

![LOGO](g949669g1g90q46.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception<br> (11/1/22)** |
| &nbsp;&nbsp;&nbsp; Nuveen Securitized Credit Managed Accounts Portfolio at NAV | 5.15% | 7.22% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | 4.95% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Securitized Index | 3.45% | 4.95% |

---

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.

Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $43252104 |
|  Total number of portfolio holdings | 169 |
|  Portfolio turnover (%) | 36% |
|  Total management fees paid for the year | $0 |

---

2 continued>>

------

What did the Fund invest in? (as of July 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g34u82.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g28c22.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(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 October 31, 2025 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_0725<br> 4716072 | ![LOGO](g949669g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g949669g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

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 August 1, 2024 to July 31, 2025. 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** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; 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 last year? What affected the Fund's performance?

**Performance Highlights**<br>• The Nuveen Ultra Short Municipal Managed Accounts Portfolio returned 2.71% for Class I Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund underperformed the SIFMA Municipal Swap Index, which returned 3.38%.<br>• Primary performance drivers impacting relative yield<br>&nbsp;&nbsp;&nbsp;&nbsp;• Shorter-duration positioning, specifically with more daily than weekly putable securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Overweight to positions in the AAA- and AA-rated categories.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Overweight to positions with enhancement features that added another level of security to the bond's underlying credit quality.<br>

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, 2025) **Initial Investment of $10,000**

![LOGO](g949669g1g65y39.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception<br> (2/29/24)** |
| &nbsp;&nbsp;&nbsp; Nuveen Ultra Short Municipal Managed Accounts Portfolio at NAV | 2.71% | 2.90% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 0.44% | 1.09% |
| &nbsp;&nbsp;&nbsp; SIFMA - Municipal Swap Index | 3.38% | 3.41% |

---

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, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $10000000 |
|  Total number of portfolio holdings | 33 |
|  Portfolio turnover (%) | 0% |
|  Total management fees paid for the year | $0 |

---

What did the Fund invest in? (as of July 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g949669g1g65i26.jpg)

![LOGO](g949669g1g57q18.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(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 October 31, 2025 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_0725<br> 4716083 | ![LOGO](g949669g1g85u20.jpg) |

---

3.0 ------

**Item 2.** **Code of Ethics.** <br>

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.** <br>

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, 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. 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 Chair 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.** <br>

Nuveen Managed Accounts Portfolios Trust

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, 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 Registrant 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 Registrant during the fiscal year in which the services are provided; (B) the Registrant 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.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  July 31, 2025 | $382476 | $0 | $28 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  July 31, 2024 | $389565 | $0 | $29 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

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".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant 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 Registrant's audit is completed.

------

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  July 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  July 31, 2024 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  July 31, 2025 | $28 | $0 | $11045250 | $11045278 |
|  July 31, 2024 | $29 | $0 | $0 | $29 |

---

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

Less than 50 percent of the hours expended on the independent registered public accounting firm'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 independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

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

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(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.** <br>

------

#### 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, 2025, 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, 2025, 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, 2025, statement of changes in net assets for the years ended

July 31, 2025 and 2024 and the financial highlights for the years ended July 31, 2025, 2024, 2023, 2022 and 2021

(2) Statement of operations for the year ended July 31, 2025, statement of changes in net assets for the years ended

July 31, 2025 and 2024 and the financial highlights for the years ended July 31, 2025 and 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, 2025, statement of changes in net assets for the years ended

July 31, 2025 and 2024 and the financial highlights for the years ended July 31, 2025 and 2024, and the period

November 1, 2022 (commencement of operations) through July 31, 2023

(4) Statement of operations for the year ended July 31, 2025, statement of changes in net assets and the financial

highlights for the year ended July 31, 2025, and 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.

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.

#### Report of Independent Registered Public Accounting Firm
(continued)

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, 2025 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, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

#### Portfolio of Investments July 31, 2025

#### Municipal Total Return
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.9%

1440832347

MUNICIPAL BONDS - 95.9%

1440832347

ALABAMA - 0.9%

$

2,500,000

(a) Alabama Community College System Board of Trustees,

Revenue Bonds, Coastal Alabama Community College Series

2025 - BAM Insured

.000

%

10/01/50

$

2,483,800

1,155,000

(b) Baldwin County Industrial Development Authority, Alabama,

Solid Waste Disposal Revenue Bonds, Novelis Corporation

Project, Series 2025A, (AMT), (Mandatory Put 6/01/32)

.000

06/01/55

1,153,495

1,000,000

Florence Public Educational Building Authority, Alabama,

Revenue Bonds, University of North Alabama Athletic Facilities

1830 Foundation Series 2024

.250

11/01/49

1,020,384

240,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/32

263,639

50,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/34

54,409

250,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/35

269,172

525,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/38

548,424

400,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/39

414,194

1,000,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/40

1,048,231

250,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/41

259,694

130,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/42

133,901

75,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/45

76,055

1,590,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/49

1,596,689

955,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.500

10/01/53

970,464

1,415,000

Madison Water and Wastewater Board, Alabama, Water and

Sewer Revenue Bonds, Series 2023

.250

12/01/48

1,463,382

1,205,000

The Public Educational Building Authority of Jacksonville,

Alabama, Jacksonville State University Foundation, Higher

Educational Facilities Revenue Bonds, Jackson State University

Project Series 2023A - AGM Insured

.000

08/01/54

1,131,077

1,250,000

Walker County Board of Education, Alabama, Special School

Tax Warrants, Series 2025

.000

03/01/47

1,253,923

TOTAL ALABAMA

14,140,933

ALASKA - 0.4%

1,400,000

Alaska Industrial Development and Export Authority, Power

Revenue Bonds, Snettisham Hydroelectric Project, Refunding

Series 2015, (AMT)

.000

01/01/30

1,401,091

1,030,000

Alaska Municipal Bond Bank, General Obligation Bonds, Three

Series 2023, (AMT)

.250

12/01/38

1,072,015

1,145,000

Alaska Municipal Bond Bank, General Obligation Bonds, Three

Series 2023, (AMT)

.250

12/01/40

1,182,463

2,310,000

Anchorage, Alaska, Solid Waste Services Revenue Bonds,

Refunding Series 2022A

.500

11/01/41

2,477,807

TOTAL ALASKA

6,133,376

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA - 2.3%

$

2,200,000

(b) Arizona Industrial Development Authority Education Revenue

Bonds, Pinecrest Academy of Northern Nevada Project, Series

2022A

.500

%

07/15/29

$

2,140,578

100,000

(b) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series

2017D

.000

07/01/37

100,243

1,000,000

(b) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series

2017G

.000

07/01/51

901,385

40,000

(b) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Arizona Agribusiness and Equine Center, Inc.

Project, Series 2017B

.000

03/01/27

39,780

470,000

(b) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Pinecrest Academy of Nevada ? Horizon,

Inspirada and St. Rose Campus Projects, Series 2018A

.000

07/15/28

474,543

1,625,000

(b) Arizona Industrial Development Authority, Development First

Lien Revenue Bonds, Montanero Project, Alternative Minimum

Tax Series 2025, (AMT)

.750

12/01/55

1,617,851

1,050,000

Maricopa County and Phoenix City Industrial Development

Authority, Arizona, Single Family Mortgage Revenue Bonds,

Series 2024C

.750

09/01/49

1,003,201

1,820,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2024

.000

07/01/34

1,765,565

1,605,000

(b) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Sun Valley Academy, Series 2024A

.250

07/01/44

1,606,387

7,000,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

.000

07/01/47

6,876,071

3,785,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Junior Lien Series 2023

.250

07/01/47

3,925,098

5,025,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Great Hearts Academies Project, Series

2014A

.000

07/01/44

4,853,208

410,000

(b) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, San Tan Montessori School

Project, Series 2017

.750

02/01/50

394,718

3,300,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2023A

.000

01/01/50

3,339,349

250,000

(b) Sierra Vista Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, American Leadership

Academy Project, Series 2024

.000

06/15/44

225,696

1,575,000

(b) Sierra Vista Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Desert Heights Charter

School Project, Refunding Series 2024

.875

06/01/44

1,464,931

1,500,000

(b) Yavapai County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Agribusiness and Equine

Center Inc Project, Refunding Series 2015A

.000

09/01/34

1,493,094

2,250,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

.250

08/01/43

2,319,368

TOTAL ARIZONA

34,541,066

ARKANSAS - 0.5%

1,400,000

(b) Arkansas Development Finance Authority, Charter School

Revenue Bonds, Academy of Math and Science - Little Rock

Project Series 2024A

.000

07/01/59

1,227,877

1,800,000

Arkansas Development Finance Authority, Revenue Bonds,

Baptist Memorial Health Care, Refunding Series 2020B-1

.000

09/01/36

1,831,401

2,015,000

Arkansas Tech University, Revenue Bonds, Refunding Student

Fee Series 2022A - BAM Insured

.000

12/01/42

2,003,970

850,000

Hope, Arkansas, Sales and Use Tax Revenue Bonds, Series

2025 - BAM Insured

.500

06/01/46

792,572

1,000,000

Pulaski County, Arkansas, Hospital Revenue Bonds, Arkansas

Children's Hospital, Series 2023

.000

03/01/41

1,018,088

TOTAL ARKANSAS

6,873,908

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA - 3.1%

$

250,000

Burbank-Glendale-Pasadena Airport Authority, California,

Airport Revenue Bonds, Senior Series 2024B, (AMT)

.250

%

07/01/42

$

258,007

100,000

(b) California Municipal Finance Authority Charter School Revenue

Bonds, River Charter Schools Project, Series 2018A

.500

06/01/38

99,480

1,180,000

(b) California Municipal Finance Authority, Charter School

Revenue Bonds, Palmdale Aerospace Academy Project, Series

2016A

.000

07/01/36

1,126,745

1,500,000

(b) California Municipal Finance Authority, Charter School

Revenue Bonds, Palmdale Aerospace Academy Project, Series

2018A

.000

07/01/38

1,438,004

600,000

(b) California Municipal Finance Authority, Educational Facilities

Revenue Bonds, Westside Neighborhood School Project,

Series 2024

.500

06/15/39

616,630

315,000

(b) California Municipal Finance Authority, Educational Facilities

Revenue Bonds, Westside Neighborhood School Project,

Series 2024

.900

06/15/44

323,396

3,000,000

California Municipal Finance Authority, Revenue Bonds,

Eisenhower Medical Center, Refunding Series 2017A

.000

07/01/47

2,858,645

3,500,000

California Municipal Finance Authority, Revenue Bonds, Linxs

APM Project, Senior Lien Series 2018A - AGM Insured, (AMT)

.250

12/31/32

3,314,044

6,000,000

California Municipal Finance Authority, Revenue Bonds, Linxs

APM Project, Senior Lien Series 2018A, (AMT)

.000

12/31/38

6,016,974

325,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-11 Improvement

Area A Hesperia Silverwood, Series 2024

.000

09/01/44

316,115

335,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-11 Improvement

Area A Hesperia Silverwood, Series 2024

.000

09/01/49

320,467

4,000,000

(b) California Pollution Control Financing Authority, Water

Furnishing Revenue Bonds, Poseidon Resources Channelside

LP Desalination Project, Series 2012, (AMT)

.000

11/21/45

3,740,732

2,000,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

.875

06/01/39

1,928,843

1,305,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

.375

06/01/59

1,152,123

1,000,000

(b) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series

2015A

.000

08/01/35

992,326

325,000

(b) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2016

.000

08/01/25

325,000

1,485,000

(b) California School Finance Authority, Charter School Revenue

Bonds, Classical Academies Project, Series 2017A

.000

10/01/37

1,493,973

1,000,000

(b) California School Finance Authority, Charter School Revenue

Bonds, Envision Education, Series 2024A

.000

06/01/44

903,255

700,000

(b) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Education ? Obligated Group, Series 2016A

.000

06/01/31

700,338

325,000

(b) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Public Schools ? Obligated Group, Series

2017G

.000

06/01/37

316,728

3,900,000

(b) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

.000

12/01/36

3,907,163

280,000

(b) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

.000

12/01/46

261,719

750,000

California Statewide Community Development Authority,

Health Revenue Bonds, Enloe Medical Center, Refunding

Series 2022A - AGM Insured

.125

08/15/47

755,581

1,250,000

El Rancho Unified School District, Los Angeles County,

California, General Obligation Bonds, Election 2016 Series

2023D - BAM Insured

.750

08/01/48

1,366,515

750,000

Irvine, California, Special Tax Bonds, Community Facilities

District 2004-1 Central Park, Series 2015A

.000

09/01/35

741,360

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

50,000

Long Beach Bond Finance Authority, California, Natural Gas

Purchase Revenue Bonds, Series 2007A

.000

%

11/15/35

$

53,054

1,000,000

North Lake Tahoe Public Financing Authority, California, Lease

Revenue Bonds, Health & Human Services Center Series 2022

.500

12/01/47

1,059,380

1,200,000

Rancho Mirage, California, Special Tax Bonds, Community

Facilities District 5 Section 31, Improvement Area 1 Series

2024A

.000

09/01/44

1,168,607

1,900,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Senior Series 2025B, (AMT)

.250

07/01/41

1,992,800

1,780,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Senior Series 2025B, (AMT)

.250

07/01/42

1,849,151

1,500,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Senior Series 2025B, (AMT)

.250

07/01/43

1,547,509

3,000,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2023C, (AMT)

.500

05/01/38

3,241,965

TOTAL CALIFORNIA

46,186,629

COLORADO - 8.3%

4,000,000

Adams 12 Five Star Schools, Adams County, Colorado, General

Obligation Bonds, Series 2025

.250

12/15/44

4,209,076

1,170,000

Adams and Arapahoe Counties Joint School District 28J,

Aurora, Colorado, General Obligation Bonds, Series 2025

.500

12/01/46

1,256,335

1,000,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2021

.250

12/01/41

848,582

500,000

(b) Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2024

.500

12/01/44

479,425

1,630,000

Arista Metropolitan District, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Refunding Convertible

to Unlimited Tax Series 2023A - BAM Insured

.000

12/01/48

1,607,341

530,000

Baseline Metropolitan District 1, In the City and County of

Broomfield, Colorado, Special Revenue Bonds, Refunding and

Improvement Series 2024A

.000

12/01/49

533,479

500,000

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 - BAM

Insured

.500

12/01/43

524,059

1,250,000

Canyons Metropolitan District 5, Douglas County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Refunding and Improvement Series 2024A - BAM Insured

.000

12/01/49

1,212,485

500,000

Canyons Metropolitan District 5, Douglas County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Subordinate Refunding Series 2024B - BAM Insured

.500

12/15/54

494,209

700,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

.000

12/01/53

650,526

5,785,000

Centennial Water and Sanitation District, Douglas County,

Colorado, Water and Wastewater Revenue Bonds, Series 2024

.250

12/01/53

6,004,202

520,000

Chambers Highpoint Metropolitan District No. 2, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Series 2021

.000

12/01/41

441,948

1,890,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2024A - AGM Insured

.500

12/01/54

1,965,077

1,000,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2025A

.250

12/01/44

1,038,726

1,500,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2025A

.250

12/01/45

1,551,771

500,000

(b) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.000

07/01/36

499,980

385,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

.000

12/01/33

385,112

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

845,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

.000

%

12/01/42

$

789,729

1,555,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series

2016A

.000

11/15/41

1,550,089

4,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/44

3,919,316

1,155,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/36

1,241,773

5,300,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/52

5,262,313

4,050,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2022A

.000

05/15/52

3,399,779

4,000,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/48

4,104,680

480,000

Crowfoot Valley Ranch Metropolitan District No. 2, Douglas

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024A - BAM Insured

.000

12/01/44

481,497

2,905,000

Dawson Trails Metropolitan District 1, Colorado, In The

Town of Castle Rock, Limited Tax General Obligation Capital

Appreciation Turbo Bonds, Series 2024

.000

12/01/31

1,809,257

795,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

.875

12/01/34

775,670

550,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

.200

12/01/39

513,881

1,725,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

11/15/34

1,939,574

805,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

11/15/35

896,498

700,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2023B, (AMT)

.500

11/15/40

742,836

1,100,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/25

1,104,505

1,205,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2019A

.000

12/01/40

1,063,636

3,000,000

(b) Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

.750

12/01/34

2,916,316

300,000

Fiddler's Business Improvement District, Colorado, Limited Tax

General Obligation Bonds, Greenwood Village Project, Series

2022

.550

12/01/47

295,528

500,000

(b) Granary Metropolitan District 9, Weld County, Colorado,

Special Assessment Revenue Bonds, Special Improvement

District 1, Series 2024

.450

12/01/44

457,644

500,000

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)

.250

12/01/52

468,790

2,000,000

Gypsum, Colorado, Sewer Enterprise Revenue Bonds, Series

2024

.000

12/01/54

1,980,994

1,065,000

(b) Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 2,

Series 2024

.500

12/01/44

1,028,339

500,000

(b) Hogback Metropolitan District, Jefferson County, Colorado,

Limited Tax General Obligation Bonds, Convertible to

Unlimited Tax Series 2021A

.000

12/01/51

441,380

675,000

Hunters Overlook Metropolitan District 5, Severance, Weld

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024

.000

12/01/49

668,267

2,000,000

Lakes at Centerra Metropolitan District 2, Loveland, Colorado,

Limited Tax General Obligation Bonds, Refunding Series

2024A - AGM Insured

.000

12/01/49

1,937,298

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,500,000

Lambertson Farms Metropolitan District 1, Colorado, Revenue

Bonds, Refunding Series 2024A

.125

%

12/15/44

$

1,331,963

1,200,000

Lambertson Farms Metropolitan District 1, Colorado, Revenue

Bonds, Refunding Series 2024A

.250

12/15/49

1,034,943

2,550,000

(b) Ledge Rock Center Commercial Metropolitan District (In the

Town of Johnstown, Weld County, Colorado), Limited Tax

General Obligation Bonds, Series 2022

.125

11/01/42

2,615,647

500,000

Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso

County, Colorado, General Obligation Limited Tax Bonds,

Series 2022

.250

12/01/37

504,041

4,000,000

Mesa County Valley School District 51, Grand Junction,

Colorado, General Obligation Bonds, Series 2025

.250

12/01/49

4,139,551

500,000

(b) Mineral Business Improvement District, Arapahoe County,

Colorado, General Obligation and Special Revenue Bonds,

Limited Tax Series 2024A

.750

12/01/54

479,086

1,300,000

Northern Colorado Water Conservancy District, Certificates of

Participation, Series 2022

.250

07/01/52

1,317,186

750,000

(b) Orchard Park Place South Metropolitan District, Adams County,

Colorado, General Obligation Bonds, Limited Tax Series 2024

.000

12/01/54

688,639

1,330,000

Peak Metropolitan District 3, Colorado Springs, El Paso County,

Colorado, Limited Tax General Obligation Bonds, Series

2022A-1

.500

12/01/52

1,312,684

1,035,000

(b) Plaza Metropolitan District 1, Lakewood, Colorado, Tax

Increment Revenue Bonds, Refunding Series 2013

.000

12/01/40

1,012,317

5,130,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding

& Improvement Series 2017

.000

12/01/42

5,193,597

1,400,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023

- AGM Insured

.000

12/01/38

1,447,827

690,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023

- AGM Insured

.000

12/01/43

690,801

1,450,000

(b) Reagan Ranch Metropolitan District 1, Colorado Springs,

Colorado, General Obligation Bonds, Limited Tax & Special

Revenue, Series 2025

.125

12/01/54

1,361,750

1,000,000

Redtail Ridge Metropolitan District, City of Louisville, Boulder

County, Colorado, General Obligation Limited Tax Capital

Appreciation Turbo Bonds, Series 2025

.000

12/01/32

597,687

1,345,000

(b) Ridge at Johnstown Metropolitan District 8, Larimer County,

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Series 2024

.875

12/01/44

1,219,125

1,345,000

Silverstone Metropolitan District 3, Weld County, Colorado,

General Obligation and Special Revenue Bonds, Limited Tax

Series 2023

.750

12/01/45

1,342,567

835,000

(b) Sojourn at Idlewild Metropolitan District, Grand County,

Colorado, Limited Tax General Obligation Bonds, Winter Park

Series 2025A

.125

12/01/55

837,569

2,950,000

South Aurora Regional Improvement Authority, Aurora,

Colorado, Special Revenue Bonds, Refunding Improvement

Series 2025

.750

12/01/55

2,939,744

3,000,000

(b) Southern Ute Indian Tribe of the Southern Ute Indian

Reservation, Colorado, General Obligation Bonds, Series

2025A

.000

04/01/35

3,167,903

500,000

(b),(c)

St. Vrain Lakes Metropolitan District 4, Weld County, Colorado,

General Obligation Bonds, Firestone Convertible Capital

Appreciation Limited Tax Series 2024A

.000

09/20/54

337,441

2,060,000

State of Colorado, Rural Colorado, Certificates of Participation,

Series 2022

.000

12/15/39

2,320,913

7,870,000

State of Colorado, Rural Colorado, Certificates of Participation,

Series 2022

.000

12/15/40

8,827,275

1,000,000

STC Metropolitan District 2, Superior, Boulder County,

Colorado, Limited Tax General Obligation and Special Revenue

Bonds, Refunding First Lien Series 2025A-1

.250

12/01/45

1,013,625

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,000,000

STC Metropolitan District 2, Superior, Boulder County,

Colorado, Limited Tax General Obligation and Special Revenue

Bonds, Refunding First Lien Series 2025A-1

.000

%

12/01/55

$

966,108

600,000

(b) STC Metropolitan District 2, Superior, Boulder County,

Colorado, Limited Tax General Obligation and Special Revenue

Bonds, Refunding Second Lien Series 2025A-2

.250

12/01/55

604,979

900,000

Thompson Crossing Metropolitan District 4, Johnstown,

Larimer County, Colorado, General Obligation Bonds, Limited

Tax Convertible to Unlimited Tax, Refunding & Improvement

Series 2019

.000

12/01/39

879,504

5,250,000

Vale, Colorado, Certificates of Participation, Series 2025

.500

12/01/64

5,421,318

500,000

(c) Verve Metropolitan District 1, Jefferson County and the City

and County of Broomfield, Colorado, General Obligation

Bonds, Convertible Capital Appreciation Improvement Series

2024A

.000

12/01/54

355,960

1,000,000

Verve Metropolitan District 1, Jefferson County and the City

and County of Broomfield, Colorado, General Obligation

Bonds, Refunding and Improvement Limited Tax Series 2021

.000

12/01/41

896,261

1,250,000

Village Metropolitan District In the Town of Avon, Eagle County,

Colorado, Special Revenue and Limited Property Tax Bonds,

Refunding & Improvement Series 2020

.000

12/01/40

1,236,909

1,000,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

.750

12/01/52

959,925

2,870,000

(b) West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2024A-2

.000

12/01/54

1,790,521

1,000,000

(b) West Globeville Metropolitan District 1, Denver, Colorado,

Special Assessment Revenue Bonds, Special Improvement

District 1, Series 2024

.750

12/01/44

940,225

750,000

Wildwing Metropolitan District 5, Larimer County, Colorado,

Limited Tax General Obligation Bonds, Refunding and

Improvement Series 2024 - AGM Insured

.500

12/01/53

660,247

TOTAL COLORADO

123,937,760

CONNECTICUT - 0.6%

3,000,000

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Hartford HealthCare Issue, Series 2021A

.000

07/01/51

2,458,885

6,465,000

(b) Harbor Point Infrastructure Improvement District, Connecticut,

Special Obligation Revenue Bonds, Harbor Point Project,

Refunding Series 2017

.000

04/01/39

6,477,847

775,000

University of Connecticut, General Obligation Bonds, Series

2023A

.000

08/15/41

806,450

TOTAL CONNECTICUT

9,743,182

DELAWARE - 0.4%

375,000

(b) Bridgeville, Delaware, Special Obligation Bonds, Heritage

Shores Special Development District, Series 2024

.250

07/01/44

362,429

2,500,000

Delaware Health Facilities Authority, Revenue Bonds, Beebe

Medical Center Project, Series 2018 - BAM Insured

.000

06/01/48

2,424,544

715,000

Delaware State Housing Authority, Senior Single Family

Mortgage Revenue Bonds, Series 2024A

.625

07/01/49

671,279

1,030,000

Kent County, Delaware, Student Housing & Dining Facility

Revenue Bonds, Collegiate Housing Foundation - Dover LLC

Delaware State University Project, Series 2018A

.000

07/01/30

1,049,465

750,000

Kent County, Delaware, Student Housing & Dining Facility

Revenue Bonds, Collegiate Housing Foundation - Dover LLC

Delaware State University Project, Series 2018A

.000

07/01/31

762,006

TOTAL DELAWARE

5,269,723

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

DISTRICT OF COLUMBIA - 0.7%

$

4,400,000

(a) District of Columbia Water and Sewer Authority, Public Utility

Revenue Bonds, Subordinate Lien Refunding Green Series

2025B, (UB)

.250

%

10/01/50

$

4,552,429

4,645,000

(a) District of Columbia Water and Sewer Authority, Public Utility

Revenue Bonds, Subordinate Lien Refunding Green Series

2025B, (UB)

.250

10/01/54

4,791,299

1,240,000

District of Columbia, Washington, D.C., Revenue Bonds, KIPP

DC Issue, Series 2019

.000

07/01/44

1,047,490

TOTAL DISTRICT OF COLUMBIA

10,391,218

FLORIDA - 12.9%

530,000

Babcock Ranch Community Independent Special District,

Charlotte County, Florida, Special Assessment Bonds, 2022

Project Series 2022

.250

05/01/32

532,842

1,000,000

Babcock Ranch Community Independent Special District,

Charlotte County, Florida, Special Assessment Bonds, 2022

Project Series 2022

.000

05/01/42

965,754

1,495,000

Bay County School Board, Florida, Certificates of Participation,

Series 2022A

.500

07/01/42

1,560,953

690,000

Bay County, Florida, Educational Facilities Revenue Refunding

Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A

.000

09/01/33

690,407

2,000,000

Brevard County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Health First Obligated Group, Series 2022A

.000

04/01/52

1,926,385

4,100,000

Broward County School District, Florida, General Obligation

Bonds, School Series 2022

.000

07/01/47

4,168,467

1,000,000

Broward County, Florida, Port Facilities Revenue Bonds, Series

2022, (AMT)

.250

09/01/47

1,001,735

4,000,000

(b) Cabot Citrus Farms Community Development District, Florida,

Special Revenue Bond, Anticipated Note Series 2024

.250

03/01/29

4,046,720

4,890,000

Canaveral Port Authority, Florida, Port Improvement Revenue

Refunding Bonds, Series 2018B

.000

06/01/48

4,788,076

1,000,000

Cape Coral, Florida, Water and Sewer Revenue Bonds, Series

2023 - BAM Insured

.250

10/01/48

1,023,271

2,095,000

(b) Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter

School Project, Series 2019

.000

07/01/54

1,826,675

2,010,000

(b) Capital Trust Authority, Florida, Charter School Revenue Bonds,

Mason Classical Academy Project Series 2024A

.000

06/01/39

1,933,693

1,525,000

(b) Capital Trust Authority, Florida, Charter School Revenue Bonds,

Mason Classical Academy Project Series 2024A

.000

06/01/44

1,387,182

1,270,000

(b) Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, Babcock Neighborhood School Inc Project, Series 2024

.750

08/15/49

1,140,417

2,235,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

.500

06/01/30

2,352,647

2,490,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

.500

06/01/32

2,614,171

435,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

.000

06/01/43

384,531

500,000

Corkscrew Crossing Community Development District, Florida,

Special Assessment Bonds, Series 2023

.300

05/01/33

505,419

1,000,000

Corkscrew Crossing Community Development District, Florida,

Special Assessment Bonds, Series 2023

.100

05/01/43

953,992

2,375,000

Escambia County Health Facilities Authority Health Care

Facilities Revenue Bonds, Florida, Series 2020A (Baptist Health

Care Corporation Obligated Group)

