N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22023

Nuveen Managed Accounts Portfolios Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2015

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

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

Item 1. Reports to Stockholders.

Mutual Fund

Nuveen Managed

Accounts Portfolios Trust

Semi-Annual Report  January 31, 2015

	Ticker Symbol
Fund Name
Municipal Total Return Managed Accounts Portfolio	NMTRX

NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $851 billion in assets under management as of December 31, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen is operating as a separate subsidiary within TIAA-CREF’s asset management business.
	Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Manager’s Comments	5
Risk Considerations and Dividend Information	6
Fund Performance, Expense Ratios and Effective Leverage Ratios	7
Yields	9
Holding Summaries	10
Expense Examples	11
Shareholder Meeting Report	12
Portfolio of Investments	15
Statement of Assets and Liabilities	34
Statement of Operations	35
Statement of Changes in Net Assets	36
Financial Highlights	38
Notes to Financial Statements	40
Additional Fund Information	46
Glossary of Terms Used in this Report	47

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as begin to set expectations for a transition into tightening mode.

The story outside the U.S., however, was different. European growth was stagnating and Japan fell into a recession, contributing to the bouts of volatility in their markets. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Compounding these concerns were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.

While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and potentially Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

March 26, 2015

4 Nuveen Investments

Portfolio Manager’s

Comments

Municipal Total Return Managed Accounts Portfolio

This Fund was developed exclusively for use within Nuveen-sponsored separately managed accounts, the Fund is a specialized municipal bond portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund enables certain Nuveen municipal separately managed account investors to achieve greater diversification and return potential than smaller managed accounts might otherwise achieve by using lower quality, higher yielding securities and to gain access to special investment opportunities normally available only to institutional investors.

The Fund is managed by Nuveen Asset Management LLC, an affiliate of Nuveen Investments, Inc. Martin J. Doyle, CFA, has served as manager for the Fund since its inception in 2007. Here he discusses the Fund’s investment strategy and its performance during the six-month reporting period ended January 31, 2015.

How did the Fund perform during the six-month reporting period ended January 31, 2015?

The table in the Performance and Expense Ratios section of this report provides Class I Share total returns for the Fund for the six-month, one-year, five-year and since inception periods ended January 31, 2015. The Fund’s Class I Share total returns at net asset value (NAV) outperformed the Barclays 7-Year Municipal Bond Index during the six-month reporting period ended January 31, 2015.

What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?

The Fund uses a value-oriented strategy and looks for higher yielding and undervalued municipal bonds that offer the potential for above average total return. The Fund invests in various types of municipal securities, including investment grade (rated BBB/Baa or better), below investment grade (rated BB/Ba or lower) and unrated municipal securities. The Fund focuses on securities with intermediate to longer term maturities.

During the reporting period, longer maturities and durations outperformed shorter maturities and duration. The Fund had a much higher weighting to longer bonds than the benchmark. This higher weighting contributed to the Fund’s outperformance. We continued to increase the Fund’s exposure to longer duration securities to capitalize on a comparatively steep yield curve and sought improved call protection to maintain the Fund’s income sustainability.

Also during the reporting period, mid to lower credit quality bonds generally outperformed higher grade bonds. The Fund’s overweight to single-A rated, BBB rated and lower rated bonds contributed to the Fund’s relative performance.

During portions of the reporting period, there was a decline in municipal new issuance, which coupled with inflows into the market, provided technical support to much of the municipal market. This contributed to performance.

Revenue bonds were top contributors led by an overweight in the health care sector, while very short duration holdings (less than 3 years) and cash were negative performance factors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown 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). 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Nuveen Investments 5

Risk Considerations

and Dividend Information

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s potential use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.

Dividend Information

The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. The Fund will, over time, pay all its net investment income as dividends to shareholders.

As of January 31, 2015, the Fund had a positive UNII balance, based upon our best estimate, for tax purposes and a negative UNII balance for financial reporting purposes.

All monthly dividends paid by the Fund during the six months ended January 31, 2015, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of the Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for the Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

6 Nuveen Investments

Fund Performance, Expense Ratios

and Effective Leverage Ratios

This is a specialized municipal bond Fund developed exclusively for use within Nuveen-sponsored separately managed accounts.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Returns may reflect an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance call (800) 257-8787.

Fund shares have no sales charge. Fund returns assume reinvestment of dividends and capital gains.

The expense ratios shown reflect the Fund’s total operating expenses (before fee waivers and/or expense reimbursements) as shown in the Fund’s most recent prospectus.

Leverage is created whenever the Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.

Nuveen Investments 7

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Municipal Total Return Managed Accounts Portfolio

Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of January 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class I Shares		6.65%		13.04%		7.42%		6.68%
Barclays 7-Year Municipal Bond Index		3.60%		6.33%		4.98%		5.54%

Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class I Shares		4.66%		13.86%		7.13%		6.46%

Since inception returns are from 5/31/07. The index is not available for direct investment.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class I
Gross Expense Ratios		0.09%
Net Expense Ratios		0.00%

The Fund’s investment adviser has agreed irrevocably during the existence of the Fund to waive all fees and pay or reimburse all expenses of the Fund, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses.

Effective Leverage Ratio as of January 31, 2015

Effective Leverage Ratio 9.54%

8 Nuveen Investments

Yields as of January 31, 2015

Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.

The SEC 30-Day Yield is a standardized measure of the Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the portfolio of investments. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.

	Share Class
	Class I
Dividend Yield		4.13%
Sec 30-Day Yield		2.84%
Taxable-Equivalent Yield (28.0%)1		3.94%

1 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate as shown in the table above.

Nuveen Investments 9

Holding

Summaries as of January 31, 2015

This data relates to the securities held in the portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Allocation

(% of net assets)

Municipal Bonds	99.8%
Other Assets Less Liabilities	1.1%
Net Assets Plus Floating Rate Obligations	100.9%
Floating Rate Obligations	(0.9)%
Net Assets	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	11.0%
AA	38.1%
A	20.7%
BBB	19.6%
BB or Lower	6.5%
N/R (not rated)	4.1%
Total	100%

Fund Composition

(% of total investments)

Education and Civic Organizations	19.0%
Health Care	16.8%
Tax Obligation/General	16.4%
Tax Obligation/Limited	13.7%
Transportation	12.6%
Utilities	6.5%
Other	15.0%
Total	100%

States

(% of total investments)

California	10.9%
Texas	10.1%
Florida	6.8%
New York	6.7%
Illinois	6.2%
Washington	4.7%
Pennsylvania	4.5%
North Carolina	3.7%
Wisconsin	3.0%
Colorado	2.8%
Indiana	2.6%
Virginia	2.4%
Arizona	2.0%
Guam	2.0%
Massachusetts	1.9%
Ohio	1.8%
Louisiana	1.8%
New Jersey	1.7%
Mississippi	1.6%
Iowa	1.6%
Hawaii	1.5%
Other	19.7%
Total	100%

10 Nuveen Investments

Expense

Examples

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended January 31, 2015.

The beginning of the period is August 1, 2014.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

	Share Class
	Class I
Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,066.50
Expenses Incurred During Period	$	—
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,025.21
Expenses Incurred During Period	$	—

Expenses are equal to the Fund’s annualized net expense ratio of 0.00% for the six-month period.

