# EDGAR Filing Document

**Accession Number:** 0001390204
**File Stem:** 0001193125-26-139278
**Filing Date:** 2026-4
**Character Count:** 311360
**Document Hash:** dddf5432994f9495fe87b2065f05119f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-139278.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0001193125-26-139278

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**EFFECTIVENESS DATE**: 20260402

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22023
- **FILM NUMBER:** 26831212

**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   <u>811-22023</u>

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>January 31, 2026</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](g907841g1g19w55.jpg) | Semi-Annual Shareholder Report <br>January 31, 2026  |

---

Municipal Total Return Managed Accounts Portfolio

NMTRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Municipal Total Return Managed Accounts Portfolio for the period of August 1, 2025 to January 31, 2026. 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.

What were the Fund costs for the last six months? (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 | $4 | 0.07% |

---

\* 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.

Fund Statistics (as of January 31, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $1542337206 |
|  Total number of portfolio holdings | 659 |
|  Portfolio turnover (%) | 21% |

---

1 continued>>

------

What did the Fund invest in? (as of January 31, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m01.jpg)

![LOGO](g907841g1g45m02.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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67073H103_SAR_0126<br> 5190233 | ![LOGO](g907841g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907841g1g19w55.jpg) | Semi-Annual Shareholder Report <br>January 31, 2026  |

---

Nuveen Core Impact Bond Managed Accounts Portfolio

NCIRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Core Impact Bond Managed Accounts Portfolio for the period of August 1, 2025 to January 31, 2026. 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.

What were the Fund costs for the last six months? (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.

Fund Statistics (as of January 31, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $19340968 |
|  Total number of portfolio holdings | 131 |
|  Portfolio turnover (%) | 14% |

---

1 continued>>

------

What did the Fund invest in? (as of January 31, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m04.jpg)

![LOGO](g907841g1g45m05.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes 1.6% of $1,000 Par Preferred and/or Contingent Capital 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67073H400_SAR_0126<br> 5190245 | ![LOGO](g907841g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907841g1g19w55.jpg) | Semi-Annual Shareholder Report <br>January 31, 2026  |

---

Nuveen Emerging Markets Debt Managed Accounts Portfolio

NEMDX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Emerging Markets Debt Managed Accounts Portfolio for the period of August 1, 2025 to January 31, 2026. 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.

What were the Fund costs for the last six months? (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.

Fund Statistics (as of January 31, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $28367601 |
|  Total number of portfolio holdings | 126 |
|  Portfolio turnover (%) | 24% |

---

1 continued>>

------

What did the Fund invest in? (as of January 31, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m06.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m07.jpg)

![LOGO](g907841g1g45m08.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes 6.4% of $1,000 Par Preferred and/or Contingent Capital 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67073H509_SAR_0126<br> 5190259 | ![LOGO](g907841g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907841g1g19w55.jpg) | Semi-Annual Shareholder Report <br>January 31, 2026  |

---

Nuveen High Yield Managed Accounts Portfolio

NMYHX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen High Yield Managed Accounts Portfolio for the period of August 1, 2025 to January 31, 2026. 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.

What were the Fund costs for the last six months? (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.

Fund Statistics (as of January 31, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $19465836 |
|  Total number of portfolio holdings | 260 |
|  Portfolio turnover (%) | 22% |

---

1 continued>>

------

What did the Fund invest in? (as of January 31, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m09.jpg)

![LOGO](g907841g1g45m10.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes 0.3% of $1,000 Par Preferred and/or Contingent Capital Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67073H608_SAR_0126<br> 5190277 | ![LOGO](g907841g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907841g1g19w55.jpg) | Semi-Annual Shareholder Report <br>January 31, 2026  |

---

Nuveen Preferred Securities and Income Managed Accounts Portfolio

NISPX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Preferred Securities and Income Managed Accounts Portfolio for the period of August 1, 2025 to January 31, 2026. 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.

What were the Fund costs for the last six months? (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 | $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.

Fund Statistics (as of January 31, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $18021129 |
|  Total number of portfolio holdings | 96 |
|  Portfolio turnover (%) | 14% |

---

1 continued>>

------

What did the Fund invest in? (as of January 31, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m11.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m12.jpg)

![LOGO](g907841g1g45m13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes 92.2% of $1,000 Par Preferred and/or Contingent Capital 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67073H707_SAR_0126<br> 5190291 | ![LOGO](g907841g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907841g1g19w55.jpg) | Semi-Annual Shareholder Report <br>January 31, 2026  |

---

Nuveen Securitized Credit Managed Accounts Portfolio

NNSDX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Securitized Credit Managed Accounts Portfolio for the period of August 1, 2025 to January 31, 2026. 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.

What were the Fund costs for the last six months? (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.

Fund Statistics (as of January 31, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $53560006 |
|  Total number of portfolio holdings | 202 |
|  Portfolio turnover (%) | 22% |

---

1 continued>>

------

What did the Fund invest in? (as of January 31, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m14.jpg)

![LOGO](g907841g1g45m15.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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67073H806_SAR_0126<br> 5190301 | ![LOGO](g907841g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907841g1g19w55.jpg) | Semi-Annual Shareholder Report <br>January 31, 2026  |

---

Nuveen Ultra Short Municipal Managed Accounts Portfolio

NUSMX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Ultra Short Municipal Managed Accounts Portfolio for the period of August 1, 2025 to January 31, 2026. 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.

What were the Fund costs for the last six months? (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.

Fund Statistics (as of January 31, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $10000000 |
|  Total number of portfolio holdings | 33 |
|  Portfolio turnover (%) | 0% |

---

1 continued>>

------

What did the Fund invest in? (as of January 31, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g907841g1g45m16.jpg)

![LOGO](g907841g1g88a01.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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 67073H889_SAR_0126<br> 5190316 | ![LOGO](g907841g1g85u20.jpg) |

---

2.0 ------

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

Not applicable to this filing.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

------

**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>

------

#### Portfolio of Investments January 31, 2026

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

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.9%

1541434846

MUNICIPAL BONDS - 99.9%

1541434846

ALABAMA - 1.0%

$

2,500,000

Alabama Community College System Board of Trustees,

Revenue Bonds, Coastal Alabama Community College Series

2025 - BAM Insured

.000

%

10/01/50

$

2,576,899

1,155,000

(a),(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

1,181,252

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

1,059,425

50,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/34

56,961

250,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/35

282,609

525,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/38

582,143

400,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.000

10/01/39

440,526

1,000,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/40

1,110,511

250,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/41

275,111

200,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/42

217,841

75,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/45

79,325

1,590,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.250

10/01/49

1,653,054

1,455,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

.500

10/01/53

1,527,149

1,415,000

Madison Water and Wastewater Board, Alabama, Water and

Sewer Revenue Bonds, Series 2023

.250

12/01/48

1,501,050

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

1,220,700

1,250,000

Walker County Board of Education, Alabama, Special School

Tax Warrants, Series 2025

.000

03/01/47

1,294,653

TOTAL ALABAMA

15,059,209

ALASKA - 0.3%

1,030,000

Alaska Municipal Bond Bank, General Obligation Bonds, Three

Series 2023, (AMT)

.250

12/01/38

1,143,381

1,145,000

Alaska Municipal Bond Bank, General Obligation Bonds, Three

Series 2023, (AMT)

.250

12/01/40

1,253,281

2,310,000

Anchorage, Alaska, Solid Waste Services Revenue Bonds,

Refunding Series 2022A

.500

11/01/41

2,599,410

TOTAL ALASKA

4,996,072

ARIZONA - 1.9%

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

472,257

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

1,660,168

1,025,000

Maricopa County and Phoenix City Industrial Development

Authority, Arizona, Single Family Mortgage Revenue Bonds,

Series 2024C

.750

09/01/49

1,030,077

1,605,000

(b) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Sun Valley Academy, Series 2024A

.250

07/01/44

1,651,760

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

5,000,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

.000

%

07/01/47

$

5,059,873

3,785,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Junior Lien Series 2023

.250

07/01/47

4,074,152

5,025,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Great Hearts Academies Project, Series

2014A

.000

07/01/44

5,025,250

410,000

(b) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, San Tan Montessori School

Project, Series 2017

.750

02/01/50

410,327

3,300,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2023A

.000

01/01/47

3,467,283

2,855,000

(c) Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2025, (UB)

.000

01/01/51

2,987,099

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

1,547,370

1,380,000

(b) Yavapai County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Agribusiness and Equine

Center Inc Project, Refunding Series 2015A

.000

09/01/34

1,380,550

TOTAL ARIZONA

28,766,166

ARKANSAS - 0.6%

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

1,336,822

1,800,000

Arkansas Development Finance Authority, Revenue Bonds,

Baptist Memorial Health Care, Refunding Series 2020B-1

.000

09/01/36

1,878,614

2,015,000

Arkansas Tech University, Revenue Bonds, Refunding Student

Fee Series 2022A - BAM Insured

.000

12/01/42

2,081,674

1,555,000

Fort Smith, Arkansas, Sales and Use Tax Revenue Bonds, Series

2025

.250

11/01/55

1,627,745

850,000

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

2025 - BAM Insured

.500

06/01/46

843,554

1,000,000

Pulaski County, Arkansas, Hospital Revenue Bonds, Arkansas

Children's Hospital, Series 2023

.000

03/01/41

1,072,793

TOTAL ARKANSAS

8,841,202

CALIFORNIA - 2.9%

250,000

Burbank-Glendale-Pasadena Airport Authority, California,

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

.250

07/01/42

275,340

100,000

(b) California Municipal Finance Authority Charter School Revenue

Bonds, River Charter Schools Project, Series 2018A

.500

06/01/38

100,170

1,500,000

(b) California Municipal Finance Authority, Charter School

Revenue Bonds, Palmdale Aerospace Academy Project, Series

2018A

.000

07/01/38

1,505,314

600,000

(b) California Municipal Finance Authority, Educational Facilities

Revenue Bonds, Westside Neighborhood School Project,

Series 2024

.500

06/15/39

643,121

315,000

(b) California Municipal Finance Authority, Educational Facilities

Revenue Bonds, Westside Neighborhood School Project,

Series 2024

.900

06/15/44

333,861

3,000,000

California Municipal Finance Authority, Revenue Bonds,

Eisenhower Medical Center, Refunding Series 2017A

.000

07/01/47

2,997,684

6,000,000

California Municipal Finance Authority, Revenue Bonds, Linxs

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

.000

12/31/38

6,125,162

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

331,827

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

331,217

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

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

$

4,003,175

2,000,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

.875

06/01/39

2,047,377

1,305,000

California Public Finance Authority, Senior Living Revenue

Bonds, The James, Senior Series 2024A

.375

06/01/59

1,247,888

1,000,000

(b) California School Finance Authority, Charter School Revenue

Bonds, Envision Education, Series 2024A

.000

06/01/44

957,828

1,815,000

California State, General Obligation Bonds, Various Purpose

Refunding Series 2025

.000

08/01/35

2,207,310

3,900,000

(b) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

.000

12/01/36

3,917,201

280,000

(b) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

.000

12/01/46

280,129

750,000

California Statewide Community Development Authority,

Health Revenue Bonds, Enloe Medical Center, Refunding

Series 2022A - AGM Insured

.125

08/15/47

764,550

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

1,409,560

1,500,000

Irvine, California, Special Tax Bonds, Community Facilities

District 2013-3 Great Park, Improvement Area 4, Series 2016

.000

09/01/41

1,457,339

50,000

Long Beach Bond Finance Authority, California, Natural Gas

Purchase Revenue Bonds, Series 2007A

.000

11/15/35

57,662

1,200,000

Rancho Mirage, California, Special Tax Bonds, Community

Facilities District 5 Section 31, Improvement Area 1 Series

2024A

.000

09/01/44

1,232,030

1,000,000

Sacramento County, California, Airport System Revenue Bonds,

Senior Series 2025A, (AMT)

.000

07/01/38

1,124,802

1,900,000

San Diego County Regional Airport Authority, California,

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

.250

07/01/41

2,146,562

1,780,000

San Diego County Regional Airport Authority, California,

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

.250

07/01/42

1,987,238

1,500,000

San Diego County Regional Airport Authority, California,

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

.250

07/01/43

1,652,950

3,000,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2023C, (AMT)

.500

05/01/38

3,409,375

1,550,000

University of California, General Revenue Bonds, Series

2025CD

.250

05/15/40

1,929,360

TOTAL CALIFORNIA

44,476,032

COLORADO - 8.0%

4,000,000

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

Obligation Bonds, Series 2025

.250

12/15/44

4,435,880

1,170,000

Adams and Arapahoe Counties Joint School District 28J,

Aurora, Colorado, General Obligation Bonds, Series 2025

.500

12/01/46

1,307,617

1,000,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2021

.250

12/01/41

923,755

500,000

(b) Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2024

.500

12/01/44

508,934

2,500,000

(b) Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2024

.750

12/01/54

2,492,061

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

1,677,987

2,250,000

Aurora Crossroads Metropolitan District 2, Colorado, Limited

Tax General Obligation Bonds, Series 2025A-3

.125

12/01/55

2,223,198

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

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

$

548,378

250,000

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle

County, Colorado, General Obligation Limited Tax Refunding

Series 2025

.000

12/01/37

272,047

500,000

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle

County, Colorado, General Obligation Limited Tax Refunding

Series 2025

.000

12/01/50

515,553

575,000

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle

County, Colorado, General Obligation Limited Tax Refunding

Series 2025

.000

12/01/55

583,803

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

497,158

692,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

.000

12/01/53

672,509

2,450,000

Centennial Water and Sanitation District, Douglas County,

Colorado, Water and Wastewater Revenue Bonds, Series 2024

.250

12/01/53

2,602,881

1,890,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2024A - AGM Insured

.500

12/01/54

2,023,920

1,000,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2025A

.250

12/01/44

1,096,359

1,500,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2025A

.250

12/01/45

1,626,016

500,000

(b) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.000

07/01/36

500,228

350,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

.000

12/01/33

350,282

845,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

.000

12/01/42

844,963

1,555,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series

2016A

.000

11/15/41

1,561,387

4,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/44

4,106,921

1,155,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/36

1,301,634

5,800,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/52

5,938,072

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2025A

.000

09/01/35

1,157,498

870,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Craig Hospital Project, Immediate Delivery Series 2022A

.000

12/01/52

877,865

1,220,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Craig Hospital Project, Series 2025A

.250

12/01/50

1,260,486

4,050,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2022A

.000

05/15/52

3,679,386

4,000,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/48

4,268,874

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

496,958

2,902,235

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

1,874,955

725,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

.875

12/01/34

735,187

550,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

.200

12/01/39

552,993

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,725,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

%

11/15/34

$

2,012,997

805,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

11/15/35

932,681

700,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2023B, (AMT)

.500

11/15/40

782,721

3,000,000

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

Colorado), Tap Fee Revenue Bonds, Series 2022A

.750

12/01/34

3,048,894

300,000

Fiddler's Business Improvement District, Colorado, Limited Tax

General Obligation Bonds, Greenwood Village Project, Series

2022

.550

12/01/47

303,937

500,000

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

Special Assessment Revenue Bonds, Special Improvement

District 1, Series 2024

.450

12/01/44

503,226

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

493,427

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

1,078,149

675,000

Hunters Overlook Metropolitan District 5, Severance, Weld

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024

.000

12/01/49

693,265

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

2,022,649

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

2,706,227

500,000

Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso

County, Colorado, General Obligation Limited Tax Bonds,

Series 2022

.250

12/01/37

523,657

4,000,000

Mesa County Valley School District 51, Grand Junction,

Colorado, General Obligation Bonds, Series 2025

.250

12/01/49

4,290,979

500,000

(b) Mineral Business Improvement District, Arapahoe County,

Colorado, General Obligation and Special Revenue Bonds,

Limited Tax Series 2024A

.750

12/01/54

493,571

750,000

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

Colorado, General Obligation Bonds, Limited Tax Series 2024

.000

12/01/54

740,597

1,000,000

Park Creek Metropolitan District, Colorado, Revenue Bonds,

Senior Limited Property Tax, Refunding and Improvement

Series 2025

.000

12/01/40

1,087,257

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

1,345,205

1,035,000

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

Increment Revenue Bonds, Refunding Series 2013

.000

12/01/40

1,035,490

4,000,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding

& Improvement Series 2017

.000

12/01/42

4,056,671

1,400,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023

- AGM Insured

.000

12/01/38

1,531,434

690,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023

- AGM Insured

.000

12/01/43

724,823

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

1,434,924

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

637,389

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,173,387

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

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Series 2024

.875

%

12/01/44

$

1,128,143

1,345,000

Silverstone Metropolitan District 3, Weld County, Colorado,

General Obligation and Special Revenue Bonds, Limited Tax

Series 2023

.750

12/01/45

1,372,036

835,000

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

Colorado, Limited Tax General Obligation Bonds, Winter Park

Series 2025A

.125

12/01/55

856,825

2,950,000

South Aurora Regional Improvement Authority, Aurora,

Colorado, Special Revenue Bonds, Refunding Improvement

Series 2025

.750

12/01/55

3,012,104

3,000,000

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

Reservation, Colorado, General Obligation Bonds, Series

2025A

.000

04/01/35

3,321,874

500,000

(b),(d)

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

General Obligation Bonds, Firestone Convertible Capital

Appreciation Limited Tax Series 2024A

.000

09/20/54

364,533

2,060,000

State of Colorado, Rural Colorado, Certificates of Participation,

Series 2022

.000

12/15/39

2,416,473

7,870,000

State of Colorado, Rural Colorado, Certificates of Participation,

Series 2022

.000

12/15/40

9,178,817

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

1,042,712

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

1,010,788

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

602,647

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

906,622

5,250,000

Vale, Colorado, Certificates of Participation, Series 2025

.500

12/01/64

5,607,231

500,000

(d) 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

375,865

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

944,512

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

1,253,530

1,000,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

.750

12/01/52

1,003,567

2,870,000

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

General Obligation Limited Tax Bonds, Series 2024A-2

.000

12/01/54

1,878,922

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

998,243

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

708,784

TOTAL COLORADO

123,980,143

CONNECTICUT - 0.1%

775,000

University of Connecticut, General Obligation Bonds, Series

2023A

.000

08/15/41

858,568

TOTAL CONNECTICUT

858,568

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

DELAWARE - 0.3%

$

375,000

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

Shores Special Development District, Series 2024

.250

%

07/01/44

$

377,289

2,500,000

Delaware Health Facilities Authority, Revenue Bonds, Beebe

Medical Center Project, Series 2018 - BAM Insured

.000

06/01/48

2,506,677

710,000

Delaware State Housing Authority, Senior Single Family

Mortgage Revenue Bonds, Series 2024A

.625

07/01/49

710,013

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

762,740

TOTAL DELAWARE

4,356,719

DISTRICT OF COLUMBIA - 0.7%

4,400,000

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

Revenue Bonds, Subordinate Lien Refunding Green Series

2025B, (UB)

.250

10/01/50

4,689,307

4,645,000

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

Revenue Bonds, Subordinate Lien Refunding Green Series

2025B, (UB)

.250

10/01/54

4,932,645

1,240,000

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

DC Issue, Series 2019

.000

07/01/44

1,119,700

TOTAL DISTRICT OF COLUMBIA

10,741,652

FLORIDA - 11.9%

1,000,000

Babcock Ranch Community Independent Special District,

Charlotte County, Florida, Special Assessment Bonds, 2022

Project Series 2022

.000

05/01/42

1,020,600

1,495,000

Bay County School Board, Florida, Certificates of Participation,

Series 2022A

.500

07/01/42

1,629,375

2,000,000

Brevard County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Health First Obligated Group, Series 2022A

.000

04/01/52

2,018,329

4,100,000

Broward County School District, Florida, General Obligation

Bonds, School Series 2022

.000

07/01/47

4,268,427

1,000,000

Broward County, Florida, Port Facilities Revenue Bonds, Series

2022, (AMT)

.250

09/01/47

1,034,182

4,890,000

Canaveral Port Authority, Florida, Port Improvement Revenue

Refunding Bonds, Series 2018B

.000

06/01/48

4,935,926

1,000,000

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

2023 - BAM Insured

.250

10/01/48

1,062,072

2,095,000

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

School Project, Series 2019

.000

07/01/54

1,917,755

2,010,000

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

Mason Classical Academy Project Series 2024A

.000

06/01/39

2,045,295

1,525,000

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

Mason Classical Academy Project Series 2024A

.000

06/01/44

1,477,984

1,270,000

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

Bonds, Babcock Neighborhood School Inc Project, Series 2024

.750

08/15/49

1,234,040

500,000

(b) Charlotte County Industrial Development Authority, Florida,

Utility System Revenue Bonds, Town & Country Utilities Project,

Series 2025, (AMT)

.125

10/01/55

517,682

2,235,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

.500

06/01/30

2,381,311

2,490,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

.500

06/01/32

2,691,602

435,000

Collier County Educational Facilities Authority, Florida,

Revenue Bonds, Ave Maria University, Refunding Series 2023

.000

06/01/43

416,371

500,000

Corkscrew Crossing Community Development District, Florida,

Special Assessment Bonds, Series 2023

.300

05/01/33

519,319

1,000,000

Corkscrew Crossing Community Development District, Florida,

Special Assessment Bonds, Series 2023

.100

05/01/43

1,017,980

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

2,528,601

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

3,128,078

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

925,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Cornerstone Charter Schools Project,

Series 2022

.000

%

10/01/32

$

956,686

1,230,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Cornerstone Classical Academy

Series 2024A

.250

06/01/44

1,225,091

175,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Downtown Doral Charter Upper

School Project, Series 2017C

.150

07/01/27

176,781

385,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Downtown Doral Charter Upper

School Project, Series 2017C

.750

07/01/47

382,802

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

1,242,000

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

1,217,050

700,000

(b) Florida Development Finance Corporation, Educational

Facilities Revenue Refunding Bonds, Central Charter School,

Series 2022

.250

08/15/37

689,012

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

488,030

1,000,000

Florida Gulf Coast University Financing Corporation, Capital

Improvement Revenue Bonds, Refunding Housing Project,

Series 2022A

.000

02/01/40

1,085,393

1,800,000

Greater Orlando Aviation Authority, Florida, Special Purpose

Airport Facilities Revenue Bonds, United Airlines, Inc. Project,

Series 2025, (AMT)

.500

11/01/36

1,954,658

445,000

Hammock Oaks Community Development District, Lady Lake,

Florida, Special Assessment Revenue Bonds, Area 2, Series

2024

.150

05/01/54

451,664

4,000,000

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

Series 2022

.250

06/01/47

4,186,822

300,000

Hobe-Saint Lucie Conservancy District, Florida, Special

Assessment Revenue Bonds, Improvement Unit 1A, Series

2024

.600

05/01/44

310,581

1,110,000

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

Jacksonville University Project, Series 2018B

.000

06/01/53

952,822

1,870,000

Julington Creek Plantation Community Development District,

Florida, Special Assessment Revenue Bonds, Series 2023 -

AGM Insured

.500

05/01/43

2,028,623

1,665,000

Lakeland, Florida, Energy System Revenue Bonds, Refunding

Series 2023

.000

10/01/42

1,803,001

10,000,000

Lakeland, Florida, Energy System Revenue Bonds, Series 2021

.000

10/01/48

10,727,119

1,100,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Calusa Project, Series 2025

.700

05/01/45

1,138,798

1,000,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Calusa Project, Series 2025

.900

05/01/55

1,025,214

1,080,000

(b) Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Lorraine Lakes Project, Series

2020

.625

05/01/40

1,000,532

760,000

Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Palm Grove Project, Series 2024