.000

08/15/32

2,499,155

2,950,000

Escambia County Health Facilities Authority, Florida, Health

Care Facilities Revenue Bonds, Baptist Health Care Corporation

Obligated, Series 2020A

.000

08/15/33

3,082,148

925,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Cornerstone Charter Schools Project,

Series 2022

.000

10/01/32

941,741

1,230,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Cornerstone Classical Academy

Series 2024A

.250

06/01/44

1,148,466

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

175,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Downtown Doral Charter Upper

School Project, Series 2017C

.150

%

07/01/27

$

177,224

385,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Downtown Doral Charter Upper

School Project, Series 2017C

.750

07/01/47

366,381

170,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Renaissance Charter School Income

Projects, Series 2015A

.000

06/15/35

170,068

1,210,000

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Saint Andrews School of Boca Raton

Inc Project Series 2024A

.250

06/01/44

1,190,337

1,215,000

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Saint Andrews School of Boca Raton

Inc Project Series 2024A

.250

06/01/54

1,154,066

700,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Refunding Bonds, Central Charter School,

Series 2022

.250

08/15/37

653,028

3,000,000

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)

.000

07/01/44

2,869,789

3,600,000

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)

.250

07/01/47

3,442,800

500,000

(b) Florida Development Finance Corporation, Student Housing

Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series

2024A-1

.000

06/01/44

466,207

1,000,000

Florida Gulf Coast University Financing Corporation, Capital

Improvement Revenue Bonds, Refunding Housing Project,

Series 2022A

.000

02/01/40

1,031,348

12,000,000

Florida Mid-Bay Bridge Authority, Revenue Bonds, 1st Senior

Lien Series 2015A

.000

10/01/35

12,041,923

8,000,000

Greater Orlando Aviation Authority, Florida, Orlando Airport

Facilities Revenue Bonds, Series 2015A, (AMT)

.000

10/01/40

7,980,505

500,000

Hammock Oaks Community Development District, Lady Lake,

Florida, Special Assessment Revenue Bonds, Area 2, Series

2024

.150

05/01/54

485,569

4,000,000

Hernando County, Florida, Non-Ad Valorem Revenue Bonds,

Series 2022

.250

06/01/47

4,066,465

1,905,000

Hialeah Utility Systems, Florida, Systems Revenue Bonds,

Refunding Series 2022

.000

10/01/33

2,060,015

300,000

Hobe-Saint Lucie Conservancy District, Florida, Special

Assessment Revenue Bonds, Improvement Unit 1A, Series

2024

.600

05/01/44

296,307

2,860,000

Hollywood Beach Community Development District 1, Florida,

Revenue Bonds, Public Parking Facilitiy Project, Refunding

Series 2020

.000

10/01/35

2,975,594

1,110,000

(b) Jacksonville, Florida, Educational Facilities Revenue Bonds,

Jacksonville University Project, Series 2018B

.000

06/01/53

883,962

1,875,000

Julington Creek Plantation Community Development District,

Florida, Special Assessment Revenue Bonds, Series 2023 -

AGM Insured

.500

05/01/43

1,970,914

1,665,000

Lakeland, Florida, Energy System Revenue Bonds, Refunding

Series 2023

.000

10/01/42

1,707,474

10,000,000

Lakeland, Florida, Energy System Revenue Bonds, Series 2021

.000

10/01/48

10,168,383

760,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Palm Grove Project, Series 2024

.500

05/01/55

715,448

885,000

Lauderhill, Florida, Water and Sewer Revenue Bonds, Series

2023 - AGM Insured

.000

10/01/48

896,202

515,000

Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2007A

.250

06/15/27

515,255

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

970,000

(b) Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2024A

.000

%

06/15/38

$

950,124

1,000,000

(b) Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2024A

.250

06/15/42

966,850

2,000,000

Lee County Industrial Development Authority, Florida,

Healthcare Facilities Revenue Bonds, Shell Point/Alliance

Obligated Group, Shell Point Project, Refunding Series 2024C

.000

11/15/44

1,919,694

1,065,000

Lee County Industrial Development Authority, Florida,

Healthcare Facilities Revenue Bonds, Shell Point/Alliance

Obligated Group, Shell Point Project, Series 2024A

.250

11/15/54

1,021,089

1,000,000

(b) Magnolia Island Community Development District, Pasco

County, Florida, Capital Improvement Revenue Bonds,

Assessment Area 1, series 2025

.750

05/01/55

937,747

2,895,000

Manatee County, Florida, Public Utilities Revenue Bonds,

Improvement and Refunding Series 2023

.000

10/01/48

2,551,494

9,250,000

Miami Beach Health Facilities Authority, Florida, Hospital

Revenue Bonds, Mount Sinai Medical Center of Florida Project,

Refunding 2014

.000

11/15/39

9,249,763

2,550,000

Miami Beach Health Facilities Authority, Florida, Hospital

Revenue Bonds, Mount Sinai Medical Center of Florida Project,

Refunding 2014

.000

11/15/44

2,480,181

1,000,000

Miami Beach Health Facilities Authority, Florida, Hospital

Revenue Bonds, Mount Sinai Medical Center of Florida Project,

Series 2021B

.000

11/15/51

803,391

325,000

Miami-Dade County Expressway Authority, Florida, Toll System

Revenue Bonds, Series 2010A

.000

07/01/40

325,080

950,000

Miami-Dade County Industrial Development Authority, Florida,

Revenue Bonds, PInecrest Academy Project, Series 2014

.250

09/15/44

871,774

2,000,000

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2017B, (AMT)

.000

10/01/40

1,995,126

670,000

(b) Miromar Lakes Community Development District, Lee County,

Florida, Capital Improvement Revenue Bonds, Refunding

Series 2025

.000

05/01/35

703,760

1,430,000

Monroe County, Florida, Airport Revenue Bonds, Key West

International Airport, Series 2022, (AMT)

.000

10/01/39

1,448,472

1,575,000

Monroe County, Florida, Airport Revenue Bonds, Key West

International Airport, Series 2022, (AMT)

.000

10/01/41

1,564,596

2,960,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health, Inc., Refunding Series 2016A

.000

10/01/39

2,974,655

745,000

Osceola County, Florida, Transportation Revenue Bonds,

Osceola Parkway, Refunding & Improvement Series 2019A-1

.000

10/01/29

788,544

620,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/34

650,895

750,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/36

775,598

4,690,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/47

4,484,676

2,175,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/52

2,034,224

1,600,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2025

.250

11/01/39

1,651,902

1,685,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2025

.250

11/01/40

1,723,420

5,000,000

(b) Palm Beach County, Florida, Revenue Bonds, Provident Group

- PBAU Properties II LLC - Palm Beach Atlantic University

Housing Project, Senior Series 2025A

.750

10/01/55

5,036,513

235,000

(b) Parrish Lakes Community Development District, Manatee

County, Florida, Capital Improvement Revenue Bonds,

Assessment Area 3, Series 2024

.800

05/01/54

223,362

1,000,000

Pasco County, Florida, Cigarette Tax Allocation Bonds, H.

Lee Moffitt Cancer Center and Research Institute Capital

Improvement Series 2023A - AGM Insured

.500

09/01/41

1,053,080

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

1,000,000

Poitras East Community Development District, Osceola County,

Florida, Special Assessment Revenue Bonds, Series 2023

.200

%

05/01/33

$

1,008,802

5,000,000

Sarasota County Public Hospital District, Florida, Hospital

Revenue Bonds, Sarasota Memorial Hospital Project, Series

2018

.000

07/01/38

5,066,157

2,120,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2022

.250

10/01/52

2,147,767

4,440,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2023

.000

10/01/48

4,496,177

2,200,000

St. Johns County School Board, Florida, Certificates of

Participation, Series 2024A - AGM Insured

.250

07/01/46

2,251,560

3,000,000

St. Johns County School Board, Florida, Certificates of

Participation, Series 2024A - AGM Insured

.500

07/01/49

3,100,861

1,350,000

Sumter County School Board, Florida, Certificates of

Participation, Series 2024 - AGM Insured

.250

01/01/49

1,393,761

1,425,000

Tampa Bay, Florida, Regional Water Supply Authority, Utility

System Revenue Bonds, Sustainability Series 2022

.250

10/01/47

1,465,759

11,195,000

Tampa, Florida, Hospital Revenue Bonds, H. Lee Moffitt Cancer

Center Project, Series 2020B

.000

07/01/45

9,560,529

4,090,000

Tampa, Florida, Water and Wastewater Systems Revenue

Bonds, Green Series 2022A

.250

10/01/57

4,194,380

2,850,000

(b) Village Community Development District 14, Leesburg, Florida,

Special Assessment Bonds, Series 2022

.750

05/01/32

2,938,301

6,695,000

(b) Village Community Development District 15, Florida, Special

Assessment Revenue Bonds, Series 2023

.250

05/01/54

6,464,160

500,000

Volusia County Educational Facilities Authority, Florida,

Revenue Bonds, Stetson University Inc. Project, Refunding

Series 2025

.000

06/01/34

529,697

500,000

Volusia County Educational Facilities Authority, Florida,

Revenue Bonds, Stetson University Inc. Project, Refunding

Series 2025

.000

06/01/36

520,244

TOTAL FLORIDA

194,084,276

GEORGIA - 1.0%

750,000

(b) Atlanta Development Authority, Georgia, Revenue Bonds,

Westside Gulch Area Project, Senior Series 2024A-1

.000

04/01/34

747,087

2,000,000

(b) Atlanta Development Authority, Georgia, Revenue Bonds,

Westside Gulch Area Project, Senior Series 2024A-2

.500

04/01/39

1,997,425

1,000,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

.750

04/01/53

1,043,332

7,260,000

Fulton County Development Authority, Georgia, Revenue

Bonds, Piedmont Healthcare, Inc. Project, Series 2019A

.000

07/01/49

6,128,433

2,310,000

(b) Geo. L. Smith II Georgia World Congress Center Authority,

Georgia, Convention Center Hotel Revenue Bonds, Second

Tier Series 2021B

.000

01/01/36

2,314,092

950,000

Henry County Hospital Authority, Georgia, Revenue

Certificates, Piedmont Henry Hospital Project, Series 2014A

.000

07/01/34

950,398

1,935,000

(b) Marietta Development Authority, Georgia, University Facilities

Revenue Bonds, Life University, Inc. Project, Refunding Series

2017A

.000

11/01/27

1,945,602

TOTAL GEORGIA

15,126,369

GUAM - 0.5%

1,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/33

1,001,207

500,000

(a) Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/28

521,939

1,000,000

(a) Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/31

1,077,426

1,000,000

(a) Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/32

1,079,885

1,365,000

(a) Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/33

1,469,117

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GUAM

(continued)

$

1,105,000

(a) Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2025A

.250

%

07/01/40

$

1,152,440

1,535,000

Guam Power Authority, Revenue Bonds, Refunding Series

2017A

.000

10/01/37

1,548,943

TOTAL GUAM

7,850,957

HAWAII - 0.1%

750,000

(b) Hawaii Department of Budget and Finance, Special Purpose

Revenue Bonds, Hawaii Pacific University Project, Refunding

Series 2024

.000

07/01/34

747,936

TOTAL HAWAII

747,936

IDAHO - 0.5%

610,000

Idaho Health Facilities Authority, Revenue Bonds, Madison

Memorial Hospital Project, Refunding Series 2016

.000

09/01/29

614,389

1,100,000

Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, Alturas Preparatory Academy Project Series

2024A

.250

05/01/49

940,764

750,000

Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, Alturas Preparatory Academy Project Series

2024A

.375

05/01/54

640,090

1,135,000

(b) Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, Future Public School Project, Series 2022A

.000

05/01/32

1,068,996

3,100,000

(b) Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Assessment Area Two, Series 2025

.250

09/01/54

3,086,180

750,000

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Series 2024

.250

09/01/53

747,840

TOTAL IDAHO

7,098,259

ILLINOIS - 3.8%

525,428

Chicago, Illinois, Certificates of Participation, Tax Increment

Allocation Revenue Bonds, Pullman Park/Chicago

Redevelopement Project, Series 2013A

.125

03/15/33

525,563

3,850,000

Chicago, Illinois, General Obligation Bonds, Chicago Works

Series 2023A

.000

01/01/35

3,967,742

1,685,000

Chicago, Illinois, General Obligation Bonds, Chicago Works

Series 2023A

.500

01/01/39

1,736,532

1,000,000

Chicago, Illinois, Midway Airport Revenue Bonds, Refunding

Senior Lien Series 2023C

.000

01/01/39

1,021,101

1,250,000

Chicago, Illinois, O'Hare International Airport Senior Special

Facilities Revenue Bonds, TRIPS Obligated Group, Series 2025

.500

07/01/37

1,346,531

1,125,000

DuPage County High School District 87, Glenbard Township,

Illinois, General Obligation Bonds, Series 2025

.250

01/01/46

1,156,577

4,650,000

DuPage County School District 58 Downers Grove, Illinois,

General Obligation Bonds, School Series 2022

.250

12/15/40

4,925,087

3,500,000

Galesburg, Knox County, Illinois, Revenue Bonds, Knox College

Project, Series 2025A

.000

10/01/45

3,460,546

935,000

(b) Illinois Finance Authority, Revenue Bonds, DePaul College Prep

Foundation, Series 2023A

.300

08/01/28

943,093

1,275,000

(b) Illinois Finance Authority, Revenue Bonds, DePaul College Prep

Foundation, Series 2023A

.500

08/01/33

1,296,862

1,000,000

(b) Illinois Finance Authority, Revenue Bonds, DePaul College Prep

Foundation, Series 2023A

.250

08/01/38

1,032,129

2,750,000

Illinois Finance Authority, Revenue Bonds, Rush University

Medical Center Obligated Group, Series 2015A

.000

11/15/38

2,749,590

725,000

Illinois Finance Authority, Revenue Bonds, Smith Crossing,

Refunding Series 2022

.000

10/15/30

698,821

830,000

Illinois Finance Authority, Student Housing & Academic

Facility Revenue Bonds, CHF-Collegiate Housing Foundation

- Chicago LLC University of Illinois at Chicago Project, Series

2017A

.000

02/15/26

834,250

400,000

Illinois Finance Authority, Student Housing & Academic

Facility Revenue Bonds, CHF-Collegiate Housing Foundation

- Chicago LLC University of Illinois at Chicago Project, Series

2017A

.000

02/15/29

407,205

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

1,240,000

Illinois Finance Authority, Student Housing & Academic

Facility Revenue Bonds, CHF-Collegiate Housing Foundation

- Chicago LLC University of Illinois at Chicago Project, Series

2017A

.000

%

02/15/50

$

1,106,036

2,815,000

(b) Illinois Finance Authority, Surface Freight Transfer Facilities

Revenue Bonds, CenterPoint Joliet Terminal Railroad Project,

Series 2017, (AMT), (Mandatory Put 7/02/35)

.800

12/01/43

2,814,130

2,255,000

(b) Illinois Finance Authority, Surface Freight Transfer Facilities

Revenue Bonds, CenterPointJoliet Terminal Railroad Project,

Series 2020, (AMT), (Mandatory Put 12/31/34)

.125

12/01/50

2,161,635

1,185,000

Illinois Housing Development Authority, Revenue Bonds, Social

Series 2022G

.250

10/01/52

1,276,191

1,500,000

Illinois State, General Obligation Bonds, May Series 2024B

.250

05/01/45

1,513,875

5,000,000

Illinois State, General Obligation Bonds, October Series 2024C

.000

10/01/40

4,473,894

5,330,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2015B

.000

01/01/40

5,332,345

1,100,000

Lake County Consolidated High School District 120 Mundelein,

Illinois, General Obligation Bonds, School Series 2022A

.500

12/01/40

1,148,528

2,730,000

Lemont Fire Protection District, Cook, DuPage and Will

Counties, Illinois, General Obligation Bonds, Series 2025

.000

12/30/41

2,461,085

2,935,000

Lemont Fire Protection District, Cook, DuPage and Will

Counties, Illinois, General Obligation Bonds, Series 2025

.000

12/30/42

2,604,537

3,210,000

Lemont Fire Protection District, Cook, DuPage and Will

Counties, Illinois, General Obligation Bonds, Series 2025

.000

12/30/43

2,819,803

1,000,000

Sangamon County School District 186 Springfield, Illinois,

General Obligation Bonds, Alternate Revenue Source Series

2023 - AGM Insured

.500

06/01/48

1,030,531

2,000,000

Will County School District 114, Manhattan, Illinois, General

Obligation Bonds, Series 2022 - BAM Insured

.500

01/01/43

2,115,103

TOTAL ILLINOIS

56,959,322

INDIANA - 4.5%

1,000,000

Avon Community School Building Corporation, Hendricks

County, Indiana, First Mortgage Bonds, Ad Valorem Property

Tax Series 2023

.500

07/15/41

1,073,164

1,625,000

Avon Community School Building Corporation, Hendricks

County, Indiana, First Mortgage Bonds, Ad Valorem Property

Tax Series 2023

.500

01/15/43

1,721,095

3,500,000

Brownsburg 1999 School Building Corporation, Indiana, First

Mortgage Bonds, Series 2023

.500

07/15/40

3,700,132

750,000

Carmel, Indiana, Waterworks Revenue Bonds, Refunding,

Series 2024C - BAM Insured

.250

05/01/51

759,451

1,000,000

(b) Gary Local Public Improvement Bond Bank, Indiana, Economic

Development Revenue Bonds, Drexel Foundation for

Educational Excellence Project, Refunding Series 2020A

.875

06/01/55

857,433

850,000

IIndiana Finance Authority, Hospital Revenue Bonds, Parkview

Health, Series 2018A

.000

11/01/48

695,473

4,000,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, DePauw University Project, Series 2022A

.000

07/01/40

3,965,612

520,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, Seven Oaks Classical School Project, Series 2021A

.000

06/01/51

421,615

5,260,000

Indiana Finance Authority, Health Facilities Revenue Bonds,

Hendricks Regional Health, Series 2024

.250

03/01/54

5,243,226

500,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/30

520,602

1,020,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/31

1,052,448

435,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/32

446,474

1,110,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/33

1,133,368

760,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/34

771,622

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIANA

(continued)

$

2,000,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

%

11/01/35

$

2,019,141

1,125,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/43

971,259

1,700,000

Indiana Finance Authority, Hospital Revenue Bonds, Reid

Health Series 2022 - AGM Insured

.000

01/01/52

1,621,563

1,635,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.000

03/01/32

1,740,824

1,805,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.000

03/01/34

1,914,144

2,485,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.500

03/01/44

2,531,189

3,845,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.750

03/01/54

3,914,577

785,000

Indiana Housing and Community Development Authority,

Single Family Mortgage Revenue Bonds, Social Series 2024A-1

.650

07/01/49

743,804

500,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)

.250

01/01/42

510,017

500,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)

.250

01/01/43

507,228

1,030,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)

.250

01/01/48

1,032,623

2,235,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Circle City Forward Phase II Project Revenue Bonds, Series

2023B

.250

02/01/48

2,313,563

1,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Local Income Tax Revenue Bonds, Indianapolis Public

Transportation Corporation Project, Green Series 2025A

.000

07/15/42

1,032,966

5,850,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Ad Valorem Property Tax Funded Project

Series 2023D

.000

02/01/48

6,350,119

3,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Senior Series 2023E

.000

03/01/53

3,060,995

630,000

IPS Multi-School Building Corporation, Indiana, First Mortgage

Revenue Bonds, Social Series 2022

.500

07/15/37

696,164

500,000

IPS Multi-School Building Corporation, Indiana, First Mortgage

Revenue Bonds, Social Series 2022

.500

07/15/39

541,387

2,960,000

Lake Ridge Multi-School Building Corporation, Lake County,

Indiana, First Mortgage Bonds, Ad Valorem Property Tax Series

2022

.500

07/15/36

3,268,409

3,500,000

Lake Ridge Multi-School Building Corporation, Lake County,

Indiana, First Mortgage Bonds, Ad Valorem Property Tax Series

2022

.500

07/15/38

3,790,421

1,280,000

Lake Ridge Multi-School Building Corporation, Lake County,

Indiana, First Mortgage Bonds, Ad Valorem Property Tax Series

2022

.500

07/15/40

1,367,683

1,150,000

Mount Vernon of Hancock County Multi-School Building

Corporation, Indiana, First Mortgage Bonds, Series 2022

.500

01/15/42

1,204,781

1,565,000

Rockport, Indiana, Pollution Control Revenue Refunding Bonds,

Indiana Michigan Power Company Project, Series 2025A,

(Mandatory Put 6/01/29)

.700

06/01/47

1,586,870

465,000

Tippecanoe County NSE08 School Building Corporation,

Indiana, Ad Valorem Property Tax First Mortgage Bonds, Series

2023B

.000

07/15/41

520,110

1,325,000

Tippecanoe County NSE08 School Building Corporation,

Indiana, Ad Valorem Property Tax First Mortgage Bonds, Series

2023B

.000

01/15/43

1,461,912

TOTAL INDIANA

67,063,464

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

IOWA - 0.5%

$

1,200,000

Iowa Finance Authority, Healthcare Revenue Bonds, Pella

Regional Health Center, Series 2025

.250

%

12/01/50

$

1,138,252

2,030,000

Iowa Finance Authority, Single Family Mortgage Revenue

Bonds, Social Series 2025A

.550

07/01/45

1,924,159

3,000,000

PEFA Inc., Public Energy Facilities Authority, Inc., Iowa, Gas

Project Revenue Bonds, Series 2019, (Mandatory Put 9/01/26)

.000

09/01/49

3,031,671

2,000,000

Waterloo Community School District, Iowa, School

Infrastructure Sales, Services and Use Tax Revenue Bonds,

Series 2025 - BAM Insured

.500

07/01/43

1,931,388

TOTAL IOWA

8,025,470

KANSAS - 0.4%

1,500,000

Marion County Unified School District 410 Marion-Durham-

Hillsboro-Lehigh, Kansas, General Obligation Bonds Series

2024 - AGM Insured

.000

09/01/44

1,292,748

2,700,000

Unified School District No. 491, Douglas County. Kansas,

General Obligation Bonds, Refunding and School Building,

Eudora Series 2023A - AGM Insured

.000

09/01/42

2,736,494

2,350,000

University of Kansas Hospital Authority, Health Facilities

Revenue Bonds, KU Health System, Refunding & Improvement

Series 2015

.000

09/01/33

2,352,525

TOTAL KANSAS

6,381,767

KENTUCKY - 0.2%

1,250,000

Kentucky State Property and Buildings Commission, Revenue

Bonds, Project 127, Series 2022A

.250

06/01/39

1,328,303

1,690,000

University of Kentucky, Lease Purchase Obligations Bonds,

University of Kentucky Parking Structure 7 & Johnson Center

Expansion, Series 2025A

.250

04/01/50

1,718,944

TOTAL KENTUCKY

3,047,247

LOUISIANA - 2.7%

3,000,000

Ernest N. Morial-New Orleans Exhibition Hall Authority,

Louisiana, Special Tax Bonds, Series 2025

.500

07/15/50

3,087,211

2,500,000

Ernest N. Morial-New Orleans Exhibition Hall Authority,

Louisiana, Special Tax Bonds, Series 2025

.500

07/15/54

2,567,013

2,690,000

Lafayette Parish School Board, Louisiana, Sales Tax Revenue

Bonds, Series 2025

.750

04/01/50

2,880,610

3,515,000

Lafayette Parish School Board, Louisiana, Sales Tax Revenue

Bonds, Series 2025

.750

04/01/55

3,750,018

3,255,000

Lafayette, Louisiana, Utilities Revenue Bonds, Electric Projects

Series 2024

.000

11/01/49

3,249,612

500,000

Lake Charles Harbor and Terminal District, Louisiana, Revenue

Bonds, Refunding Series 2024B, (AMT)

.000

01/01/36

516,374

200,000

(b) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Lincoln Preparatory School Project, Series 2021A

.000

06/01/31

194,196

2,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series

2023A

.000

10/01/43

1,909,434

3,250,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

.500

05/15/55

3,302,980

12,500,000

Louisiana Publics Facilities Authority, Louisiana, Revenue

Bonds, I-10 Calcasieu River Bridge Public-Private Partnership

Project, Senior Lien Series 2024, (AMT)

.500

09/01/59

12,454,632

500,000

(b) Plaquemines Port, Louisiana, Harbor and Terminal District

Facilities Revenue Bonds NOLA Terminal LLC Project Dock and

Wharf Series 2024A

.000

12/01/44

416,726

1,000,000

Port New Orleans Board of Commissioners, Louisiana, Revenue

Bonds, Port Facilities, AMT Series 2025B, (AMT)

.500

04/01/54

1,015,496

4,900,000

Saint John the Baptist Parish School District 1, Louisiana,

General Obligation Bonds, Series 2023

.250

03/01/37

5,134,125

TOTAL LOUISIANA

40,478,427

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MAINE - 0.2%

$

1,500,000

Bath, Maine, General Obligation Bonds, Series 2024

.000

%

05/01/44

$

1,348,333

1,000,000

Bath, Maine, General Obligation Bonds, Series 2024

.000

05/01/49

859,814

500,000

Maine Health and Higher Educational Facilities Authority,

Revenue Bonds, Series 2022C - AGM Insured

.500

07/01/38

540,538

700,000

Maine Health and Higher Educational Facilities Authority,

Revenue Bonds, Series 2023A - AGM Insured

.000

07/01/42

720,549

TOTAL MAINE

3,469,234

MARYLAND - 0.2%

2,000,000

Maryland Economic Development Corporation, Student

Housing Revenue Bonds, Morgan State University, Harper-

Tubman Project, Series 2025A

.750

07/01/64

2,079,040

1,385,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Lifebridge Health Issue Series 2023

.250

07/01/54

1,409,410

TOTAL MARYLAND

3,488,450

MASSACHUSETTS - 0.5%

500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Baystate Medical Center Issue, Series 2014N

.000

07/01/44

490,141

7,980,000

Massachusetts Development Finance Agency, Revenue Bonds,

Southcoast Health System Obligated Group Issue, Series

2021G

.000

07/01/50

7,625,968

TOTAL MASSACHUSETTS

8,116,109

MICHIGAN - 2.4%

1,090,000

Belding School District, Ionia, Kent and Montcalm Counties,

Michigan, General Obligation Bonds, School Building & Site

Series 2022

.250

05/01/48

1,111,609

2,000,000

Ferndale Public School District, Oakland County, Michigan,

General Obligation Bonds, School Building & Site Series 2025

.250

05/01/50

2,016,049

5,000,000

Flat Rock Community School District, Wayne County, Michigan,

General Obligation Bonds, Refunding School Building and Site

Series 2023

.250

05/01/52

5,111,282

1,750,000

Four Lakes Special Assessment District, Gladwin and Midland

Counties, Michigan, Special Assessment Bond, General

Obligation Limited Tax series 2025

.250

06/01/50

1,764,259

1,700,000

Four Lakes Special Assessment District, Gladwin and Midland

Counties, Michigan, Special Assessment Bond, General

Obligation Limited Tax series 2025

.000

06/01/55

1,662,953

1,830,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Second Lien Series 2025D

.500

07/01/50

1,911,633

5,000

(d) Kalamazoo Hospital Finance Authority, Michigan, Hospital

Revenue Bonds, Bronson Healthcare Group, Inc., Refunding

Series 2016, (ETM)

.000

05/15/26

5,090

4,000,000

Lansing, Ingham and Eaton Counties, Michigan, General

Obligation Bonds, Refunding & Capital Improvement Series

2023B - AGM Insured

.000

06/01/42

4,111,073

825,000

Michigan Finance Authority, Hospital Revenue Bonds, McLaren

Health Care, Refunding Series 2015B

.000

05/15/34

825,461

3,975,000

(d) Michigan Finance Authority, Hospital Revenue Bonds, Sparrow

Obligated Group, Refunding Series 2022A, (Pre-refunded

11/15/32)