Nuveen Investments 11

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014 for Municipal Total Return Managed Accounts Portfolio; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement, to approve revisions to, or elimination of, certain fundamental investment policies and to elect Board Members.

	Municipal Total Return Managed Accounts Portfolio
To approve a new investment management agreement between each Trust and Nuveen Fund Advisors, LLC.
For		30,389,208
Against		—
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		30,374,444
Against		14,764
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
To approve revisions to, or elimination of, certain fundamental investment policies:
a. Revise the fundamental policy related to the purchase and sale of commodities.
For		30,389,208
Against		—
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
b. Revise the fundamental policy related to issuing senior securities.
For		30,389,208
Against		—
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
c. Revise the fundamental policy related to underwriting.
For		30,389,208
Against		—
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391

12 Nuveen Investments

	Municipal Total Return Managed Accounts Portfolio
d. Revise the fundamental policy related to the purchase and sale of real estate.
For		30,374,444
Against		14,764
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
f. Eliminate the fundamental policy related to permitted investments.
For		30,389,208
Against		—
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
g. Eliminate the fundamental policy related to pledging assets.
For		30,389,208
Against		—
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
i. Eliminate the fundamental policy related to short sales and purchases on margin.
For		30,389,208
Against		—
Abstain		—
Broker Non-Votes		150,183
Total		30,539,391
Approval of the Board Members was reached as follows:
William Adams IV
For		31,039,391
Withhold		—
Total		31,039,391
Robert P. Bremner
For		31,039,391
Withhold		—
Total		31,039,391
Jack B. Evans
For		31,039,391
Withhold		—
Total		31,039,391

Nuveen Investments 13

Shareholder Meeting Report (continued)

	Municipal Total Return Managed Accounts Portfolio
William C. Hunter
For		31,039,391
Withhold		—
Total		31,039,391
David J. Kundert
For		31,039,391
Withhold		—
Total		31,039,391
John K. Nelson
For		31,039,391
Withhold		—
Total		31,039,391
William J. Schneider
For		31,039,391
Withhold		—
Total		31,039,391
Thomas S. Schreier, Jr.
For		31,039,391
Withhold		—
Total		31,039,391
Judith M. Stockdale
For		31,039,391
Withhold		—
Total		31,039,391
Carole E. Stone
For		31,039,391
Withhold		—
Total		31,039,391
Virginia L. Stringer
For		31,039,391
Withhold		—
Total		31,039,391
Terence J. Toth
For		31,039,391
Withhold		—
Total		31,039,391

14 Nuveen Investments

Municipal Total Return Managed Accounts Portfolio

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.8%
		MUNICIPAL BONDS – 98.8%
		National – 0.4%
		MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool:
$	370	5.000%, 4/30/28 (Mandatory put 1/31/18) (Alternative Minimum Tax), 144A		1/18 at 100.00		Ba1	$	384,815
	1,000	5.750%, 6/30/50 (Mandatory put 9/30/19) (Alternative Minimum Tax), 144A		5/15 at 100.00		Ba2		1,070,040
	1,370	Total National						1,454,855
		Alabama – 0.4%
	850	Alabama State Board of Education, Revenue Bonds, Faulkner State Community College, Series 2009, 6.125%, 10/01/28		10/18 at 100.00		A1		985,779
	500	Auburn University, Alabama, General Fee Revenue Bonds, Series 2011A, 5.000%, 6/01/41		6/21 at 100.00		Aa2		577,085
	1,350	Total Alabama						1,562,864
		Alaska – 0.5%
		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
	585	4.625%, 6/01/23		4/15 at 100.00		Ba1		585,170
	1,385	5.000%, 6/01/46		4/15 at 100.00		B2		1,143,581
	1,970	Total Alaska						1,728,751
		Arizona – 2.0%
	1,000	Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 3256, 18.423%, 1/01/20 (IF) (4)		No Opt. Call		AA–		1,515,080
	1,010	Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children’s Hospital, Series 2013D, 5.000%, 2/01/28		2/23 at 100.00		BBB+		1,163,237
	1,000	Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/28 (Alternative Minimum Tax)		7/23 at 100.00		AA–		1,176,280
	820	Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Cambridge Academy-East, Inc. Project, Series 2010, 5.875%, 4/01/22		4/20 at 100.00		BB–		833,768
	500	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 10-9W, 17.767%, 1/01/38 (IF) (4)		1/18 at 100.00		Aa1		705,240
	325	Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2011, 7.625%, 3/01/31		3/21 at 100.00		BB+		385,704
	40	Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.500%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		N/R		38,066
	1,000	Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/24		No Opt. Call		A–		1,203,570
	5,695	Total Arizona						7,020,945
		California – 10.6%
	500	ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Casa de Lad Campanas, Series 2010, 6.000%, 9/01/37		9/20 at 100.00		A+		609,335

Nuveen Investments 15

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	700	Anaheim Public Financing Authority, California, Revenue Bonds, Electric System Distribution Series 1999, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		N/R	$	712,558
	3,000	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Kern County Tobacco Funding Corporation, Refunding Series 2014, 4.000%, 6/01/29		6/15 at 100.00		BBB+		3,007,170
	655	California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2013-U3, 5.000%, 6/01/43		No Opt. Call		AAA		948,669
	500	California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 12.624%, 10/01/16 (IF)		No Opt. Call		Aa1		786,600
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.625%, 7/01/25		7/19 at 100.00		A		1,159,240
	300	California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A , 6.000%, 8/01/23		No Opt. Call		BB		335,775
		California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A:
	295	4.750%, 8/01/22		No Opt. Call		BB+		323,379
	675	5.000%, 8/01/32		No Opt. Call		BB+		717,815
	840	California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education?Multiple Projects, Series 2014A , 6.000%, 6/01/23		6/22 at 102.00		N/R		913,332
	735	California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A, 5.000%, 8/15/30		8/24 at 100.00		BBB		842,384
	1,300	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.500%, 7/01/30		7/20 at 100.00		Baa2		1,461,759
	755	California School Finance Authority, Charter School Revenue Bonds, Coastal Academy Project, Series 2013A, 5.000%, 10/01/33		10/22 at 100.00		BBB–		801,176
	885	California School Finance Authority, Educational Facility Revenue Bonds, New Designs Charter School Project, Series 2012C, 4.250%, 6/01/17		No Opt. Call		BB+		897,744
	450	California State, General Obligation Bonds, Refunding Various Purpose Series 2012B, 0.920%, 5/01/18		11/17 at 100.00		Aa3		456,840
	695	California State, General Obligation Bonds, Various Purpose Series 1997, 5.625%, 10/01/21		10/15 at 100.00		AA+		701,408
		California State, General Obligation Bonds, Various Purpose Series 2009:
	1,000	6.500%, 4/01/33		4/19 at 100.00		Aa3		1,234,190
	645	6.000%, 11/01/39		11/19 at 100.00		Aa3		797,362
	30	California State, General Obligation Veterans Bonds, Refunding Series 2005CB, 5.050%, 12/01/36 (Alternative Minimum Tax)		6/15 at 100.00		AA		30,324
		California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014A:
	350	5.000%, 8/01/28		8/22 at 102.00		A+		417,326
	1,130	5.000%, 8/01/29		8/22 at 102.00		A+		1,344,790
		Carson Redevelopment Agency, California, Tax Allocation Bonds, Merged & Amended Project Area, Series 2014A:
	220	5.000%, 10/01/23		No Opt. Call		AA–		271,302
	440	5.000%, 10/01/24		No Opt. Call		AA–		548,178
	1,000	Gilroy Unified School District, Santa Clara County, California, General Obligation Bonds, Series 2009A, 6.000%, 8/01/25 – AGC Insured		8/19 at 100.00		AA		1,217,600