.500

05/01/55

761,608

885,000

Lauderhill, Florida, Water and Sewer Revenue Bonds, Series

2023 - AGM Insured

.000

10/01/48

925,027

385,000

Lee County Industrial Development Authority, Florida, Charter

School Revenue Bonds, Lee County Community Charter

Schools, Series 2007A

.250

06/15/27

385,268

955,000

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

School Revenue Bonds, Lee County Community Charter

Schools, Series 2024A

.000

06/15/38

980,383

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

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

$

1,018,919

1,585,000

Lee County Industrial Development Authority, Florida,

Healthcare Facilities Revenue Bonds, Shell Point/Alliance

Obligated Group, Shell Point Project, Refunding Series 2024C

.000

11/15/54

1,551,335

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

1,076,199

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

1,000,156

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

9,258,491

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

2,551,012

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

861,075

950,000

Miami-Dade County Industrial Development Authority, Florida,

Revenue Bonds, Pinecrest Academy Project, Series 2014

.250

09/15/44

946,684

2,000,000

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2017B, (AMT)

.000

10/01/40

2,031,118

670,000

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

Florida, Capital Improvement Revenue Bonds, Refunding

Series 2025

.000

05/01/35

740,099

1,430,000

Monroe County, Florida, Airport Revenue Bonds, Key West

International Airport, Series 2022, (AMT)

.000

10/01/39

1,508,145

1,575,000

Monroe County, Florida, Airport Revenue Bonds, Key West

International Airport, Series 2022, (AMT)

.000

10/01/41

1,651,107

8,000,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Obligated Group, Inc. Series

2025A

.000

10/01/47

8,324,323

5,000,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Obligated Group, Inc. Series

2025A

.250

10/01/56

5,182,107

2,960,000

Orange County Health Facilities Authority, Florida, Hospital

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

.000

10/01/39

2,984,825

620,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/34

672,446

750,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/36

801,765

4,690,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/47

4,706,803

2,175,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2022

.000

11/01/52

2,093,105

1,600,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2025

.250

11/01/39

1,763,655

1,685,000

Palm Beach County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Jupiter Medical Center, Series 2025

.250

11/01/40

1,834,957

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

5,148,708

210,000

(b) Parrish Lakes Community Development District, Manatee

County, Florida, Capital Improvement Revenue Bonds,

Assessment Area 3, Series 2024

.800

05/01/54

210,890

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

1,106,899

1,000,000

Poitras East Community Development District, Osceola County,

Florida, Special Assessment Revenue Bonds, Series 2023

.200

05/01/33

1,036,771

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

5,000,000

Sarasota County Public Hospital District, Florida, Hospital

Revenue Bonds, Sarasota Memorial Hospital Project, Series

2018

.000

%

07/01/38

$

5,174,258

4,440,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2023

.000

10/01/48

4,634,242

2,250,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2025

.000

10/01/47

2,386,947

6,500,000

Sarasota County, Florida, Utility System Revenue Bonds, Series

2025

.250

10/01/55

6,912,961

2,000,000

St. Johns County School Board, Florida, Certificates of

Participation, Series 2024A - AGM Insured

.500

07/01/49

2,141,408

1,350,000

Sumter County School Board, Florida, Certificates of

Participation, Series 2024 - AGM Insured

.250

01/01/49

1,435,085

1,425,000

Tampa Bay, Florida, Regional Water Supply Authority, Utility

System Revenue Bonds, Sustainability Series 2022

.250

10/01/47

1,507,241

8,000,000

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

Center Project, Series 2020B

.000

07/01/45

7,267,166

2,820,000

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

Special Assessment Bonds, Series 2022

.750

05/01/32

2,962,222

6,615,000

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

Assessment Revenue Bonds, Series 2023

.250

05/01/54

6,639,647

2,750,000

Village Community Development District 16, Wildwood,

Florida, Special Assessment Revenue Bonds, Series 2025

.500

05/01/40

2,812,735

6,500,000

Village Community Development District 16, Wildwood,

Florida, Special Assessment Revenue Bonds, Series 2025

.125

05/01/56

6,470,589

500,000

Volusia County Educational Facilities Authority, Florida,

Revenue Bonds, Stetson University Inc. Project, Refunding

Series 2025

.000

06/01/34

551,126

500,000

Volusia County Educational Facilities Authority, Florida,

Revenue Bonds, Stetson University Inc. Project, Refunding

Series 2025

.000

06/01/36

545,667

TOTAL FLORIDA

183,442,782

GEORGIA - 1.0%

750,000

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

Westside Gulch Area Project, Senior Series 2024A-1

.000

04/01/34

772,261

2,000,000

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

Westside Gulch Area Project, Senior Series 2024A-2

.500

04/01/39

2,074,251

1,000,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

.750

04/01/53

1,071,635

7,260,000

Fulton County Development Authority, Georgia, Revenue

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

.000

07/01/49

6,482,066

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

2,381,666

1,315,000

(b) Marietta Development Authority, Georgia, University Facilities

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

2017A

.000

11/01/27

1,316,924

250,000

Savannah-Georgia Convention Center Authority, Convention

Center Hotel First Tier Revenue Bonds, Series 2025A

.250

06/01/61

247,043

500,000

Savannah-Georgia Convention Center Authority, Convention

Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series

2025C

.000

06/01/58

511,794

TOTAL GEORGIA

14,857,640

GUAM - 1.4%

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/28

519,644

1,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/31

1,092,749

1,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/32

1,106,447

1,365,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/33

1,524,287

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GUAM

(continued)

$

1,105,000

Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2025A

.250

%

07/01/40

$

1,222,127

9,500,000

Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2025A

.250

07/01/50

9,769,835

1,535,000

Guam Power Authority, Revenue Bonds, Refunding Series

2017A

.000

10/01/37

1,565,351

4,050,000

Guam Power Authority, Revenue Bonds, Refunding Series

2022A

.000

10/01/42

4,228,791

TOTAL GUAM

21,029,231

HAWAII - 0.4%

750,000

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

Revenue Bonds, Hawaii Pacific University Project, Refunding

Series 2024

.000

07/01/34

773,705

4,750,000

Honolulu City and County, Hawaii, Wastewater System Revenue

Bonds, First Bond Resolution, Green Senior Series 2025B

.250

07/01/48

5,143,867

TOTAL HAWAII

5,917,572

IDAHO - 0.3%

610,000

Idaho Health Facilities Authority, Revenue Bonds, Madison

Memorial Hospital Project, Refunding Series 2016

.000

09/01/29

613,285

3,100,000

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

Special Assessment Bonds, Assessment Area Two, Series 2025

.250

09/01/54

3,190,229

750,000

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Series 2024

.250

09/01/53

768,221

TOTAL IDAHO

4,571,735

ILLINOIS - 3.2%

525,428

Chicago, Illinois, Certificates of Participation, Tax Increment

Allocation Revenue Bonds, Pullman Park/Chicago

Redevelopement Project, Series 2013A

.125

03/15/33

525,534

1,000,000

Chicago, Illinois, Midway Airport Revenue Bonds, Refunding

Senior Lien Series 2023C

.000

01/01/39

1,075,579

1,250,000

Chicago, Illinois, O'Hare International Airport Senior Special

Facilities Revenue Bonds, TRIPS Obligated Group, Series 2025

.500

07/01/37

1,424,708

1,125,000

DuPage County High School District 87, Glenbard Township,

Illinois, General Obligation Bonds, Series 2025

.250

01/01/46

1,193,328

3,060,000

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

Project, Series 2025A

.500

10/01/45

3,008,811

3,500,000

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

Project, Series 2025A

.000

10/01/45

3,584,822

935,000

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

Foundation, Series 2023A

.300

08/01/28

946,104

1,275,000

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

Foundation, Series 2023A

.500

08/01/33

1,331,974

1,000,000

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

Foundation, Series 2023A

.250

08/01/38

1,073,643

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

830,392

2,815,000

(a),(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

2,931,012

2,255,000

(a),(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

2,271,198

1,075,000

Illinois Housing Development Authority, Revenue Bonds, Social

Series 2022G

.250

10/01/52

1,154,983

1,500,000

Illinois State, General Obligation Bonds, May Series 2024B

.250

05/01/45

1,579,462

5,000,000

Illinois State, General Obligation Bonds, October Series 2024C

.000

10/01/40

4,869,461

1,000,000

Joliet, Illinois, Waterworks and Sewer Revenue Bonds, Senior

Lien Series 2025 - BAM Insured

.250

01/01/50

1,040,108

1,100,000

Lake County Consolidated High School District 120 Mundelein,

Illinois, General Obligation Bonds, School Series 2022A

.500

12/01/40

1,206,009

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

2,730,000

Lemont Fire Protection District, Cook, DuPage and Will

Counties, Illinois, General Obligation Bonds, Series 2025 - BAM

Insured

.000

%

12/30/41

$

2,769,839

2,935,000

Lemont Fire Protection District, Cook, DuPage and Will

Counties, Illinois, General Obligation Bonds, Series 2025 - BAM

Insured

.000

12/30/42

2,928,175

3,210,000

Lemont Fire Protection District, Cook, DuPage and Will

Counties, Illinois, General Obligation Bonds, Series 2025 - BAM

Insured

.000

12/30/43

3,150,697

10,000,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Refunding Series 2020A

.000

06/15/50

9,990,539

1,000,000

Sangamon County School District 186 Springfield, Illinois,

General Obligation Bonds, Alternate Revenue Source Series

2023 - AGM Insured

.500

06/01/48

1,062,791

TOTAL ILLINOIS

49,949,169

INDIANA - 3.6%

1,000,000

Avon Community School Building Corporation, Hendricks

County, Indiana, First Mortgage Bonds, Ad Valorem Property

Tax Series 2023

.500

07/15/41

1,125,910

1,625,000

Avon Community School Building Corporation, Hendricks

County, Indiana, First Mortgage Bonds, Ad Valorem Property

Tax Series 2023

.500

01/15/43

1,792,553

3,500,000

Brownsburg 1999 School Building Corporation, Indiana, First

Mortgage Bonds, Series 2023

.500

07/15/40

3,844,827

750,000

Carmel, Indiana, Waterworks Revenue Bonds, Refunding,

Series 2024C - BAM Insured

.250

05/01/51

779,121

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

893,731

4,000,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, DePauw University Project, Series 2022A

.000

07/01/40

4,139,567

520,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, Seven Oaks Classical School Project, Series 2021A

.000

06/01/51

439,775

5,260,000

Indiana Finance Authority, Health Facilities Revenue Bonds,

Hendricks Regional Health, Series 2024

.250

03/01/54

5,386,872

500,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/30

524,324

1,020,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/31

1,064,142

435,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/32

452,361

1,110,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/33

1,151,322

760,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/34

785,588

1,335,000

Indiana Finance Authority, Hospital Revenue Bonds, Goshen

Health, Series 2019A

.000

11/01/35

1,374,046

1,700,000

Indiana Finance Authority, Hospital Revenue Bonds, Reid

Health Series 2022 - AGM Insured

.000

01/01/52

1,715,465

1,635,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.000

03/01/32

1,770,686

1,805,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.000

03/01/34

1,975,850

2,485,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.500

03/01/44

2,617,423

3,845,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Margaret Mary Health Project, Series 2024A

.750

03/01/54

4,007,705

785,000

Indiana Housing and Community Development Authority,

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

.650

07/01/49

786,431

500,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

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

.250

01/01/42

537,441

500,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

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

.250

01/01/43

532,670

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIANA

(continued)

$

1,030,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

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

.250

%

01/01/48

$

1,060,297

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

1,083,048

5,850,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Ad Valorem Property Tax Funded Project

Series 2023D

.000

02/01/48

6,480,754

3,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Senior Series 2023E

.000

03/01/53

3,121,704

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

1,429,110

1,150,000

Mount Vernon of Hancock County Multi-School Building

Corporation, Indiana, First Mortgage Bonds, Series 2022

.500

01/15/42

1,250,056

1,565,000

(a) Rockport, Indiana, Pollution Control Revenue Refunding Bonds,

Indiana Michigan Power Company Project, Series 2025A,

(Mandatory Put 6/01/29)

.700

06/01/47

1,595,662

1,325,000

Tippecanoe County NSE08 School Building Corporation,

Indiana, Ad Valorem Property Tax First Mortgage Bonds, Series

2023B

.000

01/15/43

1,506,874

TOTAL INDIANA

55,225,315

IOWA - 0.2%

1,200,000

Iowa Finance Authority, Healthcare Revenue Bonds, Pella

Regional Health Center, Series 2025

.250

12/01/50

1,200,243

2,030,000

Iowa Finance Authority, Single Family Mortgage Revenue

Bonds, Social Series 2025A

.550

07/01/45

2,032,593

TOTAL IOWA

3,232,836

KENTUCKY - 0.3%

795,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, Next Generation Kentucky Information Highway Project,

Senior Series 2015A

.000

01/01/45

795,246

1,250,000

Kentucky State Property and Buildings Commission, Revenue

Bonds, Project 127, Series 2022A

.250

06/01/39

1,400,669

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

1,784,695

TOTAL KENTUCKY

3,980,610

LOUISIANA - 3.3%

3,000,000

Ernest N. Morial-New Orleans Exhibition Hall Authority,

Louisiana, Special Tax Bonds, Series 2025

.500

07/15/50

3,163,519

2,500,000

Ernest N. Morial-New Orleans Exhibition Hall Authority,

Louisiana, Special Tax Bonds, Series 2025

.500

07/15/54

2,629,023

2,690,000

Lafayette Parish School Board, Louisiana, Sales Tax Revenue

Bonds, Series 2025

.750

04/01/50

2,949,292

3,515,000

Lafayette Parish School Board, Louisiana, Sales Tax Revenue

Bonds, Series 2025

.750

04/01/55

3,843,464

3,255,000

Lafayette, Louisiana, Utilities Revenue Bonds, Electric Projects

Series 2024

.000

11/01/49

3,366,058

500,000

Lake Charles Harbor and Terminal District, Louisiana, Revenue

Bonds, Refunding Series 2024B, (AMT)

.000

01/01/36

538,079

200,000

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

Lincoln Preparatory School Project, Series 2021A

.000

06/01/31

196,237

1,000,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

South Quad L3C - Louisiana State University South Quad Phase

IV Project, Series 2025

.250

07/01/55

1,043,878

2,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series

2023A

.000

10/01/43

2,024,790

3,250,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

.500

05/15/55

3,426,868

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LOUISIANA

(continued)

$

12,500,000

Louisiana Publics Facilities Authority, Louisiana, Revenue

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

Project, Senior Lien Series 2024, (AMT)

.750

%

09/01/64

$

12,888,254

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

433,577

1,000,000

Port New Orleans Board of Commissioners, Louisiana, Revenue

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

.500

04/01/54

1,049,550

4,900,000

Saint John the Baptist Parish School District 1, Louisiana,

General Obligation Bonds, Series 2023

.250

03/01/37

5,489,243

7,000,000

Saint John the Baptist Parish School District 1, Louisiana,

General Obligation Bonds, Series 2023

.250

03/01/43

7,549,539

TOTAL LOUISIANA

50,591,371

MAINE - 0.0%

700,000

Maine Health and Higher Educational Facilities Authority,

Revenue Bonds, Series 2023A - AGM Insured

.000

07/01/42

756,545

TOTAL MAINE

756,545

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

2,182,964

1,385,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Lifebridge Health Issue Series 2023

.250

07/01/54

1,450,329

TOTAL MARYLAND

3,633,293

MASSACHUSETTS - 1.6%

10,000,000

(c),(e)

Massachusetts Clean Water Trust, State Revolving Fund Bonds,

Green 27 Series 2026, (UB)

.000

02/01/56

10,427,996

500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Baystate Medical Center Issue, Series 2014N

.000

07/01/44

500,244

6,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Lifespan Corporation dba Brown University Health, Series

2025A

.250

08/15/42

6,447,322

7,980,000

Massachusetts Development Finance Agency, Revenue Bonds,

Southcoast Health System Obligated Group Issue, Series

2021G

.000

07/01/50

7,917,006

TOTAL MASSACHUSETTS

25,292,568

MICHIGAN - 2.6%

1,090,000

Belding School District, Ionia, Kent and Montcalm Counties,

Michigan, General Obligation Bonds, School Building & Site

Series 2022

.250

05/01/48

1,142,958

2,000,000

Ferndale Public School District, Oakland County, Michigan,

General Obligation Bonds, School Building & Site Series 2025

.250

05/01/50

2,119,085

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

5,241,857

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

1,821,424

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

1,737,848

1,200,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Limited Tax General Obligation

Series 2021, (AMT)

.000

01/01/41

1,277,472

3,905,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Limited Tax General Obligation

Series 2024, (AMT)

.000

01/01/42

4,181,498

1,830,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Second Lien Series 2025D

.500

07/01/50

1,972,299

5,000

(f) Kalamazoo Hospital Finance Authority, Michigan, Hospital

Revenue Bonds, Bronson Healthcare Group, Inc., Refunding

Series 2016, (ETM)

.000

05/15/26

5,036

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

3,975,000

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

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

11/15/32)

.000

%

11/15/35

$

4,539,526

1,100,000

Michigan Finance Authority, Local Government Loan Program

Revenue Bonds, Public Lighting Authority Refunding Local

Project, Refunding Series 2025A - BAM Insured

.000

07/01/44

1,170,191

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

294,884

1,000,000

Michigan Mathematics & Science Initiative, Michigan, Public

School Academy Revenue Bonds, Series 2021

.000

01/01/51

775,737

11,000,000

Michigan Strategic Fund, Limited Obligation Revenue Bonds,

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

.000

12/31/43

11,051,981

700,000

Northern Michigan University, General Revenue Bonds, Series

2025A

.250

06/01/43

769,919

655,000

Northern Michigan University, General Revenue Bonds, Series

2025A

.250

06/01/44

712,334

850,000

Northern Michigan University, General Revenue Bonds, Series

2025A

.250

06/01/45

914,380

715,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2025A

.500

12/01/50

773,238

TOTAL MICHIGAN

40,501,667

MINNESOTA - 2.0%

4,675,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

.250

02/15/48

4,247,317

11,415,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

.250

02/15/58

11,459,681

4,580,000

Forest Lake, Minnesota Charter School Lease Revenue Bonds,

North Lakes Academy, Refunding Series 2021A

.000

07/01/41

4,295,923

950,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2022M

.100

07/01/42

1,010,085

1,000,000

Ramsey, Anoka County, Minnesota, Lease Revenue Bonds,

PACT Charter School Project, Series 2022A

.000

06/01/32

1,017,096

8,965,000

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

Mayo Clinic, Series 2025A, (UB)

.375

11/15/53

8,841,606

750,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2023

.500

12/01/38

783,265

TOTAL MINNESOTA

31,654,973

MISSISSIPPI - 1.2%

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

3,389,038

2,725,000

(a),(b)

Mississippi Business Finance Corporation, Solid Waste

Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series

2025A, (AMT), (Mandatory Put 8/02/27)

.375

02/01/48

2,725,158

100,000

Mississippi Development Bank, Special Obligation Bonds,

Lamar County School District Series 2025

.250

06/01/44

108,681

1,145,000

Mississippi Development Bank, Special Obligation Bonds,

Lamar County School District Series 2025

.000

06/01/50

1,180,555

3,500,000

Mississippi Hospital Equipment and Facilities Authority,

Revenue Bonds, Baptist Memorial Healthcare, Series 2016A

.000

09/01/41

3,524,358

8,500,000

Mississippi Hospital Equipment and Facilities Authority,

Revenue Bonds, Baptist Memorial Healthcare, Series 2016A

.000

09/01/46

8,405,182

TOTAL MISSISSIPPI

19,332,972

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI - 2.0%

$

3,425,000

Hannibal Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Hannibal Regional Healthcare

System, Series 2017

.000

%

10/01/42

$

3,383,227

1,900,000

Jefferson City School District, Missouri, General Obligation

Bonds, Series 2025

.500

03/01/45

2,065,263

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

2,444,135

4,000,000

Missouri Development Finance Board, Revenue Bonds, Zoo

Projects, Series 2022

.500

05/01/42

4,330,162

1,850,000

Missouri Joint Municipal Electric Utility Commission, Power

Project Revenue Bonds, Marshall Energy Center Project, Series

2025

.000

01/01/46

1,929,762

2,200,000

Ozark Reorganized School District 6, Christian County,

Missouri, General Obligation Bonds, School Building Series

2022 - AGM Insured

.000

03/01/42

2,478,162

10,000,000

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

International Airport, Series 2024A - AGM Insured

.250

07/01/54

10,503,225

252,000

Saint Louis, Missouri, Tax Increment Financing Revenue Notes,

Marquette Building Redevelopment Project, Series 2008-A

.500

01/23/28

88,200

510,000

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

Tax Revenue Improvement Bonds, Big Cedar Infrastructure

Project Series 2023

.000

10/01/49

508,135

2,085,000

Universal City Industrial Development Authority, Missouri,

Revenue Bonds, Tax Increment and Special District Markets at

Olive Project Series 2023A

.875

06/15/36

2,156,587

600,000

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

General Obligation Bonds, School Building Series 2022 - AGM

Insured

.000

03/01/42

681,466

TOTAL MISSOURI

30,568,324

MONTANA - 0.2%

1,025,000

Montana Facility Finance Authority, Revenue Bonds, Benefis

Health System Obligated Group, Series 2025A

.500

02/15/50

1,079,670

1,625,000

Montana Facility Finance Authority, Revenue Bonds, Benefis

Health System Obligated Group, Series 2025A

.500

02/15/55

1,704,688

TOTAL MONTANA

2,784,358

NEBRASKA - 1.0%

2,000,000

Douglas County Nebraska, Sanitary and Improvement, District

Number 608, General Obligation Bonds, North Streams, Series

2022

.000

12/15/37

1,959,251

1,750,000

Douglas County Sanitary and Improvement District 608 North

Streams, Nebraska, General Obligation Bonds, Series 2022

.750

12/15/37

1,678,058

1,045,000

Douglas County Sanitary and Improvement District 608 North

Streams, Nebraska, General Obligation Bonds, Series 2023

.000

10/15/38

1,060,129

2,500,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Social Series 2023G

.150

09/01/43

2,612,069

3,000,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Social Series 2024A

.500

09/01/44

3,021,181

3,000,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2024, (AMT)

.250

12/15/49

3,128,903

1,350,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2024, (AMT)

.250

12/15/54

1,397,958

TOTAL NEBRASKA

14,857,549

NEVADA - 1.5%

3,000,000

Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe

Regional Healthcare Project, Series 2017A

.000

09/01/42

3,020,865

12,335,000

Clark County Water Reclamation District, Nevada, General

Obligation Water Bonds, Limited Tax Series 2023

.000

07/01/47

12,904,518

755,000

Henderson, Nevada, Local Improvement Bonds, Local

Improvement District T-22 Rainbow Canyon Phase II, Series

2023

.000

03/01/38

785,172

595,000

Las Vegas Special Improvement District 613, Nevada, Local

Improvement Bonds, Sunstone Phases III and IV Series 2024

.500

12/01/53

600,669

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEVADA

(continued)

$

325,000

Las Vegas Special Improvement District 819, Nevada, Local

Improvement Bonds, Summerlin Village 30A Series 2025

.250

%

06/01/45

$

328,711

1,000,000

Las Vegas, Nevada, Local Improvement Revenue Bonds,

Special Improvement District 818 Summerlin Village 27, Series

2024

.000

12/01/39

1,051,679

935,000

Las Vegas, Nevada, Local Improvement Revenue Bonds,

Special Improvement District 818 Summerlin Village 27, Series

2024

.000

12/01/44

943,937

2,570,000

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

Series 2024B

.000

07/01/49

2,636,910

1,200,000

Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue

Bonds, Series 2020

.000

07/01/51

1,189,934

TOTAL NEVADA

23,462,395

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

15,631,779

368,000

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

Bonds, Wildflower Project, Denton County, Texas, Capital

Appreciation Series 2025

.000

12/15/33

222,801

4,055,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Concord Hospital, Series 2017