.000

11/15/35

4,445,607

370,000

(b) Michigan Finance AuthorIty, Public School Academy Limited

Obligation Revenue Bonds, Voyageur Academy Project,

Refunding Series 2017. Private Placement of 2017

.900

07/15/46

294,782

1,000,000

Michigan Mathematics & Science Initiative, Michigan, Public

School Academy Revenue Bonds, Series 2021

.000

01/01/51

737,823

6,000,000

Michigan Strategic Fund, Limited Obligation Revenue Bonds,

I-75 Improvement Project, Series 2018, (AMT)

.000

12/31/43

5,821,654

700,000

Northern Michigan University, General Revenue Bonds, Series

2025A

.250

06/01/43

724,485

655,000

Northern Michigan University, General Revenue Bonds, Series

2025A

.250

06/01/44

670,846

850,000

Northern Michigan University, General Revenue Bonds, Series

2025A

.250

06/01/45

860,642

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

715,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2025A

.500

%

12/01/50

$

747,447

3,000,000

Wyoming Public Schools, Kent County, Michigan, General

Obligation Bonds, School Building & Site Series 2023 - AGM

Insured

.000

05/01/43

3,040,406

TOTAL MICHIGAN

35,863,101

MINNESOTA - 1.3%

585,000

Bethel, Minnesota, Charter School Lease Revenue Bonds,

Spectrum High School Project, Series 2024

.000

07/01/59

522,734

4,675,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

.250

02/15/48

3,998,966

4,580,000

Forest Lake, Minnesota Charter School Lease Revenue Bonds,

North Lakes Academy, Refunding Series 2021A

.000

07/01/41

4,008,265

155,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2014A

.500

08/01/26

155,029

980,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2022M

.100

07/01/42

1,005,082

1,000,000

Ramsey, Anoka County, Minnesota, Lease Revenue Bonds,

PACT Charter School Project, Series 2022A

.000

06/01/32

974,689

8,965,000

(e) Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025A, (UB)

.375

11/15/53

8,141,280

750,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2023

.500

12/01/38

759,278

TOTAL MINNESOTA

19,565,323

MISSISSIPPI - 1.1%

3,180,000

Medical Center Educational Building Corporation, Mississippi,

Revenue Bonds, University of Mississippi Medical Center,

Colony Park Teaching Campus, Series 2023A

.000

06/01/42

3,220,232

100,000

Mississippi Development Bank, Special Obligation Bonds,

Lamar County School District Series 2025

.250

06/01/44

102,638

1,145,000

Mississippi Development Bank, Special Obligation Bonds,

Lamar County School District Series 2025

.000

06/01/50

1,136,354

4,000,000

Mississippi Hospital Equipment and Facilities Authority,

Revenue Bonds, Baptist Memorial Healthcare, Series 2016A

.000

09/01/41

3,866,953

8,500,000

Mississippi Hospital Equipment and Facilities Authority,

Revenue Bonds, Baptist Memorial Healthcare, Series 2016A

.000

09/01/46

7,978,921

TOTAL MISSISSIPPI

16,305,098

MISSOURI - 2.2%

3,425,000

Hannibal Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Hannibal Regional Healthcare

System, Series 2017

.000

10/01/42

3,145,552

1,900,000

Jefferson City School District, Missouri, General Obligation

Bonds, Series 2025

.500

03/01/45

1,981,375

2,500,000

(b) Lee's Summit, Missouri, Special Obligation Tax Increment

and Special District Improvement Bonds, Summit Fair Project,

Refunding Series 2017

.875

11/01/37

2,297,962

1,960,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Refunding Improvement Series 2022B

.250

05/01/52

2,010,707

4,000,000

Missouri Development Finance Board, Revenue Bonds, Zoo

Projects, Series 2022

.500

05/01/42

4,149,468

500,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2016B

.000

02/01/46

449,312

2,330,000

Orchard Farm R-V School District, Saint Charles County,

Missouri, Certificates of Participation, Series 2022A

.250

04/01/39

2,403,131

2,200,000

Ozark Reorganized School District 6, Christian County,

Missouri, General Obligation Bonds, School Building Series

2022 - AGM Insured

.000

03/01/42

2,404,640

10,000,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Series 2024A - AGM Insured

.250

07/01/54

10,204,996

253,000

Saint Louis, Missouri, Tax Increment Financing Revenue Notes,

Marquette Building Redevelopment Project, Series 2008-A

.500

01/23/28

88,550

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

510,000

(b) Taney County Industrial Development Authority, Missouri, Sales

Tax Revenue Improvement Bonds, Big Cedar Infrastructure

Project Series 2023

.000

%

10/01/49

$

481,738

2,205,000

Universal City Industrial Development Authority, Missouri,

Revenue Bonds, Tax Increment and Special District Markets at

Olive Project Series 2023A

.875

06/15/36

2,183,774

600,000

Wright City School District R-II, Warren County, Missouri,

General Obligation Bonds, School Building Series 2022 - AGM

Insured

.000

03/01/42

661,554

TOTAL MISSOURI

32,462,759

MONTANA - 0.3%

5,000,000

Montana Facility Finance Authority, Revenue Bonds, Billings

Clinic Obligated Group, Series 2018A

.000

08/15/48

4,907,610

TOTAL MONTANA

4,907,610

NEBRASKA - 0.9%

1,750,000

Douglas County Sanitary and Improvement District 608 North

Streams, Nebraska, General Obligation Bonds, Series 2022

.750

12/15/37

1,582,240

2,000,000

Douglas County Sanitary and Improvement District 608 North

Streams, Nebraska, General Obligation Bonds, Series 2022

.000

12/15/37

1,849,392

1,045,000

Douglas County Sanitary and Improvement District 608 North

Streams, Nebraska, General Obligation Bonds, Series 2023

.000

10/15/38

1,044,858

2,500,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Social Series 2023G

.150

09/01/43

2,523,533

3,000,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Social Series 2024A

.500

09/01/44

2,826,462

3,000,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2024, (AMT)

.250

12/15/49

3,001,717

TOTAL NEBRASKA

12,828,202

NEVADA - 1.4%

3,000,000

Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe

Regional Healthcare Project, Series 2017A

.000

09/01/42

2,895,552

12,335,000

Clark County Water Reclamation District, Nevada, General

Obligation Water Bonds, Limited Tax Series 2023

.000

07/01/47

12,605,938

770,000

Henderson, Nevada, Local Improvement Bonds, Local

Improvement District T-22 Rainbow Canyon Phase II, Series

2023

.000

03/01/38

765,905

600,000

Las Vegas Special Improvement District 613, Nevada, Local

Improvement Bonds, Sunstone Phases III and IV Series 2024

.500

12/01/53

581,186

1,000,000

Las Vegas, Nevada, Local Improvement Revenue Bonds,

Special Improvement District 818 Summerlin Village 27, Series

2024

.000

12/01/39

997,194

935,000

Las Vegas, Nevada, Local Improvement Revenue Bonds,

Special Improvement District 818 Summerlin Village 27, Series

2024

.000

12/01/44

891,724

2,570,000

Reno-Tahoe Airport Authority, Nevada, Airport Revenue Bonds,

Series 2024B

.000

07/01/49

2,565,864

TOTAL NEVADA

21,303,363

NEW HAMPSHIRE - 1.3%

15,000,000

National Finance Authority, New Hampshire, Revenue Bonds,

Winston-Salem Sustainable Energy Partners Series 2025A

.500

06/01/50

15,190,554

475,000

(b) National Finance Authority, New Hampshire, Special Revenue

Bonds, Wildflower Project, Denton County, Texas, Capital

Appreciation Series 2025

.000

12/15/33

287,685

670,000

(d) New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Catholic Medical Center, Series 2017, (Pre-

refunded 7/01/27)

.000

07/01/44

701,699

4,055,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Concord Hospital, Series 2017

.000

10/01/42

4,057,291

TOTAL NEW HAMPSHIRE

20,237,229

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW JERSEY - 2.3%

$

100,000

Jersey City Municipal Utilities Authority, Hudson County, New

Jersey, Sewer Revenue Bonds, Series 2025E - BAM Insured

.750

%

10/15/48

$

109,042

2,715,000

Middlesex County Improvement Authority, New Jersey,

General Obligation Lease Revenue Bonds, New Jersey Health

+ Life Science Exchange - H-1 Project Series 2023A

.000

08/15/53

2,743,499

5,300,000

New Jersey Economic Development Authority, New Jersey,

Transit Transportation Project Revenue Bonds, Portal North

Bridge Project Series 2022A

.000

11/01/37

5,564,649

1,500,000

New Jersey Economic Development Authority, Private Activity

Bonds, The Goethals Bridge Replacement Project, Series 2013

- AGM Insured, (AMT)

.125

01/01/39

1,501,469

3,500,000

New Jersey Economic Development Authority, Special Facility

Revenue Bonds, Port Newark Container Terminal LLC Project,

Refunding Series 2017, (AMT)

.000

10/01/37

3,514,588

2,235,000

New Jersey Economic Development Authority, Special Facility

Revenue Bonds, Port Newark Container Terminal LLC Project,

Refunding Series 2017, (AMT)

.000

10/01/47

2,100,061

2,000,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2018B, (AMT)

.800

10/01/32

1,969,245

1,700,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2022CC

.250

06/15/36

1,847,446

200,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2015AA

.250

06/15/32

200,217

7,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2024A

.250

06/15/39

7,492,514

3,735,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds,

Series 2025A

.250

01/01/50

3,865,270

3,000,000

South Jersey Port Corporation, New Jersey, Marine Terminal

Revenue Bonds, Subordinate Series 2017B, (AMT)

.000

01/01/42

2,983,039

TOTAL NEW JERSEY

33,891,039

NEW MEXICO - 0.1%

1,970,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2023D

.150

09/01/43

1,984,937

TOTAL NEW MEXICO

1,984,937

NEW YORK - 7.0%

400,000

Buffalo and Erie County Industrial Land Development

Corporation, New York, Revenue Bonds, Catholic Health

System, Inc. Project, Series 2015

.000

07/01/27

399,992

400,000

Build New York City Resource Corporation, New York, Revenue

Bonds, Global Community Charter School Project, Series

2022A

.000

06/15/32

372,910

1,250,000

(b) Build NYC Resource Corporation Revenue Bonds, New York,

East Harlem Scholars Academy Charter School Project Series

2022

.750

06/01/42

1,246,999

1,000,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

.500

07/01/44

1,013,087

1,000,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

.500

07/01/45

1,008,543

1,020,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

.500

07/01/50

1,011,309

785,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Barnard College, Series 2022A

.000

07/01/37

810,342

725,000

Dormitory Authority of the State of New York, Revenue Bonds,

Catholic Health System Obligated Group Series 2019A

.000

07/01/32

716,220

525,000

Dormitory Authority of the State of New York, Revenue Bonds,

Catholic Health System Obligated Group Series 2019A

.000

07/01/34

512,807

925,000

Dormitory Authority of the State of New York, Revenue Bonds,

Catholic Health System Obligated Group Series 2019A

.000

07/01/38

799,413

800,000

Dormitory Authority of the State of New York, Revenue Bonds,

Catholic Health System Obligated Group Series 2019A

.000

07/01/41

753,046

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

9,000,000

Dormitory Authority of the State of New York, Revenue Bonds,

Icahn School of Medicine at Mount Sinai, Refunding Series

2015A

.000

%

07/01/32

$

9,008,247

2,535,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2018A

.000

08/01/25

2,535,000

800,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2020A

.000

09/01/36

770,088

450,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2020A

.000

09/01/37

427,253

750,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2020A

.000

09/01/38

699,627

6,610,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose Series 2024A

.250

03/15/49

6,795,952

1,575,000

Liberty Development Corporation, New York, Goldman Sachs

Headquarter Revenue Bonds, Series 2005

.250

10/01/35

1,762,884

1,975,000

Monroe County Industrial Development Corporation, New

York, Revenue Bonds, Rochester General Hospital Project,

Series 2017

.000

12/01/46

1,901,113

2,011,368

Nassau County Tobacco Settlement Corporation, New York,

Tobacco Settlement Asset-Backed Bonds, Refunding Series

2006A-2

.250

06/01/26

1,982,166

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2023D-1

.500

11/01/45

5,236,254

4,035,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2024A-1

.000

05/01/44

4,113,169

7,090,000

(b) New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 1 Series

2014

.000

11/15/44

6,797,074

500,000

(d) New York State Environmental Facilities Corporation, State

Clean Water and Drinking Water Revolving Funds Revenue

Bonds, Pooled Loan Issue, Series 2005B, (ETM)

.500

10/15/27

530,342

5,000,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

.000

07/01/46

4,760,435

1,785,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024, (AMT)

.250

06/30/43

1,780,098

2,600,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024 - BAM

Insured, (AMT)

.500

06/30/54

2,607,786

10,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport Terminal One Project, Green Series 2025, (AMT)

.000

06/30/50

10,374,260

1,980,000

New York Transportation Development Corporation, New

York, Special Facility Revenue Bonds, New Terminal 1 John

F Kennedy International Airport Project, Green Series 2023 -

AGM Insured, (AMT)

.500

06/30/44

2,007,021

5,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

.000

12/01/34

5,231,854

1,660,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

.000

12/01/42

1,625,306

4,000,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)

.000

11/01/44

3,912,523

750,000

Schenectady County Capital Resource Corporation, New York,

Revenue Bonds, Union College Project, Series 2022

.250

07/01/52

760,890

11,505,000

Triborough Bridge and Tunnel Authority, New York, Sales

Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital

Lockbox-City Sales Tax Series 2023A

.500

05/15/63

11,906,369

3,285,000

Triborough Bridge and Tunnel Authority, New York, Sales

Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital

Lockbox-City Sales Tax, Series 2022A

.250

05/15/52

3,330,781

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

1,360,000

Westchester County Local Development Corporation, New

York, Revenue Bonds, Westchester Medical Center Obligated

Group Project, Series 2023 - AGM Insured

.750

%

11/01/48

$

1,442,543

1,250,000

Westchester County Local Development Corporation, New

York, Revenue Bonds, Westchester Medical Center Obligated

Group Project, Series 2023

.250

11/01/52

1,301,411

915,000

Yonkers Industrial Development Agency, New York, School

Facility Revenue Bonds, New Community School Project Series

2022

.250

05/01/51

932,992

1,155,000

Yonkers, New York, General Obligation Bonds, Serial Series

2022F - BAM Insured

.000

11/15/38

1,234,275

TOTAL NEW YORK

104,412,381

NORTH CAROLINA - 0.5%

1,300,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2022A - AGM Insured,

(AMT)

.250

07/01/39

1,346,880

430,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

.250

07/01/41

441,471

1,090,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

.250

07/01/42

1,110,185

620,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

.250

07/01/43

626,633

1,130,000

(a) Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

.500

02/01/43

1,181,496

995,000

(a) Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

.500

02/01/44

1,034,656

1,300,000

(a) Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

.000

02/01/45

1,287,692

1,095,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Everyage, Series 2024B

.000

09/01/49

1,002,813

TOTAL NORTH CAROLINA

8,031,826

NORTH DAKOTA - 0.4%

5,000,000

North Dakota Housing Finance Agency, Home Mortgage

Finance Program Bonds, Social Series 2024C

.650

07/01/44

4,886,970

1,485,000

Ward County Health Care, North Dakota, Revenue Bonds,

Trinity Obligated Group, Series 2017C

.000

06/01/34

1,480,929

TOTAL NORTH DAKOTA

6,367,899

OHIO - 2.1%

1,315,000

Brunswick City School District, Medina County, Ohio, General

Obligation Bonds, Classroom Facilities School Improvement

Series 2023 - BAM Insured

.250

12/01/53

1,334,619

2,000,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025A,

(AMT)

.250

01/01/42

2,056,226

3,700,000

(b) Columbus-Franklin County Finance Authority, Ohio, Revenue

Bonds, Bridge Park G Block Project, Public Infrastructure Series

2022

.000

12/01/53

3,413,594

1,000,000

County of Warren, Ohio Hospital FaciliaWarren County, Ohio,

Hospital Facilities Revenue Bonds, Community First Solutions

Obligated Group Refunding Series 2024A.ties Refunding

Revenue Bonds Series 2024

.000

05/15/44

958,724

1,415,000

County of Warren, Ohio Hospital FaciliaWarren County, Ohio,

Hospital Facilities Revenue Bonds, Community First Solutions

Obligated Group Refunding Series 2024A.ties Refunding

Revenue Bonds Series 2024

.000

05/15/49

1,309,907

1,910,000

County of Warren, Ohio Hospital FaciliaWarren County, Ohio,

Hospital Facilities Revenue Bonds, Community First Solutions

Obligated Group Refunding Series 2024A.ties Refunding

Revenue Bonds Series 2024

.000

05/15/52

1,740,487

1,000,000

Dayton, Ohio, Water System Revenue Bonds, Series 2022

.500

12/01/42

1,047,020

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

400,000

Montgomery County, Ohio, Health Care Facilities Revenue

Bonds, Solvita Project Refunding and Improvement Series 2024

.250

%

09/01/54

$

392,259

285,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

.000

02/15/27

286,517

2,000,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

.000

02/15/44

1,835,032

5,000,000

New Albany Plain Local Joint Park District, Franklin and Licking

Counties, Ohio, General Obligation Bonds, Park Facilities

Series 2023 - BAM Insured

.500

12/01/48

5,203,805

1,150,000

Ohio Air Quality Development Authority, Ohio, Pollution

Control Revenue Bonds, FirstEnergy Generation Corporation

Project, Refunding Series 2009D, (Mandatory Put 9/15/21)

.375

08/01/29

1,128,697

1,100,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University

2025 Project, Series 2025

.500

10/01/50

1,040,768

250,000

(b) Ohio Housing Finance Agency, Multifamily Housing Revenue

Bonds, Silver Birch of Mansfield Project, Series 2024

.000

01/01/45

231,317

1,730,000

Ohio State, Hospital Revenue Bonds, Children's Hospital

Medical Center of Akron, Series 2024A

.250

08/15/48

1,788,127

1,700,000

Summit County Development Finance Authority, Ohio, Parking

System Revenue Bonds, University of Akron Parking Project

Series 2023

.500

12/01/43

1,736,102

5,000,000

Washington County, Ohio, Hospital Facilities Revenue Bonds,

Memorial Health System Obligated Group, Series 2022

.375

12/01/37

5,237,711

635,000

West Holmes Local School District, Ohio, Certificates of

Participation, Series 2023 - BAM Insured

.250

12/01/44

649,672

TOTAL OHIO

31,390,584

OKLAHOMA - 0.4%

2,145,000

Clinton Public Works Authority, Oklahoma, Educational

Facilities, Lease Revenue Bonds, Series 2022

.000

10/01/33

2,271,045

1,925,000

Clinton Public Works Authority, Oklahoma, Educational

Facilities, Lease Revenue Bonds, Series 2022

.000

10/01/35

2,006,563

750,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Taxable Series 2022

.500

08/15/37

766,572

1,100,000

Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,

American Airlines Inc., Series 2025, (AMT)

.250

12/01/35

1,215,435

TOTAL OKLAHOMA

6,259,615

OREGON - 1.0%

1,625,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

.250

08/01/41

1,658,528

1,635,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

.250

08/01/42

1,651,344

1,375,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

.250

08/01/43

1,377,479

1,355,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

.000

06/15/44

1,402,143

915,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

.000

06/15/45

942,485

2,500,000

Medford Hospital Facilities Authority, Oregon, Hospital

Revenue Bonds, Asante Health System, Refunding Series

2020A

.000

08/15/45

2,478,112

525,000

Oregon Coast Community College District, Lincoln County,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2024

.000

06/15/43

545,510

1,600,000

(b) Oregon Facilities Authority Charter School Revenue Bonds,

Oregon, Portland Village School Project, Series 2024

.500

12/15/44

1,477,514

1,300,000

(b) Oregon Facilities Authority Charter School Revenue Bonds,

Oregon, Portland Village School Project, Series 2024

.750

12/15/54

1,175,419

2,000,000

Oregon State, General Obligation Bonds, Article XI-Q State

Projects, Refunding & New Money Series 2025A

.250

05/01/44

2,122,423

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OREGON

(continued)

$

500,000

(b) Port of Morrow, Morrow County Oregon, Full Faith and Credit

Obligations, Series 2024A

.150

%

10/01/26

$

499,857

TOTAL OREGON

15,330,814

PENNSYLVANIA - 2.9%

100,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Project, Series 2018

.000

05/01/33

102,107

3,000,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Refunding Project, Series 2017

.000

05/01/42

2,900,493

2,000,000

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Refunding

Forward Delivery Series 2022

.000

05/01/42

2,015,745

11,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024A-2

.000

06/30/34

11,495

147,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024A-3

.000

06/30/39

133,255

73,000

(c) Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024B-1

.000

06/30/44

52,677

23,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Taxable Series 2024A-1

.000

06/30/34

23,387

1,000,000

Cumberland Valley School District, Cumberland County,

Pennsylvania, General Obligation Bonds, Series 2023A - AGM

Insured

.000

11/15/44

1,012,221

1,000,000

Hatboro-Horsham School District, Montgomery County,

Pennsylvania, General Obligation Bonds, Series 2023A

.250

09/15/47

1,021,354

6,000,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Private Activity Revenue Bonds, The PennDOT

Major Bridges Package One Project, Series 2022, (AMT)

.000

06/30/33

6,395,218

4,500,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Private Activity Revenue Bonds, The PennDOT

Major Bridges Package One Project, Series 2022, (AMT)

.250

06/30/35

4,760,764

1,000,000

Pennsylvania Economic Development Financing Authority,

Private Activity Revenue Bonds, Pennsylvania Rapid Bridge

Replacement Project, Series 2015, (AMT)

.125

12/31/38

908,520

10,000,000

Pennsylvania Economic Development Financing Authority,

Private Activity Revenue Bonds, Pennsylvania Rapid Bridge

Replacement Project, Series 2015, (AMT)

.000

06/30/42

9,706,739

3,275,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1

.250

11/01/48

3,322,443

1,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2023-143A

.800

04/01/35

1,028,181

2,500,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2022B

.250

12/01/47

2,533,538

1,215,000

South Western School District of York County, Pennsylvania,

General Obligation Bonds, Series 2023

.250

02/15/50

1,229,637

5,625,000

Westmoreland County Municipal Authority, Pennsylvania,

Municipal Service Revenue Bonds, Series 2025

.000

08/15/47

5,639,950

TOTAL PENNSYLVANIA

42,797,724

RHODE ISLAND - 0.5%

4,000,000

Rhode Island Health and Educational Building Corporation,

Hospital Financing Revenue Bonds, Lifespan Obligated Group,

Refunding Series 2016

.000

05/15/39

3,891,507

4,000,000

Rhode Island Infrastructure Bank, State Revolving Fund

Revenue Bonds, Master Trust Green Series 2025A

.250

10/01/50

4,142,149

TOTAL RHODE ISLAND

8,033,656

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOUTH CAROLINA - 1.2%

$

1,150,000

Aiken Water & Sewer System, South Carolina, Revenue Bonds,

Series 2024A

.000

%

08/01/49

$

982,942

750,000

Horry County, South Carolina, Limited Obligation Bonds,

Hospitality Fee & Local Accommodations Fee Pledge, Series

2022

.000

09/01/39

793,282

3,000,000

South Carolina Housing Finance and Development Authority,

Multifamily Housing Revenue Bonds, Edgewood Place

Apartments Series 2023A

.800

07/01/45

2,912,031

5,000,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

.500

11/01/45

5,216,784

4,000,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

.500

11/01/46

4,155,747

3,265,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

.500

11/01/50

3,366,687

250,000

South Carolina Jobs-Economic Development Authority,

Healthcare Revenue Bonds, Beaufort Memorial Hospital &

South of Broad Healthcare Project, Series 2024

.250

11/15/39

256,284

870,000

South Island Public Service District, South Carolina, Waterworks

and Sewer System Revenue Bonds, Improvement Series 2022

.250

04/01/42

917,228

TOTAL SOUTH CAROLINA

18,600,985

SOUTH DAKOTA - 0.2%

1,555,000

Baltic School District No. 49-1, South Dakota, General

Obligation Bonds, Series 2022 - AGM Insured

.500

12/01/51

1,597,758

1,960,000

Brandon, Minnehaha County, South Dakota, Water Surcharge

Revenue Bonds, Series 2022 - BAM Insured

.500

08/01/47

2,046,916

TOTAL SOUTH DAKOTA

3,644,674

TENNESSEE - 0.4%

2,050,000

Chattanooga Health, Educational and Housing Facility Board,

Tennessee, Revenue Bonds, CommonSpirit Health, Series

2019A-2

.000

08/01/49

1,982,874

665,000

Knox County Health, Educational, and Housing Facilities

Board, Revenue Bonds, Provident Group - UTK Properties

LLC - University of Tennessee Project, Student Housing Series

2024A-1 - BAM Insured

.000

07/01/44

666,362

1,300,000

Metropolitan Nashville Airport Authority, Tennessee, Airport

Improvement Revenue Bonds, Series 2022A, (AMT)

.500

07/01/37

1,399,324

2,160,000

Tennessee State School Bond Authority, Higher Educational

Facilities Second Program Bonds, Series 2022A

.000

11/01/47

2,174,803

TOTAL TENNESSEE

6,223,363

TEXAS - 6.7%

685,000

(b) Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Refunding Series 2022A

.000

02/15/42

643,129

645,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Uplift Education, Series 2016A

.000

12/01/51

587,856

500,000

Austin Independent School District, Travis County, Texas,

General Obligation Bonds, School Building Series 2023

.000

08/01/48

439,590

4,300,000

Austin Independent School District, Travis County, Texas,

General Obligation Bonds, School Building Series 2024

.250

08/01/49

4,426,986

4,300,000

Austin, Texas, Water and Wastewater System Revenue Bonds,

Refunding Forward Delivery Series 2023

.000

11/15/42

4,432,937

560,000

(b) Austin, Travis, Williamson and Hays Counties, Texas,

Special Assessment Revenue Bonds, Whisper Valley Public

Improvement District Improvement Area 3, Series 2024

.000

11/01/44

519,259

550,000

(b) City of Midlothian, Texas, Westside Preserve Public

Improvement District Improvement Area #1 Project Special

Assessment Revenue Bonds Series 2022

.250

09/15/42

531,504

276,000

(d) Decatur Hospital Authority, Texas, Revenue Bonds, Wise

Regional Health System, Series 2021C, (Pre-refunded 9/01/31)

.000

09/01/44

291,074

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

750,000

(b) Denton County, Texas, Special Assessment Revenue Bonds,

Tabor Ranch Public Improvement District Improvement Area 1

Project, Senior Lien Series 2024A

.250

%

12/31/44

$

707,058

2,500,000

Fort Bend County, Texas, Toll Road Revenue Bonds, Senior Lien

Series 2025

.250

03/01/50

2,575,194

3,500,000

Fort Bend County, Texas, Toll Road Revenue Bonds, Senior Lien

Series 2025

.250

03/01/55

3,591,723

450,000

Fort Bend Independent School District, Fort Bend County,

Texas, General Obligation Bonds, Refunding & School Building

Series 2024A

.000

08/15/25

450,409

1,000,000

Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise

Counties, Texas, Special Tax Revenue Bonds, Multipurpose

Arena Venue Project, Refunding Series 2025

.500

03/01/42

1,066,394

750,000

Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise

Counties, Texas, Special Tax Revenue Bonds, Multipurpose

Arena Venue Project, Refunding Series 2025

.500

03/01/43

794,443

650,000

Galveston, Texas, Wharves and Terminal First Lien Revenue

Bonds, Series 2024A, (AMT)

.500

08/01/40

671,972

600,000

Galveston, Texas, Wharves and Terminal First Lien Revenue

Bonds, Series 2024A, (AMT)