16 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
$	1,835	5.000%, 6/01/45		6/15 at 100.00		A1	$	1,863,443
	130	5.000%, 6/01/45 – AMBAC Insured		6/15 at 100.00		A1		132,015
	30	4.625%, 6/01/45		6/15 at 100.00		A1		30,266
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	930	4.500%, 6/01/27		6/17 at 100.00		B		914,395
	215	5.000%, 6/01/33		6/17 at 100.00		B		187,250
	50	Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35		No Opt. Call		A		60,346
	325	Los Angeles County Regional Financing Authority, California, Insured Revenue Bonds, Montecedro Inc. Project, Series 2014B-3, 2.500%, 11/15/20		12/15 at 100.00		A+		330,181
	1,000	Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Series 2009A, 5.250%, 5/15/29		5/19 at 100.00		AA		1,172,080
	500	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2008A-2, 5.250%, 7/01/32		7/18 at 100.00		AA–		569,720
	750	Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 5.000%, 1/01/22 (Alternative Minimum Tax)		No Opt. Call		A		903,308
	1,000	Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2013, 5.000%, 12/01/29		12/23 at 100.00		BB+		1,048,700
	85	Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40		9/21 at 100.00		BBB+		104,967
	1,000	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35		10/15 at 100.00		BB		1,003,980
	1,215	Sacramento Area Flood Control Agency, California, Spcial Assessment Bonds, Natomas Basin Local Assessment District, Series 2014, 5.000%, 10/01/32 – BAM Insured		No Opt. Call		AA		1,437,758
	1,000	San Diego Unified Port District, California, Revenue Bonds, Refunding Series 2013A, 5.000%, 9/01/27		9/23 at 100.00		A+		1,196,060
	1,500	San Francisco City and County, California, General Obligation Bonds, Road Repaving & Street Safety, Series 2013C, 5.000%, 6/15/28		6/21 at 100.00		AA+		1,793,565
	550	San Jose, California, Airport Revenue Bonds, Refunding Series 2014A, 5.000%, 3/01/25 (Alternative Minimum Tax)		3/24 at 100.00		A2		666,474
	1,925	Santa Clarita Community College District, California, General Obligation Bonds, Series 2013, 3.000%, 8/01/27		8/23 at 100.00		AA		1,981,595
	550	Southern California Public Power Authority, Milford Wind Corridor Phase II Project Revenue Bond, Series 2011-1, 5.250%, 7/01/28		No Opt. Call		AA–		662,514
	500	Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.400%, 9/01/32		9/21 at 100.00		BBB+		636,865
	750	Western Municipal Water District Facilities Authority, California, Water Revenue Bonds, Series 2009B, 5.000%, 10/01/34		10/19 at 100.00		AA+		861,908
	33,940	Total California						38,093,646

Nuveen Investments 17

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado – 2.7%
$	750	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3364, 18.819%, 10/01/31 (IF) (4)		11/23 at 100.00		A+	$	1,341,240
	1,635	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 5.000%, 12/01/28 (UB) (4)		12/22 at 100.00		A–		1,894,556
	1,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 3367, 20.464%, 7/01/21 (IF) (4)		No Opt. Call		AA–		1,914,480
	500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.750%, 5/15/36		5/18 at 100.00		A–		553,860
	1,000	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/24		No Opt. Call		A+		1,255,440
	524	Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40		3/20 at 100.00		N/R		588,022
	500	Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40		12/20 at 100.00		N/R		563,630
	1,000	Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30		7/20 at 100.00		Baa3		1,187,180
	500	Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39		12/20 at 100.00		N/R		544,860
	7,409	Total Colorado						9,843,268
		Connecticut – 0.2%
	670	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2009, Trust 3363, 13.960%, 7/01/15 (IF)		No Opt. Call		AAA		860,615
		Delaware – 0.4%
	1,440	Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Series 2012, 3.875%, 9/01/22		3/22 at 100.00		BBB		1,524,254
		District of Columbia – 0.3%
	450	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.750%, 5/15/40		5/15 at 100.00		Baa1		450,108
	575	District of Columbia, Revenue Bonds, Association of Amercian Medical Colleges, Series 2011A, 5.000%, 10/01/30		10/23 at 100.00		A+		681,967
	1,025	Total District of Columbia						1,132,075
		Florida – 6.8%
	1,440	Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 5.250%, 9/01/30		9/20 at 100.00		BBB–		1,512,346
	750	Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33		9/23 at 100.00		BBB–		794,513
	1,000	Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/23 – AGM Insured (Alternative Minimum Tax)		9/21 at 100.00		AA		1,163,670
		Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A:
	700	5.000%, 4/01/25 – AGM Insured (Alternative Minimum Tax)		4/23 at 100.00		AA		805,126
	475	5.000%, 4/01/38 – AGM Insured (Alternative Minimum Tax)		4/23 at 100.00		AA		527,003

18 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	500	Capital Trust Agency, Florida, Senior Housing Revenue Bonds, Faulk Senior Residences Project, Series 2014, 6.500%, 12/01/34		12/22 at 102.00		N/R	$	509,395
	540	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A, 5.750%, 7/01/24		No Opt. Call		N/R		568,447
	135	Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008-1, 6.450%, 1/01/39 (Alternative Minimum Tax)		7/17 at 100.00		AA+		141,132
	2,000	Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.125%, 6/01/27 (Alternative Minimum Tax)		6/21 at 100.00		AA+		2,304,980
	885	Gulf Breeze, Florida, Revenue Improvement Non-Ad Valorem Bonds, Series 2007, 5.000%, 12/01/32 – AMBAC Insured		12/17 at 100.00		N/R		917,595
	3,000	Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.500%, 10/01/28 (Alternative Minimum Tax)		10/23 at 100.00		A		3,614,400
	2,000	Hillsborough County, Florida, Solid Waste and Resource Recovery Revenue Bonds, Series 2006A, 5.000%, 9/01/25 – AMBAC Insured (Alternative Minimum Tax)		9/16 at 100.00		AA		2,124,500
	2,000	Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A, 5.000%, 6/15/24		6/22 at 100.00		BB		2,146,360
		Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014:
	900	5.000%, 10/01/27		10/24 at 100.00		BBB+		1,060,002
	920	5.000%, 10/01/28		10/24 at 100.00		BBB+		1,075,508
	500	5.000%, 10/01/30		10/24 at 100.00		BBB+		580,185
	2,000	Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 (Pre-refunded 11/01/16) – AMBAC Insured		11/16 at 100.00		A1 (5)		2,159,820
	500	Miami-Dade County School Board, Florida, Certificates of Participation, Series 2008B, 5.250%, 5/01/31 – AGC Insured		5/18 at 100.00		AA		555,485
	1,145	Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/28 (Alternative Minimum Tax)		10/24 at 100.00		A		1,357,043
	400	Sanibel, Florida, General Obligation Bonds, Series 2006, 4.350%, 2/01/36 – AMBAC Insured		8/16 at 100.00		N/R		414,776
	5	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39		5/17 at 100.00		N/R		3,670
	15	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40		5/19 at 100.00		N/R		8,974
	10	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40		5/22 at 100.00		N/R		4,433
	5	Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/17 (6)		No Opt. Call		N/R		—
	5	Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.375%, 5/01/17 (6)		No Opt. Call		N/R		5,081
	10	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.375%, 5/01/17		No Opt. Call		N/R		9,996
	35	Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.375%, 5/01/17 (6)		No Opt. Call		N/R		23,557
	21,875	Total Florida						24,387,997