.000

10/01/42

4,109,084

TOTAL NEW HAMPSHIRE

19,963,664

NEW JERSEY - 2.5%

100,000

Jersey City Municipal Utilities Authority, Hudson County, New

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

.750

10/15/48

111,606

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

2,818,656

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

5,907,621

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

3,565,803

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

2,237,362

2,000,000

New Jersey Housing and Mortgage Finance Agency, Single

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

.800

10/01/32

2,005,654

1,700,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2022CC

.250

06/15/36

1,948,388

7,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2024A

.250

06/15/39

8,060,235

3,735,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds,

Series 2025A

.250

01/01/50

4,008,848

4,325,000

South Jersey Port Corporation, New Jersey, Marine Terminal

Revenue Bonds, Subordinate Series 2017B, (AMT)

.000

01/01/42

4,386,830

3,000,000

South Jersey Port Corporation, New Jersey, Marine Terminal

Revenue Bonds, Subordinate Series 2017B, (AMT)

.000

01/01/48

3,004,330

TOTAL NEW JERSEY

38,055,333

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

2,069,808

TOTAL NEW MEXICO

2,069,808

NEW YORK - 6.7%

1,095,000

Albany Capital Resource Corporation, New York, Revenue

Bonds, Albany Medical Center Hospital Series 2025A

.250

05/01/43

1,210,154

935,000

Albany Capital Resource Corporation, New York, Revenue

Bonds, Albany Medical Center Hospital Series 2025A

.250

05/01/44

1,020,947

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

400,052

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

400,000

Build New York City Resource Corporation, New York, Revenue

Bonds, Global Community Charter School Project, Series

2022A

.000

%

06/15/32

$

385,482

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

1,283,037

1,000,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

.500

07/01/44

1,070,531

1,000,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

.500

07/01/45

1,059,380

1,020,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

.500

07/01/50

1,059,712

725,000

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

Catholic Health System Obligated Group Series 2019A

.000

07/01/32

726,859

525,000

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

Catholic Health System Obligated Group Series 2019A

.000

07/01/34

522,140

800,000

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

Catholic Health System Obligated Group Series 2019A

.000

07/01/41

764,255

800,000

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

Montefiore Obligated Group, Series 2020A

.000

09/01/36

773,956

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

6,973,426

1,975,000

Monroe County Industrial Development Corporation, New

York, Revenue Bonds, Rochester General Hospital Project,

Series 2017

.000

12/01/46

1,940,317

2,011,369

Nassau County Tobacco Settlement Corporation, New York,

Tobacco Settlement Asset-Backed Bonds, Refunding Series

2006A-2

.250

06/01/26

1,768,439

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2023D-1

.500

11/01/45

5,421,984

4,035,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2024A-1

.000

05/01/44

4,284,059

4,250,000

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

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

2014

.000

11/15/44

4,250,113

500,000

(f) 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

524,945

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

4,999,776

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

1,870,513

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

2,691,991

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

10,667,735

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

2,077,062

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

5,495,151

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

1,736,153

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

13,500,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2020, (AMT)

.000

%

10/01/40

$

13,903,554

4,000,000

Port Authority of New York and New Jersey, Consolidated

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

.000

11/01/44

4,110,180

750,000

Schenectady County Capital Resource Corporation, New York,

Revenue Bonds, Union College Project, Series 2022

.250

07/01/52

772,682

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

12,106,904

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

3,418,443

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

1,470,497

1,250,000

Westchester County Local Development Corporation, New

York, Revenue Bonds, Westchester Medical Center Obligated

Group Project, Series 2023

.250

11/01/52

1,255,679

915,000

Yonkers Industrial Development Agency, New York, School

Facility Revenue Bonds, New Community School Project Series

2022

.250

05/01/51

958,186

TOTAL NEW YORK

102,974,294

NORTH CAROLINA - 1.4%

4,310,000

Charlotte, North Carolina, General Obligation Bonds,

Refunding Series 2025B

.000

07/01/38

5,036,693

1,300,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2022A - AGM Insured,

(AMT)

.250

07/01/39

1,411,746

430,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

.250

07/01/41

466,725

1,090,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

.250

07/01/42

1,171,639

620,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds Series 2023 - AGM Insured,

(AMT)

.250

07/01/43

659,358

1,130,000

Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

.500

02/01/43

1,246,028

995,000

Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

.500

02/01/44

1,084,926

1,300,000

Nash Health Care Systems, North Carolina, Health Care

Facilities Revenue Bonds, Series 2025

.000

02/01/45

1,349,492

1,000,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Series 2025A

.000

10/01/50

1,001,634

1,095,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Everyage, Series 2024B

.000

09/01/49

1,103,587

25,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2019

.000

01/01/49

25,226

6,390,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2024A - AGM Insured

.000

01/01/58

6,496,560

TOTAL NORTH CAROLINA

21,053,614

NORTH DAKOTA - 0.4%

5,000,000

North Dakota Housing Finance Agency, Home Mortgage

Finance Program Bonds, Social Series 2024C

.650

07/01/44

5,067,264

1,485,000

Ward County Health Care, North Dakota, Revenue Bonds,

Trinity Obligated Group, Series 2017C

.000

06/01/34

1,485,560

TOTAL NORTH DAKOTA

6,552,824

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO - 3.9%

$

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

$

1,373,106

2,000,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025A,

(AMT)

.250

01/01/42

2,164,164

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

3,617,095

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

1,017,120

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

1,399,647

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

1,851,097

1,000,000

Dayton, Ohio, Water System Revenue Bonds, Series 2022

.500

12/01/42

1,079,635

10,000,000

(c) Franklin County, Ohio, Hospital Revenue Bonds, Nationwide

Children's Hospital Project, Refunding & Improvement Series

2025A, (UB)

.250

11/01/55

10,462,235

9,615,000

Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC

Health, Series 2020

.000

09/15/50

9,250,570

4,000,000

(c) JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A, (UB)

.000

01/01/48

4,209,000

1,165,000

(c) JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A, (UB)

.000

01/01/50

1,220,979

1,055,000

(c) JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A, (UB)

.000

01/01/53

1,101,627

400,000

Montgomery County, Ohio, Health Care Facilities Revenue

Bonds, Solvita Project Refunding and Improvement Series 2024

.250

09/01/54

406,790

145,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

.000

02/15/27

145,822

2,000,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

.000

02/15/44

1,999,846

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

5,358,299

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

1,142,475

1,100,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University

2025 Project, Series 2025

.500

10/01/50

1,088,728

2,250,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University

2025 Project, Series 2025

.500

10/01/57

2,205,458

250,000

(b) Ohio Housing Finance Agency, Multifamily Housing Revenue

Bonds, Silver Birch of Mansfield Project, Series 2024

.000

01/01/45

252,766

1,730,000

Ohio State, Hospital Revenue Bonds, Children's Hospital

Medical Center of Akron, Series 2024A

.250

08/15/48

1,842,546

1,700,000

Summit County Development Finance Authority, Ohio, Parking

System Revenue Bonds, University of Akron Parking Project

Series 2023

.500

12/01/43

1,819,901

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

5,000,000

Washington County, Ohio, Hospital Facilities Revenue Bonds,

Memorial Health System Obligated Group, Series 2022

.375

%

12/01/37

$

5,428,967

TOTAL OHIO

60,437,873

OKLAHOMA - 0.3%

1,925,000

Clinton Public Works Authority, Oklahoma, Educational

Facilities, Lease Revenue Bonds, Series 2022

.000

10/01/35

2,105,276

750,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Taxable Series 2022

.500

08/15/37

794,695

1,100,000

Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,

American Airlines Inc., Series 2025, (AMT)

.250

12/01/35

1,278,085

TOTAL OKLAHOMA

4,178,056

OREGON - 1.4%

1,625,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

.250

08/01/41

1,732,925

1,635,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

.250

08/01/42

1,721,200

1,375,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

.250

08/01/43

1,429,346

1,355,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

.000

06/15/44

1,464,447

915,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

.000

06/15/45

978,403

2,500,000

Medford Hospital Facilities Authority, Oregon, Hospital

Revenue Bonds, Asante Health System, Refunding Series

2020A

.000

08/15/45

2,555,795

525,000

Oregon Coast Community College District, Lincoln County,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2024

.000

06/15/43

574,196

1,600,000

(b) Oregon Facilities Authority Charter School Revenue Bonds,

Oregon, Portland Village School Project, Series 2024

.500

12/15/44

1,547,394

1,300,000

(b) Oregon Facilities Authority Charter School Revenue Bonds,

Oregon, Portland Village School Project, Series 2024

.750

12/15/54

1,221,297

540,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2017G,

(AMT)

.450

01/01/33

538,781

4,500,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2025A

.050

07/01/50

4,555,391

2,000,000

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

Projects, Refunding & New Money Series 2025A

.250

05/01/44

2,232,628

500,000

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

Obligations, Series 2024A

.150

10/01/26

500,142

TOTAL OREGON

21,051,945

PENNSYLVANIA - 3.0%

100,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Project, Series 2018

.000

05/01/33

103,409

3,000,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Project, Subordinate Series 2022

.250

05/01/42

3,085,695

5,355,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Refunding Project, Series 2017

.000

05/01/42

5,387,699

4,600,000

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Refunding

Forward Delivery Series 2022

.000

05/01/42

4,785,884

11,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024A-2

.000

06/30/34

11,850

147,000

Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024A-3

.000

06/30/39

135,619

73,000

(d) Berks County Municipal Authority, Pennsylvania, Revenue

Bonds, Tower Health Project, Series 2024B-1

.000

06/30/44

52,304

23,000

Berks County Municipal Authority, Pennsylvania, Revenue

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

.000

06/30/34

23,441

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

2,100,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, Grand View Hospital, Series 2021

.000

%

07/01/40

$

2,181,594

1,000,000

Cumberland Valley School District, Cumberland County,

Pennsylvania, General Obligation Bonds, Series 2023A - AGM

Insured

.000

11/15/44

1,051,704

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

6,673,355

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

5,018,880

10,000,000

Pennsylvania Economic Development Financing Authority,

Private Activity Revenue Bonds, Pennsylvania Rapid Bridge

Replacement Project, Series 2015, (AMT)

.000

06/30/42

10,010,893

1,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2023-143A

.800

04/01/35

1,084,213

1,215,000

South Western School District of York County, Pennsylvania,

General Obligation Bonds, Series 2023

.250

02/15/50

1,266,867

5,625,000

Westmoreland County Municipal Authority, Pennsylvania,

Municipal Service Revenue Bonds, Series 2025

.000

08/15/47

5,851,109

TOTAL PENNSYLVANIA

46,724,516

RHODE ISLAND - 0.3%

4,000,000

Rhode Island Infrastructure Bank, State Revolving Fund

Revenue Bonds, Master Trust Green Series 2025A

.250

10/01/50

4,298,862

TOTAL RHODE ISLAND

4,298,862

SOUTH CAROLINA - 1.7%

3,000,000

South Carolina Housing Finance and Development Authority,

Multifamily Housing Revenue Bonds, Edgewood Place

Apartments Series 2023A

.800

07/01/45

3,044,682

5,000,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

.500

11/01/45

5,447,343

4,000,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

.500

11/01/46

4,315,236

3,265,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

.500

11/01/50

3,478,321

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

265,940

750,000

(b) South Carolina Jobs-Economic Development Authority,

Revenue Bonds, Wesley Commons Project, Series 2025A

.500

10/01/45

757,872

7,380,000

South Carolina State Ports Authority, Revenue Bonds, Series

2019A

.000

07/01/44

7,551,748

870,000

South Island Public Service District, South Carolina, Waterworks

and Sewer System Revenue Bonds, Improvement Series 2022

.250

04/01/42

951,748

TOTAL SOUTH CAROLINA

25,812,890

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

1,635,689

1,960,000

Brandon, Minnehaha County, South Dakota, Water Surcharge

Revenue Bonds, Series 2022 - BAM Insured

.500

08/01/47

2,105,236

TOTAL SOUTH DAKOTA

3,740,925

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

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

$

2,076,577

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

690,873

1,300,000

Metropolitan Nashville Airport Authority, Tennessee, Airport

Improvement Revenue Bonds, Series 2022A, (AMT)

.500

07/01/37

1,461,220

2,160,000

Tennessee State School Bond Authority, Higher Educational

Facilities Second Program Bonds, Series 2022A

.000

11/01/47

2,264,296

TOTAL TENNESSEE

6,492,966

TEXAS - 7.9%

685,000

(b) Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Refunding Series 2022A

.000

02/15/42

685,279

645,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Uplift Education, Series 2016A

.000

12/01/51

628,693

3,000,000

Austin Independent School District, Travis County, Texas,

General Obligation Bonds, School Building Series 2024

.250

08/01/49

3,184,742

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

553,839

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

559,366

5,000,000

(c),(e)

Conroe Independent School District, Montgomery County,

Texas, General Obligation Bonds, School Building Series 2026,

(UB)

.500

02/15/51

5,011,056

1,500,000

Dallas Fort Worth International Airport, Texas, Joint Revenue

Bonds, Refunding & Improvement Series 2025A-1, (AMT)

.250

11/01/39

1,682,637

276,000

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

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

.000

09/01/44

296,706

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

750,905

2,500,000

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

Series 2025

.250

03/01/50

2,646,575

3,500,000

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

Series 2025

.250

03/01/55

3,670,234

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

1,115,278

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

826,779

650,000

Galveston, Texas, Wharves and Terminal First Lien Revenue

Bonds, Series 2024A, (AMT)

.500

08/01/40

706,919

600,000

Galveston, Texas, Wharves and Terminal First Lien Revenue

Bonds, Series 2024A, (AMT)

.500

08/01/41

648,072

2,500,000

Georgetown Independent School District, Williamson County,

Texas, General Obligation Bonds, School Building Series 2024

.500

02/15/49

2,509,490

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

1,241,549

5,000,000

Harris County Hospital District, Texas, General Obligation

Bonds, Limited Tax Series 2025

.250

02/15/50

5,273,243

2,340,000

Highland Park Independent School District, Potter County,

Texas, General Obligation Bonds, School Building Series 2023

.250

02/15/42

2,560,241

5,000,000

Houston, Texas, Airport System Revenue Bonds, Refunding

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

.250

07/01/41

5,467,404

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

2,595,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Terminal Improvement Projects,

Refunding Series 2025B, (AMT)

.500

%

07/15/35

$

2,832,969

2,475,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Terminal Improvements Project,

Series 2024B, (AMT)

.500

07/15/35

2,727,571

8,000,000

(c) Houston, Texas, Combined Utility System Revenue Bonds,

Combined First Lien Refunding Series 2024A, (UB)

.250

11/15/49

8,492,131

6,000,000

Kerrville Public Utility Board Public Facility Corporation, Texas,

Power Supply Revenue Bonds, Series 2025A - BAM Insured

.250

04/15/46

6,362,955

250,000

(b) Lavon, Texas, Special Assessment Revenue Bonds, Lavon Trails

Public Improvement District Project, Series 2025

.000

09/15/54

256,895

1,500,000

Memorial City Redevelopment Authority, Texas, Tax Increment

Contract Revenue Bonds, Series 2025

.000

09/01/45

1,531,541

1,400,000

(b) Mission Economic Development Corporation, Texas, Revenue

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

.625

10/01/31

1,405,262

150,000

(a) 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

155,696

750,000

(g) 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

746,182

1,500,000

North East Regional Mobility Authority, Texas, Revenue Bonds,

Refunding Senior Lien Series 2025A

.250

01/01/45

1,596,400

915,000

North East Regional Mobility Authority, Texas, Revenue Bonds,

Refunding Senior Lien Series 2025A

.250

01/01/46

967,119

1,595,000

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

Wise Counties, Texas, General Obligation Bonds, School

Building Series 2025, (UB)

.250

02/15/55

1,682,532

800,000

Reagan Hospital District of Reagan County, Texas, Limited Tax

Revenue Bonds, Series 2014A

.000

02/01/29

800,357

2,185,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Scott & White

Healthcare Project, Series 2022D

.500

11/15/47

2,311,011

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

3,925,908

6,000,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Texas Health Resources

System, Series 2016A

.000

02/15/47

6,019,787

5,000,000

(c) Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Texas Health Resources

System, Series 2025A, (UB)

.000

11/15/49

5,170,815

2,250,000

Tarrant County Hospital District, Texas, General Obligation

Bonds, Limited Tax Series 2023

.250

08/15/40

2,500,524

5,000,000

Texas Department of Housing and Community Affairs, Single

Family Mortgage Revenue Bonds, Series 2022B

.250

09/01/52

5,114,776

5,005,000

Texas Department of Housing and Community Affairs, Single

Family Mortgage Revenue Bonds, Series 2022B

.000

03/01/53

5,512,842

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

2,872,371

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

2,534,905

2,000,000

Texas State Technical College System, Financing System

Revenue Bonds, Improvement Series 2022A - AGM Insured

.000

08/01/54

2,174,000

10,000,000

(c) Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2025, (UB)

.750

10/15/55

10,035,040

1,500,000

(c) Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2025, (UB)

.800

10/15/56

1,509,833

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

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

$

409,305

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

2,268,636

TOTAL TEXAS

121,936,370

UTAH - 3.9%

1,500,000

(b) Black Desert Public Infrastructure District, Utah, Limited Tax

General Obligation Bonds Series 2021A

.000

03/01/51

1,204,418

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

266,701

2,000,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, Seg Redevelopment Project, First

Lien Series 2025A

.500

06/01/50

2,163,500

1,000,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, Seg Redevelopment Project, First

Lien Series 2025A

.500

06/01/55

1,069,369

1,400,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project, Second

Lien Series 2025B

.250

06/01/44

1,528,217

250,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project, Second

Lien Series 2025B

.250

06/01/45

270,135

1,000,000

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project, Second

Lien Series 2025B

.500

06/01/50

1,081,750

650,000

(b) Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, SEG Redevelopment Project,

Subordinate Lien Series 2025C

.000

07/15/35

655,245

328,186

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

Obligation Bonds, Series 2024A-1

.625

12/01/43

334,301

2,570,000

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

Obligation Bonds, Series 2025

.875

03/01/55

2,696,895

2,450,000

Herber Light and Power Company, Utah, Electric Revenue

Bonds, Series 2023 - BAM Insured

.000

12/15/47

2,524,804

1,275,000

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

Obligation Bonds, Limited Tax Series 2023A

.750

03/01/54

1,328,560

4,490,000

Lehi Local Building Authority, Utah, Lease Revenue Bonds,

Series 2022

.250

06/15/47

4,705,317

4,060,000

Lehi Local Building Authority, Utah, Lease Revenue Bonds,

Series 2022

.500

06/15/49

4,286,713

450,000

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

Project, Series 2025 - BAM Insured

.250

02/01/49

471,766

1,750,000

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

Project, Series 2025 - BAM Insured

.250

02/01/55

1,827,326

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

1,668,787

1,250,000

(b) MIDA Mountain Village Public Infrastructure District, Utah, Tax

Allocation Revenue Bonds, Series 2025-1

.500

06/01/50

1,258,327

3,000,000

Military Installation Development Authority, Utah, Tax

Allocation Revenue Bonds Series 2021A-2

.000

06/01/52

2,425,251

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

4,935,719

750,000

(b) Northwest Quadrant Public Infrastructure District, Utah, Limited

Tax General Obligation Bonds, Series 2025A

.125

03/01/56

753,967

1,375,000

Ogden City Municipal Building Authority, Utah, Lease Revenue

Bonds, Series 2023A

.000

01/15/48

1,407,150

1,408,571

Peaks Public Infrastructure District, Morgan County, Utah,

Special Assessment Revenue Bonds, Series 2024

.250

12/01/53

1,338,976

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH

(continued)

$

1,000,000

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

Assessment Bonds, Alpine Hollow Assessment Area, Series

2025

.250

%

12/01/53

$

1,029,576

1,715,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2023A, (AMT)

.250

07/01/43

1,835,127

1,925,000

(b) Sawmill Infrastructure Financing District, Utah, Special

Assessment Bonds, Sawmill Assessment Area, Series 2025

.000

12/01/54

1,990,214

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

848,730

1,190,000

Utah Telecommunication Open Infrastructure Agency, Utah,

Revenue Bonds, Refunding Sales Tax and Telecommunication

Series 2022

.500

06/01/40

1,340,385

1,000,000

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

General Obligation Bonds, Limited Tax Series 2024

.500

03/01/54

983,893

2,220,000

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

Differential Revenue Bonds, Series 2025

.625

09/01/47

2,336,438

8,820,000

Wasatch County School District Local Building Authority, Utah,

Lease Revenue Bonds, Board of Education Series 2022

.500

06/01/47

9,372,644

TOTAL UTAH

59,940,201

VIRGIN ISLANDS - 0.7%

4,000,000

Virgin Islands Hotel Development Financing Corporation, Hotel

Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,

Senior Lien Series 2025A-1

.000

02/01/38

4,008,739

3,700,000

Virgin Islands Hotel Development Financing Corporation, Hotel

Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,

Senior Lien Series 2025A-1

.750

02/01/45

3,682,581

3,500,000

Virgin Islands Hotel Development Financing Corporation, Hotel

Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,

Senior Lien Series 2025A-1

.000

12/01/55

3,478,607

TOTAL VIRGIN ISLANDS

11,169,927

VIRGINIA - 3.1%

13,200,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016

.000

07/01/46

13,210,267

415,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

.750

12/01/53

447,537

350,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

.875

12/01/58

378,463

1,400,000

(b) Powhatan County Economic Development Authority, Virginia,

Grant Revenue Bonds, Chesterfield Hotel Project, Senior Series

2025A

.125

09/01/60

1,399,997

2,200,000

Virginia Beach Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Westminster Canterbury on

Chesapeake Bay, Series 2023A

.500

09/01/43

2,434,584

310,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-5

.500

07/01/45

310,418

5,210,000

Virginia Public School Authority, School Financing Bonds, 1997

Resolution, Refunding Series 2016A

.000

08/01/27

5,137,127

1,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding

Series 2025A-1

.000

06/15/43

1,062,552

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

12,909,757

500,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/38

529,040

300,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

06/30/38

318,196

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGINIA

(continued)

$

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

$

5,006,843

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

1,345,635

4,000,000

Virginia Small Business Financing Authority, Virginia,

Residential Care Facility Revenue Bonds, Lifespire, Refunding

Series 2024A

.500

12/01/54

4,111,783

TOTAL VIRGINIA

48,602,199

WASHINGTON - 2.6%

1,000,000

Camas, Washington, Water and Sewer Revenue Bonds,

Refunding Series 2025

.250

12/01/55

1,053,161

2,500,000

Grant County Public Hospital District 2, Washington, General

Obligation Bonds, Quincy Valley Medical Center, Series 2023

.000

12/01/38

2,612,706

5,000,000

Jefferson County Public Hospital District 2, Washington,

Hospital Revenue Bonds, Refunding Series 2023A

.875

12/01/53

5,192,654

1,930,000

King County Public Hospital District 2, Washington, General

Obligation Bonds, EvergreenHealth, Limited Tax Series 2024

.000

12/01/42

2,071,651

2,765,000

King County Public Hospital District 2, Washington, General

Obligation Bonds, EvergreenHealth, Limited Tax Series 2024

.250

12/01/45

2,935,009

4,000,000

Kitsap County School District 100C Bremerton, Washington,

General Obligation Bonds, Series 2024

.250

12/01/47

4,252,788

1,000,000

Port Vancouver, Washington, General Obligation Bonds,

Limited Tax Series 2025, (AMT)

.125

12/01/55

1,019,341

700,000

Skagit County Public Hospital District 1, Washington, Revenue

Bonds, Skagit Regional Health, Series 2024

.500

12/01/41

748,044

550,000

Skagit County Public Hospital District 1, Washington, Revenue

Bonds, Skagit Regional Health, Series 2024

.500

12/01/43

571,844

2,500,000

Spokane County School District 81, Spokane, Washington,

General Obligation Bonds, Refunding & Improvement Series

2021

.000

12/01/40

2,517,491

3,855,000

Washington Health Care Facilities Authority, Revenue Bonds,

Central Washington Health Services Association, Refunding

Series 2015

.000

07/01/39

3,856,269

5,000,000

(c) Washington Health Care Facilities Authority, Revenue Bonds,

CommonSpirit Health, Series 2025A, (UB)