.500

08/01/41

617,603

2,500,000

Georgetown Independent School District, Williamson County,

Texas, General Obligation Bonds, School Building Series 2024

.500

02/15/49

2,337,812

1,230,000

Hackberry, Texas, Combination Special Assessment and

Contract Revenue Road and Utility Bonds, Hidden Cove

Improvement District 2, Series 2017

.500

09/01/32

1,232,550

5,000,000

Harris County Hospital District, Texas, General Obligation

Bonds, Limited Tax Series 2025

.250

02/15/50

5,107,800

2,255,000

Highland Park Independent School District, Potter County,

Texas, General Obligation Bonds, School Building Series 2023

.250

02/15/41

2,389,848

5,000,000

Houston, Texas, Airport System Revenue Bonds, Refunding

Subordinate Lien Series 2023A - AGM Insured, (AMT)

.250

07/01/41

5,149,958

2,475,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Terminal Improvements Project,

Series 2024B, (AMT)

.500

07/15/35

2,617,772

640,000

Hunt Memorial Hospital District, Hunt County, Texas, General

Obligation Bonds, Refunding & Improvement Series 2020

.000

02/15/34

643,465

6,000,000

Kerrville Public Utility Board Public Facility Corporation, Texas,

Power Supply Revenue Bonds, Series 2025A - BAM Insured

.250

04/15/46

6,172,277

250,000

(a),(b)

Lavon, Texas, Special Assessment Revenue Bonds, Lavon Trails

Public Improvement District Project, Series 2025

.000

09/15/54

250,880

1,500,000

Love Field Airport Modernization Corporation, Texas, General

Airport Revenue Bonds, Refunding Series 2021, (AMT)

.000

11/01/29

1,609,512

1,500,000

Memorial City Redevelopment Authority, Texas, Tax Increment

Contract Revenue Bonds, Series 2025

.000

09/01/45

1,465,189

1,500,000

(b) Mission Economic Development Corporation, Texas, Revenue

Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)

.625

10/01/31

1,500,451

150,000

Mission Economic Development Corporation, Texas,

Solid Waste Disposal Revenue Bonds, Graphic Packaging

International, LLC Project, Green Series 2025, (AMT),

(Mandatory Put 6/01/30)

.000

12/01/64

152,412

750,000

(f) New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, NCCD - College

Station Properties LLC - Texas A&M University Project, Series

2015A

.000

07/01/30

742,628

2,000,000

North East Regional Mobility Authority, Texas, Revenue Bonds,

Senior Lien Series 2016A

.000

01/01/41

1,972,509

1,595,000

(e) Northwest Independent School District, Denton, Tarrant and

Wise Counties, Texas, General Obligation Bonds, School

Building Series 2025, (UB)

.250

02/15/55

1,645,267

700,000

(b) Port Beaumont Navigation District, Jefferson County, Texas,

Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast

Energy Project, Series 2021A, (AMT)

.875

01/01/26

693,334

1,040,000

Reagan Hospital District of Reagan County, Texas, Limited Tax

Revenue Bonds, Series 2014A

.000

02/01/29

1,040,224

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

2,185,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Scott & White

Healthcare Project, Series 2022D

.500

%

11/15/47

$

2,236,589

3,850,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Retirement Facility Revenue Bonds,

Buckner Senior Living Ventana Project, Series 2017A

.625

11/15/37

3,936,135

6,000,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Texas Health Resources

System, Series 2016A

.000

02/15/47

5,873,902

5,000,000

(a) Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Texas Health Resources

System, Series 2025A, (UB)

.000

11/15/49

4,998,697

2,250,000

Tarrant County Hospital District, Texas, General Obligation

Bonds, Limited Tax Series 2023

.250

08/15/40

2,367,652

5,000,000

Texas Department of Housing and Community Affairs, Single

Family Mortgage Revenue Bonds, Series 2022B

.250

09/01/52

5,016,439

5,365,000

Texas Department of Housing and Community Affairs, Single

Family Mortgage Revenue Bonds, Series 2022B

.000

03/01/53

5,854,312

2,700,000

Texas Private Activity Bond Surface Transpiration Corporation,

Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3

LLC Refunding Series 2023, (AMT)

.250

12/31/36

2,804,599

2,450,000

Texas Private Activity Bond Surface Transportation Corporation,

Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-

635 Managed Lanes Project, Refunding Series 2020A

.000

12/31/32

2,462,744

2,000,000

Texas State Technical College System, Financing System

Revenue Bonds, Improvement Series 2022A - AGM Insured

.000

08/01/54

2,143,466

400,000

(b) Town of Lakewood Village, Texas, Lakewood Village Public

Improvement District Improvement District No. 1 Project

Special Assessment Revenue Bonds Series 2022

.250

09/15/42

393,485

2,125,000

Upper Trinity Regional Water District, Texas, Regional Treated

Water Supply System Revenue Bonds, Refunding Series 2025 -

BAM Insured

.500

08/01/50

2,206,992

1,240,000

Viridian Municipal Management District, Texas, Revenue

Bonds, Road Improvement Series 2023 - AGM Insured

.000

12/01/38

1,262,480

TOTAL TEXAS

100,628,511

UTAH - 3.3%

265,000

(b) Black Desert Public Infrastructure District, Washington County,

Utah, Special Assessment Bonds, Black Desert Assessment

Area 1, Series 2024

.625

12/01/53

257,689

1,400,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project, Second

Lien Series 2025B

.250

06/01/44

1,458,238

250,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project, Second

Lien Series 2025B

.250

06/01/45

259,004

1,000,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project, Second

Lien Series 2025B

.500

06/01/50

1,043,031

650,000

(b) Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project,

Subordinate Lien Series 2025C

.000

07/15/35

651,481

344,040

(b) Firefly Public Infrastructure District 1, Utah, Limited Tax General

Obligation Bonds, Series 2024A-1

.625

12/01/43

333,803

2,570,000

(b) GLH Public Infrastructure District 1, Utah, Limited Tax General

Obligation Bonds, Series 2025

.875

03/01/55

2,571,664

2,450,000

Herber Light and Power Company, Utah, Electric Revenue

Bonds, Series 2023 - BAM Insured

.000

12/15/47

2,437,119

1,275,000

(b) Jordanelle Ridge Public Infrastructure District 2, Utah, General

Obligation Bonds, Limited Tax Series 2023A

.750

03/01/54

1,306,532

4,490,000

Lehi Local Building Authority, Utah, Lease Revenue Bonds,

Series 2022

.250

06/15/47

4,528,007

4,060,000

Lehi Local Building Authority, Utah, Lease Revenue Bonds,

Series 2022

.500

06/15/49

4,148,263

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH

(continued)

$

450,000

Lehi, Utah, Franchise and Sales Tax Revenue Bonds, Broadband

Project, Series 2025 - BAM Insured

.250

%

02/01/49

$

455,402

1,750,000

Lehi, Utah, Franchise and Sales Tax Revenue Bonds, Broadband

Project, Series 2025 - BAM Insured

.250

02/01/55

1,768,795

1,955,000

(b) MIDA Military Installation Development Authority Golf and

Equestrian Center Public Infrastructure District, Utah, Limited

Tax and Tax Allocation Revenue Bonds, Series 2021

.500

06/01/51

1,580,110

4,800,000

(b) Nordic Village Public Infrastructure District 1, Weber County,

Utah, Limited Tax General Obligation and Special Revenue

Bonds, Series 2025

.500

03/01/55

4,779,740

1,375,000

Ogden City Municipal Building Authority, Utah, Lease Revenue

Bonds, Series 2023A

.000

01/15/48

1,382,030

1,450,000

Peaks Public Infrastructure District, Morgan County, Utah,

Special Assessment Revenue Bonds, Series 2024

.250

12/01/53

1,303,601

1,000,000

(b) Ridges Estates Infrastructure Financing District, Utah, Special

Assessment Bonds, Alpine Hollow Assessment Area, Series

2025

.250

12/01/53

992,757

1,715,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2023A, (AMT)

.250

07/01/43

1,736,692

1,925,000

(b) Sawmill Infrastructure Financing District, Utah, Special

Assessment Bonds, Sawmill Assessment Area, Series 2025

.000

12/01/54

1,910,130

850,000

(b) Soleil Hills Public Infrastructure District No. 1, Utah, Limited Tax

General Obligation and Special Revenue Bonds, Series 2025A

.875

03/01/55

803,997

1,190,000

Utah Telecommunication Open Infrastructure Agency, Utah,

Revenue Bonds, Refunding Sales Tax and Telecommunication

Series 2022

.500

06/01/40

1,280,775

1,000,000

(b) Ventana Resort Village Public Infrastructure District, Utah,

General Obligation Bonds, Limited Tax Series 2024

.500

03/01/54

915,937

2,220,000

(b) Verk Industrial Regional Public Infrastructure District, Utah, Tax

Differential Revenue Bonds, Series 2025

.625

09/01/47

2,253,129

8,820,000

Wasatch County School District Local Building Authority, Utah,

Lease Revenue Bonds, Board of Education Series 2022

.500

06/01/47

9,093,013

TOTAL UTAH

49,250,939

VERMONT - 0.1%

1,270,000

Vermont Educational and Health Buildings Financing Agency,

Revenue Bonds, University of Vermont Medical Center Project,

Green Series 2016B

.000

12/01/37

1,273,360

TOTAL VERMONT

1,273,360

VIRGINIA - 3.7%

13,200,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016

.000

07/01/46

12,990,574

3,000,000

Front Royal and Warren County Industrial Development

Authority, Virginia, Hospital Revenue Bonds, Valley Health

System Obligated Group, Series 2018

.000

01/01/50

2,548,693

2,030,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Refunding Series 2021A

.000

12/01/35

1,887,986

415,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

.750

12/01/53

432,804

350,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

.875

12/01/58

365,539

2,670,000

Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2024

.000

11/01/41

2,834,330

2,200,000

Virginia Beach Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Westminster Canterbury on

Chesapeake Bay, Series 2023A

.500

09/01/43

2,374,906

5,875,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century College & Equipment Programs,

Series 2024A

.000

02/01/40

5,602,391

310,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-5

.500

07/01/45

291,027

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGINIA

(continued)

$

1,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding

Series 2025A-1

.000

%

06/15/43

$

1,008,283

1,320,000

Virginia Small Business Financing Authority, Environmental

Facilities Revenue Bonds (Pure Salmon Virginia LLC Project),

Escrow Refinancing Series 2022, (AMT), (Mandatory Put

11/20/25)

.000

11/01/52

1,320,837

13,440,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/49

12,523,112

500,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/38

505,807

300,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

06/30/38

301,645

5,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/47

4,780,439

1,300,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/32

1,313,602

4,000,000

Virginia Small Business Financing Authority, Virginia,

Residential Care Facility Revenue Bonds, Lifespire, Refunding

Series 2024A

.500

12/01/54

3,939,032

650,000

Williamsburg Economic Development Authority, Virginia,

Student Housing Revenue Bonds, Provident Group -

Williamsburg Properties LLC - William and Mary Project Series

2023A - AGM Insured

.250

07/01/53

668,600

TOTAL VIRGINIA

55,689,607

WASHINGTON - 2.1%

2,500,000

Grant County Public Hospital District 2, Washington, General

Obligation Bonds, Quincy Valley Medical Center, Series 2023

.000

12/01/38

2,498,319

5,000,000

Jefferson County Public Hospital District 2, Washington,

Hospital Revenue Bonds, Refunding Series 2023A

.875

12/01/53

5,000,790

1,930,000

King County Public Hospital District 2, Washington, General

Obligation Bonds, EvergreenHealth, Limited Tax Series 2024

.000

12/01/42

1,958,276

2,765,000

King County Public Hospital District 2, Washington, General

Obligation Bonds, EvergreenHealth, Limited Tax Series 2024

.250

12/01/45

2,829,186

4,000,000

Kitsap County School District 100C Bremerton, Washington,

General Obligation Bonds, Series 2024

.250

12/01/47

4,160,857

1,000,000

Port Vancouver, Washington, General Obligation Bonds,

Limited Tax Series 2025, (AMT)

.125

12/01/55

982,041

700,000

Skagit County Public Hospital District 1, Washington, Revenue

Bonds, Skagit Regional Health, Series 2024

.500

12/01/41

720,215

3,855,000

Washington Health Care Facilities Authority, Revenue Bonds,

Central Washington Health Services Association, Refunding

Series 2015

.000

07/01/39

3,815,561

5,030,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Refunding Series 2012A

.000

10/01/42

4,918,880

675,000

Washington Health Care Facilities Authority, Revenue Bonds,

Virginia Mason Medical Center, Series 2017

.000

08/15/25

675,496

2,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Virginia Mason Medical Center, Series 2017

.000

08/15/32

2,025,192

700,000

Washington Health Care Facilities Authority, Revenue Bonds,

Virginia Mason Medical Center, Series 2017

.000

08/15/42

617,868

1,250,000

Whatcom County Public Utility District 1, Washington, General

Obligation Bonds, Limited Tax Series 2025A - BAM Insured,

(AMT)

.500

12/01/44

1,284,077

TOTAL WASHINGTON

31,486,758

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WEST VIRGINIA - 1.0%

$

790,000

West Virginia Economic Development Authority, Solid Waste

Disposal Facilities Revenue Bonds, Appalachian Power

Company - Amos Project, Series 2009A, (Mandatory Put

6/01/28)

.700

%

12/01/42

$

801,087

1,000,000

(b) West Virginia Economic Development Authority, Solid Waste

Disposal Facilities Revenue Bonds, Core Natural Resources,

INC Project, AMT Series 2025, (AMT), (Mandatory Put 5/15/32)

.625

04/15/55

975,189

3,250,000

West Virginia Hospital Finance Authority, Hospital Revenue

Bonds, Cabell Huntington Hospital, Inc. Project, Refunding &

Improvement Series 2018A

.000

01/01/43

3,099,534

3,780,000

West Virginia Hospital Finance Authority, Revenue Bonds,

West Virginia University Health System Obligated Group,

Improvement Series 2017A

.000

06/01/47

3,690,239

2,000,000

West Virginia Hospital Finance Authority, Revenue Bonds, West

Virginia University Health System System Obligated Group,

Improvement Series 2025A

.250

06/01/44

2,041,793

1,755,000

West Virginia Hospital Finance Authority, Revenue Bonds, West

Virginia University Health System System Obligated Group,

Improvement Series 2025A

.250

06/01/45

1,783,582

2,000,000

West Virginia Hospital Finance Authority, Revenue Bonds, West

Virginia University Health System System Obligated Group,

Improvement Series 2025A

.500

06/01/50

2,054,380

TOTAL WEST VIRGINIA

14,445,804

WISCONSIN - 3.9%

1,750,000

Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Mountain Island Charter School, North Carolina, Series

2017B

.000

07/01/47

1,573,894

3,500,000

Public Finance Authority of Wisconsin, Hospital Revenue

Bonds, Renown Regional Medical Center Project, Refunding

Series 2016A

.000

06/01/40

3,451,816

10,000,000

Public Finance Authority of Wisconsin, Hospital Revenue

Bonds, Renown Regional Medical Center Project, Series 2025A

.500

06/01/55

10,117,931

6,475,000

Public Finance Authority of Wisconsin, Hotel Revenue Bonds,

Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien

Series 2022A

.000

02/01/62

5,983,417

1,000,000

Public Finance Authority of Wisconsin, Project Revenue Bonds,

CFP3 - Eastern Michigan University Student Housing Project,

Series 2022A-1 - BAM Insured

.250

07/01/36

1,073,773

1,775,000

(b) Public Finance Authority, Wisconsin, Educational Revenue

Bonds, Lake Norman Charter School, Series 2018A

.000

06/15/38

1,776,785

1,100,000

Public Finance Authority, Wisconsin, Educational Revenue

Bonds, Lake Norman Charter School, Series 2024A

.000

06/15/64

1,000,113

8,315,000

(b) Public Finance Authority, Wisconsin, Tax Increment Revenue

Senior Bonds, World Center Project Series 2024A

.000

06/01/41

8,096,114

5,000,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

.750

06/30/60

4,822,453

1,875,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Bellin Memorial Hospital Incorporated Series 2022A

.500

12/01/52

1,933,084

1,935,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Bellin Memorial Hospital Incorporated Series 2022B

.250

12/01/48

1,962,824

1,500,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Marshfield Clinic Health System, Inc., Series 2017C

.000

02/15/47

1,459,871

2,410,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Marshfield Clinic, Series 2016B

.000

02/15/34

2,424,478

8,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Aspirus Inc., Series 2025

.250

08/15/50

8,116,282

3,600,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Children's Hospital of Wisconsin,

Inc., Series 2017

.000

08/15/42

3,229,842

#### Portfolio of Investments July 31, 2025
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

1,415,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Three Pillars Senior Living

Communities, Series 2024A

.250

%

08/15/39

$

1,437,427

TOTAL WISCONSIN

58,460,104

TOTAL MUNICIPAL BONDS

(Cost $1,476,653,398)

1,440,832,347

TOTAL LONG-TERM INVESTMENTS

(Cost $1,476,653,398)

1,440,832,347

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.2%

2650000

MUNICIPAL BONDS - 0.2%

2650000

COLORADO - 0.1%

1,325,000

(g) Colorado Springs, Colorado, Utilities System Revenue Bonds,

Variable Rate Demand Subordinate Lien Improvement Series

2006B

.300

11/01/36

1,325,000

TOTAL COLORADO

1,325,000

NEW YORK - 0.1%

1,325,000

(g) Battery Park City Authority, New York, Revenue Bonds,

Adjustable Rate Junior Series 2019D-2

.750

11/01/38

1,325,000

TOTAL NEW YORK

1,325,000

TOTAL MUNICIPAL BONDS

(Cost $2,650,000)

2,650,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,650,000)

2,650,000

TOTAL INVESTMENTS - 96.1%

(Cost $1,479,303,398)

1,443,482,347

FLOATING RATE OBLIGATIONS - (1.3)%

(19,680,000)

OTHER ASSETS & LIABILITIES, NET - 5.2%

77,865,625

NET ASSETS - 100%

$

1,501,667,972

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

UB

Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust

unless otherwise noted.

(a) When-issued or delayed delivery security.

(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 $167,441,430 or 11.6% of Total Investments.

(c) 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.

(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse

floating rate transactions.

(f) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(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.

#### Portfolio of Investments July 31, 2025

#### Core Impact Bond
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.2%

ASSET-BACKED SECURITIES - 4.5%

–

$

64,427

(a) GoodLeap Sustainable Home Solutions Trust 2021-3, Series

2021 3CS

.100

%

05/20/48

$

50,155

114,563

(a) GoodLeap Sustainable Home Solutions Trust 2021-4, Series

2021 4GS

.360

07/20/48

82,497

120,629

(a) Loanpal Solar Loan 2021-2 Ltd, Series 2021 2GS

.220

03/20/48

96,855

97,290

(a) Mosaic Solar Loan Trust 2020-2, Series 2020 2A

.440

08/20/46

82,066

117,646

(a) Mosaic Solar Loan Trust 2021-3, Series 2021 3A

.920

06/20/52

89,432

250,000

(a) Tesla Auto Lease Trust 2024-B, Series 2024 B

.820

10/20/27

250,377

31,467

(a) Vivint Solar Financing V LLC, Series 2018 1A

.370

04/30/48

29,984

193,005

(a) Vivint Solar Financing VII LLC, Series 2020 1A

.210

07/31/51

173,044

TOTAL ASSET-BACKED SECURITIES

(Cost $986,655)

854,410

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

8442507

CORPORATE BONDS - 44.2% (b)

8442507

BANKS - 7.3%

200,000

(c),(d)

African Development Bank

.750

N/A

197,827

150,000

Asian Infrastructure Investment Bank/The

.500

01/16/30

153,145

140,000

Asian Infrastructure Investment Bank/The

.500

05/21/35

141,313

175,000

(a) International Development Association

.500

02/12/35

175,619

225,000

(a) International Development Association

.000

06/11/30

224,475

500,000

M&T Bank Corp

.833

01/16/29

502,690

TOTAL BANKS

1,395,069

CAPITAL GOODS - 1.0%

200,000

Conservation Fund A Nonprofit Corp/The

.474

12/15/29

187,779

TOTAL CAPITAL GOODS

187,779

COMMERCIAL & PROFESSIONAL SERVICES - 1.8%

200,000

(a) Amazon Conservation DAC

.034

01/16/42

200,970

250,000

Rockefeller Foundation/The

.492

10/01/50

148,338

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

349,308

CONSUMER SERVICES - 2.1%

250,000

Bush Foundation

.754

10/01/50

153,240

100,000

Massachusetts Higher Education Assistance Corp

.673

07/01/31

86,190

200,000

Starbucks Corp

.450

08/15/49

164,171

TOTAL CONSUMER SERVICES

403,601

CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%

225,000

(a) Alimentation Couche-Tard Inc

.625

05/13/51

152,448

250,000

Sysco Corp

.400

02/15/30

227,918

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

380,366

ENERGY - 2.6%

250,000

Arab Energy Fund /The, Reg S

.428

05/02/29

257,488

250,000

(a) Raizen Fuels Finance SA

.950

03/05/54

233,499

TOTAL ENERGY

490,987

FINANCIAL SERVICES - 6.2%

100,000

European Investment Bank

.750

02/14/33

97,016

250,000

HA Sustainable Infrastructure Capital Inc

.375

07/01/34

247,712

125,000

(a) HAT Holdings I LLC / HAT Holdings II LLC

.750

09/15/30

113,609

100,000

Kreditanstalt fuer Wiederaufbau

.375

02/28/34

100,334

45,000

Low Income Investment Fund

.386

07/01/26

44,109

50,000

NHP Foundation/The

.000

12/01/33

53,291

263,000

(a) Starwood Property Trust Inc

.500

10/15/30

270,709

250,000

(a) WLB Asset VI Pte Ltd

.250

12/21/27

259,245

TOTAL FINANCIAL SERVICES

1,186,025

FOOD, BEVERAGE & TOBACCO - 0.8%

250,000

PepsiCo Inc

.875

10/15/49

163,039

TOTAL FOOD, BEVERAGE & TOBACCO

163,039

#### Portfolio of Investments July 31, 2025
(continued)

#### Core Impact Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE EQUIPMENT & SERVICES - 0.8%

$

250,000

Seattle Children's Hospital

.719

%

10/01/50

$

152,768

TOTAL HEALTH CARE EQUIPMENT & SERVICES

152,768

MATERIALS - 3.2%

350,000

Air Products and Chemicals Inc

.800

03/03/33

351,005

250,000

Smurfit Westrock Financing DAC

.418

01/15/35

253,806

TOTAL MATERIALS

604,811

MEDIA & ENTERTAINMENT - 2.6%

500,000

Comcast Corp

.650

02/15/33

494,559

TOTAL MEDIA & ENTERTAINMENT

494,559

TELECOMMUNICATION SERVICES - 0.9%

250,000

Verizon Communications Inc

.850

09/03/41

176,733

TOTAL TELECOMMUNICATION SERVICES

176,733

UTILITIES - 12.9%

250,000

(a) ContourGlobal Power Holdings SA

.750

02/28/30

256,250

200,000

Duke Energy Progress LLC

.000

04/01/52

152,849

250,000

MidAmerican Energy Co

.150

04/15/50

168,426

250,000

Pacific Gas and Electric Co

.700

04/01/53

256,169

250,000

PG&E Recovery Funding LLC

.231

06/01/42

245,604

100,000

Public Service Co of Oklahoma

.200

08/15/31

86,603

100,000

Public Service Electric and Gas Co

.125

03/15/53

93,342

150,000

(a) RWE Finance US LLC

.875

04/16/34

155,111

171,413

(a) Solar Star Funding LLC

.375

06/30/35

174,934

200,000

Southern California Edison Co

.650

06/01/51

134,867

200,000

Southwestern Electric Power Co

.250

11/01/51

129,232

150,000

Southwestern Public Service Co

.150

05/01/50

96,508

183,220

(a) Sweihan PV Power Co PJSC2022 1

.625

01/31/49

150,566

114,445

(a) Topaz Solar Farms LLC

.750

09/30/39

112,436

162,222

(a) UEP Penonome II SA2020 1

.500

10/01/38

143,589

100,000

(a),(c),(d)

Vistra Corp

.000

N/A

100,976

TOTAL UTILITIES

2,457,462

TOTAL CORPORATE BONDS

(Cost $9,097,707)

8,442,507

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 24.3%

–

897

(e) Banc of America Mortgage 2004-K Trust, Series 2004 K

.557

12/25/34

888

125,000

(a),(e)

BFLD Trust 2020-EYP, Series 2020 EYP, (TSFR1M + 2.214%)

.556

10/15/35

5,250

200,000

(a),(e)

Century Plaza Towers 2019-CPT, Series 2019 CPT

.997

11/13/39

162,724

4,220

Fannie Mae Pool, FN MA5165

.500

10/01/53

4,204

835

Fannie Mae Pool, FN MA4805, Series 2022 1

.500

11/01/52

794

19,189

Fannie Mae Pool, FN MA4785

.000

10/01/52

18,768

20,263

Fannie Mae Pool, FN MA4733

.500

09/01/52

19,256

42,295

Fannie Mae Pool, FN MA4732

.000

09/01/52

39,088

5,329

Fannie Mae Pool, FN MA4709

.000

07/01/52

5,213

8,024

Fannie Mae Pool, FN MA4579

.000

04/01/52

6,880

1,544

Fannie Mae Pool, FN FS1535

.000

04/01/52

1,337

775

Fannie Mae Pool, FN MA4761

.000

09/01/52

758

3,485

Fannie Mae Pool, FN CA6414

.000

07/01/50

3,052

2,170

Fannie Mae Pool, FN BU8837

.000

05/01/52

2,125

2,136

Fannie Mae Pool, FN BT0267

.000

09/01/51

1,863

8,546

Fannie Mae Pool, FN FS0522

.500

02/01/52

7,095

5,828

Freddie Mac Gold Pool, FG G08760

.000

04/01/47

5,110

250,000

Freddie Mac Multiclass Certificates Series 2020-P003, Series

2020 P003

.956

09/25/46

189,695

125,811

Freddie Mac Multifamily Structured Pass Through Certificates,

Series 2020 Q014

.555

01/25/36

103,565

4,171

Freddie Mac Pool, FR SD8220

.000

06/01/52

3,572

308,347

Ginnie Mae II Pool, G2 MA8347

.500

10/20/52

294,556

95,543

Ginnie Mae II Pool, G2 MA8428

.000

11/20/52

93,756

54,262

Ginnie Mae II Pool, G2 MA8487

.500

12/20/52

48,799

51,062

Ginnie Mae II Pool, G2 MA8488

.000

12/20/52

47,661

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

364,130

Ginnie Mae II Pool, G2 MA8489

.500

%

12/20/52

$

347,500

4,173

Ginnie Mae II Pool, G2 MA8646

.500

02/20/53

3,984

44,964

Ginnie Mae II Pool, G2 MA9488

.500

02/20/54

45,010

3,632

Ginnie Mae II Pool, G2 MA8648

.500

02/20/53

3,641

24,350

Ginnie Mae II Pool, G2 MA9101

.000

08/20/53

21,307

440,342

Ginnie Mae II Pool, G2 MA9906

.500

09/20/54

439,493

65,387

Ginnie Mae II Pool, G2 MA9907

.000

09/20/54

66,333

23,201

Ginnie Mae II Pool, G2 MA8269

.000

09/20/52

22,767

593,456

Ginnie Mae II Pool, G2 MA8647

.000

02/20/53

581,714

399,232

Ginnie Mae II Pool, G2 MA8267, Series 2022 A

.000

09/20/52

370,915

3,830

Ginnie Mae II Pool, G2 BX3679

.000

08/20/50

3,358

46,129

Ginnie Mae II Pool, G2 MA8149

.500

07/20/52

41,484

16,074

Ginnie Mae II Pool, G2 BY0325

.500

10/20/50

13,426

Ginnie Mae II Pool, G2 BY0330

.000

10/20/50

888

Ginnie Mae II Pool, G2 BY0331

.000

10/20/50

776

2,329

Ginnie Mae II Pool, G2 BY0338

.500

08/20/50

2,122

47,386

Ginnie Mae II Pool, G2 MA8201

.500

08/20/52

45,355

1,554

Ginnie Mae II Pool, G2 BY0340

.500

08/20/50

1,410

2,031

Ginnie Mae II Pool, G2 BY0339

.500

08/20/50

1,856

4,790

Ginnie Mae II Pool, G2 BX3680

.000

08/20/50

4,196

2,453

Ginnie Mae II Pool, G2 BX3681

.000

08/20/50

2,148

102,999

Ginnie Mae II Pool, G2 MA7768, Series 2021 1

.000

12/20/51

90,042

442,971

Ginnie Mae II Pool, G2 MA7989

.500

04/20/52

399,439

54,482

Ginnie Mae II Pool, G2 MA8043

.000

05/20/52

47,625

235,000

(a) Hudson Yards 2019-30HY Mortgage Trust, Series 2019 30HY

.228

07/10/39

221,177

212,214

(a),(e)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 1.579%)