Nuveen Investments 19

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia – 1.1%
$	1,155	Athens-Clarke County Unified Government Development Authority, Georgia, Revenue Bonds, University of Georgia Athletic Association Project, Series 2011, 5.250%, 7/01/28		7/21 at 100.00		Aa3	$	1,351,235
	650	Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC Project, Series 2007, 5.250%, 7/01/27		7/17 at 100.00		Aa3		707,733
	500	La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A, 5.500%, 7/01/38		7/18 at 100.00		Aa2		560,640
	750	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2008C, 5.000%, 9/01/38		9/18 at 100.00		AA+		842,610
	530	Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38		No Opt. Call		Aa2		607,094
	3,585	Total Georgia						4,069,312
		Guam – 2.0%
	420	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/21		No Opt. Call		A		488,729
	1,000	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 4.500%, 7/01/18		No Opt. Call		A–		1,089,830
	1,515	Guam Government, General Obligation Bonds, 2009 Series A, 6.000%, 11/15/19		No Opt. Call		BB–		1,694,118
		Guam International Airport Authority, Revenue Bonds, Series 2013C:
	1,000	5.000%, 10/01/21 (Alternative Minimum Tax)		No Opt. Call		BBB		1,161,330
	1,000	6.000%, 10/01/23 (Alternative Minimum Tax)		8/18 at 100.00		BBB		1,145,030
		Guam Power Authority, Revenue Bonds, Series 2012A:
	500	5.000%, 10/01/22 – AGM Insured		No Opt. Call		AA		613,125
	235	5.000%, 10/01/34		10/22 at 100.00		BBB		267,841
	450	Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/24		7/23 at 100.00		A–		534,780
	6,120	Total Guam						6,994,783
		Hawaii – 1.5%
	600	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.250%, 7/01/27		7/23 at 100.00		BB+		676,920
	1,500	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Refunding Series 2007B, 4.600%, 5/01/26 – FGIC Insured (Alternative Minimum Tax)		3/17 at 100.00		Baa1		1,559,265
	1,000	Hawaii State Department of Transportation – Airports Division, Lease Revenue Certificates of Participation, Series 2013, 5.250%, 8/01/24 (Alternative Minimum Tax)		8/23 at 100.00		A–		1,216,090
	1,600	Hawaii State, General Obligation Bonds, Series 2011DZ, 5.000%, 12/01/30		12/21 at 100.00		AA		1,916,048
	4,700	Total Hawaii						5,368,323
		Idaho – 1.1%
	750	Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Series 2008, 7.375%, 6/01/34		6/18 at 100.00		A3		892,950
	1,000	Idaho Housing and Finance Association, Economic Development Facilities Recovery Zone Revenue Bonds, TDF Facilities Project, Series 2010A, 6.500%, 2/01/26		2/21 at 100.00		AA–		1,239,860
	15	Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2008A-1, 6.250%, 7/01/38 (Alternative Minimum Tax)		1/17 at 100.00		AAA		15,167

20 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Idaho (continued)
		Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A:
$	430	4.750%, 9/01/25		9/22 at 100.00		Baa1	$	479,368
	1,070	4.600%, 9/01/27		9/22 at 100.00		Baa1		1,164,642
	3,265	Total Idaho						3,791,987
		Illinois – 6.2%
	1,000	Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 6.000%, 11/01/35		11/20 at 100.00		BBB		1,147,130
	750	Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Pullman Park/Chicago Redevelopment Project, Series 2013A, 7.125%, 3/15/33		10/18 at 100.00		N/R		779,025
	2,395	Cook County Forest Preserve District, Illinois, General Obligation Bonds, Limited Tax Ptoject & Refunding Series 2012B, 5.000%, 12/15/32		6/22 at 100.00		AA		2,755,879
	500	Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40		10/20 at 100.00		B3		546,915
	965	Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 6.875%, 10/01/31		10/21 at 100.00		BBB–		1,114,816
	360	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122, 17.478%, 9/01/32 (IF) (4)		9/22 at 100.00		BBB		486,382
	750	Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21		8/18 at 100.00		AA–		852,240
	650	Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37		1/18 at 100.00		Baa2		705,491
	960	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39		5/20 at 100.00		A		1,140,720
	700	Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23		8/18 at 100.00		BBB+		790,888
	420	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 18.039%, 1/01/21 (IF)		No Opt. Call		AA–		677,170
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	1,000	5.250%, 6/01/21		No Opt. Call		A		1,203,830
	1,000	5.500%, 6/01/23		6/21 at 100.00		A–		1,197,700
	190	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1991, 6.700%, 11/01/21 – FGIC Insured		No Opt. Call		AA		225,617
	500	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured		No Opt. Call		AA		732,740
	3,100	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/29 – NPFG Insured		No Opt. Call		AA		4,279,116
	750	Southwestern Illinois Development Authority, Local Goverment Program Bonds, St. Clair County Community Unit School District 19 Mascoutah, Series 2009, 5.750%, 2/01/29 – AGC Insured		2/19 at 100.00		AA		875,310
		St Clair County, Illinois, Highway Revenue Bonds, Series 2013A:
	825	5.500%, 1/01/38		1/23 at 100.00		AA–		985,446
	1,500	4.250%, 1/01/38		1/23 at 100.00		AA–		1,589,115
	18,315	Total Illinois						22,085,530