.250

09/01/50

5,237,173

5,030,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Refunding Series 2012A

.000

10/01/42

5,033,493

2,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Virginia Mason Medical Center, Series 2017

.000

08/15/32

2,063,176

1,250,000

Whatcom County Public Utility District 1, Washington, General

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

(AMT)

.500

12/01/43

1,353,905

TOTAL WASHINGTON

40,518,705

WEST VIRGINIA - 1.0%

790,000

(a) 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

805,509

1,000,000

(a),(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

1,023,330

500,000

West Virginia Hospital Finance Authority, Hospital Revenue

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

Improvement Series 2018A

.000

01/01/29

504,658

600,000

West Virginia Hospital Finance Authority, Hospital Revenue

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

Improvement Series 2018A

.000

01/01/35

601,233

2,250,000

West Virginia Hospital Finance Authority, Hospital Revenue

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

Improvement Series 2018A

.000

01/01/43

2,119,382

#### Portfolio of Investments January 31, 2026
(continued)

#### Municipal Total Return

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WEST VIRGINIA

(continued)

$

3,780,000

West Virginia Hospital Finance Authority, Revenue Bonds,

West Virginia University Health System Obligated Group,

Improvement Series 2017A

.000

%

06/01/47

$

3,792,010

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

2,135,097

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

1,849,207

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

2,125,754

TOTAL WEST VIRGINIA

14,956,180

WISCONSIN - 3.4%

1,750,000

Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Mountain Island Charter School, North Carolina, Series

2017B

.000

07/01/47

1,658,392

3,500,000

Public Finance Authority of Wisconsin, Hospital Revenue

Bonds, Renown Regional Medical Center Project, Refunding

Series 2016A

.000

06/01/40

3,509,961

10,000,000

Public Finance Authority of Wisconsin, Hospital Revenue

Bonds, Renown Regional Medical Center Project, Series 2025A

.500

06/01/55

10,415,970

1,500,000

Public Finance Authority of Wisconsin, Hotel Revenue Bonds,

Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien

Series 2022A

.000

02/01/42

1,550,224

2,000,000

Public Finance Authority of Wisconsin, Hotel Revenue Bonds,

Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien

Series 2022A

.000

02/01/52

1,964,753

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

6,302,003

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

1,110,851

1,100,000

Public Finance Authority, Wisconsin, Educational Revenue

Bonds, Lake Norman Charter School, Series 2024A

.000

06/15/64

1,029,979

8,315,000

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

Senior Bonds, World Center Project Series 2024A

.000

06/01/41

8,496,174

5,000,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

.750

06/30/60

5,181,961

4,205,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Bellin Memorial Hospital Incorporated Series 2022A

.500

12/01/52

4,477,154

1,935,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Bellin Memorial Hospital Incorporated Series 2022B

.250

12/01/48

2,048,993

1,500,000

Wisconsin Health and Educational Facilities Authority, Revenue

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

.000

02/15/47

1,502,283

2,410,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Marshfield Clinic, Series 2016B

.000

02/15/34

2,413,362

1,415,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Three Pillars Senior Living

Communities, Series 2024A

.250

08/15/39

1,522,966

TOTAL WISCONSIN

53,185,026

TOTAL MUNICIPAL BONDS

(Cost $1,516,325,474)

1,541,434,846

TOTAL LONG-TERM INVESTMENTS

(Cost $1,516,325,474)

1,541,434,846

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.2%

2555000

MUNICIPAL BONDS - 0.2%

2555000

COLORADO - 0.1%

$

1,230,000

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

Variable Rate Demand Subordinate Lien Improvement Series

2006B

.320

%

11/01/36

$

1,230,000

TOTAL COLORADO

1,230,000

NEW YORK - 0.1%

1,325,000

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

Adjustable Rate Junior Series 2019D-2

.200

11/01/38

1,325,000

TOTAL NEW YORK

1,325,000

TOTAL MUNICIPAL BONDS

(Cost $2,555,000)

2,555,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,555,000)

2,555,000

TOTAL INVESTMENTS - 100.1%

(Cost $1,518,880,474)

1,543,989,846

FLOATING RATE OBLIGATIONS - (4.3)%

(66,280,000)

OTHER ASSETS & LIABILITIES, NET - 4.2%

64,627,360

NET ASSETS - 100%

$

1,542,337,206

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) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(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 fiscal period, the aggregate value of these securities is $163,837,885 or 10.6% of Total Investments.

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

floating rate transactions.

(d) 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 fiscal period.

(e) When-issued or delayed delivery security.

(f) 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.

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

bankruptcy.

(h) 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 January 31, 2026

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

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.3%

ASSET-BACKED SECURITIES - 4.1%

–

$

61,460

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

2021 3CS

.100

%

05/20/48

$

48,963

108,586

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

2021 4GS

.360

07/20/48

60,952

114,490

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

.220

03/20/48

93,006

88,211

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

.440

08/20/46

74,734

110,065

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

.920

06/20/52

83,573

250,000

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

.820

10/20/27

250,882

21,939

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

.370

04/30/48

21,472

185,498

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

.210

07/31/51

168,528

TOTAL ASSET-BACKED SECURITIES

(Cost $938,328)

802,110

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

8401172

CORPORATE BONDS - 43.4% (b)

8401172

BANKS - 9.3%

200,000

(c),(d)

African Development Bank

.750

N/A

199,638

150,000

Asian Infrastructure Investment Bank/The

.500

01/16/30

154,221

140,000

Asian Infrastructure Investment Bank/The

.500

05/21/35

142,617

250,000

Credit Agricole Corporate & Investment Bank SA

.570

08/25/30

248,702

250,000

Inter-American Development Bank

.802

11/12/30

248,115

100,000

International Bank for Reconstruction & Development

.123

03/31/32

99,260

175,000

(a) International Development Association

.500

02/12/35

177,686

225,000

(a) International Development Association

.000

06/11/30

226,507

300,000

M&T Bank Corp

.833

01/16/29

304,829

TOTAL BANKS

1,801,575

CAPITAL GOODS - 1.0%

200,000

Conservation Fund A Nonprofit Corp/The

.474

12/15/29

191,851

TOTAL CAPITAL GOODS

191,851

COMMERCIAL & PROFESSIONAL SERVICES - 1.9%

200,000

(a) Amazon Conservation DAC

.034

01/16/42

205,780

250,000

Rockefeller Foundation/The

.492

10/01/50

151,314

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

357,094

CONSUMER SERVICES - 2.1%

250,000

Bush Foundation

.754

10/01/50

153,778

100,000

Massachusetts Higher Education Assistance Corp

.673

07/01/31

88,539

200,000

Starbucks Corp

.450

08/15/49

167,359

TOTAL CONSUMER SERVICES

409,676

CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%

225,000

(a) Alimentation Couche-Tard Inc

.625

05/13/51

160,619

250,000

Sysco Corp

.400

02/15/30

233,019

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

393,638

ENERGY - 1.3%

250,000

Arab Energy Fund /The, Reg S

.428

05/02/29

258,549

TOTAL ENERGY

258,549

FINANCIAL SERVICES - 6.2%

100,000

European Investment Bank

.750

02/14/33

98,029

250,000

HA Sustainable Infrastructure Capital Inc

.375

07/01/34

255,298

125,000

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

.750

09/15/30

116,607

100,000

Kreditanstalt fuer Wiederaufbau

.375

02/28/34

101,506

45,000

Low Income Investment Fund

.386

07/01/26

44,785

50,000

NHP Foundation/The

.000

12/01/33

53,444

263,000

(a) Starwood Property Trust Inc

.500

10/15/30

273,898

246,972

(a) WLB Asset VI Pte Ltd

.250

12/21/27

257,905

TOTAL FINANCIAL SERVICES

1,201,472

FOOD, BEVERAGE & TOBACCO - 0.9%

250,000

PepsiCo Inc

.875

10/15/49

164,676

TOTAL FOOD, BEVERAGE & TOBACCO

164,676

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

$

153,602

TOTAL HEALTH CARE EQUIPMENT & SERVICES

153,602

MATERIALS - 1.8%

350,000

Air Products and Chemicals Inc

.800

03/03/33

355,870

TOTAL MATERIALS

355,870

MEDIA & ENTERTAINMENT - 2.6%

500,000

Comcast Corp

.650

02/15/33

499,575

TOTAL MEDIA & ENTERTAINMENT

499,575

TELECOMMUNICATION SERVICES - 0.9%

250,000

Verizon Communications Inc

.850

09/03/41

179,859

TOTAL TELECOMMUNICATION SERVICES

179,859

UTILITIES - 12.6%

250,000

(a) ContourGlobal Power Holdings SA

.750

02/28/30

257,820

200,000

Duke Energy Progress LLC

.000

04/01/52

154,670

250,000

MidAmerican Energy Co

.150

04/15/50

168,728

250,000

Pacific Gas and Electric Co

.700

04/01/53

264,758

250,000

PG&E Recovery Funding LLC

.231

06/01/42

250,462

100,000

Public Service Co of Oklahoma

.200

08/15/31

88,659

100,000

Public Service Electric and Gas Co

.125

03/15/53

93,124

150,000

(a) RWE Finance US LLC

.875

04/16/34

157,500

162,091

(a) Solar Star Funding LLC

.375

06/30/35

164,601

200,000

Southern California Edison Co

.650

06/01/51

137,100

200,000

Southwestern Electric Power Co

.250

11/01/51

131,578

150,000

Southwestern Public Service Co

.150

05/01/50

98,620

178,826

(a) Sweihan PV Power Co PJSC2022 1

.625

01/31/49

153,779

209,426

(a) Topaz Solar Farms LLC

.750

09/30/39

210,823

100,000

(a),(c),(d)

Vistra Corp

.000

N/A

101,513

TOTAL UTILITIES

2,433,735

TOTAL CORPORATE BONDS

(Cost $8,933,135)

8,401,172

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 23.3%

–

635

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

.426

12/25/34

633

125,000

(a),(e)

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

.895

10/15/35

5,245

200,000

(a),(e)

Century Plaza Towers 2019-CPT, Series 2019 CPT

.997

11/13/39

168,414

3,809

Fannie Mae Pool, FN MA5165

.500

10/01/53

3,872

797

Fannie Mae Pool, FN MA4805, Series 2022 1

.500

11/01/52

784

18,088

Fannie Mae Pool, FN MA4785

.000

10/01/52

18,166

19,299

Fannie Mae Pool, FN MA4733

.500

09/01/52

18,984

40,636

Fannie Mae Pool, FN MA4732

.000

09/01/52

38,871

5,016

Fannie Mae Pool, FN MA4709

.000

07/01/52

5,037

7,694

Fannie Mae Pool, FN MA4579

.000

04/01/52

6,840

1,472

Fannie Mae Pool, FN FS1535

.000

04/01/52

1,321

731

Fannie Mae Pool, FN MA4761

.000

09/01/52

734

3,878

Fannie Mae Pool, FN CB2795

.000

02/01/52

3,445

3,347

Fannie Mae Pool, FN CA6414

.000

07/01/50

3,034

1,852

Fannie Mae Pool, FN BU8837

.000

05/01/52

1,865

2,028

Fannie Mae Pool, FN BT0267

.000

09/01/51

1,837

8,201

Fannie Mae Pool, FN FS0522

.500

02/01/52

7,069

5,564

Freddie Mac Gold Pool, FG G08760

.000

04/01/47

5,052

250,000

Freddie Mac Multiclass Certificates, Series 2020 P003

.956

09/25/46

196,374

119,230

Freddie Mac Multifamily Structured Pass Through Certificates,

Series 2020 Q014

.555

01/25/36

99,368

292,272

Ginnie Mae II Pool, G2 MA8347

.500

10/20/52

287,708

89,882

Ginnie Mae II Pool, G2 MA8428

.000

11/20/52

90,490

51,824

Ginnie Mae II Pool, G2 MA8487

.500

12/20/52

47,897

48,783

Ginnie Mae II Pool, G2 MA8488

.000

12/20/52

46,526

345,547

Ginnie Mae II Pool, G2 MA8489

.500

12/20/52

339,938

3,935

Ginnie Mae II Pool, G2 MA8646

.500

02/20/53

3,867

40,083

Ginnie Mae II Pool, G2 MA9488

.500

02/20/54

40,759

#### Portfolio of Investments January 31, 2026
(continued)

#### Core Impact Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

3,273

Ginnie Mae II Pool, G2 MA8648

.500

%

02/20/53

$

3,326

22,578

Ginnie Mae II Pool, G2 MA9101

.000

08/20/53

20,510

366,864

Ginnie Mae II Pool, G2 MA9906

.500

09/20/54

372,276

47,372

Ginnie Mae II Pool, G2 MA9907

.000

09/20/54

48,553

21,786

Ginnie Mae II Pool, G2 MA8269

.000

09/20/52

21,891

552,462

Ginnie Mae II Pool, G2 MA8647

.000

02/20/53

555,441

378,919

Ginnie Mae II Pool, G2 MA8267, Series 2022 A

.000

09/20/52

361,848

3,113

Ginnie Mae II Pool, G2 BX3679

.000

08/20/50

2,820

43,912

Ginnie Mae II Pool, G2 MA8149

.500

07/20/52

40,668

15,001

Ginnie Mae II Pool, G2 BY0325

.500

10/20/50

12,908

Ginnie Mae II Pool, G2 BY0330

.000

10/20/50

877

Ginnie Mae II Pool, G2 BY0331

.000

10/20/50

792

2,290

Ginnie Mae II Pool, G2 BY0338

.500

08/20/50

2,128

44,591

Ginnie Mae II Pool, G2 MA8201

.500

08/20/52

43,887

1,531

Ginnie Mae II Pool, G2 BY0340

.500

08/20/50

1,417

2,006

Ginnie Mae II Pool, G2 BY0339

.500

08/20/50

1,869

4,503

Ginnie Mae II Pool, G2 BX3680

.000

08/20/50

4,076

2,015

Ginnie Mae II Pool, G2 BX3681

.000

08/20/50

1,824

98,084

Ginnie Mae II Pool, G2 MA7768, Series 2021 1

.000

12/20/51

88,732

421,420

Ginnie Mae II Pool, G2 MA7989

.500

04/20/52

389,815

51,817

Ginnie Mae II Pool, G2 MA8043

.000

05/20/52

46,819

235,000

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

.228

07/10/39

225,410

212,214

(a),(e)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 1.579%)

.915

07/15/36

203,182

250,000

(a),(e)

NYC Commercial Mortgage Trust, Series 2025 11X, (TSFR1M +

1.743%)

.423

10/15/40

252,347

150,000

(a),(e)

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

.879

07/13/42

151,540

200,000

(a),(e)

VNDO Trust 2016-350P, Series 2016 350P

.903

01/10/35

198,956

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $4,648,531)

4,497,512

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

3855475

MUNICIPAL BONDS - 19.9%

3855475

ALASKA - 0.8%

150,000

Port Lions, Alaska, Revenue Bonds, Kodiak Area Native

Association Project, Taxable Series 2022

.500

10/01/52

156,757

TOTAL ALASKA

156,757

CALIFORNIA - 7.3%

200,000

City And County Of San Francisco, California, Taxable General

Obligation Bonds (Social Bonds-Affordable Housing, 2019)

Series 2021A

.684

06/15/40

151,505

250,000

Oakland, California, General Obligation Bonds, Taxable Social

Measure U Series 2025B-2

.792

07/15/45

253,602

250,000

San Francisco City & County Public Utilities Commission

Wastewater Revenue, California,

.655

10/01/27

253,760

250,000

San Francisco City and County, California, Affordable Housing

Social Bonds, General Obligation Tax Bonds, Series 2025D

.770

06/15/45

255,995

250,000

San Jose Financing Authority, California, Lease Revenue Bonds,

Convention Center Refunding Project, Taxable, Series 2022A

.662

05/01/37

244,732

250,000

San Luis Obispo County Financing Authority, California,

Revenue Bonds, Nacimiento Water Project, Series 2007B

.571

09/01/40

259,853

TOTAL CALIFORNIA

1,419,447

ILLINOIS - 0.3%

50,000

Village of Deerfield, Illinois, General Obligation Bonds, Series

2011

.000

12/01/28

50,002

TOTAL ILLINOIS

50,002

IOWA - 1.3%

250,000

(a) Iowa Finance Authority

.000

11/01/27

253,358

TOTAL IOWA

253,358

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN - 0.4%

$

100,000

University of Michigan, General Revenue Bonds, Taxable Green

Series 2022B

.504

%

04/01/52

$

73,351

TOTAL MICHIGAN

73,351

NEW HAMPSHIRE - 3.9%

500,000

National Finance Authority, New Hampshire, Revenue Bonds,

Abilene Christian University Taxable Series 2024B

.775

11/01/54

484,024

250,000

National Finance Authority, New Hampshire, Revenue Bonds,

Winston-Salem Sustainable Energy Partners Taxable Series

2025B

.876

12/01/35

266,529

TOTAL NEW HAMPSHIRE

750,553

NEW YORK - 3.3%

250,000

New York City Housing Development Corp

.881

08/01/45

251,643

250,000

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

Fiscal 2025 Series D-1

.094

10/01/49

236,480

150,000

United Nations Development Corporation, New York, Revenue

Bonds, Taxable Series 2025A

.536

08/01/55

159,220

TOTAL NEW YORK

647,343

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

251,775

TOTAL PENNSYLVANIA

251,775

WISCONSIN - 1.3%

250,000

Public Finance Authority, Wisconsin, Revenue Bonds, Bluehub

Loan Fund Issue, Series 2024A

.292

07/01/29

252,889

TOTAL WISCONSIN

252,889

TOTAL MUNICIPAL BONDS

(Cost $3,785,315)

3,855,475

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

1577913

SOVEREIGN DEBT - 8.2%

1577913

CANADA - 4.0%

500,000

Export Development Canada

.750

06/05/34

519,692

250,000

(a) OMERS Finance Trust

.500

04/19/32

239,291

TOTAL CANADA

758,983

DOMINICAN REPUBLIC - 0.8%

150,000

(a) Dominican Republic International Bond

.600

06/01/36

156,675

TOTAL DOMINICAN REPUBLIC

156,675

NETHERLANDS - 2.3%

200,000

(a) Nederlandse Waterschapsbank NV

.000

06/01/28

201,306

250,000

(a) Nederlandse Waterschapsbank NV

.500

01/16/30

256,187

TOTAL NETHERLANDS

457,493

SWEDEN - 1.1%

200,000

(a) Kommuninvest I Sverige AB

.625

09/29/28

204,762

TOTAL SWEDEN

204,762

TOTAL SOVEREIGN DEBT

(Cost $1,540,486)

1,577,913

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

68,086

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 0.4%

68,086

70,000

United States Treasury Note/Bond

.625

11/15/45

68,086

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $69,272)

68,086

TOTAL LONG-TERM INVESTMENTS

(Cost $19,915,067)

19,202,268

OTHER ASSETS & LIABILITIES, NET - 0.7%

138,700

NET ASSETS - 100%

$

19,340,968

#### Portfolio of Investments January 31, 2026
(continued)

#### Core Impact Bond

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 fiscal period, the aggregate value of these securities is $5,783,821 or 30.1% 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, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

#### Portfolio of Investments January 31, 2026

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

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.0%

12179277

CORPORATE BONDS - 42.9% (a)

CHILE - 7.0%

$

200,000

(b) Antofagasta PLC

5.625 %

05/13/32

$

207,960

200,000

(b),(c),(d)

Banco de Credito e Inversiones SA

7.500 N/A

213,010

200,000

(b),(d)

Banco del Estado de Chile

7.950 N/A

212,686

200,000

(b) Celulosa Arauco y Constitucion SA

6.180 05/05/32

205,400

200,000

(b) Cia Cervecerias Unidas SA

3.350 01/19/32

181,488

200,000

(b) Corp Nacional del Cobre de Chile

5.625 10/18/43

192,545

200,000

(b) Corp Nacional del Cobre de Chile

3.000 09/30/29

190,174

200,000

(b) Corp Nacional del Cobre de Chile

3.700 01/30/50

140,962

200,000

(b) Empresa Nacional del Petroleo

6.150 05/10/33

212,344

200,000

(b) Sociedad Quimica y Minera de Chile SA

6.500 11/07/33

218,147

TOTAL CHILE

1,974,716

CHINA - 1.4%

200,000

(b) Lenovo Group Ltd

3.421 11/02/30

190,267

225,000

(b) Prosus NV

4.193 01/19/32

215,663

TOTAL CHINA

405,930

GUATEMALA - 1.4%

200,000

(b) Energuate Trust 2 0

6.350 09/15/35

199,871

200,000

(b),(e)

Industrial Subordinated Trust 2 0

6.550 04/15/36

202,850

TOTAL GUATEMALA

402,721

INDIA - 1.5%

250,000

(b) Indian Railway Finance Corp Ltd

3.249 02/13/30

237,767

200,000

(b) UltraTech Cement Ltd

2.800 02/16/31

183,772

TOTAL INDIA

421,539

INDONESIA - 3.6%

200,000

(b) Freeport Indonesia PT

4.763 04/14/27

198,989

200,000

(b) Indonesia Asahan Aluminium PT / Mineral Industri Indonesia

Persero PT

5.450 05/15/30

206,378

200,000

(b) Pertamina Persero PT

6.500 05/27/41

211,626

200,000

(b) Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

5.450 05/21/28

204,320

200,000

(b) Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

5.450 02/03/36

198,951

TOTAL INDONESIA

1,020,264

ISRAEL - 2.8%

200,000

(b) Bank Hapoalim BM, Reg S

5.252 01/14/33

200,080

200,000

(b) Israel Electric Corp Ltd, Reg S

3.750 02/22/32

186,954

200,000

(b) Mizrahi Tefahot Bank Ltd, Reg S

3.077 04/07/31

199,221

200,000

(b) Mizrahi Tefahot Bank Ltd, Reg S

5.837 04/15/36

202,209

TOTAL ISRAEL

788,464

KAZAKHSTAN - 1.0%

300,000

(b) KazMunayGas National Co JSC

5.750 04/19/47

281,266

TOTAL KAZAKHSTAN

281,266

MALAYSIA - 1.5%

240,000

(b) Petronas Capital Ltd

5.340 04/03/35

248,544

200,000

(b) Petronas Capital Ltd

2.480 01/28/32

179,611

TOTAL MALAYSIA

428,155

MEXICO - 8.0%

200,000

(b),(e)

Banco Nacional de Comercio Exterior SNC/Cayman Islands

2.720 08/11/31

195,929

200,000

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

BBVA Mexico/TX

8.450 06/29/38

222,333

198,334

(b) CFE FIBRA E

5.875 09/23/40

196,033

200,000

(b) Comision Federal de Electricidad

0.000 01/28/34

200,000

200,000

(b) FIBRA Prologis

5.625 01/14/38

196,940

198,101

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

Multiple

7.250 01/31/41

206,047

200,000

(b) Grupo Aeromexico SAB de CV

8.625 11/15/31

206,500

200,000

Grupo Televisa SAB

6.625 01/15/40

179,100

300,000

(b) Mexico City Airport Trust

5.500 10/31/46

262,051

200,000

(b) Orbia Advance Corp SAB de CV

6.800 05/13/30

201,850

#### Portfolio of Investments January 31, 2026
(continued)

#### Emerging Markets Debt

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEXICO

(continued)