.915

07/15/36

203,057

150,000

(a),(e)

NYC Commercial Mortgage Trust 2025-300P, Series 2025 300P

.879

07/13/42

149,174

250,000

(a),(e)

PENN Commercial Mortgage Trust 2025-P11, Series 2025 P11

.522

08/12/42

251,084

200,000

(a),(e)

VNDO Trust 2016-350P, Series 2016 350P

.903

01/10/35

196,612

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $4,892,542)

4,643,354

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

3221325

MUNICIPAL BONDS - 16.9%

3221325

ALASKA - 0.8%

150,000

Port Lions, Alaska, Revenue Bonds, Kodiak Area Native

Association Project, Taxable Series 2022

.500

10/01/52

155,134

TOTAL ALASKA

155,134

CALIFORNIA - 4.7%

200,000

City And County Of San Francisco, California, Taxable General

Obligation Bonds (Social Bonds-Affordable Housing, 2019)

Series 2021A

.684

06/15/40

145,690

250,000

San Francisco City & County Public Utilities Commission

Wastewater Revenue, California,

.655

10/01/27

252,549

250,000

San Francisco City and County, California, Affordable Housing

Social Bonds, General Obligation Tax Bonds, Series 2025D

.770

06/15/45

251,058

250,000

San Jose Financing Authority, California, Lease Revenue Bonds,

Convention Center Refunding Project, Taxable, Series 2022A

.662

05/01/37

239,873

TOTAL CALIFORNIA

889,170

ILLINOIS - 0.3%

50,000

Village of Deerfield, Illinois, General Obligation Bonds, Series

2011

.000

12/01/28

49,571

TOTAL ILLINOIS

49,571

IOWA - 1.3%

250,000

(a) Iowa Finance Authority

.000

11/01/27

252,026

TOTAL IOWA

252,026

MASSACHUSETTS - 0.8%

170,000

Massachusetts Clean Energy Cooperative Corp

.020

07/01/28

159,407

TOTAL MASSACHUSETTS

159,407

#### Portfolio of Investments July 31, 2025
(continued)

#### Core Impact Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW HAMPSHIRE - 3.8%

$

500,000

National Finance Authority, New Hampshire, Revenue Bonds,

Abilene Christian University Taxable Series 2024B

.775

%

11/01/54

$

471,877

250,000

New Hampshire Business Finance Authority

.876

12/01/35

258,991

TOTAL NEW HAMPSHIRE

730,868

NEW YORK - 2.1%

250,000

New York City, New York, General Obligation Bonds, Taxable

Fiscal 2025 Series D-1

.094

10/01/49

234,784

150,000

United Nations Development Corporation, New York, Revenue

Bonds, Taxable Series 2025A

.536

08/01/55

156,230

TOTAL NEW YORK

391,014

OHIO - 0.5%

95,000

American Municipal Power Inc., Ohio, Meldahl Hydroelectric

Projects Revenue Bonds, Build America Bond Series 2010E

.270

02/15/50

97,003

TOTAL OHIO

97,003

PENNSYLVANIA - 1.3%

250,000

Philadelphia Redevelopment Authority, Pennsylvania, City

Service Agreement Revenue Bonds, City of Philadelphia

Neighborhood Preservation Initiative, Taxable Social Series

2024A

.226

09/01/40

243,804

TOTAL PENNSYLVANIA

243,804

WISCONSIN - 1.3%

250,000

Public Finance Authority, Wisconsin, Revenue Bonds, Bluehub

Loan Fund Issue, Series 2024A

.292

07/01/29

253,328

TOTAL WISCONSIN

253,328

TOTAL MUNICIPAL BONDS

(Cost $3,221,405)

3,221,325

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

1560586

SOVEREIGN DEBT - 8.2%

1560586

CANADA - 3.9%

500,000

Export Development Canada

.750

06/05/34

514,298

250,000

(a) OMERS Finance Trust

.500

04/19/32

235,751

TOTAL CANADA

750,049

DOMINICAN REPUBLIC - 0.8%

150,000

(a) Dominican Republic International Bond

.600

06/01/36

152,175

TOTAL DOMINICAN REPUBLIC

152,175

NETHERLANDS - 2.4%

200,000

(a) Nederlandse Waterschapsbank NV

.000

06/01/28

199,874

250,000

(a) Nederlandse Waterschapsbank NV

.500

01/16/30

254,574

TOTAL NETHERLANDS

454,448

SWEDEN - 1.1%

200,000

(a) Kommuninvest I Sverige AB

.625

09/29/28

203,914

TOTAL SWEDEN

203,914

TOTAL SOVEREIGN DEBT

(Cost $1,539,456)

1,560,586

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

208459

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.1%

208459

140,000

United States Treasury Note/Bond

.625

02/15/55

134,115

75,000

United States Treasury Note/Bond

.250

05/15/35

74,344

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $207,881)

208,459

TOTAL LONG-TERM INVESTMENTS

(Cost $19,945,646)

18,930,641

OTHER ASSETS & LIABILITIES, NET - 0.8%

156,121

NET ASSETS - 100%

$

19,086,762

See Notes to Financial Statements

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.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

(a) 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 $6,066,238 or 32.0% of Total Investments.

(b) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(c) Perpetual security. Maturity date is not applicable.

(d) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

1.6% of Total Investments.

(e) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

#### Portfolio of Investments July 31, 2025

#### Emerging Markets Debt
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.2%

13002902

CORPORATE BONDS - 46.6% (a)

ARGENTINA - 0.5%

$

140,000

(b) Arcor SAIC

.600

%

07/31/33

$

139,650

TOTAL ARGENTINA

139,650

AUSTRALIA - 0.7%

200,000

AngloGold Ashanti Holdings PLC

.375

11/01/28

191,265

TOTAL AUSTRALIA

191,265

BRAZIL - 2.2%

200,000

(b) Caixa Economica Federal

.625

05/13/30

200,200

200,000

(b) LD Celulose International GmbH

.950

01/26/32

209,100

200,000

Vale Overseas Ltd

.400

06/28/54

196,407

TOTAL BRAZIL

605,707

CHILE - 6.1%

200,000

(b) Antofagasta PLC

.625

05/13/32

203,846

200,000

(b),(c)

Banco de Credito e Inversiones SA

.500

N/A

205,000

200,000

(b),(c)

Banco del Estado de Chile

.950

N/A

212,280

200,000

(b) Celulosa Arauco y Constitucion SA

.180

05/05/32

204,700

200,000

(b) Cia Cervecerias Unidas SA

.350

01/19/32

175,886

200,000

(b) Corp Nacional del Cobre de Chile

.625

10/18/43

182,955

200,000

(b) Corp Nacional del Cobre de Chile

.000

09/30/29

185,959

200,000

(b) Corp Nacional del Cobre de Chile

.700

01/30/50

134,924

200,000

(b) Empresa Nacional del Petroleo

.150

05/10/33

206,192

TOTAL CHILE

1,711,742

CHINA - 1.4%

200,000

(b) Lenovo Group Ltd

.421

11/02/30

186,268

225,000

(b) Prosus NV

.193

01/19/32

211,772

TOTAL CHINA

398,040

INDIA - 2.2%

250,000

(b) Indian Railway Finance Corp Ltd

.249

02/13/30

234,416

200,000

REC Ltd, Reg S

.625

03/22/28

199,436

200,000

(b) UltraTech Cement Ltd

.800

02/16/31

179,172

TOTAL INDIA

613,024

INDONESIA - 3.7%

200,000

(b) Freeport Indonesia PT

.763

04/14/27

200,096

200,000

(b) Indonesia Asahan Aluminium PT / Mineral Industri Indonesia

Persero PT

.530

11/15/28

211,896

200,000

(b) Indonesia Asahan Aluminium PT / Mineral Industri Indonesia

Persero PT

.450

05/15/30

204,903

200,000

(b) Pertamina Persero PT

.500

05/27/41

209,347

200,000

(b) Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

.450

05/21/28

204,061

TOTAL INDONESIA

1,030,303

ISRAEL - 1.4%

200,000

(b) Israel Electric Corp Ltd, Reg S

.750

02/22/32

180,884

200,000

(b) Mizrahi Tefahot Bank Ltd, Reg S

.077

04/07/31

196,440

TOTAL ISRAEL

377,324

KAZAKHSTAN - 0.9%

300,000

(b) KazMunayGas National Co JSC

.750

04/19/47

263,161

TOTAL KAZAKHSTAN

263,161

MALAYSIA - 1.5%

240,000

(b) Petronas Capital Ltd

.340

04/03/35

243,666

200,000

(b) Petronas Capital Ltd

.480

01/28/32

175,180

TOTAL MALAYSIA

418,846

MEXICO - 11.1%

200,000

(b) Alpek SAB de CV

.250

02/25/31

172,763

200,000

(b),(d)

Banco Nacional de Comercio Exterior SNC/Cayman Islands

.720

08/11/31

192,159

200,000

(b) Banco Nacional de Comercio Exterior SNC/Cayman Islands

.875

05/07/30

203,500

200,000

(b) Banco Santander Mexico SA Institucion de Banca Multiple Grupo

Financiero Santand

.621

12/10/29

205,200

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEXICO

(continued)

$

200,000

(b) BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero

BBVA Mexico/TX

.450

%

06/29/38

$

213,215

150,000

Coca-Cola Femsa SAB de CV

.100

05/06/35

149,075

200,000

(b) Comision Federal de Electricidad

.688

05/15/29

194,014

250,000

(b),(e)

Eagle Funding Luxco Sarl

.500

08/17/30

251,125

198,102

(b) FIEMEX Energia - Banco Actinver SA Institucion de Banca

Multiple

.250

01/31/41

202,638

200,000

(b) Gruma SAB de CV

.761

12/09/54

192,000

200,000

(b),(f)

Grupo Aeromexico SAB de CV

.625

11/15/31

195,000

200,000

Grupo Televisa SAB

.625

01/15/40

185,365

300,000

(b) Mexico City Airport Trust

.500

10/31/46

253,335

200,000

(b) Orbia Advance Corp SAB de CV

.800

05/13/30

203,975

100,000

Petroleos Mexicanos

.350

02/12/28

97,501

200,000

(f) Petroleos Mexicanos

.950

01/28/31

185,639

TOTAL MEXICO

3,096,504

MOROCCO - 0.7%

200,000

(b) OCP SA

.700

03/01/36

202,392

TOTAL MOROCCO

202,392

NIGERIA - 0.7%

200,000

(b) IHS Holding Ltd

.875

05/29/30

202,546

TOTAL NIGERIA

202,546

PERU - 1.2%

200,000

(b) Niagara Energy SAC

.746

10/03/34

200,306

200,000

(b) Petroleos del Peru SA

.625

06/19/47

134,147

TOTAL PERU

334,453

POLAND - 0.7%

200,000

(b) ORLEN SA

.000

01/30/35

205,457

TOTAL POLAND

205,457

SAUDI ARABIA - 0.8%

250,000

(b) Saudi Arabian Oil Co

.250

11/24/30

223,461

TOTAL SAUDI ARABIA

223,461

SOUTH AFRICA - 2.1%

200,000

Sasol Financing USA LLC

.500

03/18/31

166,457

200,000

(b) Transnet SOC Ltd

.250

02/06/28

208,434

200,000

(b) Windfall Mining Group Inc / Groupe Minier Windfall Inc

.854

05/13/32

204,481

TOTAL SOUTH AFRICA

579,372

SUPRANATIONAL - 1.3%

400,000

(b) Banque Ouest Africaine de Developpement

.700

10/22/31

364,232

TOTAL SUPRANATIONAL

364,232

THAILAND - 1.6%

200,000

(b) Bangkok Bank PCL/Hong Kong

.650

07/05/34

207,740

250,000

(b) PTTEP Treasury Center Co Ltd

.993

01/15/30

233,158

TOTAL THAILAND

440,898

TURKEY - 2.2%

200,000

(b),(f)

Sisecam UK PLC

.625

05/02/32

205,728

200,000

(b) Turkcell Iletisim Hizmetleri AS

.650

01/24/32

205,522

200,000

(b) Ulker Biskuvi Sanayi AS

.875

07/08/31

207,179

TOTAL TURKEY

618,429

UNITED ARAB EMIRATES - 2.8%

250,000

(b) Abu Dhabi Crude Oil Pipeline LLC

.600

11/02/47

226,341

200,000

(b) DP World Ltd/United Arab Emirates

.625

09/25/48

188,568

147,430

(b) Galaxy Pipeline Assets Bidco Ltd

.160

03/31/34

131,444

240,000

(b) MDGH GMTN RSC Ltd

.375

11/22/33

231,600

TOTAL UNITED ARAB EMIRATES

777,953

UNITED KINGDOM - 0.8%

200,000

(b) Standard Chartered PLC

.905

05/14/35

208,143

TOTAL UNITED KINGDOM

208,143

TOTAL CORPORATE BONDS

(Cost $12,491,203)

13,002,902

#### Portfolio of Investments July 31, 2025
(continued)

#### Emerging Markets Debt

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

13839490

SOVEREIGN DEBT - 49.6%

ANGOLA - 1.0%

$

300,000

(b) Angolan Government International Bond

.750

%

04/14/32

$

272,679

TOTAL ANGOLA

272,679

BARBADOS - 0.7%

200,000

(b) Barbados Government International Bond

.000

06/26/35

199,426

TOTAL BARBADOS

199,426

BENIN - 0.7%

200,000

(b) Benin Government International Bond

.375

01/23/41

197,070

TOTAL BENIN

197,070

BERMUDA - 1.0%

300,000

(b) Bermuda Government International Bond

.375

08/20/30

266,658

TOTAL BERMUDA

266,658

BRAZIL - 0.7%

200,000

Brazilian Government International Bond

.125

05/13/54

192,000

TOTAL BRAZIL

192,000

CHILE - 1.7%

550,000

Chile Government International Bond

.550

07/27/33

462,550

TOTAL CHILE

462,550

COLOMBIA - 1.5%

200,000

Colombia Government International Bond

.000

04/20/33

210,700

200,000

Colombia Government International Bond

.750

11/14/53

203,000

TOTAL COLOMBIA

413,700

COTE D'IVOIRE - 1.7%

200,000

(b) Ivory Coast Government International Bond

.250

01/30/37

197,664

275,000

(b) Ivory Coast Government International Bond

.075

04/01/36

270,845

TOTAL COTE D'IVOIRE

468,509

DOMINICAN REPUBLIC - 1.6%

300,000

(b) Dominican Republic International Bond

.500

02/22/29

299,460

150,000

(b) Dominican Republic International Bond

.050

02/03/31

157,777

TOTAL DOMINICAN REPUBLIC

457,237

EGYPT - 1.5%

200,000

(b) Egypt Government International Bond

.625

02/04/30

202,883

250,000

(b) Egypt Government International Bond

.053

01/15/32

229,260

TOTAL EGYPT

432,143

GHANA - 0.6%

200,000

(b) Ghana Government International Bond

.000

07/03/35

160,581

TOTAL GHANA

160,581

HUNGARY - 2.9%

200,000

(b) Hungary Government International Bond

.250

06/16/29

201,984

200,000

(b) Hungary Government International Bond

.250

09/22/32

209,531

200,000

(b) Hungary Government International Bond

.500

03/26/36

193,485

200,000

(b) Magyar Export-Import Bank Zrt

.125

12/04/27

204,738

TOTAL HUNGARY

809,738

INDIA - 0.7%

200,000

(b) Export-Import Bank of India

.250

01/15/30

188,570

TOTAL INDIA

188,570

INDONESIA - 1.2%

350,000

Indonesia Government International Bond

.650

09/20/32

346,540

TOTAL INDONESIA

346,540

KAZAKHSTAN - 1.4%

200,000

(b) Baiterek National Managing Holding JSC

.450

05/08/28

201,678

200,000

(b) Development Bank of Kazakhstan JSC

.500

04/15/27

202,442

TOTAL KAZAKHSTAN

404,120

MEXICO - 2.9%

250,000

Mexico Government International Bond

.280

08/14/41

191,250

250,000

Mexico Government International Bond

.500

02/12/34

209,375

200,000

Mexico Government International Bond

.338

05/04/53

182,700

250,000

Mexico Government International Bond

.400

05/07/54

229,125

TOTAL MEXICO

812,450

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NIGERIA - 1.8%

$

200,000

(b) Nigeria Government International Bond

.625

%

06/09/31

$

213,469

300,000

(b) Nigeria Government International Bond

.375

09/28/33

276,268

TOTAL NIGERIA

489,737

OMAN - 0.7%

200,000

(b) Oman Government International Bond

.500

03/08/47

210,005

TOTAL OMAN

210,005

PANAMA - 2.0%

500,000

Panama Government International Bond

.252

09/29/32

382,780

200,000

Panama Government International Bond

.853

03/28/54

186,000

TOTAL PANAMA

568,780

PARAGUAY - 0.7%

200,000

(b),(f)

Paraguay Government International Bond

.650

03/04/55

201,980

TOTAL PARAGUAY

201,980

PERU - 2.4%

250,000

(b) Fondo MIVIVIENDA SA

.625

04/12/27

249,202

225,000

Peruvian Government International Bond

.783

01/23/31

200,280

225,000

Peruvian Government International Bond

.375

02/08/35

224,003

TOTAL PERU

673,485

PHILIPPINES - 2.8%

675,000

(f) Philippine Government International Bond

.950

01/06/32

571,167

200,000

Philippine Government International Bond

.900

02/04/50

205,579

TOTAL PHILIPPINES

776,746

POLAND - 3.2%

400,000

(b) Bank Gospodarstwa Krajowego

.375

05/22/33

404,610

140,000

Republic of Poland Government International Bond

.500

04/04/53

130,787

75,000

Republic of Poland Government International Bond

.125

09/18/34

75,339

75,000

Republic of Poland Government International Bond

.500

03/18/54

70,112

200,000

Republic of Poland Government International Bond

.875

02/12/30

204,393

TOTAL POLAND

885,241

QATAR - 1.1%

310,000

(b) Qatar Government International Bond

.103

04/23/48

295,012

TOTAL QATAR

295,012

ROMANIA - 3.0%

270,000

(b) Romanian Government International Bond

.000

02/14/51

175,292

120,000

(b) Romanian Government International Bond

.625

03/27/32

104,782

50,000

(b) Romanian Government International Bond

.125

01/17/33

53,051

102,000

(b) Romanian Government International Bond

.875

01/30/29

103,574

250,000

(b) Romanian Government International Bond

.375

01/30/34

249,229

150,000

(b) Romanian Government International Bond

.750

03/24/35

142,131

TOTAL ROMANIA

828,059

SAUDI ARABIA - 4.2%

250,000

(b) Saudi Government International Bond

.500

10/26/46

207,669

500,000

(b) Saudi Government International Bond

.625

03/04/28

491,042

325,000

(b) Saudi Government International Bond

.250

02/02/33

273,374

200,000

(b) Saudi Government International Bond

.750

01/16/54

192,629

TOTAL SAUDI ARABIA

1,164,714

SOUTH AFRICA - 2.6%

550,000

(b) Republic of South Africa Government International Bond

.100

11/19/36

546,215

200,000

(b) Republic of South Africa Government International Bond

.950

11/19/54

190,069

TOTAL SOUTH AFRICA

736,284

TURKEY - 1.5%

200,000

Turkiye Government International Bond

.625

05/15/34

207,151

200,000

Turkiye Government International Bond

.125

07/17/32

201,879

TOTAL TURKEY

409,030

UNITED ARAB EMIRATES - 1.0%

425,000

(b) Abu Dhabi Government International Bond

.125

09/30/49

292,175

TOTAL UNITED ARAB EMIRATES

292,175

#### Portfolio of Investments July 31, 2025
(continued)

#### Emerging Markets Debt

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UZBEKISTAN - 0.8%

$

250,000

(b) Republic of Uzbekistan International Bond

.700

%

11/25/30

$

224,271

TOTAL UZBEKISTAN

224,271

TOTAL SOVEREIGN DEBT

(Cost $13,563,063)

13,839,490

TOTAL LONG-TERM INVESTMENTS

(Cost $26,054,266)

26,842,392

SHARES

DESCRIPTION

Coupon

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 3.9%

1,093,123

(g) State Street Navigator Securities Lending

Government Money Market Portfolio

4.320 (h)

1,093,123

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $1,093,123)

1,093,123

TOTAL INVESTMENTS (Cost $27,147,389) - 100.1%

27,935,515

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(39,829)

NET ASSETS - 100%

$

27,895,686

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.

(a) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(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 $20,584,537 or 73.7% of Total Investments.

(c) Perpetual security. Maturity date is not applicable.

(d) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

0.7% of Total Investments.

(e) When-issued or delayed delivery security.

(f) 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 $1,057,852.

(g) Investments made with cash collateral received from securities on loan.

(h) The rate shown is the one-day yield as of the end of the reporting period.

#### Portfolio of Investments July 31, 2025

#### High Yield
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.6%

17246013

CORPORATE BONDS - 96.6% (a)

17246013

AUTOMOBILES & COMPONENTS - 4.0%

$

35,000

(b) Clarios Global LP / Clarios US Finance Co

.750

%

02/15/30

$

36,086

125,000

(c) Goodyear Tire & Rubber Co/The

.000

07/15/29

121,264

10,000

(b) IHO Verwaltungs GmbH, (cash 6.375%, PIK 7.125%)

.375

05/15/29

10,012

200,000

(b) IHO Verwaltungs GmbH

.000

11/15/32

205,614

55,000

(b) Phinia Inc

.750

04/15/29

56,600

135,000

(b) Phinia Inc

.625

10/15/32

137,523

150,000

ZF North America Capital Inc

.750

04/23/30

142,742

TOTAL AUTOMOBILES & COMPONENTS

709,841

CAPITAL GOODS - 8.2%

70,000

(b) AECOM

.000

08/01/33

70,569

200,000

(b) Albion Financing 1 SARL / Aggreko Holdings Inc

.000

05/21/30

205,857

100,000

(b) Alta Equipment Group Inc

.000

06/01/29

94,834

60,000

(b) Camelot Return Merger Sub Inc

.750

08/01/28

54,976

65,000

(b) Chart Industries Inc

.500

01/01/30

68,090

200,000

(b) Efesto Bidco S.p.A Efesto US LLC

.500

02/15/32

204,000

25,000

(b) Gates Corp/DE

.875

07/01/29

25,727

45,000

(b) Goat Holdco LLC

.750

02/01/32

45,363

105,000

(b) Herc Holdings Inc

.000

06/15/30

108,521

65,000

(b) Herc Holdings Inc

.625

06/15/29

66,547

60,000

(b) Masterbrand Inc

.000

07/15/32

60,974

50,000

(b) New Flyer Holdings Inc

.250

07/01/30

53,212

40,000

(b) Standard Building Solutions Inc

.250

08/01/33

40,381

100,000

(b) TransDigm Inc

.375

03/01/29

102,345

100,000

(b) TransDigm Inc

.375

05/31/33

100,635

100,000

(b) Trinity Industries Inc

.750

07/15/28

104,112

50,000

(b) WESCO Distribution Inc

.375

03/15/33

51,188

TOTAL CAPITAL GOODS

1,457,331

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%

80,000

(b) ASGN Inc

.625

05/15/28

77,886

10,000

(b) CACI International Inc

.375

06/15/33

10,226

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

88,112

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.4%

80,000

(b) Academy Ltd

.000

11/15/27

79,831

35,000

(b) Asbury Automotive Group Inc

.625

11/15/29

33,630

75,000

(b) Bath & Body Works Inc

.625

10/01/30

76,770

25,000

(b) Group 1 Automotive Inc

.375

01/15/30

25,464

70,000

Kohl's Corp

.125

05/01/31

50,425

50,000

(b) LCM Investments Holdings II LLC

.875

05/01/29

48,591

10,000

(b),(c)

Macy's Retail Holdings LLC

.125

03/15/32

9,575

175,000

(b) Michaels Cos Inc/The

.250

05/01/28

138,770

100,000

(b),(c)

Michaels Cos Inc/The

.875

05/01/29

66,327

90,000

(b) Queen MergerCo Inc

.750

04/30/32

92,680

100,000

(b) Staples Inc

.750

09/01/29

93,766

15,000

(b) Veritiv Operating Co

.500

11/30/30

16,258

50,000

(b) Wayfair LLC

.250

10/31/29

50,874

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

782,961

CONSUMER DURABLES & APPAREL - 2.3%

100,000

(b) CD&R Smokey Buyer Inc

.500

10/15/29

83,000

20,000

(b) Champ Acquisition Corp

.375

12/01/31

21,159

80,000

Newell Brands Inc

.625

09/15/29

79,645

120,000

(b) S&S Holdings LLC

.375

10/01/31

114,972

115,000

(b) Wolverine World Wide Inc

.000

08/15/29

103,641

TOTAL CONSUMER DURABLES & APPAREL

402,417

CONSUMER SERVICES - 6.1%

75,000

(b) Caesars Entertainment Inc

.000

10/15/32

72,389

160,000

(b) Carnival Corp

.875

06/15/31

162,400

80,000

(b) Churchill Downs Inc

.750

04/01/30

79,802

95,000

(b) Cinemark USA Inc

.000

08/01/32

98,096

#### Portfolio of Investments July 31, 2025
(continued)

#### High Yield

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER SERVICES

(continued)

$

115,000

(b) Fertitta Entertainment LLC / Fertitta Entertainment Finance Co

Inc

.625

%

01/15/29

$

109,330

50,000

(b) Hilton Domestic Operating Co Inc

.750

09/15/33

50,048

40,000

(b) Life Time Inc

.000

11/15/31

40,295

10,000

(b) Merlin Entertainments Group US Holdings Inc

.375

02/15/31

8,730

145,000

MGM Resorts International

.125

09/15/29

146,988

200,000

(b) Motion Finco Sarl

.375

02/15/32

176,714

50,000

(b) Six Flags Entertainment Corp / Six Flags Theme Parks Inc

.625

05/01/32

50,915

40,000

(b) Vail Resorts Inc

.625

07/15/30

40,220

50,000

(b) Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

.250

03/15/33

50,147

TOTAL CONSUMER SERVICES

1,086,074

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.6%

50,000

(b),(c)

Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

.500

02/15/28

50,776

50,000

(b) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

.250

03/15/33

50,964

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

101,740

ENERGY - 13.9%

65,000

(b) Archrock Partners LP / Archrock Partners Finance Corp

.250

04/01/28

64,996

50,000

(b) Archrock Partners LP / Archrock Partners Finance Corp

.625

09/01/32

50,741

50,000

(b) Ascent Resources Utica Holdings LLC / ARU Finance Corp

.625

10/15/32

50,860

50,000

(b) Ascent Resources Utica Holdings LLC / ARU Finance Corp

.625

07/15/33

50,693

115,000

(b),(c)

Baytex Energy Corp

.375

03/15/32

111,212

15,000

(b) Blue Racer Midstream LLC / Blue Racer Finance Corp

.000

07/15/29

15,555

8,902

(b) Borr IHC Ltd / Borr Finance LLC

.000

11/15/28

8,512

80,000

(b) Buckeye Partners LP

.750

02/01/30

82,820

150,000

(b) Chord Energy Corp

.750

03/15/33

153,003

55,000

(b) Civitas Resources Inc

.375

07/01/28

56,558

65,000

(b),(c)