Nuveen Investments 21

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana – 2.6%
$	750	Columbus, Indiana, General Obligation Bonds, Series 2009, 4.500%, 7/15/23		7/19 at 100.00		N/R	$	825,765
	1,000	Fishers Redevelopment District, Indiana, General Obligation Bonds, Saxony Project Series 2009, 5.250%, 7/15/34		1/20 at 100.00		AA		1,147,800
	705	Hendricks County, Indiana, Redevelopment District Tax Increment Revenue Bonds, Refunding Series 2010B, 6.450%, 1/01/23		1/16 at 100.00		Baa2		720,707
	1,500	Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012A, 5.000%, 2/01/25		2/22 at 100.00		BBB+		1,773,765
		Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2014A:
	560	5.000%, 2/01/26		2/24 at 100.00		BBB+		655,329
	425	5.000%, 2/01/27		2/24 at 100.00		BBB+		494,292
	525	Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39		10/19 at 100.00		BB–		539,485
	460	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		495,622
	400	Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/28 (Alternative Minimum Tax)		9/24 at 100.00		BBB		466,144
	630	Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Union Hospital, Series 1993, 5.125%, 9/01/18 – NPFG Insured		4/15 at 100.00		A3		632,545
	1,000	Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A, 5.250%, 1/01/32		7/23 at 100.00		A+		1,198,370
	250	Merrillville Multi-School Building Corporation, Lake County, Indiana, First Mortgage Revenue Bonds, Series 2008, 5.250%, 7/15/22		1/18 at 100.00		AA+		280,825
	8,205	Total Indiana						9,230,649
		Iowa – 1.6%
		Des Moines Airport Authority, Iowa, Revenue Bonds, Refunding Capital Loan Notes Series 2012:
	1,000	5.000%, 6/01/27 (Alternative Minimum Tax)		6/22 at 100.00		A2		1,124,950
	1,000	5.000%, 6/01/28 (Alternative Minimum Tax)		6/22 at 100.00		A2		1,119,250
	1,000	Des Moines Independent Community School District, Polk and Warren Counties, Iowa, School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2014, 5.000%, 6/01/22 – BAM Insured		No Opt. Call		AA		1,223,740
	745	Des Moines, Iowa, Aviation System Revenue Bonds, Refunding Capital Loan Notes Series 2010B, 5.750%, 6/01/33 – AGM Insured (Alternative Minimum Tax)		6/20 at 100.00		AA		850,425
	1,240	State University of Iowa, Revenue Bonds, Academic Building Series 2014A-SUI, 3.000%, 7/01/27		7/24 at 100.00		Aa1		1,305,608
	4,985	Total Iowa						5,623,973
		Kansas – 0.9%
	1,500	Kansas Department of Transportation, Highway Revenue Bonds, Series 2014A, 5.000%, 9/01/29		9/24 at 100.00		AAA		1,881,825
	1,240	Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H, 5.375%, 3/01/30		3/20 at 100.00		A+		1,415,286
	2,740	Total Kansas						3,297,111

22 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky – 0.2%
$	590	Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17		No Opt. Call		Baa3	$	646,569
		Louisiana – 1.8%
	835	Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Series 2007, 5.000%, 7/01/16 – CIFG Insured		No Opt. Call		N/R		879,155
	3,000	Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38		5/17 at 100.00		Baa1		3,167,040
	50	Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.375%, 5/15/31		5/21 at 100.00		Baa1		60,452
	2,000	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A, 5.500%, 5/15/30		5/20 at 100.00		A–		2,254,460
	5,885	Total Louisiana						6,361,107
		Maine – 0.2%
	645	Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 – AGM Insured (Alternative Minimum Tax)		11/21 at 100.00		AA+		702,760
		Maryland – 1.4%
		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
	375	5.250%, 9/01/19 – SYNCORA GTY Insured		9/16 at 100.00		Ba1		395,348
	140	5.250%, 9/01/39 – SYNCORA GTY Insured		9/16 at 100.00		Ba1		143,560
	500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36		1/22 at 100.00		Baa2		589,270
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2012:
	1,000	5.000%, 7/01/25		7/22 at 100.00		BBB		1,132,850
	1,000	5.000%, 7/01/26		7/22 at 100.00		BBB		1,127,180
	500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.000%, 1/01/19		1/18 at 100.00		BBB		540,920
	1,000	Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2014C-2, 5.000%, 8/01/23		No Opt. Call		AAA		1,274,920
	4,515	Total Maryland						5,204,048
		Massachusetts – 1.4%
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.000%, 4/01/31		4/21 at 100.00		AA–		1,159,290
	750	Massachusetts Development Finance Agency, Revenue Bonds, The Sabis International Charter School, Series 2009A, 8.000%, 4/15/31		10/19 at 100.00		BBB		890,423
	1,085	Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2012J, 5.000%, 7/01/18 (Alternative Minimum Tax)		No Opt. Call		AA		1,215,352
	300	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6)		1/18 at 100.00		N/R		774
	535	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.696%, 12/15/34 (IF) (4)		12/19 at 100.00		AAA		808,701
	1,000	Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2014F, 4.000%, 11/01/29		11/22 at 100.00		AA+		1,098,430
	4,670	Total Massachusetts						5,172,970

Nuveen Investments 23

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan – 0.9%
$	475	Michigan Finance AuthorIty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Series 2011, 7.750%, 7/15/26		7/21 at 100.00		B–	$	458,261
	750	Michigan Higher Education Facilities Authority, Limited Obligation Revenue Bonds, Alma College Project, Series 2008, 5.500%, 6/01/28		6/18 at 100.00		Baa1		806,970
	300	Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42		6/18 at 100.00		BB–		294,384
	1,330	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/31		3/24 at 100.00		A1		1,553,387
	2,855	Total Michigan						3,113,002
		Minnesota – 1.4%
	2,500	Elk River Independent School District 728, Minnesota, General Obligation Bonds, School Building Series 2015.A, 4.000%, 2/01/26 (WI/DD, Settling 2/19/15)		2/24 at 100.00		Aa2		2,869,350
	835	Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 4.500%, 8/01/26		8/22 at 100.00		BBB–		897,917
	1,165	Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 4.000%, 1/01/24		1/23 at 100.00		N/R		1,194,812
	4,500	Total Minnesota						4,962,079
		Mississippi – 1.6%
	750	Medical Center Educational Building Corporation, Revenue Bonds, University of Mississippi Medical Center Facilities Expansion and Renovation Project, Series 2012A, 5.000%, 6/01/41		6/22 at 100.00		Aa2		855,510
	1,190	Mississippi Development Bank, Special Obligation Bonds, Harrison County, Mississippi Highway Refunding Project, Series 2013A, 5.000%, 1/01/26		No Opt. Call		AA–		1,503,922
	3,000	Mississippi Development Bank, Special Obligation Bonds, Jackson Public School District General Obligation Project, Series 2008, 5.375%, 4/01/24 – AGM Insured		No Opt. Call		A2		3,357,810
	4,940	Total Mississippi						5,717,242
		Missouri – 0.7%
	2,000	Kansas City, Missouri, Airport Revenue Bonds, Refunding General Improvement Series 2013A, 5.250%, 9/01/25 (Alternative Minimum Tax)		9/21 at 100.00		A+		2,339,080
	287	Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28		No Opt. Call		N/R		222,089
	2,287	Total Missouri						2,561,169
		Nebraska – 0.1%
	285	Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Refunding Series 2008B, 6.125%, 8/15/31		8/17 at 100.00		A2		313,617
		Nevada – 0.0%
	70	Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008, 6.750%, 9/01/27		9/18 at 100.00		N/R		75,559
		New Hampshire – 0.2%
	580	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 5.000%, 7/01/27		No Opt. Call		A–		659,941