$

200,000

Petroleos Mexicanos

5.950 %

01/28/31

$

195,102

TOTAL MEXICO

2,261,885

MOROCCO - 0.7%

200,000

(b) OCP SA

6.700 03/01/36

211,953

TOTAL MOROCCO

211,953

PERU - 2.4%

150,000

(b) Banco Internacional del Peru SAA Interbank

4.800 07/15/31

148,920

200,000

(b) Kallpa Generacion SA

5.500 09/11/35

200,212

200,000

(b) Niagara Energy SAC

5.746 10/03/34

202,819

200,000

(b) Petroleos del Peru SA

5.625 06/19/47

134,274

TOTAL PERU

686,225

POLAND - 0.7%

200,000

(b) ORLEN SA

6.000 01/30/35

210,164

TOTAL POLAND

210,164

SAUDI ARABIA - 2.9%

250,000

(b) Saudi Arabian Oil Co

2.250 11/24/30

225,295

200,000

(e) Saudi Awwal Bank, Reg S

5.947 09/04/35

202,280

200,000

(e) SNB Funding Ltd, Reg S

6.000 06/24/35

204,675

200,000

(b) STC SUKUK CO II LTD

4.489 01/15/31

199,622

TOTAL SAUDI ARABIA

831,872

SOUTH AFRICA - 0.6%

200,000

Sasol Financing USA LLC

5.500 03/18/31

176,386

TOTAL SOUTH AFRICA

176,386

THAILAND - 1.6%

200,000

(b) Bangkok Bank PCL/Hong Kong

5.650 07/05/34

207,940

250,000

(b) PTTEP Treasury Center Co Ltd

2.993 01/15/30

237,664

TOTAL THAILAND

445,604

TURKEY - 1.6%

225,000

(b) Turk Telekomunikasyon AS

6.950 10/07/32

229,549

200,000

(b) Ulker Biskuvi Sanayi AS

7.875 07/08/31

210,521

TOTAL TURKEY

440,070

UNITED ARAB EMIRATES - 3.5%

250,000

(b) Abu Dhabi Crude Oil Pipeline LLC

4.600 11/02/47

230,260

200,000

(b) DAE Funding LLC

4.950 01/15/33

197,382

200,000

(b) DP World Ltd/United Arab Emirates

5.625 09/25/48

193,264

139,838

(b) Galaxy Pipeline Assets Bidco Ltd

2.160 03/31/34

126,392

240,000

(b) MDGH GMTN RSC Ltd

4.375 11/22/33

234,398

TOTAL UNITED ARAB EMIRATES

981,696

UNITED KINGDOM - 0.7%

200,000

(b) Standard Chartered PLC

5.905 05/14/35

210,367

TOTAL UNITED KINGDOM

210,367

TOTAL CORPORATE BONDS

(Cost $11,653,737)

12,179,277

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

15631881

SOVEREIGN DEBT - 55.1%

ANGOLA - 1.0%

300,000

(b) Angolan Government International Bond

8.750 04/14/32

293,454

TOTAL ANGOLA

293,454

ARGENTINA - 0.8%

300,000

Argentine Republic Government International Bond

2.500 07/09/41

216,900

TOTAL ARGENTINA

216,900

BARBADOS - 0.8%

200,000

(b) Barbados Government International Bond

8.000 06/26/35

214,330

TOTAL BARBADOS

214,330

BENIN - 0.7%

200,000

(b) Benin Government International Bond

8.375 01/23/41

212,008

TOTAL BENIN

212,008

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BERMUDA - 1.0%

$

300,000

(b) Bermuda Government International Bond

2.375 %

08/20/30

$

272,739

TOTAL BERMUDA

272,739

BRAZIL - 0.7%

200,000

Brazilian Government International Bond

7.125 05/13/54

199,868

TOTAL BRAZIL

199,868

CHILE - 1.7%

550,000

Chile Government International Bond

2.550 07/27/33

474,650

TOTAL CHILE

474,650

COLOMBIA - 2.3%

200,000

Colombia Government International Bond

8.000 04/20/33

214,630

200,000

Colombia Government International Bond

8.750 11/14/53

219,500

200,000

Colombia Government International Bond

6.125 01/21/31

199,160

TOTAL COLOMBIA

633,290

COTE D'IVOIRE - 0.8%

200,000

(b) Ivory Coast Government International Bond

8.250 01/30/37

215,789

TOTAL COTE D'IVOIRE

215,789

DOMINICAN REPUBLIC - 1.2%

150,000

(b) Dominican Republic International Bond

7.050 02/03/31

159,975

175,000

(b) Dominican Republic International Bond

5.875 10/28/35

174,253

TOTAL DOMINICAN REPUBLIC

334,228

ECUADOR - 0.7%

200,000

(b),(c)

Ecuador Government International Bond

9.250 01/29/39

205,000

TOTAL ECUADOR

205,000

EGYPT - 1.7%

200,000

(b) Egypt Government International Bond

8.625 02/04/30

217,683

250,000

(b) Egypt Government International Bond

7.053 01/15/32

252,686

TOTAL EGYPT

470,369

GHANA - 1.0%

300,000

(b) Ghana Government International Bond

5.000 07/03/35

273,530

TOTAL GHANA

273,530

HUNGARY - 2.1%

200,000

(b) Hungary Government International Bond

5.250 06/16/29

203,774

200,000

(b) Hungary Government International Bond

6.250 09/22/32

212,185

200,000

(b) Hungary Government International Bond

5.500 03/26/36

198,756

TOTAL HUNGARY

614,715

INDIA - 0.7%

200,000

(b) Export-Import Bank of India

3.250 01/15/30

191,595

TOTAL INDIA

191,595

KAZAKHSTAN - 2.1%

200,000

(b) Baiterek National Managing Holding JSC

5.450 05/08/28

203,620

200,000

(b) Development Bank of Kazakhstan JSC

5.500 04/15/27

202,318

200,000

(b) Kazakhstan Government International Bond

4.412 10/28/30

197,858

TOTAL KAZAKHSTAN

603,796

MEXICO - 3.9%

250,000

(b) Eagle Funding Luxco Sarl

5.500 08/17/30

253,955

250,000

Mexico Government International Bond

4.280 08/14/41

199,263

250,000

Mexico Government International Bond

3.500 02/12/34

215,375

200,000

Mexico Government International Bond

6.338 05/04/53

189,460

250,000

Mexico Government International Bond

6.400 05/07/54

238,513

TOTAL MEXICO

1,096,566

NIGERIA - 3.3%

200,000

(b) Nigeria Government International Bond

9.625 06/09/31

226,195

200,000

(b) Nigeria Government International Bond

8.631 01/13/36

213,656

500,000

(b) Nigeria Government International Bond

7.375 09/28/33

505,151

TOTAL NIGERIA

945,002

OMAN - 2.7%

400,000

(b) Oman Government International Bond

6.500 03/08/47

422,115

350,000

(b) Oman Sovereign Sukuk Co

4.525 04/17/33

344,090

TOTAL OMAN

766,205

#### Portfolio of Investments January 31, 2026
(continued)

#### Emerging Markets Debt

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PANAMA - 2.2%

$

500,000

Panama Government International Bond

2.252 %

09/29/32

$

412,450

200,000

Panama Government International Bond

6.400 02/14/35

209,180

TOTAL PANAMA

621,630

PARAGUAY - 0.7%

200,000

(b) Paraguay Government International Bond

6.650 03/04/55

213,626

TOTAL PARAGUAY

213,626

PERU - 2.4%

250,000

(b) Fondo MIVIVIENDA SA

4.625 04/12/27

251,282

225,000

Peruvian Government International Bond

2.783 01/23/31

207,473

225,000

Peruvian Government International Bond

5.375 02/08/35

229,163

TOTAL PERU

687,918

PHILIPPINES - 2.8%

675,000

(c) Philippine Government International Bond

1.950 01/06/32

588,049

200,000

Philippine Government International Bond

5.900 02/04/50

208,244

TOTAL PHILIPPINES

796,293

POLAND - 3.2%

400,000

(b) Bank Gospodarstwa Krajowego

5.375 05/22/33

412,333

140,000

Republic of Poland Government International Bond

5.500 04/04/53

132,717

75,000

Republic of Poland Government International Bond

5.125 09/18/34

76,074

75,000

Republic of Poland Government International Bond

5.500 03/18/54

71,147

200,000

Republic of Poland Government International Bond

4.875 02/12/30

205,562

TOTAL POLAND

897,833

QATAR - 1.1%

310,000

(b) Qatar Government International Bond

5.103 04/23/48

301,393

TOTAL QATAR

301,393

ROMANIA - 3.6%

270,000

(b) Romanian Government International Bond

4.000 02/14/51

188,272

120,000

(b) Romanian Government International Bond

3.625 03/27/32

110,005

50,000

(b) Romanian Government International Bond

7.125 01/17/33

54,603

102,000

(b) Romanian Government International Bond

5.875 01/30/29

105,271

250,000

(b) Romanian Government International Bond

6.375 01/30/34

260,231

300,000

(b) Romanian Government International Bond

5.750 03/24/35

297,529

TOTAL ROMANIA

1,015,911

SAUDI ARABIA - 3.4%

250,000

(b) Saudi Government International Bond

4.500 10/26/46

210,366

300,000

(b) Saudi Government International Bond

3.625 03/04/28

296,990

325,000

(b) Saudi Government International Bond

2.250 02/02/33

278,070

200,000

(b) Saudi Government International Bond

5.750 01/16/54

193,948

TOTAL SAUDI ARABIA

979,374

SOUTH AFRICA - 2.8%

550,000

(b) Republic of South Africa Government International Bond

7.100 11/19/36

582,924

200,000

(b) Republic of South Africa Government International Bond

7.950 11/19/54

209,949

TOTAL SOUTH AFRICA

792,873

TURKEY - 1.4%

200,000

Turkiye Government International Bond

7.625 05/15/34

212,971

200,000

Turkiye Government International Bond

7.125 07/17/32

208,242

TOTAL TURKEY

421,213

UNITED ARAB EMIRATES - 1.0%

425,000

(b) Abu Dhabi Government International Bond

3.125 09/30/49

297,857

TOTAL UNITED ARAB EMIRATES

297,857

UZBEKISTAN - 0.8%

250,000

(b) Republic of Uzbekistan International Bond

3.700 11/25/30

233,725

TOTAL UZBEKISTAN

233,725

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ZAMBIA - 0.5%

$

141,412

(b) Zambia Government International Bond

5.750 %

06/30/33

$

138,201

TOTAL ZAMBIA

138,201

TOTAL SOVEREIGN DEBT

(Cost $14,919,137)

15,631,881

TOTAL LONG-TERM INVESTMENTS

(Cost $26,572,874)

27,811,158

SHARES

DESCRIPTION

Coupon

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 3.7%

1,035,449

(f) State Street Navigator Securities Lending

Government Money Market Portfolio

3.710 (g)

1,035,449

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $1,035,449)

1,035,449

TOTAL INVESTMENTS (Cost $27,608,323) - 101.7%

28,846,607

OTHER ASSETS & LIABILITIES, NET - (1.7)%

(479,006)

NET ASSETS - 100%

$

28,367,601

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 fiscal period, the aggregate value of these securities is $21,725,024 or 75.3% 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 fiscal period was $1,004,958.

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

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

2.8% of Total Investments.

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

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

#### Portfolio of Investments January 31, 2026

#### High Yield
See Notes to Financial Statements

(Unaudited)

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.5%

17,033

COMMON STOCKS - 0.1%

17,033

TELECOMMUNICATION SERVICES - 0.1%

905

(a) Altice France Lux 3

$

17,033

TOTAL TELECOMMUNICATION SERVICES

17,033

TOTAL COMMON STOCKS

(Cost $15,439)

17,033

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

18985065

CORPORATE BONDS - 97.5% (b)

18985065

AUTOMOBILES & COMPONENTS - 3.3%

$

35,000

(c) Clarios Global LP / Clarios US Finance Co

.750

%

02/15/30

36,615

125,000

Goodyear Tire & Rubber Co/The

.000

07/15/29

122,417

200,000

(c) IHO Verwaltungs GmbH

.000

11/15/32

213,144

55,000

(c) Phinia Inc

.750

04/15/29

56,855

150,000

(c) ZF North America Capital Inc

.750

04/23/30

150,395

70,000

(c) ZF North America Capital Inc

.500

03/24/31

71,749

TOTAL AUTOMOBILES & COMPONENTS

651,175

CAPITAL GOODS - 6.6%

70,000

(c) AECOM

.000

08/01/33

71,708

200,000

(c) Albion Financing 1 SARL / Aggreko Holdings Inc

.000

05/21/30

208,452

100,000

(c) Alta Equipment Group Inc

.000

06/01/29

95,555

60,000

(c) Camelot Return Merger Sub Inc

.750

08/01/28

46,641

35,000

(c) Carpenter Technology Corp

.625

03/01/34

35,517

60,000

(c) Columbus McKinnon Corp/NY

.125

01/31/33

60,312

25,000

(c) Gates Corp/DE

.875

07/01/29

25,988

65,000

(c) Herc Holdings Inc

.000

03/15/34

65,330

50,000

(c) Herc Holdings Inc

.750

03/15/31

50,355

105,000

(c) Herc Holdings Inc

.000

06/15/30

110,204

55,000

(c),(d)

Lsf12 Helix Parent LLC

.125

02/01/33

55,162

80,000

(c) Masterbrand Inc

.000

07/15/32

82,962

40,000

(c) Standard Building Solutions Inc

.250

08/01/33

40,886

20,000

(c) TransDigm Inc

.875

12/15/30

20,832

100,000

(c) TransDigm Inc

.375

03/01/29

102,833

100,000

(c) TransDigm Inc

.375

05/31/33

101,801

100,000

(c) Trinity Industries Inc

.750

07/15/28

103,221

TOTAL CAPITAL GOODS

1,277,759

COMMERCIAL & PROFESSIONAL SERVICES - 1.4%

95,000

(c) AMN Healthcare Inc

.500

01/15/31

96,245

30,000

(c) Garda World Security Corp

.500

01/15/31

30,752

30,000

(c) GFL Environmental Holdings US Inc

.500

02/01/34

30,069

70,000

(c) Neptune Bidco US Inc

.290

04/15/29

71,877

50,000

(c) RR Donnelley & Sons Co

.500

08/01/29

52,035

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

280,978

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.7%

80,000

(c) Academy Ltd

.000

11/15/27

80,122

95,000

(c) Bath & Body Works Inc

.625

10/01/30

97,290

70,000

Kohl's Corp

.125

05/01/31

59,926

50,000

(c) LCM Investments Holdings II LLC

.875

05/01/29

49,269

10,000

(c) Macy's Retail Holdings LLC

.125

03/15/32

10,108

175,000

(c) Michaels Cos Inc/The

.250

05/01/28

173,091

100,000

(c) Michaels Cos Inc/The

.875

05/01/29

97,431

55,000

(c) Park River Holdings Inc

.000

03/15/31

56,676

40,000

(c) PetSmart Inc / PetSmart Finance Corp

.500

09/15/32

41,019

90,000

(c) QXO Building Products Inc

.750

04/30/32

92,743

100,000

(c) Staples Inc

.750

09/01/29

98,263

15,000

Veritiv Operating Co

.500

11/30/30

16,061

50,000

(c) Wayfair LLC

.250

10/31/29

52,279

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

924,278

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER DURABLES & APPAREL - 2.3%

$

125,000

(c) CD&R Smokey Buyer Inc / Radio Systems Corp

.500

%

10/15/29

$

110,281

15,000

(c) Installed Building Products Inc

.625

02/01/34

15,086

80,000

Newell Brands Inc

.625

09/15/29

80,085

120,000

(c) S&S Holdings LLC

.375

10/01/31

114,412

20,000

(c) TopBuild Corp

.625

01/31/34

20,180

115,000

(c) Wolverine World Wide Inc

.000

08/15/29

107,308

TOTAL CONSUMER DURABLES & APPAREL

447,352

CONSUMER SERVICES - 5.9%

75,000

(c),(e)

Caesars Entertainment Inc

.000

10/15/32

72,964

90,000

(c) Carnival Corp

.875

06/15/31

93,031

80,000

(c) Churchill Downs Inc

.750

04/01/30

80,434

95,000

(c) Cinemark USA Inc

.000

08/01/32

98,299

115,000

(c) Fertitta Entertainment LLC / Fertitta Entertainment Finance Co

Inc

.625

01/15/29

111,220

75,000

(c) Hilton Domestic Operating Co Inc

.500

03/31/34

75,362

40,000

(c) Life Time Inc

.000

11/15/31

41,012

50,000

(c) Light & Wonder International Inc

.250

10/01/33

50,625

80,000

(c) Marriott Ownership Resorts Inc

.500

10/01/33

76,119

10,000

(c) Merlin Entertainments Group US Holdings Inc

.375

02/15/31

8,467

50,000

MGM Resorts International

.125

09/15/29

51,140

200,000

(c) Motion Finco Sarl

.375

02/15/32

172,335

20,000

(c) NCL Corp Ltd

.875

01/15/31

20,055

30,000

(c),(e)

NCL Corp Ltd

.250

09/15/33

30,166

70,000

(c) SIX FLAGS ENTERTAINMENT

.625

05/01/32

71,529

40,000

(c) SIX FLAGS/CAN WON/MILLEN

.625

01/15/32

40,818

50,000

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

.250

03/15/33

50,941

TOTAL CONSUMER SERVICES

1,144,517

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.7%

50,000

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

Albertsons LLC

.500

02/15/28

50,801

50,000

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

Albertsons LLC

.250

03/15/33

51,055

40,000

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

Albertsons LLC

.750

03/31/34

39,339

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

141,195

ENERGY - 13.9%

75,000

(c) Antero Midstream Partners LP / Antero Midstream Finance

Corp

.750

10/15/33

75,818

65,000

(c) Archrock Partners LP / Archrock Partners Finance Corp

.250

04/01/28

65,164

50,000

(c) Archrock Partners LP / Archrock Partners Finance Corp

.625

09/01/32

51,830

30,000

(c) ARCHROCK SERVICES/PARTNE

.000

02/01/34

29,977

50,000

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

.625

10/15/32

51,819

50,000

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

.625

07/15/33

51,775

8,537

(c) Borr IHC Ltd / Borr Finance LLC

.000

11/15/28

8,760

35,000

(c) Bristow Group Inc

.750

02/01/33

35,410

80,000

(c) Buckeye Partners LP

.750

02/01/30

83,821

100,000

(c) Chord Energy Corp

.750

03/15/33

103,667

30,000

(c) Chord Energy Corp

.000

10/01/30

30,585

60,000

(c) CNX Resources Corp

.250

03/01/32

62,773

15,000

(c),(d)

CVR Energy Inc

.500

02/15/31

14,968

50,000

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

.375

06/30/33

51,416

150,000

(c) Harvest Midstream I LP

.500

05/15/32

156,676

165,000

(c) Hilcorp Energy I LP / Hilcorp Finance Co

.750

02/01/29

165,040

10,000

(c) Hilcorp Energy I LP / Hilcorp Finance Co

.375

11/01/33

10,382

50,000

(c) ITT Holdings LLC

.500

08/01/29

48,205

100,000

(c) Kinetik Holdings LP

.625

12/15/28

102,972

50,000

(c) Kodiak Gas Services LLC

.250

02/15/29

51,861

15,000

(c) Kodiak Gas Services LLC

.500

10/01/33

15,364

25,000

(c) Kodiak Gas Services LLC

.750

10/01/35

25,832

40,000

(c) Matador Resources Co

.250

04/15/33

40,314

95,000

(c) Noble Finance II LLC

.000

04/15/30

99,033

100,000

(c) PBF Holding Co LLC / PBF Finance Corp

.875

09/15/30

100,135

#### Portfolio of Investments January 31, 2026
(continued)

#### High Yield

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY

(continued)

$

20,000

(c) PBF Holding Co LLC / PBF Finance Corp

.875

%

03/15/30

$

21,209

50,000

(c) Rockies Express Pipeline LLC

.750

03/15/33

52,740

65,000

(c),(e)

SM Energy Co

.750

07/01/31

68,273

55,000

(c) SM Energy Co

.375

07/01/28

56,611

65,000

(f) South Bow Canadian Infrastructure Holdings Ltd

.625

03/01/55

67,761

50,000

(c) Sunoco LP

.250

07/01/33

51,291

50,000

(c) Sunoco LP

.625

03/31/31

50,307

50,000

(c) Sunoco LP

.875

03/15/34

50,133

100,000

(c) Talos Production Inc

.000

02/01/29

104,195

18,077

(c) Transocean Aquila Ltd

.000

09/30/28

18,530

30,000

(c) Transocean International Ltd

.875

10/15/32

31,645

33,750

(c) Transocean International Ltd

.750

02/15/30

35,182

28,333

(c) Transocean Titan Financing Ltd

.375

02/01/28

28,903

130,000

(c) USA Compression Partners LP / USA Compression Finance

Corp

.125

03/15/29

134,605

20,000

(c) USA Compression Partners LP / USA Compression Finance

Corp

.250

10/01/33

20,260

30,000

(c) Venture Global LNG Inc

.125

06/01/28

30,711

50,000

(c) Venture Global LNG Inc

.875

02/01/32

52,865

160,000

(c),(e)

Venture Global LNG Inc

.000

01/15/30

160,991

40,000

(c) Venture Global Plaquemines LNG LLC

.500

01/15/34

41,512

50,000

(c) Venture Global Plaquemines LNG LLC

.125

12/15/30

51,465

40,000

(c) Weatherford International Ltd

.750

10/15/33

41,429

TOTAL ENERGY

2,704,215

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.9%

55,000

(c) Millrose Properties Inc

.375

08/01/30

56,138

40,000

(c) Millrose Properties Inc

.250

09/15/32

40,451

50,000

MPT Operating Partnership LP / MPT Finance Corp

.000

10/15/27

48,887

35,000

(c) MPT Operating Partnership LP / MPT Finance Corp

.500

02/15/32

37,498

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

182,974

FINANCIAL SERVICES - 11.8%

55,000

(c) Azorra Finance Ltd

.250

01/15/31

57,604

50,000

Block Inc

.500

05/15/32

51,948

200,000

(c) Burford Capital Global Finance LLC

.500

07/15/33

193,087

56,614

(c) Compass Group Diversified Holdings LLC

.250

04/15/29

52,778

25,733

(c),(e)

Compass Group Diversified Holdings LLC

.000

01/15/32

22,959

65,000

(c) Encore Capital Group Inc

.625

04/15/31

65,552

90,000

(c) Encore Capital Group Inc

.500

05/15/30

96,489

95,000

(c) FirstCash Inc

.875

03/01/32

98,753

75,000

(c) Freedom Mortgage Holdings LLC

.875

05/01/31

74,428

50,000

(c) Freedom Mortgage Holdings LLC

.875

04/01/33

51,002

70,000

(c) Freedom Mortgage Holdings LLC

.375

04/01/32

73,226

70,000

(c) Hunt Cos Inc

.250

04/15/29

68,329

165,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

.250

05/15/27

163,232

20,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

.750

01/15/29

20,122

60,000

(c) Icahn Enterprises LP / Icahn Enterprises Finance Corp

.000

11/15/29

60,563

100,000

(c) Jane Street Group / JSG Finance Inc

.125

11/01/32

101,851

80,000

OneMain Finance Corp

.750

09/15/33

80,887

230,000

OneMain Finance Corp

.625

05/15/29

237,079

45,000

(c) Osaic Holdings Inc

.750

08/01/32

46,636

20,000

(c) Osaic Holdings Inc

.000

08/01/33

20,725

30,000

(c) Osaic Holdings Inc

.750

08/01/32

31,086

60,000

(c) PennyMac Financial Services Inc

.875

12/15/29

63,199

100,000

(c) PennyMac Financial Services Inc

.125

11/15/30

103,240

55,000

(c) Rocket Cos Inc

.375

08/01/33

57,060

125,000

(c) Starwood Property Trust Inc

.000

04/15/30

128,482

60,000

(c) UWM Holdings LLC

.625

02/01/30

60,518

150,000

(c),(e)

VistaJet Malta Finance PLC / Vista Management Holding Inc

.375

02/01/30

142,315

80,000

(c) WEX Inc

.500

03/15/33

81,653

TOTAL FINANCIAL SERVICES

2,304,803

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FOOD, BEVERAGE & TOBACCO - 2.2%