Civitas Resources Inc

.750

07/01/31

65,802

60,000

(b) CNX Resources Corp

.250

03/01/32

61,860

50,000

(b) Delek Logistics Partners LP / Delek Logistics Finance Corp

.375

06/30/33

49,427

15,000

Genesis Energy LP / Genesis Energy Finance Corp

.875

05/15/32

15,513

150,000

(b) Harvest Midstream I LP

.500

05/15/32

155,915

165,000

(b) Hilcorp Energy I LP / Hilcorp Finance Co

.750

02/01/29

162,077

10,000

(b) Hilcorp Energy I LP / Hilcorp Finance Co

.375

11/01/33

10,435

100,000

(b) Kinetik Holdings LP

.625

12/15/28

102,271

65,000

(b) Kinetik Holdings LP

.875

06/15/30

65,053

50,000

(b) Kodiak Gas Services LLC

.250

02/15/29

51,207

40,000

(b) Matador Resources Co

.250

04/15/33

39,628

75,000

(b) Noble Finance II LLC

.000

04/15/30

76,498

100,000

(b) PBF Holding Co LLC / PBF Finance Corp

.875

09/15/30

91,204

50,000

(b) Rockies Express Pipeline LLC

.750

03/15/33

51,940

65,000

(b),(d)

South Bow Canadian Infrastructure Holdings Ltd

.625

03/01/55

67,131

50,000

(b) Sunoco LP

.250

07/01/33

50,640

40,000

(b) Sunoco LP

.000

05/01/29

41,403

100,000

(b) Talos Production Inc

.000

02/01/29

102,490

20,385

(b) Transocean Aquila Ltd

.000

09/30/28

20,642

36,000

(b) Transocean Inc

.750

02/15/30

37,324

31,667

(b) Transocean Titan Financing Ltd

.375

02/01/28

32,454

100,000

USA Compression Partners LP / USA Compression Finance

Corp

.875

09/01/27

99,976

130,000

(b) USA Compression Partners LP / USA Compression Finance

Corp

.125

03/15/29

132,893

30,000

(b) Venture Global LNG Inc

.125

06/01/28

31,059

180,000

(b) Venture Global LNG Inc

.000

01/15/30

182,523

40,000

(b) Venture Global Plaquemines LNG LLC

.500

01/15/34

41,150

TOTAL ENERGY

2,483,465

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%

35,000

(b) MPT Operating Partnership LP / MPT Finance Corp

.500

02/15/32

36,379

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

36,379

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES - 12.1%

$

55,000

(b) Azorra Finance Ltd

.250

%

01/15/31

$

56,135

50,000

Block Inc

.500

05/15/32

51,309

200,000

(b) Burford Capital Global Finance LLC

.500

07/15/33

201,300

55,000

(b) Compass Group Diversified Holdings LLC

.250

04/15/29

51,094

25,000

(b) Compass Group Diversified Holdings LLC

.000

01/15/32

21,897

110,000

(b) Encore Capital Group Inc

.500

05/15/30

116,437

95,000

(b) FirstCash Inc

.875

03/01/32

97,385

110,000

(b) Freedom Mortgage Holdings LLC

.375

04/01/32

112,505

165,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

.250

05/15/27

160,752

60,000

(b) Icahn Enterprises LP / Icahn Enterprises Finance Corp

.000

11/15/29

60,746

100,000

(b) Jane Street Group / JSG Finance Inc

.125

11/01/32

99,216

230,000

OneMain Finance Corp

.625

05/15/29

234,896

45,000

(b),(e)

Osaic Holdings Inc

.750

08/01/32

45,543

100,000

(b) PennyMac Financial Services Inc

.125

11/15/30

103,080

110,000

(b) PennyMac Financial Services Inc

.875

12/15/29

116,092

10,000

(b) Phoenix Aviation Capital Ltd

.250

07/15/30

10,478

55,000

(b) Rocket Cos Inc

.125

08/01/30

55,767

55,000

(b) Rocket Cos Inc

.375

08/01/33

56,099

125,000

(b) Starwood Property Trust Inc

.000

04/15/30

126,227

20,000

(b) Starwood Property Trust Inc

.500

07/01/30

20,572

80,000

(b) UWM Holdings LLC

.625

02/01/30

80,035

150,000

(b),(c)

VistaJet Malta Finance PLC / Vista Management Holding Inc

.375

02/01/30

141,699

55,000

(b) Walker & Dunlop Inc

.625

04/01/33

56,074

80,000

(b) WEX Inc

.500

03/15/33

81,026

TOTAL FINANCIAL SERVICES

2,156,364

FOOD, BEVERAGE & TOBACCO - 1.9%

115,000

(b) Darling Ingredients Inc

.000

06/15/30

115,735

100,000

(b) Post Holdings Inc

.375

03/01/33

99,925

130,000

(b) Viking Baked Goods Acquisition Corp

.625

11/01/31

127,467

TOTAL FOOD, BEVERAGE & TOBACCO

343,127

HEALTH CARE EQUIPMENT & SERVICES - 5.6%

105,000

(b) CHS/Community Health Systems Inc

.875

01/15/32

110,080

50,000

(b),(e)

CHS/Community Health Systems Inc

.750

01/15/34

50,319

95,000

(b) DaVita Inc

.625

06/01/30

90,593

100,000

(b) DaVita Inc

.875

09/01/32

102,813

90,000

(b) DaVita Inc

.750

07/15/33

92,816

130,000

(b) IQVIA Inc

.250

06/01/32

133,309

100,000

(b) LifePoint Health Inc

.875

08/15/30

107,779

150,000

(b),(c)

Prime Healthcare Services Inc

.375

09/01/29

149,063

90,000

(b) Radiology Partners Inc

.500

07/15/32

90,937

10,000

(b) Star Parent Inc

.000

10/01/30

10,516

65,000

(b),(e)

Team Health Holdings Inc

.375

06/30/28

65,332

TOTAL HEALTH CARE EQUIPMENT & SERVICES

1,003,557

HOUSEHOLD & PERSONAL PRODUCTS - 0.3%

60,000

(b) Coty Inc/HFC Prestige Products Inc/HFC Prestige International

US LLC

.625

07/15/30

61,655

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

61,655

INSURANCE - 4.6%

35,000

(b) Acrisure LLC / Acrisure Finance Inc

.750

07/01/32

35,437

85,000

(b) Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

.750

04/15/28

86,150

200,000

(b) Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

.500

10/01/31

202,905

10,000

(b) APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

.875

11/01/29

10,303

200,000

(b) Ardonagh Finco Ltd

.750

02/15/31

208,532

110,000

(b) HUB International Ltd

.250

06/15/30

114,668

110,000

(b) Panther Escrow Issuer LLC

.125

06/01/31

113,751

50,000

(b) Ryan Specialty LLC

.875

08/01/32

50,138

TOTAL INSURANCE

821,884

#### Portfolio of Investments July 31, 2025
(continued)

#### High Yield

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS - 4.7%

$

120,000

(b) Arsenal AIC Parent LLC

.000

%

10/01/30

$

127,201

130,000

(b) Avient Corp

.125

08/01/30

133,532

40,000

(b) Avient Corp

.250

11/01/31

40,142

60,000

(b) Compass Minerals International Inc

.000

07/01/30

62,162

110,000

(b) Mineral Resources Ltd

.000

11/01/27

111,823

120,000

(b) Mineral Resources Ltd

.250

10/01/28

125,418

85,000

(b) Olin Corp

.625

04/01/33

82,714

100,000

(b),(e)

Olympus Water US Holding Corp

.750

08/01/32

98,816

50,000

(b),(c)

Sealed Air Corp

.500

07/15/32

51,497

TOTAL MATERIALS

833,305

MEDIA & ENTERTAINMENT - 10.7%

285,000

(b) CCO Holdings LLC / CCO Holdings Capital Corp

.250

02/01/31

260,320

125,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.400

12/01/61

84,916

200,000

(b),(c)

CSC Holdings LLC

.500

04/15/27

193,584

120,000

(b) Directv Financing LLC / Directv Financing Co-Obligor Inc

.875

08/15/27

119,340

40,000

(b) DISH Network Corp

.750

11/15/27

41,658

75,000

(b) Getty Images Inc

.750

03/01/27

73,031

65,000

(b) Gray Media Inc

.750

10/15/30

48,506

20,000

(b) Gray Media Inc

.500

07/15/29

21,644

60,000

(b) Gray Media Inc

.250

08/15/33

59,684

210,000

(b) LCPR Senior Secured Financing DAC

.750

10/15/27

161,175

75,000

(b) McGraw-Hill Education Inc

.375

09/01/31

77,958

55,000

(b) Scripps Escrow II Inc

.875

01/15/29

48,828

30,000

(b) Sirius XM Radio LLC

.125

07/01/30

27,367

50,000

(b),(c)

Sirius XM Radio LLC

.875

09/01/31

44,111

200,000

(b) Sunrise FinCo I BV

.875

07/15/31

188,520

15,000

(b) Univision Communications Inc

.375

08/01/32

15,564

75,000

(b) Univision Communications Inc

.500

05/01/29

69,396

100,000

(b) Univision Communications Inc

.500

07/31/31

101,557

200,000

(b) Virgin Media Secured Finance PLC

.500

05/15/29

195,510

50,000

Warnermedia Holdings Inc

.279

03/15/32

41,987

40,000

(b) Ziff Davis Inc

.625

10/15/30

37,215

TOTAL MEDIA & ENTERTAINMENT

1,911,871

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%

10,000

(b),(e)

Amneal Pharmaceuticals LLC

.875

08/01/32

10,150

200,000

(b) Bausch Health Cos Inc

.875

06/01/28

177,000

35,000

(b) Organon & Co / Organon Foreign Debt Co-Issuer BV

.875

05/15/34

31,336

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

218,486

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%

110,000

(b) Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp

.000

04/15/30

105,345

75,000

(b) Cushman & Wakefield US Borrower LLC

.750

05/15/28

75,569

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

180,914

SOFTWARE & SERVICES - 2.5%

150,000

(b) Ahead DB Holdings LLC

.625

05/01/28

150,643

20,000

(b) Cloud Software Group Inc

.250

06/30/32

21,297

55,000

(b) Fair Isaac Corp

.000

05/15/33

55,258

15,000

(b) Gen Digital Inc

.250

04/01/33

15,292

75,000

(b) Open Text Corp

.875

12/01/29

70,203

130,000

(b) Rocket Software Inc

.000

11/28/28

134,154

TOTAL SOFTWARE & SERVICES

446,847

TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%

100,000

(b) Imola Merger Corp

.750

05/15/29

97,023

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

97,023

TELECOMMUNICATION SERVICES - 5.4%

200,000

(b),(f)

Altice France SA

.125

02/01/27

185,345

15,000

(b),(e)

Digicel International Finance Ltd / Difl US LLC

.625

08/01/32

15,151

200,000

(b) Iliad Holding SASU

.500

04/15/31

214,536

50,000

(b) Level 3 Financing Inc

.750

12/15/30

56,313

50,000

(b) Level 3 Financing Inc

.875

06/15/29

46,875

40,000

(b) Level 3 Financing Inc

.875

06/30/33

40,534

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES

(continued)

$

220,000

(b) Sable International Finance Ltd

.125

%

10/15/32

$

220,008

70,000

(b) Windstream Escrow LLC / Windstream Escrow Finance Corp

.250

10/01/31

73,282

110,000

(b) Zayo Group Holdings Inc

.000

03/01/27

104,486

TOTAL TELECOMMUNICATION SERVICES

956,530

TRANSPORTATION - 0.7%

60,000

(b) Air Transport Services Group Inc

.250

03/15/32

63,020

10,000

(b) VistaJet Malta Finance PLC / Vista Management Holding Inc

.500

06/01/28

10,250

55,000

(b) XPO Inc

.125

06/01/31

56,899

TOTAL TRANSPORTATION

130,169

UTILITIES - 5.2%

200,000

(b) ContourGlobal Power Holdings SA

.750

02/28/30

205,000

115,000

(b) Ferrellgas LP / Ferrellgas Finance Corp

.875

04/01/29

106,184

75,000

(b) NRG Energy Inc

.000

02/01/33

75,203

60,000

(b) NRG Energy Inc

.250

11/01/34

60,796

195,000

(b) Talen Energy Supply LLC

.625

06/01/30

207,221

130,000

(b) TerraForm Power Operating LLC

.000

01/31/28

128,249

85,000

(b) Vistra Operations Co LLC

.750

10/15/31

89,963

20,000

(b) XPLR Infrastructure Operating Partners LP

.375

01/15/31

20,978

40,000

(b) XPLR Infrastructure Operating Partners LP

.625

03/15/33

42,367

TOTAL UTILITIES

935,961

TOTAL CORPORATE BONDS

(Cost $16,950,769)

17,246,013

SHARES

DESCRIPTION

VALUE

177,905

EXCHANGE-TRADED FUNDS - 1.0%

177,905

8,500

(c) Invesco Senior Loan ETF

177,905

TOTAL EXCHANGE-TRADED FUNDS

(Cost $179,478)

177,905

TOTAL LONG-TERM INVESTMENTS

(Cost $17,130,247)

17,423,918

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 6.8%

1,217,254

(g) State Street Navigator Securities Lending Government Money

Market Portfolio

4.320 (h)

1,217,254

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $1,217,254)

1,217,254

TOTAL INVESTMENTS - 104.4%

(Cost $18,347,501)

18,641,172

OTHER ASSETS & LIABILITIES, NET - (4.4)%

(790,115)

NET ASSETS - 100%

$

17,851,057

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.

(a) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(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 $16,015,600 or 85.9% 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 $1,166,374.

(d) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

0.4% of Total Investments.

(e) When-issued or delayed delivery security.

(f) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(g) Investments made with cash collateral received from securities on loan.

(h) The rate shown is the one-day yield as of the end of the reporting period.

#### Portfolio of Investments July 31, 2025

#### Preferred Securities and Income
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.3%

17587432

CORPORATE BONDS - 97.6% (a)

17587432

AUTOMOBILES & COMPONENTS - 1.6%

$

300,000

(b),(c)

General Motors Financial Co Inc

.750

%

N/A

$

292,962

TOTAL AUTOMOBILES & COMPONENTS

292,962

BANKS - 49.1%

200,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

.375

N/A

221,892

200,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

.750

N/A

207,257

200,000

(b),(d)

Banco Santander SA

.625

N/A

236,214

200,000

(b),(d)

Banco Santander SA

.000

N/A

215,209

500,000

(b),(c)

Bank of America Corp

.625

N/A

512,026

200,000

(c) Bank of Montreal

.300

11/26/84

207,523

315,000

(b),(d)

Barclays PLC

.625

N/A

355,818

200,000

(b),(d)

Barclays PLC

.625

N/A

203,734

275,000

(b),(d),(e)

BNP Paribas SA

.000

N/A

294,242

235,000

(b),(d),(e)

BNP Paribas SA

.250

N/A

252,930

300,000

(b),(d),(e)

BNP Paribas SA

.450

N/A

305,625

200,000

(c) Canadian Imperial Bank of Commerce

.950

01/28/85

201,075

180,000

(b),(c)

Citigroup Inc

.875

N/A

181,530

300,000

(b),(c)

Citigroup Inc

.625

N/A

312,958

175,000

(b),(c)

Citigroup Inc

.125

N/A

178,983

540,000

(b),(c)

CoBank ACB

.450

N/A

543,423

312,000

(b),(d),(e),(f)

Credit Agricole SA

.700

N/A

312,117

200,000

(b),(d),(e)

Credit Agricole SA

.125

N/A

202,234

100,000

(b),(c),(g)

First Citizens BancShares Inc/NC (TSFR3M + 4.234%)

.552

N/A

103,720

200,000

(b),(d)

HSBC Holdings PLC

.875

N/A

206,130

200,000

(b),(d)

HSBC Holdings PLC

.000

N/A

211,468

271,000

(b),(d)

HSBC Holdings PLC

.950

N/A

278,030

250,000

(b),(d)

ING Groep NV

.750

N/A

249,207

200,000

(b),(d)

ING Groep NV, Reg S

.500

N/A

208,421

345,000

(b),(c)

JPMorgan Chase & Co

.500

N/A

353,654

200,000

(b),(d)

Lloyds Banking Group PLC

.000

N/A

213,605

150,000

(b),(c)

M&T Bank Corp

.125

N/A

148,342

200,000

(b),(d),(f)

NatWest Group PLC

.125

N/A

219,118

330,000

(b),(d)

NatWest Group PLC

.000

N/A

330,485

200,000

(b),(d),(e)

Nordea Bank Abp

.300

N/A

198,341

280,000

(b),(c)

PNC Financial Services Group Inc/The

.200

N/A

283,026

225,000

(b),(c)

PNC Financial Services Group Inc/The

.250

N/A

227,562

220,000

(b),(d),(e)

Societe Generale SA

.375

N/A

235,464

150,000

(b),(d),(e)

Societe Generale SA

.000

N/A

165,357

200,000

(b),(d),(e)

Standard Chartered PLC

.750

N/A

208,043

60,000

(b),(c)

Truist Financial Corp

.100

N/A

59,057

TOTAL BANKS

8,843,820

CAPITAL GOODS - 0.7%

119,000

(b),(c)

Air Lease Corp

.000

N/A

116,898

TOTAL CAPITAL GOODS

116,898

ENERGY - 9.2%

300,000

(c) Enbridge Inc

.625

01/15/83

318,432

300,000

(c) Enbridge Inc

.500

01/15/84

337,880

24,000

(b),(c)

Energy Transfer LP

.625

N/A

23,875

176,000

(b),(c)

Energy Transfer LP

.125

N/A

180,195

89,000

(b),(c)

Energy Transfer LP

.500

N/A

89,170

75,000

(c) Energy Transfer LP

.000

05/15/54

79,896

109,000

(c),(e)

South Bow Canadian Infrastructure Holdings Ltd

.500

03/01/55

113,244

300,000

(c) Transcanada Trust

.500

09/15/79

294,333

180,000

(c) Transcanada Trust

.600

03/07/82

175,043

43,000

(b),(c),(e)

Venture Global LNG Inc

.000

N/A

43,011

TOTAL ENERGY

1,655,079

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES - 12.6%

$

287,000

(c) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.950

%

03/10/55

$

300,259

130,000

(b),(c)

Ally Financial Inc

.700

N/A

126,195

400,000

(h) Credit Suisse Group AG

.500

06/11/72

47,000

310,000

(h) Credit Suisse Group AG

.500

01/17/72

36,425

200,000

(b),(d),(f)

Deutsche Bank AG, Reg S

.130

N/A

209,700

125,000

(b),(c)

Goldman Sachs Group Inc/The

.500

N/A

132,032

125,000

(b),(c)

Goldman Sachs Group Inc/The

.500

N/A

130,604

333,000

(b),(c),(f)

Goldman Sachs Group Inc/The

.125

N/A

329,291

200,000

(b),(d)

Nomura Holdings Inc

.000

N/A

202,511

85,000

(b),(c)

State Street Corp

.700

N/A

87,635

200,000

(b),(d),(e)

UBS Group AG

.250

N/A

234,440

400,000

(b),(d),(e)

UBS Group AG

.250

N/A

439,012

TOTAL FINANCIAL SERVICES

2,275,104

HEALTH CARE EQUIPMENT & SERVICES - 0.9%

52,000

(c) CVS Health Corp

.750

12/10/54

52,043

100,000

(c) CVS Health Corp

.000

03/10/55

102,884

TOTAL HEALTH CARE EQUIPMENT & SERVICES

154,927

INSURANCE - 9.7%

300,000

(c) Assurant Inc

.000

03/27/48

306,425

197,000

(c) Corebridge Financial Inc

.375

09/15/54

196,685

270,000

(c) Enstar Finance LLC

.500

01/15/42

265,415

50,000

(c),(e)

Enstar Group Ltd

.500

04/01/45

51,636

325,000

(c),(e)

MetLife Inc

.250

04/08/38

384,536

66,000

(c) MetLife Inc

.350

03/15/55

67,746

200,000

(b),(d)

Phoenix Group Holdings PLC, Reg S

.500

N/A

210,928

130,000

(c) Prudential Financial Inc

.500

03/15/54

135,013

140,000

(b),(c),(e)

SBL Holdings Inc

.500

N/A

130,258

TOTAL INSURANCE

1,748,642

MEDIA & ENTERTAINMENT - 1.6%

300,000

(c) Paramount Global

.375

03/30/62

295,499

TOTAL MEDIA & ENTERTAINMENT

295,499

TELECOMMUNICATION SERVICES - 2.9%

158,000

(c) Bell Telephone Co of Canada or Bell Canada

.000

09/15/55

160,353

110,000

(c) Rogers Communications Inc

.125

04/15/55

112,563

47,000

(c) TELUS Corp

.000

10/15/55

47,583

200,000

(c) Vodafone Group PLC

.000

04/04/79

208,999

TOTAL TELECOMMUNICATION SERVICES

529,498

UTILITIES - 9.3%

85,000

(c) AES Corp/The

.600

01/15/55

85,854

75,000

(c) AES Corp/The

.950

07/15/55

72,264

50,000

(c) CMS Energy Corp

.500

06/01/55

50,416

52,000

(c) Dominion Energy Inc

.000

06/01/54

55,474

49,000

(c) Duke Energy Corp

.450

09/01/54

50,451

65,000

(b),(c)

Edison International

.375

N/A

61,807

70,000

(c) Emera Inc

.750

06/15/76

70,506

115,000

(c) Entergy Corp

.125

12/01/54

119,057

147,000

(c) EUSHI Finance Inc

.625

12/15/54

153,590

172,000

(c) NextEra Energy Capital Holdings Inc

.750

06/15/54

179,460

64,000

(c) PG&E Corp

.375

03/15/55

61,759

230,000

(b),(c)

Sempra

.875

N/A

228,915

163,000

(c) Sempra

.550

04/01/55

157,277

325,000

(b),(c),(e)

Vistra Corp

.000

N/A

328,173

TOTAL UTILITIES

1,675,003

TOTAL CORPORATE BONDS

(Cost $17,277,162)

17,587,432

#### Portfolio of Investments July 31, 2025
(continued)

#### Preferred Securities and Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

303,448

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.7%

303,448

$

293,000

(e) Farm Credit Bank of Texas

.750

%

09/15/73

$

303,448

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $293,805)

303,448

TOTAL LONG-TERM INVESTMENTS

(Cost $17,570,967)

17,890,880

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 5.2%

939,242

(i) State Street Navigator Securities Lending Government Money

Market Portfolio

4.320 (j)

939,242

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $939,242)

939,242

TOTAL INVESTMENTS - 104.5%

(Cost $18,510,209)

18,830,122

OTHER ASSETS & LIABILITIES, NET - (4.5)%

(817,458)

NET ASSETS - 100%

$

18,012,664

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.

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(b) Perpetual security. Maturity date is not applicable.

(c) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

56.7% of Total Investments.

(d) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example 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. As of

the end of the reporting period, the Fund's total investment in CoCos was 36.3% of Total Investments.

(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 $4,202,111 or 22.3% of Total Investments.

(f) 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 $914,842.

(g) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(h) For fair value measurement disclosure purposes, investment classified as Level 3.

(i) Investments made with cash collateral received from securities on loan.

(j) The rate shown is the one-day yield as of the end of the reporting period.

#### Portfolio of Investments July 31, 2025

#### Securitized Credit
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.1%

ASSET-BACKED SECURITIES - 18.1%

–

$

81,597

(a) Alterna Funding III LLC, Series 2024 1A

.260

%

05/16/39

$

82,084

83,903

(a) Alterna Funding III LLC, Series 2024 1A

.136

05/16/39

84,317

100,000

(a) Avis Budget Rental Car Funding AESOP LLC, Series 2024 1A

.850

06/20/30

102,473

350,000

(a),(b)

Boyce Park CLO Ltd, Series 2022 1A, (TSFR3M + 1.750%)

.075

04/21/35

351,147

150,000

(a) Brex Commercial Charge Card Master Trust, Series 2024 1

.680

07/15/27

150,458

97,708

(a) Cars Net Lease Mortgage Notes Series 2020-1, Series 2020 1A

.100

12/15/50

91,770

328,417

(a) CARS-DB7 LP, Series 2023 1A

.750

09/15/53

329,927

350,000

Carvana Auto Receivables Trust 2024-P4, Series 2024 P4

.000

02/10/31

352,475

100,000

(a) Frontier Issuer LLC, Series 2023 1

.600

08/20/53

101,258

229,727

(a),(b)

Gracie Point International Funding, Series 2023 1A, (SOFR90A

+ 1.950%)

.298

09/01/26

229,914

16,165

(a),(b)

Gracie Point International Funding, Series 2023 2A, (SOFR90A

+ 2.250%)

.598

03/01/27

16,187

100,000

(a) Hertz Vehicle Financing III LP, Series 2021 2A

.120

12/27/27

96,089

200,000

(a) HI-FI Music IP Issuer LP, Series 2022 1A

.939

02/01/62

195,455

93,247

(a) Hilton Grand Vacations Trust 2019-A, Series 2019 AA

.340

07/25/33

91,779

64,903

(a) Hilton Grand Vacations Trust 2024-2, Series 2024 2A

.500

03/25/38

65,756

295,156

(a) Horizon Aircraft Finance IV Ltd, Series 2024 1

.375

09/15/49

294,613

200,000

(a) Hotwire Funding LLC, Series 2023 1A

.687

05/20/53

200,956

100,000

(a) Hotwire Funding LLC, Series 2024 1A

.893

06/20/54

101,009

200,000

(a) LAD Auto Receivables Trust 2024-3, Series 2024 3A

.740

01/15/30

200,319

199,713

(a) Lyra Music Assets Delaware LP, Series 2024 2A

.760

12/22/64

201,402

300,000

(a),(b)

Magnetite XXXVII Ltd, Series 2023 37A, (TSFR3M + 2.300%)

.625

10/20/36

300,876

100,000

(a) Mercury Financial Credit Card Master Trust, Series 2024 2A

.560

07/20/29

100,642

250,000

(a),(c)

MetroNet Infrastructure Issuer LLC, Series 2025 2A

.400

08/20/55

249,979

126,451

(a) MVW 2020-1 LLC, Series 2020 1A

.740

10/20/37

122,782

500,000

(a),(b)

OHA Credit Funding 3 LTD, Series 2019 3A, (TSFR3M +

1.600%)

.925

01/20/38

502,477

250,000

(a),(b)

OHA Credit Funding 3 LTD, Series 2019 3A

.564

01/20/38

252,185

250,000

(a) Onemain Financial Issuance Trust 2025-1, Series 2025 1A

.200

07/14/38

251,028

150,000

(a) Oscar US Funding XVII LLC, Series 2024 2A

.470

03/12/29

149,260

250,000

(a) PenFed Auto Receivables Owner Trust 2022-A, Series 2022 A

.830

12/15/28

249,830

250,000

(a) Regional Management Issuance Trust 2024-2, Series 2024 2

.490

12/15/33

251,365

296,750

(a) Store Master Funding I-VII XIV XIX XX XXIV, Series 2023 1A

.190

06/20/53

298,390

140,625

(a) Taco Bell Funding LLC, Series 2016 1A

.970

05/25/46

140,438

142,463

(a) Taco Bell Funding LLC, Series 2021 1A

.946

08/25/51

135,856

260,000

(a) Tesla Auto Lease Trust 2023-B, Series 2023 B

.570

08/20/27

261,769

250,000

(a),(b)

Texas Debt Capital CLO 2024-I Ltd, Series 2024 1A, (TSFR3M +

1.950%)

.282

04/22/37

251,003

350,000

(a) VB-S1 Issuer LLC - VBTEL, Series 2024 1A

.590

05/15/54

352,204

250,000

(a) Zayo Issuer LLC, Series 2025 1A

.648

03/20/55

252,462

350,000

(a) Ziply Fiber Issuer LLC, Series 2024 1A

.640

04/20/54

357,887

TOTAL ASSET-BACKED SECURITIES

(Cost $7,739,784)