24 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey – 1.7%
$	1,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.250%, 6/15/26		No Opt. Call		A2	$	1,145,760
	310	New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.639%, 1/01/43 (IF) (4)		7/22 at 100.00		A+		477,881
	2,800	Paterson, New Jersey, General Obligation Bonds, General Improvement Series 2013, 5.000%, 1/15/26		1/23 at 100.00		AA		3,253,712
	1,780	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, First Subordinate Capital Appreciation Series 2007-1B, 0.000%, 6/01/41		6/17 at 26.26		A–		433,199
	1,125	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41		6/17 at 100.00		B2		912,240
	7,015	Total New Jersey						6,222,792
		New Mexico – 0.6%
	1,430	New Mexico Finance Authority, New Mexico, State Transportation Revenue Bonds, Senior Lien, Refunding Series 2014B-1, 5.000%, 6/15/27		6/24 at 100.00		AAA		1,783,725
	400	New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds CL 1, Series 2008A-2, 5.600%, 1/01/39 (Alternative Minimum Tax)		1/18 at 102.00		AA+		422,544
	1,830	Total New Mexico						2,206,269
		New York – 6.7%
	1,500	Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014, 5.250%, 11/01/34		11/24 at 100.00		BB		1,655,295
		Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and University System, Series 2014A:
	425	4.000%, 1/01/21		No Opt. Call		BBB–		461,576
	435	4.000%, 1/01/22		No Opt. Call		BBB–		470,183
	445	4.000%, 1/01/23		No Opt. Call		BBB–		481,699
	460	4.000%, 1/01/24		No Opt. Call		BBB–		496,878
	750	Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2012B, 5.000%, 7/01/38		7/22 at 100.00		AA+		884,588
	1,750	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015A, 5.000%, 3/15/25		No Opt. Call		AAA		2,228,083
	675	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A, 5.250%, 2/01/27		2/17 at 100.00		BB+		697,714
	250	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30		2/21 at 100.00		Aa2		302,488
	500	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 18.225%, 10/01/16 (IF)		No Opt. Call		AA+		675,220
		New York City, New York, General Obligation Bonds, Fiscal 2012 Series F:
	1,000	5.000%, 8/01/24		No Opt. Call		AA		1,210,020
	2,000	5.000%, 8/01/25		No Opt. Call		AA		2,399,060
	500	New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2005B, 5.500%, 10/15/27		No Opt. Call		AAA		685,840
		Newburgh, Orange County, New York, General Obligation Bonds, Deficit Liquidation, Series 2012B:
	605	5.000%, 6/15/24		6/22 at 100.00		Baa3		673,704
	635	5.000%, 6/15/25		6/22 at 100.00		Baa3		693,611

Nuveen Investments 25

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	915	Newburgh, Orange County, New York, General Obligation Bonds, Series 2012A, 5.000%, 6/15/25 – AGC Insured		6/22 at 100.00		Baa3	$	999,455
		Niagara Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2014:
	150	5.000%, 5/15/20		No Opt. Call		BBB+		174,470
	3,400	4.000%, 5/15/29		5/15 at 100.00		BBB+		3,407,412
	1,250	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty-Ninth Series 2011, 5.000%, 10/15/24 (Alternative Minimum Tax)		10/21 at 100.00		AA–		1,463,838
	1,000	Rockland County, New York, General Obligation Bonds, Refunding Series 2013, 5.000%, 3/01/17		No Opt. Call		Baa2		1,065,160
		Saratoga County Capital Resource Corporation, New York, Revenue Bonds, Skidmore College, Refunding Series 2014B:
	300	5.000%, 7/01/30		7/24 at 100.00		A1		357,042
	300	5.000%, 7/01/31		7/24 at 100.00		A1		355,671
	450	Saratoga County Water and Sewer Authority, New York, Revenue Bonds, Series 2008, 5.000%, 9/01/38		9/18 at 100.00		AA–		506,403
	1,000	Syracuse, New York, General Obligation Bonds, Airport Terminal Security Access Improvement Series 2011A, 5.000%, 11/01/36 (Alternative Minimum Tax)		11/21 at 100.00		A1		1,104,020
	450	Westchester County Local Development Corporation, New York, Revenue Refunding Bonds, Kendal on Hudson Project, Series 2013, 3.000%, 1/01/18		No Opt. Call		BBB		465,354
	21,145	Total New York						23,914,784
		North Carolina – 3.4%
	665	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.802%, 7/01/38 (IF) (4)		7/20 at 100.00		AAA		999,116
	2,000	Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/34 (UB) (4)		1/19 at 100.00		AA–		2,266,820
	2,000	Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.000%, 1/15/31		1/21 at 100.00		AA–		2,268,060
		North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A:
	1,000	5.000%, 1/01/25		7/22 at 100.00		A–		1,193,710
	1,500	5.000%, 1/01/26		7/22 at 100.00		A–		1,775,895
	350	North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 – FGIC Insured		No Opt. Call		A3		444,707
	500	North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2008A, 5.250%, 1/01/20		1/18 at 100.00		A–		565,470
	340	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Tender Option Bond Trust 11808, 22.741%, 6/01/18 (IF)		No Opt. Call		AA		573,549
	2,000	North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/34		11/16 at 100.00		AA–		2,086,560
	10,355	Total North Carolina						12,173,887
		North Dakota – 0.5%
	1,500	University of North Dakota, Housing and Auxiliary Faciilities Revenue Bonds, Refunding Series 2012, 5.000%, 4/01/32		4/22 at 100.00		Aa3		1,724,505

26 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio – 1.8%
$	550	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27		2/23 at 100.00		BB+	$	595,353
	3,045	Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2014A, 3.000%, 3/01/28		3/23 at 100.00		AA+		3,162,994
	500	Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2014A, 5.000%, 6/01/25		6/23 at 100.00		AA+		606,195
	1,810	University of Akron, Ohio, General Receipts Bonds, Series 2010A, 5.000%, 1/01/24 – AGM Insured		No Opt. Call		AA		2,091,636
	5,905	Total Ohio						6,456,178
		Oklahoma – 0.2%
	500	Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2008A, 5.875%, 1/01/28 (Pre-refunded 1/01/18)		1/18 at 100.00		A (5)		575,035
		Oregon – 1.0%
	1,000	Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B, 5.000%, 6/15/27 (Pre-refunded 6/15/17) – AGM Insured		6/17 at 100.00		AA+ (5)		1,105,470
	750	Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 5.000%, 9/01/21		No Opt. Call		A–		864,413
	1,000	Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/24		4/21 at 100.00		AAA		1,222,310
	410	Oregon Special Districts Association, Certificates of Participation, Flexlease Program, Series 2013A, 4.000%, 1/01/24		1/16 at 102.00		N/R		426,400
	3,160	Total Oregon						3,618,593
		Pennsylvania – 4.5%
	1,000	Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.000%, 12/01/26		No Opt. Call		AA–		1,167,800
	850	Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Renaissance Academy Charter School Project, Series 2014, 5.000%, 10/01/34		10/24 at 100.00		BBB–		924,392
	1,130	Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1998A, 5.500%, 8/01/28 – AMBAC Insured		No Opt. Call		A2		1,392,838
	1,050	Hempfield Area School District, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 2011, 5.250%, 3/15/25 – AGM Insured		3/21 at 100.00		AA		1,243,379
	1,140	Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0065, 18.078%, 7/01/36 (IF)		1/22 at 100.00		AA–		1,716,794
	825	Lycoming County Authority, Pennsylvania, Revenue Bonds, AICUP FInancing Program-Lycoming College, Series 2013M-M1, 5.250%, 11/01/43		11/23 at 100.00		A		962,082
	1,250	Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Refunding Series 2011, 5.500%, 7/01/26		7/21 at 100.00		A		1,465,050
	1,000	Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Refunding Bonds, Aqua Pennsylvania, Inc. Project, Series 2010A, 5.000%, 12/01/34 (Alternative Minimum Tax)		12/20 at 100.00		AA–		1,117,660
	1,600	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.000%, 6/15/23		6/20 at 100.00		BB–		1,669,440
	1,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Nineth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		A–		1,115,250