$

115,000

(c) Darling Ingredients Inc

.000

%

06/15/30

$

116,531

100,000

(c) Post Holdings Inc

.375

03/01/33

100,767

75,000

(c) Post Holdings Inc

.500

03/15/36

75,068

130,000

(c) Viking Baked Goods Acquisition Corp

.625

11/01/31

128,728

TOTAL FOOD, BEVERAGE & TOBACCO

421,094

HEALTH CARE EQUIPMENT & SERVICES - 5.3%

20,000

(c) CHS/Community Health Systems Inc

.250

05/15/30

18,858

100,000

(c) CHS/Community Health Systems Inc

.875

01/15/32

107,654

50,000

(c) CHS/Community Health Systems Inc

.750

01/15/34

52,129

95,000

(c) DaVita Inc

.625

06/01/30

91,410

100,000

(c) DaVita Inc

.875

09/01/32

103,004

30,000

(c) Global Medical Response Inc

.375

10/01/32

31,020

100,000

(c) LifePoint Health Inc

.375

02/15/32

108,659

20,000

(c) Molina Healthcare Inc

.250

01/15/33

20,141

60,000

(c) Molina Healthcare Inc

.500

02/15/31

61,491

95,000

(c) National Mentor Holdings Inc

.500

12/15/30

98,162

150,000

(c) Prime Healthcare Services Inc

.375

09/01/29

156,188

70,000

(c) Radiology Partners Inc

.500

07/15/32

73,498

35,000

(c) Surgery Center Holdings Inc

.250

04/15/32

35,238

65,000

(c) Team Health Holdings Inc

.375

06/30/28

65,791

TOTAL HEALTH CARE EQUIPMENT & SERVICES

1,023,243

INSURANCE - 4.9%

35,000

(c) Acrisure LLC / Acrisure Finance Inc

.750

07/01/32

35,882

85,000

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

.750

04/15/28

86,406

200,000

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

.500

10/01/31

205,570

90,000

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

APH3 Somerset Inves

.875

11/01/29

91,365

200,000

(c) Ardonagh Finco Ltd

.750

02/15/31

206,756

70,000

(c) ASURION LLC/ASURION CO

.375

02/01/34

70,767

85,000

(c) Asurion, LLC

.000

12/31/32

88,808

110,000

(c) Panther Escrow Issuer LLC

.125

06/01/31

113,292

50,000

(c) Ryan Specialty LLC

.875

08/01/32

50,831

TOTAL INSURANCE

949,677

MATERIALS - 6.3%

200,000

(c) Ardagh Metal Packaging Finance USA LLC / Ardagh Metal

Packaging Finance PLC

.250

01/30/31

205,534

100,000

(c) Arsenal AIC Parent LLC

.000

10/01/30

105,904

130,000

(c) Avient Corp

.125

08/01/30

133,719

20,000

(c) Avient Corp

.250

11/01/31

20,562

120,000

(c) Clydesdale Acquisition Holdings Inc

.750

04/15/30

120,086

25,000

(c) Commercial Metals Co

.000

12/15/35

25,543

60,000

(c) Compass Minerals International Inc

.000

07/01/30

63,638

110,000

(c) Mineral Resources Ltd

.000

11/01/27

112,488

120,000

(c) Mineral Resources Ltd

.250

10/01/28

126,049

10,000

(c) Mineral Resources Ltd

.000

04/01/31

10,510

105,000

(c) Olin Corp

.625

04/01/33

102,891

85,000

(c) Qnity Electronics Inc

.750

08/15/32

86,591

25,000

(c) Qnity Electronics Inc

.250

08/15/33

25,802

15,000

(c) Solstice Advanced Materials Inc

.625

09/30/33

15,079

60,000

(c) WR Grace Holdings LLC

.625

08/15/32

59,669

15,000

(c) WR Grace Holdings LLC

.000

08/01/33

15,019

TOTAL MATERIALS

1,229,084

MEDIA & ENTERTAINMENT - 8.1%

185,000

(c) CCO Holdings LLC / CCO Holdings Capital Corp

.250

02/01/31

169,376

20,000

(c) CCO Holdings LLC / CCO Holdings Capital Corp

.000

02/01/33

20,193

125,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.400

12/01/61

82,453

55,000

(c) Directv Financing LLC

.875

02/01/30

55,688

120,000

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

.875

08/15/27

120,585

65,000

(c) Gray Media Inc

.750

10/15/30

50,167

60,000

(c) Gray Media Inc

.250

08/15/33

61,426

#### Portfolio of Investments January 31, 2026
(continued)

#### High Yield

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT

(continued)

$

75,000

(c) McGraw-Hill Education Inc

.375

%

09/01/31

$

78,848

40,000

(c),(e)

Neptune Bidco US Inc

.375

05/15/31

42,292

20,000

(c) Neptune Bidco US Inc

.500

02/15/33

20,365

55,000

(c) Scripps Escrow II Inc

.875

01/15/29

50,760

50,000

(c),(e)

Sirius XM Radio LLC

.875

09/01/31

45,668

200,000

(c) Sunrise FinCo I BV

.875

07/15/31

191,564

100,000

(c) Univision Communications Inc

.500

07/31/31

104,286

75,000

(c) Univision Communications Inc

.500

05/01/29

71,637

15,000

(c) Univision Communications Inc

.375

08/01/32

16,150

200,000

(c) Virgin Media Secured Finance PLC

.500

05/15/29

197,262

50,000

Warnermedia Holdings Inc

.279

03/15/32

44,000

50,000

Warnermedia Holdings Inc

.141

03/15/52

33,231

75,000

Warnermedia Holdings Inc

.050

03/15/42

52,688

80,000

(c) Ziff Davis Inc

.625

10/15/30

75,641

TOTAL MEDIA & ENTERTAINMENT

1,584,280

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.3%

40,000

(c) 1261229 BC Ltd

.000

04/15/32

41,050

125,000

(c) Bausch Health Cos Inc

.875

06/01/28

115,623

30,000

(c),(d)

BioMarin Pharmaceutical Inc

.500

01/31/34

30,083

20,000

(c) Emergent BioSolutions Inc

.875

08/15/28

17,861

25,000

(c) GENMAB A/S/GENMAB FIN

.250

12/15/33

26,459

35,000

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

.875

05/15/34

32,901

200,000

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

.125

04/30/31

181,631

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

445,608

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%

110,000

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

.000

04/15/30

111,372

50,000

(c) Cushman & Wakefield US Borrower LLC

.750

05/15/28

50,313

70,000

Kennedy-Wilson Inc

.750

03/01/29

68,499

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

230,184

SOFTWARE & SERVICES - 2.6%

150,000

(c) Ahead DB Holdings LLC

.625

05/01/28

148,350

80,000

(c) ASGN Inc

.625

05/15/28

78,788

20,000

(c) CoreWeave Inc

.250

06/01/30

19,688

55,000

(c) Fair Isaac Corp

.000

05/15/33

56,041

75,000

(c) Open Text Corp

.875

12/01/29

69,614

130,000

(c) Rocket Software Inc

.000

11/28/28

129,676

TOTAL SOFTWARE & SERVICES

502,157

TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%

100,000

(c) Imola Merger Corp

.750

05/15/29

98,393

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

98,393

TELECOMMUNICATION SERVICES - 6.2%

152,439

(c) Altice France Lux 3 / Altice Holdings 1

.500

11/01/29

156,445

100,000

(c) CIPHER COMPUTE LLC

.125

11/15/30

103,041

35,000

(c) Digicel International Finance Ltd / Difl US LLC

.625

08/01/32

36,391

200,000

(c) Holdco II SAS

.500

04/15/31

214,164

40,000

(c) Level 3 Financing Inc

.875

06/30/33

41,220

40,000

(c) Level 3 Financing Inc

.000

03/31/34

41,432

85,000

(c) Level 3 Financing Inc

.500

01/15/36

87,017

190,000

(c) Sable International Finance Ltd

.125

10/15/32

192,089

40,000

(c),(d)

Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

.625

06/15/32

40,300

50,000

(c) Windstream Services LLC

.500

10/15/33

51,623

90,000

(c) Windstream Services LLC / Windstream Escrow Finance Corp

.250

10/01/31

94,277

20,000

(c) WULF Compute LLC

.750

10/15/30

20,860

122,057

(c) Zayo Group Holdings Inc

.250

03/09/30

119,183

TOTAL TELECOMMUNICATION SERVICES

1,198,042

TRANSPORTATION - 0.8%

60,000

(c) Stonepeak Nile Parent LLC

.250

03/15/32

63,384

25,000

United Airlines Holdings Inc

.375

03/01/31

25,248

55,000

(c) XPO Inc

.125

06/01/31

57,105

TOTAL TRANSPORTATION

145,737

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES - 5.6%

$

25,000

(c) Clearway Energy Operating LLC

.750

%

01/15/34

$

25,091

200,000

(c) ContourGlobal Power Holdings SA

.750

02/28/30

206,256

115,000

(c) Ferrellgas LP / Ferrellgas Finance Corp

.875

04/01/29

110,625

50,000

(c) Ferrellgas LP / Ferrellgas Finance Corp

.250

01/15/31

51,686

75,000

(c) NRG Energy Inc

.000

02/01/33

76,439

60,000

(c) NRG Energy Inc

.250

11/01/34

61,596

50,000

(c) NRG Energy Inc

.750

01/15/34

50,332

120,000

(c) Talen Energy Supply LLC

.625

06/01/30

126,613

45,000

(c) Talen Energy Supply LLC

.250

02/01/34

45,606

20,000

(c) Talen Energy Supply LLC

.500

02/01/36

20,505

130,000

(c) TerraForm Power Operating LLC

.000

01/31/28

130,146

85,000

(c) Vistra Operations Co LLC

.750

10/15/31

89,940

40,000

(c) VoltaGrid LLC

.375

11/01/30

40,512

20,000

(c) XPLR Infrastructure Operating Partners LP

.375

01/15/31

21,008

40,000

(c) XPLR Infrastructure Operating Partners LP

.625

03/15/33

41,965

TOTAL UTILITIES

1,098,320

TOTAL CORPORATE BONDS

(Cost $18,511,785)

18,985,065

SHARES

DESCRIPTION

VALUE

176,290

EXCHANGE-TRADED FUNDS - 0.9%

176,290

8,500

(e) Invesco Senior Loan ETF

176,290

TOTAL EXCHANGE-TRADED FUNDS

(Cost $179,478)

176,290

TOTAL LONG-TERM INVESTMENTS

(Cost $18,706,702)

19,178,388

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 4.0%

778,630

(g) State Street Navigator Securities Lending Government Money

Market Portfolio

3.710 (h)

778,630

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $778,630)

778,630

TOTAL INVESTMENTS - 102.5%

(Cost $19,485,332)

19,957,018

OTHER ASSETS & LIABILITIES, NET - (2.5)%

(491,182)

NET ASSETS - 100%

$

19,465,836

ETF

Exchange-Traded Fund

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $17,679,401 or 88.6% of Total Investments.

(d) When-issued or delayed delivery security.

(e) 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 fiscal period was $751,504.

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

0.3% of Total Investments.

(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 January 31, 2026

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

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.8%

17268096

CORPORATE BONDS - 95.8% (a)

17268096

AUTOMOBILES & COMPONENTS - 1.7%

$

300,000

(b),(c)

General Motors Financial Co Inc

.750

%

N/A

$

298,279

TOTAL AUTOMOBILES & COMPONENTS

298,279

BANKS - 47.3%

200,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

.375

N/A

223,766

200,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

.750

N/A

215,155

200,000

(b),(d)

Banco Santander SA

.000

N/A

220,483

200,000

(b),(d)

Banco Santander SA

.625

N/A

241,376

500,000

(b),(c)

Bank of America Corp

.625

N/A

519,508

200,000

(c) Bank of Montreal

.300

11/26/84

213,368

200,000

(c) Bank of Nova Scotia/The

.875

10/27/85

205,362

315,000

(b),(d)

Barclays PLC

.625

N/A

358,235

200,000

(b),(d)

Barclays PLC

.625

N/A

215,556

300,000

(b),(d),(e)

BNP Paribas SA

.450

N/A

316,421

275,000

(b),(d),(e)

BNP Paribas SA

.000

N/A

299,588

235,000

(b),(d),(e)

BNP Paribas SA

.250

N/A

250,999

200,000

(c) Canadian Imperial Bank of Commerce

.950

01/28/85

206,335

180,000

(b),(c)

Citigroup Inc

.875

N/A

183,880

300,000

(b),(c)

Citigroup Inc

.625

N/A

314,563

175,000

(b),(c)

Citigroup Inc

.125

N/A

181,121

57,000

(b),(c)

Citigroup Inc

.625

N/A

58,042

200,000

(b),(d),(e)

Credit Agricole SA

.125

N/A

209,121

100,000

(b),(c),(f)

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

.957

N/A

102,198

50,000

(b),(c)

First Citizens BancShares Inc/NC

.000

N/A

51,122

200,000

(b),(d)

HSBC Holdings PLC

.000

N/A

210,477

200,000

(b),(d)

HSBC Holdings PLC

.875

N/A

206,630

271,000

(b),(d),(g)

HSBC Holdings PLC

.950

N/A

285,347

66,000

(b),(c)

Huntington Bancshares Inc/OH

.250

N/A

65,988

200,000

(b),(d)

ING Groep NV

.000

N/A

209,265

400,000

(b),(d)

ING Groep NV, Reg S

.500

N/A

417,455

345,000

(b),(c)

JPMorgan Chase & Co

.500

N/A

358,980

200,000

(b),(d)

Lloyds Banking Group PLC

.000

N/A

217,101

150,000

(b),(c)

M&T Bank Corp

.125

N/A

149,763

200,000

(b),(d)

NatWest Group PLC

.125

N/A

226,050

200,000

(b),(d),(e)

Nordea Bank Abp

.750

N/A

205,485

280,000

(b),(c)

PNC Financial Services Group Inc/The

.200

N/A

284,277

225,000

(b),(c)

PNC Financial Services Group Inc/The

.250

N/A

232,388

220,000

(b),(d),(e)

Societe Generale SA

.375

N/A

234,982

150,000

(b),(d),(e)

Societe Generale SA

.000

N/A

166,943

200,000

(b),(d),(e)

Standard Chartered PLC

.750

N/A

208,285

200,000

(c) Toronto-Dominion Bank/The

.350

10/31/85

203,253

60,000

(b),(c)

Truist Financial Corp

.100

N/A

60,390

TOTAL BANKS

8,529,258

CAPITAL GOODS - 0.6%

119,000

(b),(c)

Air Lease Corp

.000

N/A

114,554

TOTAL CAPITAL GOODS

114,554

ENERGY - 7.5%

161,000

(c) Enbridge Inc

.625

01/15/83

175,634

190,000

(c) Enbridge Inc

.500

01/15/84

217,422

24,000

(b),(c)

Energy Transfer LP

.625

N/A

24,283

101,000

(b),(c)

Energy Transfer LP

.125

N/A

104,321

89,000

(b),(c)

Energy Transfer LP

.500

N/A

89,411

75,000

(c) Energy Transfer LP

.000

05/15/54

80,144

125,000

(c) Energy Transfer LP

.750

02/15/56

125,891

109,000

(c) South Bow Canadian Infrastructure Holdings Ltd

.500

03/01/55

115,224

145,000

(b),(c),(e)

Sunoco LP

.875

N/A

149,354

180,000

(c) Transcanada Trust

.600

03/07/82

179,195

93,000

(b),(c),(e)

Venture Global LNG Inc

.000

N/A

81,814

TOTAL ENERGY

1,342,693

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES - 14.5%

$

137,000

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

.950

%

03/10/55

$

143,420

130,000

(b),(c)

Ally Financial Inc

.700

N/A

129,209

250,000

(b),(c),(e)

Compeer Financial ACA

.875

N/A

257,187

60,000

(b),(c)

Corebridge Financial Inc

.875

N/A

62,338

400,000

(h) Credit Suisse Group AG

.500

06/11/72

136,000

310,000

(h) Credit Suisse Group AG

.500

01/17/72

105,400

200,000

(b),(d)

Deutsche Bank AG, Reg S

.130

N/A

215,487

125,000

(b),(c)

Goldman Sachs Group Inc/The

.500

N/A

132,218

125,000

(b),(c)

Goldman Sachs Group Inc/The

.500

N/A

131,955

333,000

(b),(c),(g)

Goldman Sachs Group Inc/The

.125

N/A

339,284

200,000

(b),(d)

Nomura Holdings Inc

.000

N/A

207,783

85,000

(b),(c)

State Street Corp

.700

N/A

88,167

200,000

(b),(d),(e)

UBS Group AG

.250

N/A

233,916

400,000

(b),(d),(e)

UBS Group AG

.250

N/A

436,713

TOTAL FINANCIAL SERVICES

2,619,077

HEALTH CARE EQUIPMENT & SERVICES - 0.9%

52,000

(c) CVS Health Corp

.750

12/10/54

54,058

100,000

(c) CVS Health Corp

.000

03/10/55

104,665

TOTAL HEALTH CARE EQUIPMENT & SERVICES

158,723

INSURANCE - 10.5%

67,000

(c) American National Group Inc

.000

12/01/55

67,664

300,000

(c) Assurant Inc

.000

03/27/48

308,885

197,000

(c) Corebridge Financial Inc

.375

09/15/54

201,266

170,000

(c),(e)

Enstar Group Ltd

.500

04/01/45

177,002

325,000

(c),(e)

MetLife Inc

.250

04/08/38

389,840

66,000

(c) MetLife Inc

.350

03/15/55

69,317

200,000

(b),(d)

Phoenix Group Holdings PLC, Reg S

.500

N/A

216,980

130,000

(c) Prudential Financial Inc

.500

03/15/54

136,866

340,000

(b),(c),(e)

SBL Holdings Inc

.500

N/A

325,467

TOTAL INSURANCE

1,893,287

MEDIA & ENTERTAINMENT - 1.7%

293,000

(b),(c),(e)

Farm Credit Bank of Texas

.750

N/A

306,073

TOTAL MEDIA & ENTERTAINMENT

306,073

TELECOMMUNICATION SERVICES - 3.0%

158,000

(c) Bell Telephone Co of Canada or Bell Canada

.000

09/15/55

165,715

110,000

(c) Rogers Communications Inc

.125

04/15/55

115,351

47,000

(c) TELUS Corp

.000

10/15/55

49,155

200,000

(c) Vodafone Group PLC

.000

04/04/79

210,896

TOTAL TELECOMMUNICATION SERVICES

541,117

UTILITIES - 8.1%

85,000

(c) AES Corp/The

.600

01/15/55

86,184

75,000

(c) AES Corp/The

.950

07/15/55

73,319

50,000

(c) CMS Energy Corp

.500

06/01/55

51,643

52,000

(c) Dominion Energy Inc

.000

06/01/54

56,231

49,000

(c) Duke Energy Corp

.450

09/01/54

51,265

70,000

(c) Emera Inc

.750

06/15/76

70,478

115,000

(c) Entergy Corp

.125

12/01/54

120,397

147,000

(c) EUSHI Finance Inc

.625

12/15/54

154,613

172,000

(c) NextEra Energy Capital Holdings Inc

.750

06/15/54

182,755

64,000

(c) PG&E Corp

.375

03/15/55

66,051

163,000

(c) Sempra

.550

04/01/55

165,916

55,000

(c) Sempra

.375

04/01/56

56,268

325,000

(b),(c),(e)

Vistra Corp

.000

N/A

329,915

TOTAL UTILITIES

1,465,035

TOTAL CORPORATE BONDS

(Cost $16,784,246)

17,268,096

#### Portfolio of Investments January 31, 2026
(continued)

#### Preferred Securities and Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

544,222

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 3.0%

544,222

$

540,000

(b) CoBank ACB

.450

%

N/A

$

544,222

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $529,219)

544,222

TOTAL LONG-TERM INVESTMENTS

(Cost $17,313,465)

17,812,318

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 3.6%

645,384

(i) State Street Navigator Securities Lending Government Money

Market Portfolio

3.710 (j)

645,384

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $645,384)

645,384

TOTAL INVESTMENTS - 102.4%

(Cost $17,958,849)

18,457,702

OTHER ASSETS & LIABILITIES, NET - (2.4)%

(436,573)

NET ASSETS - 100%

$

18,021,129

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

57.3% 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 34.9% 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 fiscal period, the aggregate value of these securities is $4,579,105 or 24.8% of Total Investments.

(f) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(g) 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 fiscal period was $623,872.

(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 January 31, 2026

#### Securitized Credit
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 100.6%

ASSET-BACKED SECURITIES - 17.1%

–

$

67,645

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

.260

%

05/16/39

$

67,748

71,664

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

.136

05/16/39

71,764

100,000

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

.850

06/20/30

103,712

97,458

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

.100

12/15/50

94,067

327,542

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

.750

09/15/53

329,673

350,000

Carvana Auto Receivables Trust 2024-P4, Series 2024 P4

.000

02/10/31

356,447

250,000

(a) Centersquare Issuer LLC, Series 2025 3A

.000

08/25/55

243,012

300,000

(a) Consolidated Communications LLC/Fidium Fiber Finance

Holdco LLC, Series 2025 4A

.522

12/20/55

303,767

250,000

(a) Domino's Pizza Master Issuer LLC, Series 2025 1A

.217

07/25/55

251,015

250,000

(a),(b)

Elmwood CLO 14 Ltd, Series 2022 1A, (TSFR3M + 1.700%)

.368

10/20/38

251,448

250,000

(a),(c)

GBX Leasing 2022-1 LLC, Series 2026 1A

.130

02/20/56

250,097

8,371

(a),(b)

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

+ 2.250%)

.447

03/01/27

8,374

250,000

(a) Hertz Vehicle Financing III LLC, Series 2025 6A

.140

05/25/32

249,354

100,000

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

.120

12/27/27

98,377

200,000

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

.939

02/01/62

198,033

53,533

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

.500

03/25/38

54,612

287,456

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

.375

09/15/49

289,293

100,000

(a) Hotwire Funding LLC, Series 2024 1A

.893

06/20/54

101,593

250,000

(a),(c)

Jersey Mike's Funding LLC, Series 2026 1A

.952

02/15/56

250,000

250,000

(a) Lmdv Issuer Co LLC, Series 2025 1A

.310

12/15/55

251,539

250,000

(a) Lmrk Issuer Co 2 LLC, Series 2025 1A

.520

09/15/55

252,158

184,967

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

.760

12/22/64

186,981

250,000

(a) MetroNet Infrastructure Issuer LLC, Series 2025 2A

.400

08/20/55

253,708

104,449

(a) MVW LLC, Series 2020 1A

.740

10/20/37

103,065

500,000

(a),(b)

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

1.600%)

.268

01/20/38

501,912

250,000

(a),(b)

OHA Credit Funding 3 LTD, Series 2019 3A

.564

01/20/38

252,578

250,000

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

.200

07/14/38

253,130

250,000

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

.830

12/15/28

250,255

250,000

(a) Planet Fitness Master Issuer LLC, Series 2025 1A

.274

12/06/55

251,658

250,000

(a) RCKT Trust 2025-PL1, Series 2025 1A

.420

07/25/34

251,432

250,000

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

.490

12/15/33

252,267

296,000

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

.190

06/20/53

297,193

250,000

(a) Summit Issuer LLC, Series 2025 1A

.208

11/20/55

251,955

250,000

(a) Taco Bell Funding LLC, Series 2025 1A

.821

08/25/55

248,736

189,050

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

.570

08/20/27

189,397

250,000

(a),(b)

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

1.950%)

.619

04/22/37

250,853

247,851

(a) Trinity Rail Leasing L.P., Series 2025 1A

.090

10/19/55

247,484

200,000

(a) UNITK 2026-1A A2, Series 2026 1A

.219

02/25/56

200,125

350,000

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

.590

05/15/54

353,880

249,298

(a) Willis Engine Structured Trust IX, Series 2025 B

.159

12/15/50

249,336

250,000

(a) Zayo Issuer LLC, Series 2025 1A

.648

03/20/55

254,592

TOTAL ASSET-BACKED SECURITIES

(Cost $9,090,616)