7,819,821

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

256,325

CORPORATE BONDS - 0.6%

256,325

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.6%

250,000

(a) SBA Tower Trust

.599

01/15/28

256,325

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

256,325

TOTAL CORPORATE BONDS

(Cost $251,916)

256,325

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 80.4%

–

100,000

(b) Bank 2019-BNK19, Series 2019 BN20

.243

09/15/62

89,762

350,000

BANK 2019-BNK22, Series 2019 BN22

.210

11/15/62

322,692

300,000

(b) BANK 2019-BNK24, Series 2019 BN24

.283

11/15/62

276,886

200,000

(b) BANK 2024-BNK48, Series 2024 BNK48

.355

10/15/57

198,813

#### Portfolio of Investments July 31, 2025
(continued)

#### Securitized Credit

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

255,000

Benchmark 2018-B8 Mortgage Trust, Series 2018 B8

.232

%

01/15/52

$

248,871

500,000

Benchmark 2019-B11 Mortgage Trust, Series 2019 B11

.784

05/15/52

462,608

350,000

Benchmark 2019-B12 Mortgage Trust, Series B12

.419

08/15/52

322,925

300,000

Benchmark 2019-B14 Mortgage Trust, Series 2019 B14

.352

12/15/62

269,618

199,000

(b) Benchmark 2019-B15 Mortgage Trust, Series 2019 B15

.714

12/15/72

159,170

200,000

Benchmark 2019-B9 Mortgage Trust, Series B9

.016

03/15/52

194,026

105,000

(a),(b)

Benchmark 2020-IG3 Mortgage Trust, Series 2020 IG3

.100

09/15/48

86,330

300,000

Benchmark 2021-B24 Mortgage Trust, Series 2021 B24

.584

03/15/54

263,048

100,000

Benchmark 2021-B28 Mortgage Trust, Series 2021 B28

.429

08/15/54

84,768

530,000

Benchmark Mortgage Trust, Series 2021 B27

.390

07/15/54

458,823

250,000

(b) BMO 2025-C12 Mortgage Trust, Series 2025 C12

.195

06/15/58

264,534

219,911

(a),(b)

BX Commercial Mortgage Trust 2021-CIP, Series 2021 CIP,

(TSFR1M + 1.385%)

.727

12/15/38

219,810

250,000

(a),(b)

BX Trust 2021-VIEW, Series 2021 VIEW, (TSFR1M + 1.394%)

.736

06/15/36

249,921

569,943

(a) CAMB Commercial Mortgage Trust 2021-CX2, Series 2021

CX2

.700

11/10/46

484,741

200,000

(b) CD 2017-CD4 Mortgage Trust, Series 2017 CD4

.514

05/10/50

195,674

200,000

(b) Citigroup Commercial Mortgage Trust 2016-C3, Series 2016

C3

.366

11/15/49

192,618

295,000

(b) COMM 2018-COR3 Mortgage Trust, Series 2018 COR3

.516

05/10/51

247,314

300,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R05, Series 2022

R05, (SOFR30A + 3.000%)

.305

04/25/42

307,764

300,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R07, Series 2022

R07, (SOFR30A + 4.650%)

.956

06/25/42

319,301

240,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R09, Series 2022

R09, (SOFR30A + 4.750%)

.056

09/25/42

257,322

315,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R01, Series 2023

R01, (SOFR30A + 3.750%)

.056

12/25/42

332,918

45,000

(b) CSAIL 2017-CX10 Commercial Mortgage Trust, Series 2017

CX10

.458

11/15/50

43,378

200,000

CSAIL 2020-C19 Commercial Mortgage Trust, Series 2020 C19

.971

03/15/53

171,648

250,000

DBJPM 20-C9 Mortgage Trust, Series 2020 C9

.926

08/15/53

219,594

37,551

(a) DBWF Mortgage Trust, Series 2015 LCM

.998

06/10/34

36,810

200,000

(a),(b)

DTP Commercial Mortgage Trust 2023-STE2, Series 2023 STE2

.038

01/15/41

204,075

500,000

(a),(b)

EQT Trust 2024-EXTR, Series 2024 EXTR

.331

07/05/41

507,917

344,301

Fannie Mae Pool, FN MA4700, Series 2022 1

.000

08/01/52

318,200

384,801

Fannie Mae Pool, FN MA4701, Series 2022 1

.500

08/01/52

365,678

181,618

Fannie Mae Pool, FN MA4732

.000

09/01/52

167,850

761,883

Fannie Mae Pool, FN MA4733

.500

09/01/52

724,046

429,168

Fannie Mae Pool, FN MA4737, Series 2022 1

.000

08/01/52

419,794

82,711

Fannie Mae Pool, FN MA4761

.000

09/01/52

80,900

20,945

Fannie Mae Pool, FN MA4783

.000

10/01/52

19,338

588,819

Fannie Mae Pool, FN MA4805, Series 2022 1

.500

11/01/52

559,620

125,791

Fannie Mae Pool, FN MA4842, Series 2022 1

.500

12/01/52

125,743

274,887

Fannie Mae Pool, FN MA4918

.000

02/01/53

268,458

983,820

Fannie Mae Pool, FN MA4978

.000

04/01/53

961,149

102,660

Fannie Mae Pool, FN MA4920

.000

02/01/53

104,342

155,442

Fannie Mae Pool, FN MA5039

.500

06/01/53

154,890

622,082

Fannie Mae Pool, FN MA5070

.500

07/01/53

591,038

24,901

Fannie Mae Pool, FN MA5107

.500

08/01/53

24,812

2,152,117

Fannie Mae Pool, FN MA5165

.500

10/01/53

2,143,807

404,733

Fannie Mae Pool, FN MA5247

.000

01/01/54

410,702

244,017

Fannie Mae Pool, FN MA5295

.000

03/01/54

247,559

573,879

Fannie Mae Pool, FN MA5331

.500

04/01/54

571,352

1,030,323

Fannie Mae Pool, FN MA5353

.500

05/01/54

1,025,787

409,418

Fannie Mae Pool, FN MA4655

.000

07/01/52

378,402

320,721

Fannie Mae Pool, FN MA4919

.500

02/01/53

319,788

1,408,878

Fannie Mae Pool, FN MA4626

.000

06/01/52

1,302,151

787,292

Fannie Mae Pool, FN MA4784

.500

10/01/52

750,145

1,897,734

Fannie Mae Pool, FN MA4579

.000

04/01/52

1,627,162

159,853

Fannie Mae Pool, FN 310210, Series 2022 1

.000

05/01/44

151,859

101,836

Fannie Mae Pool, FN CB1301

.500

08/01/51

84,511

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

211,413

Fannie Mae Pool, FN CB2804

.500

%

02/01/52

$

175,497

234,323

Fannie Mae Pool, FN CB3905

.500

06/01/52

210,067

116,556

Fannie Mae Pool, FN FA0197

.000

02/01/54

107,810

447,146

Fannie Mae Pool, FN MA4600, Series 2022 2

.500

05/01/52

400,190

70,862

Fannie Mae Pool, FN FS5179

.000

06/01/53

69,660

89,123

Fannie Mae Pool, FN FS7299

.000

05/01/52

77,198

320,402

Fannie Mae Pool, FN MA4512

.500

01/01/52

263,687

353,107

Fannie Mae Pool, FN MA4548

.500

02/01/52

290,275

208,657

Fannie Mae Pool, FN MA4578

.500

04/01/52

171,430

478,687

Fannie Mae Pool, FN FS1535

.000

04/01/52

414,493

79,767

Fannie Mae REMICS, Series 2022 40

.000

08/25/50

52,373

78,649

Fannie Mae REMICS, Series 2022 18

.500

04/25/52

59,427

92,304

(a),(b)

Flagstar Mortgage Trust 2021-10INV, Series 2021 10IN

.501

10/25/51

74,967

91,407

(a),(b)

Flagstar Mortgage Trust 2021-5INV, Series 2021 5INV

.342

07/25/51

74,232

277,833

(a),(b)

Flagstar Mortgage Trust 2021-8INV, Series 2021 8INV

.509

09/25/51

229,503

69,797

Freddie Mac Pool, FR SD4810

.000

04/01/52

60,617

1,240,027

Freddie Mac Pool, FR SD8329

.000

06/01/53

1,209,358

273,862

Freddie Mac Pool, FR SD8231

.500

07/01/52

259,945

37,650

Freddie Mac Pool, FR RA7211, Series 2022 1

.000

04/01/52

34,825

562,383

Freddie Mac Pool, FR RA6766

.500

02/01/52

466,891

180,244

Freddie Mac Pool, FR RA9629

.500

08/01/53

179,618

46,849

Freddie Mac REMICS, Series 2018 4776

.000

03/15/48

44,140

36,354

Freddie Mac REMICS, Series 2018 4783

.000

04/15/48

34,059

27,581

Freddie Mac REMICS, Series 2020 5017

.000

09/25/50

18,248

87,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA5, Series 2022

DNA5, (SOFR30A + 4.500%)

.805

06/25/42

92,475

285,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-HQA2, Series 2022

HQA2, (SOFR30A + 4.000%)

.305

07/25/42

300,909

300,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-HQA3, Series 2022

HQA3, (SOFR30A + 3.550%)

.855

08/25/42

314,685

239,309

Ginnie Mae II Pool, G2 MA8724

.500

03/20/53

228,593

54,714

Ginnie Mae II Pool, G2 MA7419, Series 2021 MTGE

.000

06/20/51

47,866

71,033

Ginnie Mae II Pool, G2 MA7768, Series 2021 1

.000

12/20/51

62,098

310,180

Ginnie Mae II Pool, G2 MA8149

.500

07/20/52

278,944

221,325

Ginnie Mae II Pool, G2 MA8200

.000

08/20/52

205,592

102,671

Ginnie Mae II Pool, G2 MA8201

.500

08/20/52

98,269

59,714

Ginnie Mae II Pool, G2 MA8428

.000

11/20/52

58,597

105,911

Government National Mortgage Association, Series 2023 111

.000

02/20/52

71,022

575,000

GS Mortgage Securities Trust 2017-GS6, Series 2017 GS6

.638

05/10/50

539,820

45,000

GS Mortgage Securities Trust 2019-GSA1, Series 2019 GSA1

.340

11/10/52

42,175

225,379

(a),(b)

GS Mortgage-Backed Securities Trust 2021-PJ6, Series 2021

PJ6

.500

11/25/51

180,042

85,179

(a),(b)

GS Mortgage-Backed Securities Trust 2023-PJ1, Series 2023

PJ1

.500

02/25/53

74,048

76,761

(a),(b)

J.P. Morgan Mortgage Trust 2021-15, Series 2021 15

.500

06/25/52

61,252

180,498

(a),(b)

J.P. Morgan Mortgage Trust 2021-INV5, Series 2021 INV5

.187

12/25/51

150,066

405,785

(a),(b)

J.P. Morgan Mortgage Trust 2022-6, Series 2022 6

.000

11/25/52

339,951

220,176

(a),(b)

JP Morgan Mortgage Trust 2017-2, Series 2

.500

05/25/47

198,915

215,122

(a),(b)

JP Morgan Mortgage Trust 2017-5, Series 2017 5

.979

10/26/48

214,856

79,845

(a),(b)

JP Morgan Mortgage Trust 2018-4, Series 2018 4

.500

10/25/48

70,989

231,478

(a),(b)

JP MORGAN MORTGAGE TRUST 2018-5, Series 2018 5

.500

10/25/48

208,232

238,446

(a),(b)

JP Morgan Mortgage Trust 2020-1, Series 2020 1

.818

06/25/50

213,150

367,609

(a),(b)

JP Morgan Mortgage Trust 2020-7, Series 2020 7

.000

01/25/51

316,474

292,240

(a),(b)

JP Morgan Mortgage Trust 2021-11, Series 2021 11

.500

01/25/52

234,008

22,379

(a),(b)

JP Morgan Mortgage Trust 2021-4, Series 2021 4

.879

08/25/51

17,903

108,904

(a),(b)

JP Morgan Mortgage Trust 2021-7, Series 2021 7

.500

11/25/51

87,311

90,658

(a),(b)

JP Morgan Mortgage Trust 2021-INV4, Series 2021 INV4

.209

01/25/52

72,619

90,801

(a),(b)

JP Morgan Mortgage Trust 2021-INV6, Series 2021 INV6

.343

04/25/52

73,555

250,000

(b) JPMBB Commercial Mortgage Securities Trust 2014-C23,

Series 2014 C23

.548

09/15/47

232,765

345,000

JPMDB Commercial Mortgage Securities Trust 2016-C2, Series

2016 C2

.144

06/15/49

338,966

#### Portfolio of Investments July 31, 2025
(continued)

#### Securitized Credit

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

200,000

(a),(b)

KRE Commercial Mortgage Trust 2025-AIP4, Series 2025 AIP4,

(TSFR1M + 1.300%)

.642

%

03/15/42

$

200,084

100,000

Morgan Stanley Capital I Trust 2019-H7, Series 2019 H7

.524

07/15/52

93,777

72,318

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust 2021-5,

Series 2021 5

.500

08/25/51

57,973

254,777

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust 2023-1,

Series 2023 1

.000

02/25/53

229,293

250,000

(a) Natixis Commercial Mortgage Securities Trust 2019-LVL, Series

2019 LVL

.885

08/15/38

240,395

257,190

(a),(b)

OBX 2022-INV5 Trust, Series 2022 INV5

.000

10/25/52

230,830

81,379

(a),(b)

Oceanview Mortgage Trust 2022-1, Series 2022 1

.500

11/25/52

76,072

400,000

(a) One Bryant Park Trust 2019-OBP, Series 2019 OBP

.516

09/15/54

362,710

200,000

(a),(b)

ONNI Commerical Mortgage Trust 2024-APT, Series 2024 APT

.567

07/15/39

203,974

256,613

(a),(b)

RCKT Mortgage Trust 2022-4, Series 2022 4

.000

06/25/52

230,311

208,736

(a),(b)

Sequoia Mortgage Trust 2020-1, Series 2020 1

.852

02/25/50

164,016

71,363

(a),(b)

Sequoia Mortgage Trust 2021-4, Series 2021 4

.500

06/25/51

57,615

45,000

UBS Commercial Mortgage Trust 2017-C5, Series 2017 C5

.474

11/15/50

43,259

250,000

(b) UBS Commercial Mortgage Trust 2018-C11, Series 2018 C11

.492

06/15/51

242,335

100,000

(a),(b)

Verus Securitization Trust 2023-INV1, Series 2023 INV1

.489

02/25/68

100,341

165,000

(b) Wells Fargo Commercial Mortgage Trust 2017-C38, Series

2017 C38

.917

07/15/50

155,305

100,000

Wells Fargo Commercial Mortgage Trust 2021-C61, Series

2021 C61

.861

11/15/54

86,882

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $34,231,472)

34,772,591

TOTAL LONG-TERM INVESTMENTS

(Cost $42,223,172)

42,848,737

OTHER ASSETS & LIABILITIES, NET - 0.9%

403,367

NET ASSETS - 100%

$

43,252,104

SOFR30A

30 Day Average Secured Overnight Financing Rate

SOFR90A

90 Day Average Secured Overnight Financing Rate

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) 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 $16,484,336 or 38.5% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(c) When-issued or delayed delivery security.

#### Portfolio of Investments July 31, 2025

#### Ultra Short Municipal
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 96.6%

9660000

MUNICIPAL BONDS - 96.6%

9660000

ARIZONA - 1.0%

$

100,000

(a) Arizona Health Facilities Authority, Hospital Revenue Bonds,

Banner Health Systems, Varibale Rate Demand Obligations,

Series 2015C

.800

%

01/01/46

$

100,000

TOTAL ARIZONA

100,000

CALIFORNIA - 7.9%

145,000

(a) California State, General Obligation Bonds, Kindergarten

University, Series 2004A-2

.100

05/01/34

145,000

330,000

(a) California Statewide Communities Development Authority,

Revenue Bonds, Rady Children's Hospital of San Diego,

Variable Rate Revenue Bonds, Series 2008B

.100

08/15/47

330,000

315,000

(a) Irvine Ranch Water District, California, Certificates of

Participation, Series 2009S

.300

10/01/41

315,000

TOTAL CALIFORNIA

790,000

COLORADO - 5.5%

335,000

(a) Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Children's Hospital Colorado Project, Refunding Series 2020A

.300

12/01/52

335,000

220,000

(a) Colorado Health Facilities Authority, Revenue Bonds,

Boulder Community Hospital Project, Variable Rate Demand

Obligations Series 2000

.530

10/01/30

220,000

TOTAL COLORADO

555,000

CONNECTICUT - 6.7%

335,000

(a) Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Yale University, Series 2013A

.000

07/01/42

335,000

335,000

(a) Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Series 2016A-3

.250

11/15/45

335,000

TOTAL CONNECTICUT

670,000

DISTRICT OF COLUMBIA - 6.3%

300,000

(a) District of Columbia, Multimodal Revenue Bonds, Carnegie

Endowment for International Peace, Series 2010

.500

11/01/45

300,000

335,000

(a) Metropolitan Washington D.C. Airports Authority, Airport

System Revenue Bonds, Series 2010D

.360

10/01/40

335,000

TOTAL DISTRICT OF COLUMBIA

635,000

FLORIDA - 2.0%

200,000

(a) JEA, Florida, Water and Sewerage System Revenue Bonds,

Variable Rate Demand Obligations Series 2008A-1 & 2008A-2

.600

10/01/42

200,000

TOTAL FLORIDA

200,000

INDIANA - 6.0%

265,000

(a) Indiana Finance Authority, Health System Revenue Bonds,

Sisters of Saint Francis Health Services, Inc. Obligated Group,

Refunding Series 2008J

.800

11/01/37

265,000

335,000

(a) Indiana Housing and Community Development Authority,

Single Family Mortgage Revenue Bonds, Series 2017C-3

.750

07/01/47

335,000

TOTAL INDIANA

600,000

LOUISIANA - 3.3%

335,000

(a) Louisiana State, Gasoline and Fuels Tax Second Lien Revenue

Bonds, Refunding Series 2023A-2

.750

05/01/43

335,000

TOTAL LOUISIANA

335,000

MARYLAND - 2.0%

200,000

(a) Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins Health System, Series 2024B

.700

06/01/46

200,000

TOTAL MARYLAND

200,000

MASSACHUSETTS - 6.4%

335,000

(a) Massachusetts Bay Transportation Authority, General

Obligation Transportation System Bonds, Variable Rate

Demand Series 2000A-2, (Pre-refunded 9/01/25)

.200

03/01/30

335,000

300,000

(a) Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Series 2008U-6E

.300

10/01/42

300,000

TOTAL MASSACHUSETTS

635,000

#### Portfolio of Investments July 31, 2025
(continued)

#### Ultra Short Municipal

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN - 2.5%

$

250,000

(a) Michigan Housing Development Authority, Single Family

Mortgage Revenue Bonds, Social Series 2022B

.000

%

06/01/46

$

250,000

TOTAL MICHIGAN

250,000

MISSOURI - 3.0%

300,000

(a) Missouri Health and Educational Facilities Authority, Revenue

Bonds, Washington University, Variable Rate Demand

Obligations, Series 2000B

.650

03/01/40

300,000

TOTAL MISSOURI

300,000

NEW YORK - 13.4%

335,000

(a) 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

.750

06/15/48

335,000

335,000

(a) New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2013 Series A-4

.750

08/01/39

335,000

335,000

(a) New York City, New York, General Obligation Bonds, Subseries

G-6 Fiscal Series 2012

.850

04/01/42

335,000

335,000

(a) New York State Housing Finance Agency, 316 Eleventh Avenue

Housing Revenue Bonds, Variable Rate Demand Obligation

Series 2009A

.300

05/15/41

335,000

TOTAL NEW YORK

1,340,000

NORTH CAROLINA - 3.3%

330,000

(a) Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, DBA Carolinas HealthCare

System, Variable Rate Demand Series 2007E - AGM Insured

.750

01/15/44

330,000

TOTAL NORTH CAROLINA

330,000

OHIO - 3.4%

335,000

(a) Ohio Water Development Authority, Water Pollution Control

Loan Fund Revenue Bonds, Series 2024C

.750

12/01/54

335,000

TOTAL OHIO

335,000

OREGON - 2.9%

290,000

(a) Oregon State, General Obligation Bonds, Veteran's Welfare

Series 110 Series 2022E

.800

06/01/45

290,000

TOTAL OREGON

290,000

PENNSYLVANIA - 3.4%

335,000

(a) Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Variable Rate Series 2020

.300

12/01/39

335,000

TOTAL PENNSYLVANIA

335,000

TENNESSEE - 3.4%

335,000

(a) Metropolitan Government of Nashville and Davidson County

Industrial Development Board, Tennessee, Multifamily Housing

Revenue Bonds, Summit Apartments Project, Refunding Series

2006

.270

07/15/36

335,000

TOTAL TENNESSEE

335,000

TEXAS - 5.2%

200,000

(a) Harris County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Texas Children's

Hospital, Series 2015-3

.450

10/01/45

200,000

320,000

(a) Texas State, General Obligation Veterans Bonds, Series 2020

.300

12/01/50

320,000

TOTAL TEXAS

520,000

VIRGINIA - 6.0%

355,000

(a) Fairfax County Economic Development Authority, Virginia,

Revenue Bonds, Smithsonian Institution, Series 2003B

.300

12/01/33

355,000

250,000

(a) Loudoun County Industrial Development Authority, Virginia,

Revenue Bonds, Howard Hughes Medical Institute, Variable

Rate Demand Obligations, Series 2003D

.860

02/15/38

250,000

TOTAL VIRGINIA

605,000

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WASHINGTON - 3.0%

$

300,000

(a) Washington State Housing Finance Commission, Single Family

Program Bonds, Series 2016VR-1N

.250

%

12/01/46

$

300,000

TOTAL WASHINGTON

300,000

TOTAL MUNICIPAL BONDS

(Cost $9,660,000)

9,660,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $9,660,000)

9,660,000

TOTAL INVESTMENTS - 96.6%

(Cost $9,660,000)

9,660,000

OTHER ASSETS & LIABILITIES, NET - 3.4%

340,000

NET ASSETS - 100%

$

10,000,000

(a) 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.

Statement of Assets and Liabilities

See Notes to Financial Statements

July 31, 2025

Municipal Total

Return

Core Impact

Bond

Emerging

Markets Debt

High Yield

Preferred

Securities and

Income

Securitized

Credit

ASSETS

Long-term investments, at value

†‡

$

1,440,832,347

$

18,930,641

$

26,842,392

$

17,423,918

$

17,890,880

$

42,848,737

Investments purchased with collateral from

securities lending, at value (cost approximates

value)

–

–

1,093,123

1,217,254

939,242

–

Short-term investments, at value

◊

2,650,000

–

–

–

–

–

Cash

76,015,421

80,865

994,287

553,584

–

588,037

Receivables:

Interest

15,806,883

202,384

352,699

323,887

264,698

145,120

Investments sold

26,743,587

–

–

171,725

–

154,675

Reclaims

–

–

–

1,809

–

–

Reimbursement from Adviser

57,065

16,399

15,823

16,173

14,866

16,028

Shares sold

2,227,265

–

–

–

–

–

Other

108,086

14,161

15,765

15,695

15,320

15,433

Total assets

1,564,440,654

19,244,450

29,314,089

19,724,045

19,125,006

43,768,030

LIABILITIES

Cash overdraft

–

–

–

–

–

Floating rate obligations

19,680,000

–

–

–

–

–

Payables:

Collateral from securities lending

–

–

1,093,123

1,217,254

939,242

–

Dividends

1,275,144

36,723

–

102,405

95,519

166,577

Interest

44,318

–

–

–

–

–

Investments purchased - regular settlement

4,761,800

–

–

180,245

–

—

Investments purchased - when-issued/delayed-

delivery settlement

28,758,072

–

249,370

285,000

–

249,979

Shares redeemed

7,921,656

43,626

–

9,606

5,179

19,721

Accrued expenses:

Custodian fees

119,133

8,320

9,788

13,021

7,276

10,788

Trustees fees

62,681

628

800

Professional fees

85,038

59,910

60,048

59,897

59,896

60,295

Shareholder reporting expenses

17,317

4,152

4,306

4,223

4,223

4,273

Shareholder servicing agent fees

40,610

Other

6,913

4,514

1,051

876

3,322

Total liabilities

62,772,682

157,688

1,418,403

1,872,988

1,112,342

515,926

Commitments and contingencies

(1) Net assets

$

1,501,667,972

$

19,086,762

$

27,895,686

$

17,851,057

$

18,012,664

$

43,252,104

NET ASSETS CONSIST OF:

Paid-in capital

$

1,724,901,035

$

21,423,723

$

26,692,981

$

17,429,557

$

17,141,589

$

42,448,160

Total distributable earnings (loss)

(223,233,063)

(2,336,961)

1,202,705

421,500

871,075

803,944

Net assets

$

1,501,667,972

$

19,086,762

$

27,895,686

$

17,851,057

$

18,012,664

$

43,252,104

Shares outstanding

154,535,176

2,437,840

2,662,269

1,741,190

1,715,681

4,161,602

Net asset value ("NAV") per share

.72

.83

.48

.25

.50

.39

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 †

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

1,476,653,398

$

19,945,646

$

26,054,266

$

17,130,247

$

17,570,967

$

42,223,172

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

2,650,000

$

—

$

—

$

—

$

—

$

—

‡ Includes securities loaned of

$

—

$

—

$

1,057,852

$

1,166,374

$

914,842

$

—

#### Statement of Assets and Liabilities
(continued)

See Notes to Financial Statements

July 31, 2025

Ultra Short

Municipal

ASSETS

Short-term investments, at value

◊

9,660,000

Cash

382,562

Receivables:

Interest

22,267

Reimbursement from Adviser

12,656

Other

7,944

Total assets

10,085,429

LIABILITIES

Payables:

Dividends

18,004

Accrued expenses:

Custodian fees

5,066

Trustees fees

Professional fees

57,947

Shareholder reporting expenses

4,160

Shareholder servicing agent fees

Total liabilities

85,429

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

.00

Authorized shares - per class

Unlimited

Par value per share

$

0.01 ◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

9,660,000

(1) As disclosed in Notes to Financial Statements.