Nuveen Investments 27

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	1,000	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2007B, 5.500%, 7/01/26		7/17 at 100.00		BB+	$	1,054,780
	870	Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.000%, 4/01/23		4/19 at 100.00		A+		1,025,513
	1,000	West Chester Area School District, Chester and Delaware Counties, Pennsylvania, General Obligation Bonds, Refunding Series 2014AA, 5.000%, 5/15/27		11/24 at 100.00		Aaa		1,272,740
	13,715	Total Pennsylvania						16,127,718
		Rhode Island – 1.5%
	4,045	Narragansett Bay Commission, Rhode Island, Wastewater System Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/31		9/24 at 100.00		AA–		4,940,765
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	130	6.000%, 6/01/23 (Pre-refunded 4/20/15)		4/15 at 100.00		A (5)		130,741
	150	6.125%, 6/01/32 (Pre-refunded 4/20/15)		4/15 at 100.00		BBB+ (5)		150,645
	4,325	Total Rhode Island						5,222,151
		South Carolina – 0.7%
	1,000	Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2013A, 5.250%, 7/01/21 (Alternative Minimum Tax)		No Opt. Call		A1		1,200,890
	500	Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2011, 5.000%, 11/01/26		11/21 at 100.00		AA–		582,950
		South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, York Preparatory Academy Project, Series 2014A:
	320	5.750%, 11/01/23		No Opt. Call		N/R		339,146
	180	7.000%, 11/01/33		11/24 at 100.00		N/R		200,727
	250	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40		10/19 at 100.00		A1		286,583
	2,250	Total South Carolina						2,610,296
		South Dakota – 0.5%
		South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds Series 2013B:
	440	5.000%, 6/01/24		6/23 at 100.00		A–		523,178
	1,000	5.000%, 6/01/26		6/23 at 100.00		A–		1,173,150
	1,440	Total South Dakota						1,696,328
		Tennessee – 0.3%
	1,000	Claiborne County Industrial Development Board, Tennessee, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2010, 6.000%, 10/01/30		10/20 at 100.00		N/R		1,115,520
		Texas – 10.1%
	750	La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp Inc., Series 2009A, 6.000%, 8/15/29		8/19 at 100.00		BBB		855,600
	1,385	Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005A. Remarketed, 5.750%, 4/01/26		4/20 at 100.00		Baa1		1,578,166
	965	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2011, 4.800%, 8/15/21		No Opt. Call		BBB		1,088,877

28 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	675	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2010A, 4.300%, 12/01/16		No Opt. Call		BBB–	$	713,003
	315	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A, 3.100%, 12/01/22		No Opt. Call		BBB–		312,534
	2,000	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013A, 5.000%, 11/01/38 (Alternative Minimum Tax)		11/20 at 100.00		A+		2,254,060
	2,000	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012F, 5.000%, 11/01/29 (Alternative Minimum Tax)		11/20 at 100.00		A+		2,309,320
	1,000	Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 6.625%, 9/01/31		9/23 at 100.00		N/R		1,235,850
	1,500	Frisco Independent School District, Collin and Denton Counties, Texas, General Obligation Bonds, Series 2008A, 6.000%, 8/15/38		8/18 at 100.00		Aaa		1,759,275
		Harris County Water Control and Improvement District 74, Texas, General Obligation Bonds, Series 2010:
	195	5.000%, 8/01/36		2/18 at 100.00		N/R		210,251
	1,515	5.200%, 8/01/39		2/18 at 100.00		N/R		1,642,593
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C:
	605	5.000%, 11/15/26		11/24 at 100.00		A3		728,559
	650	5.000%, 11/15/27		11/24 at 100.00		A3		775,392
	600	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 0.000%, 11/15/18 – NPFG Insured		No Opt. Call		AA–		541,074
	1,315	Houston Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2014B, 4.000%, 2/15/27		2/24 at 100.00		AAA		1,492,104
	615	Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2014A, 5.000%, 3/01/26		3/24 at 100.00		AA+		765,472
	1,630	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/29 (Alternative Minimum Tax)		7/22 at 100.00		A		1,868,697
		Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B:
	490	4.000%, 8/15/25		8/19 at 100.00		BBB+		510,423
	250	4.125%, 8/15/26		8/19 at 100.00		BBB+		260,683
		Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2015:
	500	5.000%, 1/01/24 (WI/DD, Settling 2/03/15)		No Opt. Call		A		605,155
	300	5.000%, 1/01/25 (WI/DD, Settling 2/03/15)		1/24 at 100.00		A		360,687
	400	Newark Cultural Education Facilities Finance Corporation, Texas, Lease Revenue Bonds, A.W. Brown-Fellowship Leadership Academy, Series 2012A, 6.000%, 8/15/32		2/15 at 103.00		BBB–		413,048
	1,000	North Texas Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2012A, 5.125%, 12/01/42		6/22 at 100.00		BBB–		1,108,250
	375	North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38		1/18 at 100.00		A3		417,960
	825	Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/21		No Opt. Call		BBB+		992,211
	600	San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2014A, 5.000%, 5/15/29		11/23 at 100.00		AA		730,398