9,176,620

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

255,632

CORPORATE BONDS - 0.5%

255,632

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%

250,000

(a) SBA Tower Trust

.599

01/15/28

255,632

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

255,632

TOTAL CORPORATE BONDS

(Cost $251,275)

255,632

#### Portfolio of Investments January 31, 2026
(continued)

#### Securitized Credit

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 83.0%

–

$

100,000

(b) BANK 2019-BNK20, Series 2019 BN20

.243

%

09/15/62

$

90,786

350,000

BANK 2019-BNK22, Series 2019 BN22

.210

11/15/62

328,567

300,000

(b) BANK 2019-BNK24, Series 2019 BN24

.283

11/15/62

283,122

295,000

(b) BANK 2021-BNK31, Series 2021 BN31

.211

02/15/54

258,604

200,000

BANK 2022-BNK39, Series 2022 BNK39

.181

02/15/55

182,062

200,000

(b) BANK 2023-BNK46, Series 2023 BNK46

.385

08/15/56

213,181

200,000

(b) BANK 2024-BNK48, Series 2024 BNK48

.355

10/15/57

203,365

70,893

(a),(b)

Bayview MSR Opportunity Master Fund Trust 2021-INV4, Series

2021 4

.500

10/25/51

59,332

30,000

(b) BBCMS Mortgage Trust 2023-C20, Series 2023 C20

.973

07/15/56

31,493

200,000

BBCMS Mortgage Trust 2024-C24, Series 2024 C24

.867

02/15/57

210,073

500,000

Benchmark 2019-B11 Mortgage Trust, Series 2019 B11

.784

05/15/52

462,174

350,000

Benchmark 2019-B12 Mortgage Trust, Series B12

.419

08/15/52

330,744

300,000

Benchmark 2019-B14 Mortgage Trust, Series 2019 B14

.352

12/15/62

275,708

199,000

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

.713

12/15/72

161,161

105,000

(a),(b)

Benchmark 2020-IG3 Mortgage Trust, Series 2020 IG3

.099

09/15/48

86,098

300,000

Benchmark 2021-B24 Mortgage Trust, Series 2021 B24

.584

03/15/54

270,182

100,000

Benchmark 2021-B28 Mortgage Trust, Series 2021 B28

.429

08/15/54

87,086

500,000

(b) Benchmark 2022-B35 Mortgage Trust, Series 2022 B35

.442

05/15/55

490,546

155,000

(b) Benchmark 2024-V10 Mortgage Trust, Series 2024 V10

.725

09/15/57

159,828

200,000

(b) BMO 2022-C3 MORTGAGE TRUST, Series 2022 C3

.325

09/15/54

204,511

250,000

BMO 2023-C5 Mortgage Trust, Series 2023 C5

.765

06/15/56

261,948

200,000

(b) BMO 2023-C5 Mortgage Trust, Series 2023 C5

.162

06/15/56

209,830

250,000

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

.195

06/15/58

267,500

175,000

(b),(c)

BMO Mortgage Trust, Series 2026 C14

.522

02/15/59

180,302

219,911

(a),(b)

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

(TSFR1M + 1.385%)

.065

12/15/38

219,976

569,943

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

CX2

.700

11/10/46

492,686

200,000

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

C3

.366

11/15/49

196,519

295,000

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

.538

05/10/51

254,991

315,000

(a),(b)

Connecticut Avenue Securities Trust, Series 2023 R01,

(SOFR30A + 3.750%)

.447

12/25/42

329,561

240,000

(a),(b)

Connecticut Avenue Securities Trust, Series 2022 R09,

(SOFR30A + 4.750%)

.447

09/25/42

254,717

300,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R05, Series 2022

R05, (SOFR30A + 3.000%)

.697

04/25/42

306,666

300,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R07, Series 2022

R07, (SOFR30A + 4.650%)

.347

06/25/42

315,274

125,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R08, Series 2023

R08, (SOFR30A + 2.500%)

.197

10/25/43

127,557

45,000

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

CX10

.458

11/15/50

43,909

200,000

CSAIL 2019-C17 Commercial Mortgage Trust, Series 2019 C17

.278

09/15/52

182,758

200,000

CSAIL 2020-C19 Commercial Mortgage Trust, Series 2020 C19

.971

03/15/53

175,531

250,000

DBJPM 20-C9 Mortgage Trust, Series 2020 C9

.926

08/15/53

224,830

219,548

(a) DBWF Mortgage Trust, Series 2015 LCM

.998

06/10/34

217,602

300,000

(a) DOLP Trust 2021-NYC, Series 2021 NYC

.956

05/10/41

272,231

200,000

(a),(b)

DTP Commercial Mortgage Trust 2023-STE2, Series 2023 STE2

.038

01/15/41

205,360

250,000

(a),(b)

ELP Commercial Mortgage Trust, Series 2025 ELP

.757

11/13/42

249,753

500,000

(a),(b)

EQT Trust 2024-EXTR, Series 2024 EXTR

.331

07/05/41

510,977

151,413

Fannie Mae Pool, FN MA4917

.500

02/01/53

148,896

117,617

Fannie Mae Pool, FN MA4842, Series 2022 1

.500

12/01/52

119,838

561,740

Fannie Mae Pool, FN MA4805, Series 2022 1

.500

11/01/52

552,404

739,700

Fannie Mae Pool, FN MA4784

.500

10/01/52

728,093

557,753

Fannie Mae Pool, FN MA4732

.000

09/01/52

533,527

404,154

Fannie Mae Pool, FN MA4737, Series 2022 1

.000

08/01/52

405,777

725,635

Fannie Mae Pool, FN MA4733

.500

09/01/52

713,800

155,036

Fannie Mae Pool, FN MA4918

.000

02/01/53

155,627

367,507

Fannie Mae Pool, FN MA4701, Series 2022 1

.500

08/01/52

361,551

281,837

Fannie Mae Pool, FN MA4700, Series 2022 1

.000

08/01/52

269,770

77,968

Fannie Mae Pool, FN MA4761

.000

09/01/52

78,281

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

293,380

Fannie Mae Pool, FN MA4919

.500

%

02/01/53

$

298,560

621,747

Fannie Mae Pool, FN MA5106

.000

08/01/53

623,478

931,368

Fannie Mae Pool, FN MA4978

.000

04/01/53

934,821

142,070

Fannie Mae Pool, FN MA5039

.500

06/01/53

144,535

236,460

Fannie Mae Pool, FN MA5070

.500

07/01/53

232,326

262,768

Fannie Mae Pool, FN MA5107

.500

08/01/53

267,208

220,616

Fannie Mae Pool, FN MA5164

.000

10/01/53

221,151

2,175,209

Fannie Mae Pool, FN MA5165

.500

10/01/53

2,210,968

337,965

Fannie Mae Pool, FN MA5247

.000

01/01/54

346,405

207,331

Fannie Mae Pool, FN MA5295

.000

03/01/54

212,611

1,569,191

Fannie Mae Pool, FN MA5331

.500

04/01/54

1,592,117

1,154,199

Fannie Mae Pool, FN MA5353

.500

05/01/54

1,171,062

327,442

Fannie Mae Pool, FN MA5389

.000

06/01/54

335,510

391,982

Fannie Mae Pool, FN MA4655

.000

07/01/52

375,452

88,633

Fannie Mae Pool, FN MA4920

.000

02/01/53

91,263

1,649,084

Fannie Mae Pool, FN MA4626

.000

06/01/52

1,578,989

70,137

Fannie Mae Pool, FN MA4804

.000

11/01/52

67,333

588,147

Fannie Mae Pool, FN MA4598

.500

05/01/52

502,399

151,486

Fannie Mae Pool, FN 310210, Series 2022 1

.000

05/01/44

148,851

97,918

Fannie Mae Pool, FN CB1301

.500

08/01/51

84,795

200,843

Fannie Mae Pool, FN CB2804

.500

02/01/52

173,371

224,157

Fannie Mae Pool, FN CB3905

.500

06/01/52

207,556

283,774

Fannie Mae Pool, FN MA4624

.000

06/01/52

252,387

111,726

Fannie Mae Pool, FN FA0197

.000

02/01/54

107,323

265,624

Fannie Mae Pool, FN CB3599

.500

05/01/52

246,844

65,369

Fannie Mae Pool, FN FS5179

.000

06/01/53

65,756

83,705

Fannie Mae Pool, FN FS7299

.000

05/01/52

75,155

307,526

Fannie Mae Pool, FN MA4512

.500

01/01/52

262,979

753,782

Fannie Mae Pool, FN MA4548

.500

02/01/52

643,891

173,209

Fannie Mae Pool, FN MA4578

.500

04/01/52

147,956

1,744,256

Fannie Mae Pool, FN MA4579

.000

04/01/52

1,550,602

456,276

Fannie Mae Pool, FN FS1535

.000

04/01/52

409,410

80,035

Fannie Mae REMICS, Series 2022 18

.500

04/25/52

63,013

91,179

(a),(b)

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

.497

10/25/51

76,766

90,249

(a),(b)

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

.339

07/25/51

75,672

274,449

(a),(b)

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

.507

09/25/51

235,028

115,106

Freddie Mac Pool, FR SD8213, Series 2022 1

.000

05/01/52

102,397

125,350

Freddie Mac Pool, FR SD4999

.000

08/01/53

125,815

350,805

Freddie Mac Pool, FR SD8178

.500

11/01/51

300,100

261,099

Freddie Mac Pool, FR SD8231

.500

07/01/52

256,637

171,732

Freddie Mac Pool, FR RA9629

.500

08/01/53

174,647

983,288

Freddie Mac Pool, FR SD8329

.000

06/01/53

986,682

537,481

Freddie Mac Pool, FR RA6766

.500

02/01/52

464,289

35,756

Freddie Mac Pool, FR RA7211, Series 2022 1

.000

04/01/52

34,361

605,214

Freddie Mac Pool, FR SD8245

.500

09/01/52

595,717

27,858

Freddie Mac REMICS, Series 2020 5017

.000

09/25/50

19,307

44,839

Freddie Mac REMICS, Series 2018 4776

.000

03/15/48

42,976

35,826

Freddie Mac REMICS, Series 2018 4783

.000

04/15/48

34,231

57,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA5, Series 2022

DNA5, (SOFR30A + 4.500%)

.197

06/25/42

59,755

56,177

Ginnie Mae II Pool, G2 MA8428

.000

11/20/52

56,556

51,964

Ginnie Mae II Pool, G2 MA7419, Series 2021 MTGE

.000

06/20/51

46,954

67,644

Ginnie Mae II Pool, G2 MA7768, Series 2021 1

.000

12/20/51

61,195

295,270

Ginnie Mae II Pool, G2 MA8149

.500

07/20/52

273,460

210,259

Ginnie Mae II Pool, G2 MA8200

.000

08/20/52

200,556

96,613

Ginnie Mae II Pool, G2 MA8201

.500

08/20/52

95,089

226,016

Ginnie Mae II Pool, G2 MA8724

.500

03/20/53

222,128

107,510

Government National Mortgage Association, Series 2023 111

.000

02/20/52

75,690

600,000

(a) Grace Trust 2020-GRCE, Series 2020 GRCE

.347

12/10/40

539,097

575,000

GS Mortgage Securities Trust 2017-GS6, Series 2017 GS6

.638

05/10/50

553,268

45,000

GS Mortgage Securities Trust 2019-GSA1, Series 2019 GSA1

.340

11/10/52

42,749

750,000

(b) GS Mortgage Securities Trust 2020-GC45, Series 2020 GC45

.173

02/13/53

698,571

#### Portfolio of Investments January 31, 2026
(continued)

#### Securitized Credit

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

81,754

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2023 PJ1

.500

%

02/25/53

$

73,780

216,907

(a),(b)

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

PJ6

.500

11/25/51

181,403

125,000

(a),(b)

HTL Commercial Mortgage Trust 2024-T53, Series 2024 T53

.555

05/10/39

126,908

72,127

(a),(b)

J.P. Morgan Mortgage Trust, Series 2022 LTV1

.250

07/25/52

65,030

390,632

(a),(b)

J.P. Morgan Mortgage Trust, Series 2022 6

.000

11/25/52

338,921

74,280

(a),(b)

J.P. Morgan Mortgage Trust, Series 2021 15

.500

06/25/52

62,121

207,168

(a),(b)

JP Morgan Mortgage Trust 2017-2, Series 2

.500

05/25/47

189,594

209,981

(a),(b)

JP Morgan Mortgage Trust 2017-5, Series 2017 5

.745

10/26/48

211,784

76,855

(a),(b)

JP Morgan Mortgage Trust 2018-4, Series 2018 4

.500

10/25/48

69,764

221,208

(a),(b)

JP MORGAN MORTGAGE TRUST 2018-5, Series 2018 5

.500

10/25/48

200,656

233,839

(a),(b)

JP Morgan Mortgage Trust 2020-1, Series 2020 1

.819

06/25/50

214,329

357,274

(a),(b)

JP Morgan Mortgage Trust 2020-7, Series 2020 7

.000

01/25/51

313,419

37,322

(a),(b)

JP Morgan Mortgage Trust 2021-10, Series 2021 10

.500

12/25/51

31,213

282,585

(a),(b)

JP Morgan Mortgage Trust 2021-11, Series 2021 11

.500

01/25/52

236,500

22,051

(a),(b)

JP Morgan Mortgage Trust 2021-4, Series 2021 4

.879

08/25/51

18,243

104,984

(a),(b)

JP Morgan Mortgage Trust 2021-7, Series 2021 7

.500

11/25/51

87,863

89,355

(a),(b)

JP Morgan Mortgage Trust 2021-INV4, Series 2021 INV4

.206

01/25/52

73,894

89,472

(a),(b)

JP Morgan Mortgage Trust 2021-INV6, Series 2021 INV6

.345

04/25/52

74,774

250,000

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

Series 2014 C23

.536

09/15/47

245,969

100,000

JPMCC Commercial Mortgage Securities Trust 2019-COR4,

Series 2019 COR4

.290

03/10/52

95,808

475,000

JPMDB Commercial Mortgage Securities Trust 2016-C2, Series

2016 C2

.144

06/15/49

472,929

390,000

(b) Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35,

Series 2025 C35

.970

08/15/58

412,853

100,000

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

.524

07/15/52

95,594

70,411

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust 2021-5,

Series 2021 5

.500

08/25/51

58,928

242,250

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust 2023-1,

Series 2023 1

.000

02/25/53

226,049

155,000

(b) MSWF Commercial Mortgage Trust 2023-2, Series 2023 2

.491

12/15/56

168,777

250,000

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

2019 LVL

.885

08/15/38

244,774

248,361

(a),(b)

OBX 2022-INV5 Trust, Series 2022 INV5

.000

10/25/52

231,603

75,740

(a),(b)

Oceanview Mortgage Trust 2022-1, Series 2022 1

.500

11/25/52

73,283

600,000

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

.516

09/15/54

559,463

200,000

(a),(b)

ONNI Commerical Mortgage Trust 2024-APT, Series 2024 APT

.753

07/15/39

203,630

248,941

(a),(b)

RCKT Mortgage Trust 2022-4, Series 2022 4

.000

06/25/52

230,652

201,199

(a),(b)

Sequoia Mortgage Trust 2020-1, Series 2020 1

.853

02/25/50

162,107

68,678

(a),(b)

Sequoia Mortgage Trust 2021-4, Series 2021 4

.500

06/25/51

57,592

99,274

(a),(b)

Sequoia Mortgage Trust 2025-S2, Series 2025 S2

.000

11/25/55

93,755

100,000

(a),(b)

Sequoia Mortgage Trust 2026-1, Series 2026 1

.500

02/25/56

100,259

250,000

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

.492

06/15/51

246,873

100,000

(a),(b)

Verus Securitization Trust 2023-INV1, Series 2023 INV1

.442

02/25/68

99,726

525,000

(a),(b)

Verus Securitization Trust 2025-12, Series 2025 12

.760

12/25/70

527,425

100,000

(a),(b)

Verus Securitization Trust 2026-1, Series 2026 1

.670

01/25/71

100,318

165,000

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

2017 C38

.917

07/15/50

157,800

90,000

Wells Fargo Commercial Mortgage Trust 2018-C46, Series

2018 C46

.382

08/15/51

89,218

500,000

Wells Fargo Commercial Mortgage Trust 2021-C59, Series

2021 C59

.626

04/15/54

454,352

60,000

Wells Fargo Commercial Mortgage Trust 2021-C61, Series

2021 C61

.406

11/15/54

53,641

350,000

Wells Fargo Commercial Mortgage Trust 2021-C61, Series

2021 C61

.861

11/15/54

309,808

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

51,977

(a),(b)

Wells Fargo Mortgage Backed Securities 2020-4 Trust, Series

2020 4

.000

%

07/25/50

$

45,486

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $43,281,973)

44,441,303

TOTAL LONG-TERM INVESTMENTS

(Cost $52,623,864)

53,873,555

OTHER ASSETS & LIABILITIES, NET - (0.6)%

(313,549)

NET ASSETS - 100%

$

53,560,006

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 fiscal period, the aggregate value of these securities is $19,295,159 or 35.8% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities 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 January 31, 2026

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

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 100.1%

10005000

MUNICIPAL BONDS - 100.1%

10005000

ARIZONA - 1.0%

$

100,000

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

Banner Health Systems, Varibale Rate Demand Obligations,

Series 2015C

.250

%

01/01/46

$

100,000

TOTAL ARIZONA

100,000

CALIFORNIA - 6.4%

325,000

(a) California Statewide Communities Development Authority,

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

Variable Rate Revenue Bonds, Series 2008B

.850

08/15/47

325,000

315,000

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

Participation, Series 2009S

.700

10/01/41

315,000

TOTAL CALIFORNIA

640,000

COLORADO - 5.5%

295,000

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

Children's Hospital Colorado Project, Refunding Series 2020A

.350

12/01/52

295,000

260,000

(a) Colorado Health Facilities Authority, Revenue Bonds,

Boulder Community Hospital Project, Variable Rate Demand

Obligations Series 2000

.380

10/01/30

260,000

TOTAL COLORADO

555,000

CONNECTICUT - 6.7%

335,000

(a) Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Yale University, Series 2013A

.800

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

.280

11/01/45

300,000

335,000

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

System Revenue Bonds, Series 2010D

.280

10/01/40

335,000

TOTAL DISTRICT OF COLUMBIA

635,000

FLORIDA - 3.0%

300,000

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

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

.390

10/01/42

300,000

TOTAL FLORIDA

300,000

INDIANA - 6.7%

340,000

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

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

Refunding Series 2008J

.200

11/01/37

340,000

335,000

(a) Indiana Housing and Community Development Authority,

Single Family Mortgage Revenue Bonds, Series 2017C-3

.200

07/01/47

335,000

TOTAL INDIANA

675,000

LOUISIANA - 3.4%

335,000

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

Bonds, Refunding Series 2023A-2

.200

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

.150

06/01/46

200,000

TOTAL MARYLAND

200,000

MASSACHUSETTS - 3.0%

300,000

(a) Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Series 2008U-6E

.200

10/01/42

300,000

TOTAL MASSACHUSETTS

300,000

MICHIGAN - 2.5%

250,000

(a) Michigan Housing Development Authority, Single Family

Mortgage Revenue Bonds, Social Series 2022B

.150

06/01/46

250,000

TOTAL MICHIGAN

250,000

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI - 3.0%

$

300,000

(a) Missouri Health and Educational Facilities Authority, Revenue

Bonds, Washington University, Variable Rate Demand

Obligations, Series 2000B

.250

%

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

.250

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

.250

08/01/39

335,000

335,000

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

G-6 Fiscal Series 2012

.270

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

.350

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

.200

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

.200

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

.250

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

.270

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

.280

07/15/36

335,000

TOTAL TENNESSEE

335,000

TEXAS - 8.4%

200,000

(a) Harris County Cultural Education Facilities Finance

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

Hospital, Series 2015-3

.250

10/01/45

200,000

335,000

(a) Houston, Texas, Combined Utility System Revenue Bonds,

Refunding First Lien Series 2018C

.290

05/15/34

335,000

305,000

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

.400

12/01/50

305,000

TOTAL TEXAS

840,000

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

.250

02/15/38

250,000

TOTAL VIRGINIA

605,000

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

#### Portfolio of Investments January 31, 2026
(continued)

#### Ultra Short Municipal

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN - 3.4%

$

335,000

(a) Wisconsin Housing and Economic Development Authority,

Housing Revenue Bonds, Series 2009A

.280

%

05/01/42

$

335,000

TOTAL WISCONSIN

335,000

TOTAL MUNICIPAL BONDS

(Cost $10,005,000)

10,005,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $10,005,000)

10,005,000

TOTAL INVESTMENTS - 100.1%

(Cost $10,005,000)

10,005,000

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(5,000)

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

January 31, 2026 (Unaudited)

Municipal Total

Return

Core Impact

Bond

Emerging

Markets Debt

High Yield

Preferred

Securities and

Income

Securitized

Credit

ASSETS

Long-term investments, at value

†‡

$

1,541,434,846

$

19,202,268

$

27,811,158

$

19,178,388

$

17,812,318

$

53,873,555

Investments purchased with collateral from

securities lending, at value (cost approximates

value)

–

–

1,035,449

778,630

645,384

–

Short-term investments, at value

◊

2,555,000

–

–

–

–

–

Cash

50,915,151

56,738

661,633

191,163

60,839

842,313

Receivables:

Interest

18,793,892

198,479

347,452

362,864

274,540

178,793

Investments sold

16,908,904

–

–

44,200

–

49,958

Reimbursement from Adviser

51,276

7,180

7,601

7,877

6,647

8,785

Shares sold

5,948,163

–

–

–

–

–

Other

132,068

9,474

10,342

10,217

10,012

10,028

Total assets

1,636,739,300

19,474,139

29,873,635

20,573,339

18,809,740

54,963,432

LIABILITIES

Floating rate obligations

66,280,000

–

–

–

–

–

Payables:

Collateral from securities lending

–

–

1,035,449

778,630

645,384

–

Dividends

1,272,967

35,888

–

98,728

93,115

198,420

Interest

860,491

–

–

–

–

–

Investments purchased - regular settlement

1,110,826

–

420,970

25,000

–

446,742

Investments purchased - when-issued/delayed-

delivery settlement

18,680,300

–

–

140,701

–

680,451

Shares redeemed

5,870,779

42,644

–

10,041

5,658

19,953

Accrued expenses:

Custodian fees

175,345

20,552

18,646

23,921

14,244

25,236

Trustees fees

57,339

511

634

Professional fees

27,560

24,281

23,714

23,689

24,279

24,016

Shareholder reporting expenses

27,590

4,303

4,510

4,347

4,425

4,478

Shareholder servicing agent fees

29,390

Other

9,507

5,115

2,096

2,023

1,084

3,225

Total liabilities

94,402,094

133,171

1,506,034

1,107,503

788,611

1,403,426

Commitments and contingencies

(1) Net assets

$

1,542,337,206

$

19,340,968

$

28,367,601

$

19,465,836

$

18,021,129

$

53,560,006

NET ASSETS CONSIST OF:

Paid-in capital

$

1,709,949,397

$

21,428,899

$

26,841,911

$

18,953,507

$

17,451,991

$

52,285,154

Total distributable earnings (loss)

(167,612,191)

(2,087,931)

1,525,690

512,329

569,138

1,274,852

Net assets

$

1,542,337,206

$

19,340,968

$

28,367,601

$

19,465,836

$

18,021,129

$

53,560,006

Shares outstanding

152,956,190

2,438,489

2,676,195

1,888,951

1,745,221

5,091,019

Net asset value ("NAV") per share

10.08 7.93 10.60 10.31 10.33 10.52 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

$

1,516,325,474

$

19,915,067

$

26,572,874

$

18,706,702

$

17,313,465

$

52,623,864

◊

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

$

2,555,000

$

—

$

—

$

—

$

—

$

—

‡ Includes securities loaned of

$

—

$

—

$

1,004,958

$

751,504

$

623,872

$

—

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

See Notes to Financial Statements

January 31, 2026 (Unaudited)

Ultra Short

Municipal

ASSETS

Short-term investments, at value

◊

10,005,000

Cash

8,284

Receivables:

Interest

14,074

Reimbursement from Adviser

6,846

Other

15,406

Total assets

10,049,610

LIABILITIES

Payables:

Dividends

10,897

Accrued expenses:

Custodian fees

10,305

Trustees fees

Professional fees

24,029

Shareholder reporting expenses

4,223

Shareholder servicing agent fees

Total liabilities

49,610

Net assets

$

10,000,000

NET ASSETS CONSIST OF:

Paid-in capital

$

10,000,000

Total distributable earnings (loss)

–

Net assets

$

10,000,000

Shares outstanding

1,000,000

Net asset value ("NAV") per share

10.00 Authorized shares - per class

Unlimited

Par value per share

$

0.01 ◊

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

$

10,005,000

(1) As disclosed in Notes to Financial Statements.