Statement of Operations

See Notes to Financial Statements

Year Ended July 31, 2025

Municipal Total

Return

Core Impact Bond

Emerging Markets

Debt

High Yield

INVESTMENT INCOME

Dividends

$

—

$

—

$

—

$

13,755

Interest

67,249,221

811,173

1,773,917

1,346,034

Securities lending income, net

—

772

3,655

8,007

Total investment income

67,249,221

811,945

1,777,572

1,367,796

EXPENSES

–

–

–

–

Shareholder servicing agent fees

189,007

715

513

Interest expense

89,768

536

Trustees fees

58,003

627

1,054

674

Custodian expenses, net

147,415

17,154

18,481

25,823

Registration fees

93,901

22,792

24,041

23,720

Professional fees

112,745

16,639

72,054

71,843

Shareholder reporting expenses

43,393

18,719

19,766

20,383

Other

25,187

11,121

6,599

5,713

Total expenses before fee waiver/expense reimbursement

759,419

87,605

142,880

149,205

Fee waiver/expense reimbursement

(731,985)

(87,508)

(142,734)

(148,686)

Net expenses

27,434

519

Net investment income (loss)

67,221,787

811,848

1,777,426

1,367,277

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(22,486,214)

(120,042)

415,897

311,667

Net realized gain (loss)

(22,486,214)

(120,042)

415,897

311,667

Change in unrealized appreciation (depreciation) on:

Investments

(55,260,295)

60,662

(281,505)

(205,512)

Net change in unrealized appreciation (depreciation)

(55,260,295)

60,662

(281,505)

(205,512)

Net realized and unrealized gain (loss)

(77,746,509)

(59,380)

134,392

106,155

Net increase (decrease) in net assets from operations

$

(10,524,722)

$

752,468

$

1,911,818

$

1,473,432

#### Statement of Operations
(continued)

See Notes to Financial Statements

Year Ended July 31, 2025

Preferred Securities

and Income

Securitized Credit

Ultra Short

Municipal

INVESTMENT INCOME

Dividends

$

8,824

$

—

$

—

Interest

1,182,456

2,079,929

270,691

Securities lending income, net

7,340

—

—

Total investment income

1,198,620

2,079,929

270,691

EXPENSES

–

–

–

Shareholder servicing agent fees

543

1,163

808

Interest expense

1,657

591

Trustees fees

672

1,483

Custodian expenses

14,292

22,346

6,056

Registration fees

23,721

26,623

31,756

Professional fees

73,474

76,781

73,071

Shareholder reporting expenses

19,577

19,672

20,149

Other

5,554

6,088

4,101

Total expenses before fee waiver/expense reimbursement

139,490

154,747

136,315

Fee waiver/expense reimbursement

(137,850)

(154,179)

(136,315)

Net expenses

1,640

568

—

Net investment income (loss)

1,196,980

2,079,361

270,691

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

757,141

111,832

—

Net realized gain (loss)

757,141

111,832

–

Change in unrealized appreciation (depreciation) on:

Investments

(260,206)

(237,683)

—

Net change in unrealized appreciation (depreciation)

(260,206)

(237,683)

–

Net realized and unrealized gain (loss)

496,935

(125,851)

—

Net increase (decrease) in net assets from operations

$

1,693,915

$

1,953,510

$

270,691

Statement of Changes in Net Assets

See Notes to Financial Statements

Municipal Total Return

Core Impact Bond

Year Ended

7/31/25

Year Ended

7/31/24

Year Ended

7/31/25

Year Ended

7/31/24

OPERATIONS

Net investment income (loss)

$

67,221,787

$

60,784,656

$

811,848

$

406,928

Net realized gain (loss)

(22,486,214)

(19,242,817)

(120,042)

(516,667)

Net change in unrealized appreciation (depreciation)

(55,260,295)

26,827,234

60,662

666,388

Net increase (decrease) in net assets from operations

(10,524,722)

68,369,073

752,468

556,649

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(66,861,400)

(60,373,205)

(824,608)

(417,176)

Total distributions

(66,861,400)

(60,373,205)

(824,608)

(417,176)

FUND SHARE TRANSACTIONS

Subscriptions

511,103,453

620,670,921

10,284,905

—

Reinvestments of distributions

51,773,468

46,693,208

389,898

8,607

Redemptions

(549,374,314)

(593,848,373)

(380,271)

–

Net increase (decrease) from Fund share transactions

13,502,607

73,515,756

10,294,532

8,607

Net increase (decrease) in net assets

(63,883,515)

81,511,624

10,222,392

148,080

Net assets at the beginning of period

1,565,551,487

1,484,039,863

8,864,370

8,716,290

Net assets at the end of period

$

1,501,667,972

$

1,565,551,487

$

19,086,762

$

8,864,370

See Notes to Financial Statements

Emerging Markets Debt

High Yield

Year Ended

7/31/25

Year Ended

7/31/24

Year Ended

7/31/25

Year Ended

7/31/24

OPERATIONS

Net investment income (loss)

$

1,777,426

$

1,762,706

$

1,367,277

$

1,331,101

Net realized gain (loss)

415,897

200,624

311,667

203,370

Net change in unrealized appreciation (depreciation)

(281,505)

(19,849)

(205,512)

286,601

Net increase (decrease) in net assets from operations

1,911,818

1,943,481

1,473,432

1,821,072

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(2,106,533)

(1,919,930)

(1,754,152)

(1,330,002)

Total distributions

(2,106,533)

(1,919,930)

(1,754,152)

(1,330,002)

FUND SHARE TRANSACTIONS

Subscriptions

31,200

519,965

85,250

1,395,770

Reinvestments of distributions

45,196

38,859

158,526

110,058

Redemptions

(42,613)

(28,427)

(149,206)

(90,071)

Net increase (decrease) from Fund share transactions

33,783

530,397

94,570

1,415,757

Net increase (decrease) in net assets

(160,932)

553,948

(186,150)

1,906,827

Net assets at the beginning of period

28,056,618

27,502,670

18,037,207

16,130,380

Net assets at the end of period

$

27,895,686

$

28,056,618

$

17,851,057

$

18,037,207

See Notes to Financial Statements

#### Statement of Changes in Net Assets
(continued)

Preferred Securities and Income

Securitized Credit

Year Ended

7/31/25

Year Ended

7/31/24

Year Ended

7/31/25

Year Ended

7/31/24

OPERATIONS

Net investment income (loss)

$

1,196,980

$

1,169,694

$

2,079,361

$

1,460,907

Net realized gain (loss)

757,141

201,650

111,832

188,554

Net change in unrealized appreciation (depreciation)

(260,206)

855,041

(237,683)

340,757

Net increase (decrease) in net assets from operations

1,693,915

2,226,385

1,953,510

1,990,218

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(1,575,690)

(1,218,770)

(2,245,816)

(1,516,440)

Total distributions

(1,575,690)

(1,218,770)

(2,245,816)

(1,516,440)

FUND SHARE TRANSACTIONS

Subscriptions

50,540

1,180,279

17,751,079

4,665,291

Reinvestments of distributions

123,392

78,694

284,848

257,560

Redemptions

(78,487)

(49,184)

(1,284,933)

(217,359)

Net increase (decrease) from Fund share transactions

95,445

1,209,789

16,750,994

4,705,492

Net increase (decrease) in net assets

213,670

2,217,404

16,458,688

5,179,270

Net assets at the beginning of period

17,798,994

15,581,590

26,793,416

21,614,146

Net assets at the end of period

$

18,012,664

$

17,798,994

$

43,252,104

$

26,793,416

See Notes to Financial Statements

Ultra Short Municipal

Year Ended

7/31/25

For the period

2/29/24

(commencement of

operations)

through

7/31/24

OPERATIONS

Net investment income (loss)

$

270,691

$

137,969

Net increase (decrease) in net assets from operations

270,691

137,969

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(270,691)

(137,969)

Total distributions

(270,691)

(137,969)

FUND SHARE TRANSACTIONS

Subscriptions

3,000,000

10,000,000

Reinvestments of distributions

2,829

—

Redemptions

(3,002,829)

–

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

10,000,000

–

Net assets at the end of period

$

10,000,000

$

10,000,000

Financial Highlights

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

7/31/25

$

10.22 $

0.44 $

(0.50)

$

(0.06)

$

(0.44)

$

—

$

(0.44)

$

9.72 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 (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

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

(0

.69)

%

$

1,501,668

.05

%

.04

%

.01

%

—

(e) 4

.35

%

%

.08

1,565,551

.07

.07

—

(e) —

(e) 4

.10

(0

.19)

1,484,040

.11

.06

.04

—

(e) 3

.59

(9

.42)

1,477,295

.11

.05

.06

—

.81

.96

1,631,074

.10

.05

.05

—

(e) 2

.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

Core Impact Bond

7/31/25

$

7.87 $

0.39 $

(0.03)

$

0.36 $

(0.40)

$

—

$

(0.40)

$

7.83 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

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

.60

%

$

19,087

.54

%

—

(d) 5

.00

%

%

.70

8,864

.41

—

(d) 4

.72

.77

8,716

.56

(f) —

(f) 4

.26

(f) 46

(20

.41)

8,233

.16

—

(d) 3

.15

.17

10,338

.13

—

(d) 2

.39

(0

.77)

10,122

.99

(f) —

(f) 1

.13

(f) 113

(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

7/31/25

$

10.55 $

0.67 $

0.05 $

0.72 $

(0.67)

$

(0.12)

$

(0.79)

$

10.48 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

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

.14

%

$

27,896

.51

%

—

(d) 6

.40

%

%

.15

28,057

.53

—

(d) 6

.40

.93

27,503

.51

(f) —

(f) 6

.22

(f) 15

(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

7/31/25

$

10.41 $

0.79 $

0.06 $

0.85 $

(0.79)

$

(0.22)

$

(1.01)

$

10.25 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

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

.53

%

$

17,851

.83

%

—

(d) 7

.63

%

%

.69

18,037

.80

—

(d) 7

.57

.01

16,130

.87

(f) —

(f) 7

.19

(f) 16

(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

7/31/25

$

10.43 $

0.70 $

0.29 $

0.99 $

(0.71)

$

(0.21)

$

(0.92)

$

10.50 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

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

.90

%

$

18,013

.78

%

.01

%

.70

%

%

.85

17,799

.84

—

(d) 6

.90

.57

15,582

.79

(f) —

(f) 6

.76

(f) 10

(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

7/31/25

$

10.48 $

0.57 $

(0.04)

$

0.53 $

(0.56)

$

(0.06)

$

(0.62)

$

10.39 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

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

.15

%

$

43,252

.41

%

—

(d) 5

.52

%

%

.81

26,793

.54

—

(d) 5

.70

.82

21,614

.66

(f) —

(f) 5

.20

(f) 17

(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

Ultra Short Municipal

7/31/25

$

10.00 $

0.27 $

—

$

0.27 $

(0.27)

$

—

$

(0.27)

$

10.00 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

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

.71

%

$

10,000

.35

%

—

.67

%

—

%

.39

10,000

.91

(e) —

(e) 3

.28

(e) —

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, 2025, and the period covered by these Notes to Financial

Statements is the fiscal year ended July 31, 2025 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen.

Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolios of the Funds.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow 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 common share transactions. The NAV for financial reporting purposes includes security and

common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common

share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from

the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that

enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit:

As an alternative to overnight investments, Municipal Total Return has an arrangement with its custodian bank, State Street

Bank and Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on the Fund's cash on

deposit with the bank. Credits for cash balances may be offset by charges for any days on which the Fund overdraws its account at the Custodian.

The amount of custodian fee credit earned by the Fund is recognized on the Statement of Operations as a component of "Custodian expenses,

net". During the current fiscal 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

$

38,563

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 current fiscal period, Core Impact Bond, Emerging Markets Debt and Preferred Securities and Income are invested in non-U.S.

securities. The percentage of investments in non-U.S. securities for Emerging Markets Debt are included within the Fund's Portfolio of Investments.

As of the end of the current fiscal period, the percentage of investments in non-U.S. securities for Core Impact Bond and Preferred Securities are as

follows:

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may

be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that

exist in the markets in which the Funds invest.

Indemnifications:

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general

indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects

the risk of loss to be remote.

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

Core Impact Bond

Value

% of Total

Investments

Country:

Supranational

$

1,246,882

6.6 %

Canada

902,497

4. 8

Netherlands

454,448

2.4 Mauritius

259,245

1.4 United Kingdom

256,250

1.4 Germany

255,445

1.3 Ireland

253,806

1.3 Brazil

233,499

1.2 Sweden

203,914

1.1 Other

647,300

3. 4

Total non-U.S. Securities

$4,713,286

24.9%

Preferred Securities and Income

Value

% of Total

Investments

Country:

United Kingdom

$

2,646,358

14.1 %

Canada

2,038,536

10.8 France

1,767,968

9.4 Spain

880,573

4.7 Switzerland

756,878

4.0 Netherlands

457,628

2.4 Ireland

300,260

1.6 Germany

209,700

1.1 Japan

202,511

1.1 Other

198,341

1.0 Total non-U.S. Securities

$9,458,753

50.2%

#### Notes to Financial Statements
(continued)

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 current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280)

Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a

single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic

280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker ("CODM"). The CODM

monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with

the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial

information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's

comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's

financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and

expenses are listed on the Statement of Operations.

New Accounting Pronouncement

: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax

disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness

of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09

are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the

financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price

or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade

on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to

U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when

the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in

accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no

valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price

or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to

value them:

Municipal Total Return

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

1,440,832,347

$

–

$

1,440,832,347

Short-Term Investments:

Municipal Bonds

–

2,650,000

–

2,650,000

Total

$

–

$

1,443,482,347

$

–

$

1,443,482,347

Core Impact Bond

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

854,410

$

–

$

854,410

Corporate Bonds

–

8,442,507

–

8,442,507

Mortgage-Backed Securities

–

4,643,354

–

4,643,354

Municipal Bonds

–

3,221,325

–

3,221,325

Sovereign Debt

–

1,560,586

–

1,560,586

U.S. Government and Agency Obligations

–

208,459

–

208,459

Total

$

–

$

18,930,641

$

–

$

18,930,641

Emerging Markets Debt

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

13,002,902

$

–

$

13,002,902

Sovereign Debt

–

13,839,490

–

13,839,490

Investments Purchased with Collateral from Securities

Lending

1,093,123

–

–

1,093,123

Total

$

1,093,123

$

26,842,392

$

–

$

27,935,515

High Yield

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

17,246,013

$

–

$

17,246,013

Exchange-Traded Funds

177,905

–

–

177,905

Investments Purchased with Collateral from Securities

Lending

1,217,254

–

–

1,217,254

Total

$

1,395,159

$

17,246,013

$

–

$

18,641,172

Preferred Securities and Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

17,504,007

$

83,425

$

17,587,432

U.S. Government and Agency Obligations

–

303,448

–

303,448

Investments Purchased with Collateral from Securities

Lending

939,242

–

–

939,242

Total

$

939,242

$

17,807,455

$

83,425

$

18,830,122

Securitized Credit

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

7,819,821

$

–

$

7,819,821

Corporate Bonds

–

256,325

–

256,325

Mortgage-Backed Securities

–

34,772,591

–

34,772,591

Total

$

–

$

42,848,737

$

–

$

42,848,737

(continued)

Municipal Total Return hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of

the Fund's liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and

further described in these Notes to Financial Statements.

4. Portfolio Securities

Inverse Floating Rate Securities:

Municipal Total Return is authorized to invest in inverse floating rate securities. An inverse floating rate security

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.

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 current fiscal period are recognized as components of "Receivable for interest" and "Payable for interest" on the Statement of Assets

and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the

Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets

and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related

borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the

Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not

show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of

the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the current fiscal 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:

Ultra Short Municipal

Level 1

Level 2

Level 3

Total

Short-Term Investments:

Municipal Bonds

–

9,660,000

–

9,660,000

Total

$

–

$

9,660,000

$

–

$

9,660,000

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average

annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

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

current fiscal 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 current fiscal period, the Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters

and externally-deposited Inverse Floaters was as follows:

Securities Lending:

Each Fund (except for Municipal Total Return 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. The market value of securities loaned is determined at the close of business of

the Funds and any additional required collateral is delivered to the Funds on the next business day. 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

Fund

Floating Rate

Obligations: Self-

Deposited

Inverse Floaters

Floating Rate

Obligations:

Externally-Deposited

Inverse Floaters

Total

Municipal Total Return

$

19,680,000

$

—

$

19,680,000

Fund

Average Floating

Rate Obligations

Outstanding

Average Annual

Interest Rate

And Fees

Municipal Total Return

$

2,144,466

2.91 %

Fund

Maximum Exposure

to Recourse Trusts:

Self-Deposited

Inverse Floaters

Maximum Exposure

to Recourse Trusts:

Externally-Deposited

Inverse Floaters

Total

Municipal Total Return

$

19,680,000

$

—

$

19,680,000

(continued)

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 fiscal 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 current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

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.

Aggregate Value of Securities on Loan

Fund

Equity

Securities

Fixed Income

Securities

Cash Collateral

Received\*

Emerging Markets Debt

$–

$1,057,852

$1,093,123

High Yield

176,126

990,248

1,217,254

Preferred Securities and Income

–

914,842

939,242

\*May include cash and investment of cash collateral.

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

U.S.

Government

Sales

Municipal Total Return

$

723,039,579

$

—

$

724,184,818

$

—

Core Impact Bond

10,274,372

12,361,542

3,232,470

8,912,244

Emerging Markets Debt

10,560,044

—

10,877,899

—

High Yield

12,353,699

—

12,894,903

—

Preferred Securities and Income

7,693,620

—

7,907,081

—

Securitized Credit

12,427,467

19,706,406

4,827,243

8,660,046

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Year Ended

7/31/25

Year Ended

7/31/24

Municipal Total Return

Shares

Value

Shares

Value

Subscriptions

50,957,461

$511,103,453

61,510,020

$620,670,921

Reinvestments of distributions

5,149,220

51,773,468

4,632,941

46,693,208

Redemptions

(54,748,624)

(549,374,314)

(59,490,974)

(593,848,373)

Net increase (decrease)

1,358,057

$13,502,607

6,651,987

$73,515,756

Year Ended

7/31/25

Year Ended

7/31/24

Core Impact Bond

Shares

Value

Shares

Value

Subscriptions

1,310,042

$10,284,905

—

$—

Reinvestments of distributions

49,850

389,898

1,121

8,607

Redemptions

(48,626)

(380,271)

—

—

Net increase (decrease)

1,311,266

$10,294,532

1,121

$8,607

Year Ended

7/31/25

Year Ended

7/31/24

Emerging Markets Debt

Shares

Value

Shares

Value

Subscriptions

2,890

$31,200

50,141

$519,965

Reinvestments of distributions

4,350

45,196

3,744

38,859

Redemptions

(4,102)

(42,613)

(2,711)

(28,427)

Net increase (decrease)

3,138

$33,783

51,174

$530,397

Year Ended

7/31/25

Year Ended

7/31/24

High Yield

Shares

Value

Shares

Value

Subscriptions

8,096

$85,250

139,005

$1,395,770

Reinvestments of distributions

15,389

158,526

10,782

110,058

Redemptions

(14,484)

(149,206)

(8,752)

(90,071)

Net increase (decrease)

9,001

$94,570

141,035

$1,415,757

Year Ended

7/31/25

Year Ended

7/31/24

Preferred Securities and Income

Shares

Value

Shares

Value

Subscriptions

4,804

$50,540

119,891

$1,180,279

Reinvestments of distributions

11,828

123,392

7,768

78,694

Redemptions

(7,523)

(78,487)

(4,817)

(49,184)

Net increase (decrease)

9,109

$95,445

122,842

$1,209,789

Year Ended

7/31/25

Year Ended

7/31/24

Securitized Credit

Shares

Value

Shares

Value

Subscriptions

1,701,059

$17,751,079

457,044

$4,665,291

Reinvestments of distributions

27,350

284,848

25,030

257,560

Redemptions

(123,687)

(1,284,933)

(21,036)

(217,359)

Net increase (decrease)

1,604,722

$16,750,994

461,038

$4,705,492

Year Ended

7/31/25

For the Period

February 29, 2024

(commencement of operations)

through July 31, 2024

Ultra Short Municipal

Shares

Value

Shares

Value

Subscriptions

300,000

$3,000,000

1,000,000

$10,000,000

Reinvestments of distributions

2,829

—

—

Redemptions

(300,283)

(3,002,829)

—

—

Net increase (decrease)

—

$—

1,000,000

$10,000,000

(continued)

Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period July 1, 2025 through July 31, 2025 and

paid on August 1, 2025.

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 bond premium amortization adjustments, complex securities character

adjustments, distribution reallocations, paydowns, and taxable market discount. Temporary and permanent differences have no impact on a Fund's

net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as

follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

The tax character of distributions paid was as follows:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Municipal Total Return

$

1,459,293,774

$

5,645,679

$

(41,137,106)

$

(35,491,427)

Core Impact Bond

19,974,594

168,663

(1,212,617)

(1,043,954)

Emerging Markets Debt

27,148,969

967,850

(181,305)

786,545

High Yield

18,350,651

454,638

(164,117)

290,521

Preferred Securities and Income

18,429,678

882,543

(482,099)

400,444

Securitized Credit

42,231,480

725,748

(108,491)

617,257

Ultra Short Municipal

9,660,000

—

—

—

Fund

Undistributed

Tax-Exempt

Income

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

$

7,045,904

$

98,734

$

—

$

(35,491,427)

$

(189,237,204)

$

—

$

(5,649,070)

$

(223,233,063)

Core Impact

Bond

—

83,855

—

(1,043,954)

(1,295,682)

—

(81,180)

(2,336,961)

Emerging

Markets Debt

—

167,213

248,947

786,545

—

—

—

1,202,705

High Yield

—

176,075

67,543

290,521

—

—

(112,639)

421,500

Preferred

Securities and

Income

—

—

574,412

400,444

—

—

(103,781)

871,075

Securitized

Credit

—

525,349

—

617,257

—

(151,170)

(187,492)

803,944

Ultra Short

Municipal

18,003

—

—

—

—

—

(18,003)

—

Each Fund designates these amounts paid during the period as Exempt Interest Dividends.

Each Fund designates these amounts paid during the period as Exempt Interest Dividends.

As of year end, the Funds had capital loss carryforwards, which will not expire:

A portion of Core Impact Bond's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

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.

Affiliated Owned Shares:

As of the end of the current fiscal period, the percentage of Fund shares owned by affiliates was 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 current fiscal period, the Funds did not have any

unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable.

7/31/25

7/31/24

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital Gains

Municipal Total Return

$

66,851,114

$

10,286

$

—

$

60,305,606

$

67,599

$

—

Core Impact Bond

—

824,608

—

—

417,176

—

Emerging Markets Debt

—

1,842,456

264,077

—

1,919,930

—

High Yield

—

1,472,015

282,137

—

1,330,002

—

Preferred Securities and Income

—

1,243,751

331,939

—

1,218,770

—

Securitized Credit

—

2,045,521

200,295

—

1,516,440

—

7/31/25

For the period 2/29/24 (commencement of

operations) through 7/31/24

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital Gains

Ultra Short Municipal

$

270,691

$

—

$

—

$

137,969

$

—

$

—

Fund

Short-Term

Long-Term

Total

Municipal Total Return

$

49,972,224

$

139,264,980

$

189,237,204

Core Impact Bond

296,275

999,407

1,295,682

Emerging Markets Debt

—

—

—

High Yield

—

—

—

Preferred Securities and Income

—

—

—

Securitized Credit

—

—

—

Ultra Short Municipal

—

—

—

Underlying Fund

TIAA

Total

Municipal Total Return

–%

–%

Core Impact Bond

Emerging Markets Debt

High Yield

Preferred Securities and Income

Securitized Credit

Ultra Short Municipal

(continued)

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 current fiscal period, the Funds are not subject to any material legal

proceedings.

10. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser ("Participating Funds"), have

established a 364-day, $2.7 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 2026, unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher

of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts

borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the

Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest

expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the

relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each

Participating Fund.

During the current fiscal period, the Funds utilized this facility. The following Funds' maximum outstanding balance during the utilization period was

as follows:

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on

the Borrowings were as follows:

Borrowings outstanding as of the end of the current fiscal 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

399,521

High Yield

—

Preferred Securities and Income

—

Securitized Credit

1,568,561

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

399,521

5.53 High Yield

—

—

—

Preferred Securities and Income

—

—

—

Securitized Credit

1,568,561

5.53 Ultra Short Municipal

—

—

—

Important Tax Information

#### (U

#### naudited)
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

264,077

High Yield

282,137

Preferred Securities and Income

331,939

Securitized Credit

200,295

Ultra Short Municipal

—

Fund

Percentage

Municipal Total Return

–

%

Core Impact Bond

.7

Emerging Markets Debt

–

High Yield

–

Preferred Securities and Income

.1

Securitized Credit

–

Ultra Short Municipal

–

Fund

Percentage

Municipal Total Return

–

%

Core Impact Bond

.9

Emerging Markets Debt

–

High Yield

–

Preferred Securities and Income

.8

Securitized Credit

–

Ultra Short Municipal

–

#### Important Tax Information
(continued)

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

.0

.8

Emerging Markets Debt

.1

.3

High Yield

.1

.4

Preferred Securities and Income

.

.9

Securitized Credit

.8

.0

Ultra Short Municipal

—

—

Fund

Percentage

Municipal Total Return

–

%

Core Impact Bond

.9

Emerging Markets Debt

.9

High Yield

.1

Preferred Securities and Income

.9

Securitized Credit

.6

Ultra Short Municipal

–

------

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

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

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

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

#### 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 Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nuveen Managed Accounts Portfolios Trust approved, for each applicable series thereof, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"). Similarly, for each such series, the Board approved the renewal of the sub-advisory agreement (each a "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Sub-Adviser is also an affiliate of the Adviser. 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. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the "Funds").

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. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively, the "Fund Advisers" and each a "Fund Adviser."

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or the "funds"). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual 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; a review of the Sub-Adviser 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; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements 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 in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. 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 and independent legal counsel met again in executive session on April 17, 2025 (together

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** (continued) <br>

with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their 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.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) 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 this approach, they considered the roles of the Adviser 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 Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

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 Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

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 Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board 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, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided

------

by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. 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 to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates 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, and expertise. 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 Nuveen 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.

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

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

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to a benchmark for the prescribed periods. (In addition, although the boards governing the Nuveen funds and/or their investment committees generally also considered fund performance as compared to the performance of comparable funds ("performance peer groups"), given their unique nature, the Funds do not have performance peer groups available.) Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to a benchmark for the prescribed periods.

The Board 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 particular focus on management's analysis of the performance of funds that met certain screening 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.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, 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 regardless of the performance period reviewed by the Board, 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. With respect to comparative performance, the Board considered that differences in the investment objective(s) and strategies of a fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would contribute to differences in performance results.

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 performance peer group, as applicable, 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.

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**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** (continued) <br>

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, 2024, the Fund outperformed its benchmark for the one-year period ended December 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 period ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 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 period ended December 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 outperformed its benchmark for the one-year period ended December 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 benchmark, the Board considered that the Fund outperformed its benchmark for the one-year period ended December 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 period ended December 31, 2024. The Board, however, considered that the Fund's performance history was too short to make a meaningful assessment of performance.

• For Nuveen Ultra Short Municipal Managed Accounts Portfolio, the Board considered that the Fund was new with a performance history 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, an independent fund data provider did not provide a comparative peer analysis 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. The 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 and Nuveen Ultra Short Municipal 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 each of the other Funds, the managed account management fee paid to the Adviser represented an implied management fee for managing such Fund and an implied management fee for managing individual securities.

With respect to each Fund, based on its review of the information provided, the Board considered the Fund's unique structure in which the Fund does not have a management fee and the Adviser pays nearly all the Fund's expenses, and the Board determined the arrangement was reasonable.

**2.** **Comparisons with the Fees of Other Clients** 

The Board also considered that the Adviser, Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types

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of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. 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. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the 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 concluded that the varying levels of fees were reasonable given the foregoing. However, with respect to the Funds, given that the Funds are sold via separately managed accounts, the Board considered that they 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 the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers) from its relationship with the funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds).

In reviewing 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. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, 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. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. 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 investments the Adviser, its parent and/or other affiliates made into their business.

The Board Members also considered the indirect benefits the Adviser or 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 the Adviser's (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable funds was not unreasonable 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, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board 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 a variety of 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 funds for the fees paid.

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**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** (continued) <br>

The boards governing the Nuveen funds have considered that the management fee of the Adviser generally is comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. 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 applicable to a fund (if any). The Board considered that such waivers and reimbursements 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, the Adviser pays nearly all of each Fund's expenses.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time, 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 for participating funds.

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. 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. Certain 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-adviser 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 considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) 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.

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

Not applicable to open-end investment companies.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.

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**Item 16.** **Controls and Procedures.** <br>

(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.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

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

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

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

(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.

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| | |
|:---|:---|
| (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.](d949669dex99cert.htm)  |

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(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.](d949669dex99906cert.htm)

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#### 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.

<u>Nuveen Managed Accounts Portfolios Trust</u> 

---

| | | |
|:---|:---|:---|
| Date: October 3, 2025 | 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 3, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: October 3, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: October 3, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: October 3, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of Nuveen Managed Accounts Portfolios Trust (the "Registrant") on Form N-CSR for the period ended July 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

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

---

| | | |
|:---|:---|:---|
| Date: October 3, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: October 3, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---