Statement of Operations

See Notes to Financial Statements

Six Months Ended January 31, 2026 (Unaudited)

Municipal Total

Return

Core Impact Bond

Emerging Markets

Debt

High Yield

INVESTMENT INCOME

Dividends

$

—

$

—

$

—

$

5,938

Interest

36,006,284

483,733

874,746

672,293

Securities lending income, net

—

2,061

4,552

Total investment income

36,006,284

483,772

876,807

682,783

EXPENSES

–

–

–

–

Shareholder servicing agent fees

55,409

Interest expense

517,430

Trustees fees

34,860

654

Custodian expenses

83,519

12,558

9,193

11,224

Registration fees

60,491

10,462

11,700

11,682

Professional fees

47,704

27,515

27,011

26,892

Shareholder reporting expenses

20,367

7,693

7,669

7,589

Other

10,166

3,518

2,119

1,994

Total expenses before fee waiver/expense reimbursement

829,946

62,470

58,768

60,150

Fee waiver/expense reimbursement

(323,857)

(62,470)

(58,767)

(60,126)

Net expenses

506,089

—

Net investment income (loss)

35,500,195

483,772

876,806

682,759

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(5,454,090)

(39,734)

307,731

39,596

Net realized gain (loss)

(5,454,090)

(39,734)

307,731

39,596

Change in unrealized appreciation (depreciation) on:

Investments

60,930,423

302,206

450,158

178,015

Net change in unrealized appreciation (depreciation)

60,930,423

302,206

450,158

178,015

Net realized and unrealized gain (loss)

55,476,333

262,472

757,889

217,611

Net increase (decrease) in net assets from operations

$

90,976,528

$

746,244

$

1,634,695

$

900,370

#### Statement of Operations
(continued)

See Notes to Financial Statements

Six Months Ended January 31, 2026 (Unaudited)

Preferred Securities

and Income

Securitized Credit

Ultra Short

Municipal

INVESTMENT INCOME

Interest

$

606,065

$

1,266,954

$

120,318

Securities lending income, net

1,825

—

—

Total investment income

607,890

1,266,954

120,318

EXPENSES

–

–

–

Shareholder servicing agent fees

739

Interest expense

Trustees fees

1,121

Custodian expenses

7,292

14,802

5,556

Registration fees

11,515

13,093

10,400

Professional fees

27,488

27,632

28,132

Shareholder reporting expenses

7,344

7,275

7,525

Other

1,650

1,900

1,142

Total expenses before fee waiver/expense reimbursement

56,292

66,592

53,042

Fee waiver/expense reimbursement

(56,043)

(66,580)

(53,042)

Net expenses

—

Net investment income (loss)

607,641

1,266,942

120,318

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

264,052

178,401

—

Net realized gain (loss)

264,052

178,401

–

Change in unrealized appreciation (depreciation) on:

Investments

178,940

624,126

—

Net change in unrealized appreciation (depreciation)

178,940

624,126

–

Net realized and unrealized gain (loss)

442,992

802,527

—

Net increase (decrease) in net assets from operations

$

1,050,633

$

2,069,469

$

120,318

Statement of Changes in Net Assets

See Notes to Financial Statements

Municipal Total Return

Core Impact Bond

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

OPERATIONS

Net investment income (loss)

$

35,500,195

$

67,221,787

$

483,772

$

811,848

Net realized gain (loss)

(5,454,090)

(22,486,214)

(39,734)

(120,042)

Net change in unrealized appreciation (depreciation)

60,930,423

(55,260,295)

302,206

60,662

Net increase (decrease) in net assets from operations

90,976,528

(10,524,722)

746,244

752,468

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(35,355,656)

(66,861,400)

(497,215)

(824,608)

Total distributions

(35,355,656)

(66,861,400)

(497,215)

(824,608)

FUND SHARE TRANSACTIONS

Subscriptions

248,862,875

511,103,453

—

10,284,905

Reinvestments of distributions

27,617,253

51,773,468

272,333

389,898

Redemptions

(291,431,766)

(549,374,314)

(267,156)

(380,271)

Net increase (decrease) from Fund share transactions

(14,951,638)

13,502,607

5,177

10,294,532

Net increase (decrease) in net assets

40,669,234

(63,883,515)

254,206

10,222,392

Net assets at the beginning of period

1,501,667,972

1,565,551,487

19,086,762

8,864,370

Net assets at the end of period

$

1,542,337,206

$

1,501,667,972

$

19,340,968

$

19,086,762

See Notes to Financial Statements

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

Emerging Markets Debt

High Yield

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

OPERATIONS

Net investment income (loss)

$

876,806

$

1,777,426

$

682,759

$

1,367,277

Net realized gain (loss)

307,731

415,897

39,596

311,667

Net change in unrealized appreciation (depreciation)

450,158

(281,505)

178,015

(205,512)

Net increase (decrease) in net assets from operations

1,634,695

1,911,818

900,370

1,473,432

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(1,311,711)

(2,106,533)

(809,541)

(1,754,152)

Total distributions

(1,311,711)

(2,106,533)

(809,541)

(1,754,152)

FUND SHARE TRANSACTIONS

Subscriptions

134,930

31,200

1,479,930

85,250

Reinvestments of distributions

34,479

45,196

104,926

158,526

Redemptions

(20,478)

(42,613)

(60,906)

(149,206)

Net increase (decrease) from Fund share transactions

148,931

33,783

1,523,950

94,570

Net increase (decrease) in net assets

471,915

(160,932)

1,614,779

(186,150)

Net assets at the beginning of period

27,895,686

28,056,618

17,851,057

18,037,207

Net assets at the end of period

$

28,367,601

$

27,895,686

$

19,465,836

$

17,851,057

See Notes to Financial Statements

Preferred Securities and Income

Securitized Credit

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

OPERATIONS

Net investment income (loss)

$

607,641

$

1,196,980

$

1,266,942

$

2,079,361

Net realized gain (loss)

264,052

757,141

178,401

111,832

Net change in unrealized appreciation (depreciation)

178,940

(260,206)

624,126

(237,683)

Net increase (decrease) in net assets from operations

1,050,633

1,693,915

2,069,469

1,953,510

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(1,352,570)

(1,575,690)

(1,598,560)

(2,245,816)

Total distributions

(1,352,570)

(1,575,690)

(1,598,560)

(2,245,816)

FUND SHARE TRANSACTIONS

Subscriptions

224,930

50,540

13,197,439

17,751,079

Reinvestments of distributions

123,425

123,392

187,515

284,848

Redemptions

(37,953)

(78,487)

(3,547,961)

(1,284,933)

Net increase (decrease) from Fund share transactions

310,402

95,445

9,836,993

16,750,994

Net increase (decrease) in net assets

8,465

213,670

10,307,902

16,458,688

Net assets at the beginning of period

18,012,664

17,798,994

43,252,104

26,793,416

Net assets at the end of period

$

18,021,129

$

18,012,664

$

53,560,006

$

43,252,104

See Notes to Financial Statements

(continued)

Ultra Short Municipal

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

OPERATIONS

Net investment income (loss)

$

120,318

$

270,691

Net increase (decrease) in net assets from operations

120,318

270,691

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(120,318)

(270,691)

Total distributions

(120,318)

(270,691)

Subscriptions

—

3,000,000

Reinvestments of distributions

—

2,829

Redemptions

–

(3,002,829)

Net increase (decrease) in net assets

–

–

Net assets at the beginning of period

10,000,000

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

1/31/26

(e) $

9.72 $

0.23 $

0.36 $

0.59 $

(0.23)

$

—

$

(0.23)

$

10.08 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) Unaudited.

(f) Annualized.

(g) 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

.14

%

$

1,542,337

.11

%

(f) 0

.04

%

(f) 0

.07

%

(f) —

(f) ,(g)

.64

%

(f) 21

%

(0

.69)

1,501,668

.05

.04

.01

—

(g) 4

.35

.08

1,565,551

.07

.07

—

(g) —

(g) 4

.10

(0

.19)

1,484,040

.11

.06

.04

—

(g) 3

.59

(9

.42)

1,477,295

.11

.05

.06

—

.81

.96

1,631,074

.10

.05

.05

—

(g) 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

1/31/26

(d) $

7.83 $

0.20 $

0.11 $

0.31 $

(0.21)

$

—

$

(0.21)

$

7.93 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

(g) 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 (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) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the nine months ended July 31, 2023.

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

%

$

19,341

.64

%

(e) —

(e) 4

.95

%

(e) 14

%

.60

19,087

.54

—

(f) 5

.00

.70

8,864

.41

—

(f) 4

.72

.77

8,716

.56

(e) —

(e) 4

.26

(e) 46

(20

.41)

8,233

.16

—

(f) 3

.15

.17

10,338

.13

—

(f) 2

.39

(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

1/31/26

(d) $

10.48 $

0.33 $

0.28 $

0.61 $

(0.33)

$

(0.16)

$

(0.49)

$

10.60 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

(g) 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) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period November 1, 2022 (commencement of operations) through July 31, 2023.

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

.87

%

$

28,368

.41

%

(e) —

(e) ,(f)

.07

%

(e) 24

%

.14

27,896

.51

—

(f) 6

.40

.15

28,057

.53

—

(f) 6

.40

.93

27,503

.51

(e) —

(e) 6

.22

(e) 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

1/31/26

(d) $

10.25 $

0.38 $

0.13 $

0.51 $

(0.38)

$

(0.07)

$

(0.45)

$

10.31 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)

(—)

(f) (0.77)

10.41 7/31/23

(g) 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) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period November 1, 2022 (commencement of operations) through July 31, 2023.

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

.01

%

$

19,466

.64

%

(e) —

(e) ,(f)

.27

%

(e) 22

%

.53

17,851

.83

—

(f) 7

.63

.69

18,037

.80

—

(f) 7

.57

.01

16,130

.87

(e) —

(e) 7

.19

(e) 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

1/31/26

(d) $

10.50 $

0.35 $

0.26 $

0.61 $

(0.36)

$

(0.42)

$

(0.78)

$

10.33 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

(g) 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) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period November 1, 2022 (commencement of operations) through July 31, 2023.

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

.92

%

$

18,021

.61

%

(e) —

(e) ,(f)

.58

%

(e) 14

%

.90

18,013

.78

%

.01

.70

.85

17,799

.84

—

(f) 6

.90

.57

15,582

.79

(e) —

(e) 6

.76

(e) 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

1/31/26

(d) $

10.39 $

0.27 $

0.20 $

0.47 $

(0.34)

$

—

$

(0.34)

$

10.52 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

(g) 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) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period November 1, 2022 (commencement of operations) through July 31, 2023.

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

.52

%

$

53,560

.27

%

(e) —

(e) ,(f)

.16

%

(e) 22

%

.15

43,252

.41

—

(f) 5

.52

.81

26,793

.54

—

(f) 5

.70

.82

21,614

.66

(e) —

(e) 5

.20

(e) 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

1/31/26

(d) $

10.00 $

0.12 $

—

$

0.12 $

(0.12)

$

—

$

(0.12)

$

10.00 7/31/25

10.00 0.27 —

0.27 (0.27)

—

(0.27)

10.00 7/31/24

(g) 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) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period February 29, 2024 (commencement of operations) through July 31, 2024.

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

.21

%

$

10,000

.05

%

(e) —

(e) ,(f)

.39

%

(e) —

%

.71

10,000

.35

—

.67

—

.39

10,000

.91

(e) —

(e) 3

.28

(e) —

Notes to Financial Statements

(Unaudited)

1. General Information

Trust and Fund Information

:

The Nuveen Managed Accounts Portfolios Trust (the "Trust") is an open-end management investment company

registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust is comprised of Municipal Total Return Managed

Accounts Portfolio ("Municipal Total Return"), Nuveen Core Impact Bond Managed Accounts Portfolio ("Core Impact Bond"), Nuveen Emerging

Markets Debt Managed Accounts Portfolio ("Emerging Markets Debt"), Nuveen High Yield Managed Accounts Portfolio ("High Yield"), Nuveen

Preferred Securities and Income Managed Accounts Portfolio ("Preferred Securities and Income"), Nuveen Securitized Credit Managed Accounts

Portfolio ("Securitized Credit Managed") 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 January 31, 2026, and the period covered by these Notes to Financial

Statements is the six months ended January 31, 2026 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

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

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

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

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

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

the investment portfolios of the Funds.

2. Significant Accounting Policies

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

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

from those estimates. 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.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign

currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be

reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-local investors. Accordingly, the Fund may apply

NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where

Fund

Gross

Custodian Fee

Credits

Municipal Total Return

$

—

#### Notes to Financial Statements
(continued)

applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in

markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency

exchange rates.

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.

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

Core Impact Bond

Value

% of Total

Investments

Country:

Supranational

$

1,604,621

8.4 %

Canada

919,602

4.8 Netherlands

457,493

2.4 Germany

259,006

1.3 Mauritius

257,905

1.3 United Kingdom

257,820

1.3 France

248,702

1.3 Ecuador

205,780

1.1 Sweden

204,762

1.1 Other

310,454

1.6 Total non-U.S. Securities

$4,726,145

24.6%

Preferred Securities and Income

Value

% of Total

Investments

Country:

United Kingdom

$

2,355,557

12.8 %

Canada

1,916,491

10.4 France

1,478,053

8.0 Switzerland

912,028

4.9 Spain

900,781

4.9 Netherlands

626,720

3.4 Germany

215,487

1.2 Japan

207,783

1.1 Finland

205,485

1.1 Other

143,420

0.8 Total non-U.S. Securities

$8,961,805

48.6%

premiums for financial reporting purposes. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK

interest represents income received in the form of securities in lieu of cash. Securities lending income is comprised of fees earned from borrowers

and income earned on cash collateral investments.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and

Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting

agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral

received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities

collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted

to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are

presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

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

("CODM"), as defined in U.S. GAAP. 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 (ASU No. 2023-09)

: In December 2023, the FASB issued Accounting Standard Update ("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.

New Accounting Pronouncement (ASU No. 2025-11)

: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270)

Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are

required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual

reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within

annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. 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.

(continued)

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

$

–

$

1,541,434,846

$

–

$

1,541,434,846

Short-Term Investments:

Municipal Bonds

–

2,555,000

–

2,555,000

Total

$

–

$

1,543,989,846

$

–

$

1,543,989,846

Core Impact Bond

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

802,110

$

–

$

802,110

Corporate Bonds

–

8,401,172

–

8,401,172

Mortgage-Backed Securities

–

4,497,512

–

4,497,512

Municipal Bonds

–

3,855,475

–

3,855,475

Sovereign Debt

–

1,577,913

–

1,577,913

U.S. Government and Agency Obligations

–

68,086

–

68,086

Total

$

–

$

19,202,268

$

–

$

19,202,268

Emerging Markets Debt

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

12,179,277

$

–

$

12,179,277

Sovereign Debt

–

15,631,881

–

15,631,881

Investments Purchased with Collateral from Securities

Lending

1,035,449

–

–

1,035,449

Total

$

1,035,449

$

27,811,158

$

–

$

28,846,607

High Yield

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

–

$

17,033

$

–

$

17,033

Corporate Bonds

–

18,985,065

–

18,985,065

Exchange-Traded Funds

176,290

–

–

176,290

Investments Purchased with Collateral from Securities

Lending

778,630

–

–

778,630

Total

$

954,920

$

19,002,098

$

–

$

19,957,018

Preferred Securities and Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

17,026,696

$

241,400

$

17,268,096

U.S. Government and Agency Obligations

–

544,222

–

544,222

Investments Purchased with Collateral from Securities

Lending

645,384

–

–

645,384

Total

$

645,384

$

17,570,918

$

241,400

$

18,457,702

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.

The following is a reconciliation of the Funds' Level 3 investments held at the beginning and end of the measurement period:

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the current

fiscal period, were as follows:

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.

Securitized Credit

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

9,176,620

$

–

$

9,176,620

Corporate Bonds

–

255,632

–

255,632

Mortgage-Backed Securities

–

44,441,303

–

44,441,303

Total

$

–

$

53,873,555

$

–

$

53,873,555

Ultra Short Municipal

Level 1

Level 2

Level 3

Total

Short-Term Investments:

Municipal Bonds

–

10,005,000

–

10,005,000

Total

$

–

$

10,005,000

$

–

$

10,005,000

Level 3

Preferred Securities and Income

Corporate Bonds

Balance at the beginning of period

$83,425

Gains (losses):

Net realized gains (losses)

-

Change in net unrealized appreciation (depreciation)

157,975

Purchases at cost

-

Sales at proceeds

-

Net discounts (premiums)

-

Transfers into

-

Transfers (out of)

-

Balance at the end of period

$241,400

Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end

$157,975

Fund

Asset Class

Market Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

Preferred Securities

and Income

Corporate Bonds

$241,000

Indicative Trade

Broker Quote

$34.00

N/A

(continued)

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:

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

Fund

Floating Rate

Obligations: Self-

Deposited

Inverse Floaters

Floating Rate

Obligations:

Externally-Deposited

Inverse Floaters

Total

Municipal Total Return

$

66,280,000

$

—

$

66,280,000

Fund

Average Floating

Rate Obligations

Outstanding

Average Annual

Interest Rate

And Fees

Municipal Total Return

$

26,834,849

3.74 %

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

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:

Fund

Maximum Exposure

to Recourse Trusts:

Self-Deposited

Inverse Floaters

Maximum Exposure

to Recourse Trusts:

Externally-Deposited

Inverse Floaters

Total

Municipal Total Return

$

66,280,000

$

—

$

66,280,000

Aggregate Value of Securities on Loan

Fund

Equity

Securities

Fixed Income

Securities

Cash Collateral

Received\*

Emerging Markets Debt

$–

$1,004,958

$1,035,449

High Yield

174,527

576,977

778,630

Preferred Securities and Income

–

623,872

645,384

\*May include cash and investment of cash collateral.

(continued)

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.

6. Fund Shares

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

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

U.S.

Government

Sales

Municipal Total Return

$

356,886,220

$

—

$

309,751,903

$

—

Core Impact Bond

1,788,342

1,134,453

1,331,962

1,278,239

Emerging Markets Debt

6,624,046

—

6,718,837

—

High Yield

5,514,483

—

3,975,236

—

Preferred Securities and Income

2,452,693

—

2,957,668

—

Securitized Credit

11,594,064

10,884,682

4,349,491

6,292,975

Six Months Ended

1/31/26

Year Ended

7/31/25

Municipal Total Return

Shares

Value

Shares

Value

Subscriptions

24,840,680

$248,862,875

50,957,461

$511,103,453

Reinvestments of distributions

2,758,687

27,617,253

5,149,220

51,773,468

Redemptions

(29,178,353)

(291,431,766)

(54,748,624)

(549,374,314)

Net increase (decrease)

(1,578,986)

$(14,951,638)

1,358,057

$13,502,607

Six Months Ended

1/31/26

Year Ended

7/31/25

Core Impact Bond

Shares

Value

Shares

Value

Subscriptions

—

$—

1,310,042

$10,284,905

Reinvestments of distributions

34,242

272,333

49,850

389,898

Redemptions

(33,593)

(267,156)

(48,626)

(380,271)

Net increase (decrease)

649

$5,177

1,311,266

$10,294,532

Six Months Ended

1/31/26

Year Ended

7/31/25

Emerging Markets Debt

Shares

Value

Shares

Value

Subscriptions

12,615

$134,930

2,890

$31,200

Reinvestments of distributions

3,235

34,479

4,350

45,196

Redemptions

(1,924)

(20,478)

(4,102)

(42,613)

Net increase (decrease)

13,926

$148,931

3,138

$33,783

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.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

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

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

Six Months Ended

1/31/26

Year Ended

7/31/25

High Yield

Shares

Value

Shares

Value

Subscriptions

143,483

$1,479,930

8,096

$85,250

Reinvestments of distributions

10,184

104,926

15,389

158,526

Redemptions

(5,906)

(60,906)

(14,484)

(149,206)

Net increase (decrease)

147,761

$1,523,950

9,001

$94,570

Six Months Ended

1/31/26

Year Ended

7/31/25

Preferred Securities and Income

Shares

Value

Shares

Value

Subscriptions

21,280

$224,930

4,804

$50,540

Reinvestments of distributions

11,874

123,425

11,828

123,392

Redemptions

(3,614)

(37,953)

(7,523)

(78,487)

Net increase (decrease)

29,540

$310,402

9,109

$95,445

Six Months Ended

1/31/26

Year Ended

7/31/25

Securitized Credit

Shares

Value

Shares

Value

Subscriptions

1,248,625

$13,197,439

1,701,059

$17,751,079

Reinvestments of distributions

17,796

187,515

27,350

284,848

Redemptions

(337,004)

(3,547,961)

(123,687)

(1,284,933)

Net increase (decrease)

929,417

$9,836,993

1,604,722

$16,750,994

Six Months Ended

1/31/26

Year Ended

7/31/25

Ultra Short Municipal

Shares

Value

Shares

Value

Subscriptions

—

$—

300,000

$3,000,000

Reinvestments of distributions

—

—

2,829

Redemptions

—

—

(300,283)

(3,002,829)

Net increase (decrease)

—

$—

—

$—

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Municipal Total Return

$

1,452,267,145

$

33,247,252

$

(7,804,551)

$

25,442,701

Core Impact Bond

19,948,406

337,330

(1,083,468)

(746,138)

Emerging Markets Debt

27,610,899

1,321,213

(85,505)

1,235,708

High Yield

19,489,838

579,383

(112,203)

467,180

Preferred Securities and Income

17,894,322

882,857

(319,477)

563,380

Securitized Credit

52,633,873

1,270,400

(30,718)

1,239,682

Ultra Short Municipal

10,005,000

—

—

—

(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.

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

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

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.

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.

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)

—

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

—

—

—

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

Underlying Fund

TIAA

Total

Municipal Total Return

–%

–%

Core Impact Bond

Emerging Markets Debt

High Yield

Preferred Securities and Income

Securitized Credit

Ultra Short Municipal

10. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser or 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 did not utilized this facility.

------

**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 Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, by each Fund is reported as "Trustees fees" and "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>

Not applicable.

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

**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.

------

**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.

------

**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.

------

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

(a) Not applicable.

(b) Not applicable.

------

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

---

| | |
|:---|:---|
| (a | Not applicable to this filing. |
| (a | Not applicable to this filing. |
| (a | [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.](d907841dex99cert.htm) |
| (a | Not applicable. |
| (a | 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.](d907841dex99906cert.htm) |

---

------

#### 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: April 2, 2026 | 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: April 2, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: April 2, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## 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;(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;(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;(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;(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;(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;(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: April 2, 2026 | 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;(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;(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;(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;(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;(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;(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: April 2, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## 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 semi-annual report of Nuveen Managed Accounts Portfolios Trust (the "Registrant") on Form N-CSR for the period ended January 31, 2026, 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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: April 2, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

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| | | |
|:---|:---|:---|
| Date: April 2, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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