Nuveen Investments 29

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	1,490	San Jacinto River Authority, Texas, Special Project Revenue Bonds, Woodlands Water Supply System Project, Refunding Series 2014, 5.000%, 10/01/29 – BAM Insured		10/23 at 100.00		AA	$	1,772,281
	1,200	Texas State, General Obligation Bonds, College Student Loan Series 2014, 6.000%, 8/01/25 (Alternative Minimum Tax)		8/24 at 100.00		AAA		1,580,376
	2,000	Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014A, 5.000%, 10/01/26		10/24 at 100.00		AAA		2,525,580
	1,140	Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/29 (WI/DD, Settling 2/04/15)		8/24 at 100.00		BBB+		1,328,978
	2,000	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2011, 5.250%, 7/01/23		7/21 at 100.00		Baa1		2,335,940
	1,000	Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 4.700%, 9/01/20		9/19 at 100.00		BBB		1,125,670
	31,285	Total Texas						36,198,467
		Utah – 1.3%
		Utah Infrastructure Agency, Telecommunications and Franchise Tax Revenue, Series 2011A:
	500	5.250%, 10/15/33 – AGM Insured		10/21 at 100.00		AA		579,730
	520	5.400%, 10/15/36 – AGM Insured		10/21 at 100.00		AA		605,530
	435	Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 5.750%, 7/15/20		No Opt. Call		BBB–		478,252
	1,550	Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30		7/20 at 100.00		BB–		1,573,777
	80	Utah State Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Series 2007A, 5.750%, 7/15/22		7/15 at 102.00		N/R		81,759
	60	Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.125%, 6/15/17		No Opt. Call		BBB–		62,361
	750	Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 3006, 18.100%, 6/15/26 – AGM Insured (IF) (4)		6/18 at 100.00		AAA		1,110,060
	3,895	Total Utah						4,491,469
		Virgin Islands – 0.8%
	500	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2009A-1, 5.000%, 10/01/24		10/19 at 100.00		BBB		558,490
	1,000	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Refunding Bonds, Series 2009C, 5.000%, 10/01/22		10/19 at 100.00		Baa2		1,103,930
	1,000	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/19		No Opt. Call		Baa3		1,145,360
	2,500	Total Virgin Islands						2,807,780
		Virginia – 2.4%
	1,300	Alexandria, Virginia, General Obligation Bonds, Capital Improvement Series 2014B, 4.000%, 1/15/27		1/25 at 100.00		AAA		1,525,615
		Fredericksburg Economic Development Authority, Virginia, Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2014:
	600	5.000%, 6/15/31		6/24 at 100.00		Baa1		682,428
	1,400	5.000%, 6/15/33		6/24 at 100.00		Baa1		1,583,890

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia (continued)
$	1,900	Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2008A, 5.375%, 10/01/28 (Alternative Minimum Tax)		10/18 at 100.00		AA–	$	2,139,913
	815	Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.750%, 1/01/34		No Opt. Call		AA		1,149,166
		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
	40	4.750%, 1/01/25 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		44,232
	1,400	5.000%, 1/01/27 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		1,556,436
	7,455	Total Virginia						8,681,680
		Washington – 4.7%
	980	Central Puget Sound Regional Transit Authority, Washington, Sales and Use Tax Revenue Bonds, Series 2007A, 5.000%, 11/01/34 – AGM Insured		No Opt. Call		AAA		1,077,716
	1,700	Chelan County Public Utility District 1, Washington, Consolidated System Revenue Bonds Series 2011A, 5.500%, 7/01/24 (Alternative Minimum Tax)		7/21 at 100.00		AA+		2,060,196
	2,500	Chelan County Public Utility District 1, Washington, Consolidated System Revenue Bonds Series 2011B, 5.500%, 7/01/26 (Alternative Minimum Tax)		7/21 at 100.00		AA+		2,998,825
	1,000	Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2012-D, 5.000%, 7/01/35		7/22 at 100.00		Aa1		1,166,849
	100	Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.625%, 1/01/28		1/18 at 100.00		N/R		100,121
	1,900	King County, Washington, Sewer Revenue Bonds, Refunding Series 2011B, 5.000%, 1/01/31		No Opt. Call		AA+		2,224,785
	600	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.806%, 7/01/32 – AGM Insured (IF) (4)		7/17 at 100.00		AA+		791,088
	750	University of Washington, General Revenue Bonds, Tender Option Bond Tust 3005, 11.513%, 6/01/31 – AMBAC Insured (IF)		6/17 at 100.00		Aaa		1,034,430
	1,000	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30 (Pre-refunded 12/01/20)		12/20 at 100.00		Baa3 (5)		1,239,420
	1,000	Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2015B, 5.000%, 10/01/38 (WI/DD, Settling 2/05/15) (UB)		4/25 at 100.00		Aa2		1,184,740
	1,550	Washington State Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, Series 2008D, 6.375%, 10/01/36		10/18 at 100.00		A+		1,831,557
	1,000	Washington State, General Obligation Bonds, Various Purpose, Refunding Series R-2015C, 5.000%, 7/01/27		1/25 at 100.00		AA+		1,250,839
	14,080	Total Washington						16,960,566
		West Virginia – 0.8%
	1,150	West Virginia Higher Education Policy Commission, Revenue Bonds, Higher Education Facilities, Series 2012A, 5.000%, 4/01/29		4/22 at 100.00		Aa3		1,356,609
	1,250	West Virginia Water Development Authority, Infrastructure Excess Lottery Revenue Bonds, Chesapeake Bay/Greenbrier River Projects, Series 2014A, 5.000%, 7/01/34		7/24 at 100.00		AAA		1,491,124
	2,400	Total West Virginia						2,847,733
		Wisconsin – 3.0%
	350	Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A, 5.500%, 10/01/22		No Opt. Call		BB+		393,455

Nuveen Investments 31

Municipal Total Return Managed Accounts Portfolio (continued)

Portfolio of Investments January 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	1,820	Public Finance Authority, Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/22 (Alternative Minimum Tax)		No Opt. Call		BBB	$	2,059,183
	1,880	School Districts of Arcadia, Buffalo, and Trempealealu Counties, Wisconsin, Bond Anticipation Notes, Series 2014, 3.000%, 3/15/19		3/17 at 100.00		A		1,960,049
	485	University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 4287, 17.826%, 10/01/20 (IF) (4)		No Opt. Call		Aa3		774,050
	1,000	Wisconsin Health and Edcuational Facilities Authority, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014, 5.125%, 5/01/29		5/24 at 100.00		N/R		1,075,609
	500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust Series 2010- 3184, 18.483%, 11/15/17 (IF)		No Opt. Call		AA+		788,540
	440	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 19.305%, 8/15/37 (IF) (4)		2/20 at 100.00		AA–		704,669
	1,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.250%, 6/01/34		6/20 at 100.00		AA–		1,136,539
	335	Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014, 5.000%, 5/01/25		5/24 at 100.00		BBB		384,736
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	1,000	6.000%, 5/01/27		5/19 at 100.00		AA–		1,203,999
	90	6.000%, 5/01/33		5/19 at 100.00		AA–		108,733
	8,900	Total Wisconsin						10,589,562
		Wyoming – 1.1%
	1,000	Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.000%, 9/15/26		3/21 at 100.00		A3		1,176,189
	2,000	West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 6.375%, 6/01/26		6/21 at 100.00		BBB		2,364,719
	250	Wyoming Municipal Power Agency Power Supply System Revenue Bonds, 2008 Series A, 5.500%, 1/01/28		1/18 at 100.00		A2		279,522
	3,250	Total Wyoming						3,820,430
$	308,386	Total Long-Term Investments (cost $326,683,658)						353,622,744
Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 1.0%
		MUNICIPAL BONDS – 1.0%
		California – 0.3%
$	1,000	Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Variable Rate Demand Obligations, Series 2012B-1, 0.370%, 7/01/27 (7)		4/15 at 100.00		VMIG-1	$	1,000,020
		Massachusetts – 0.4%
	1,675	Massachusetts State, General Obligation Bonds, Variable Rate Demand Obligations, Refunding Series 2012A, 0.500%, 2/01/16 (7)		8/15 at 100.00		AA+		1,676,658

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Carolina – 0.3%
$	1,000	University of North Carolina at Chapel Hill, General Revenue Bonds, Variable Rate Demand Obligations, Index Tender Series 2012B, 0.854%, 12/01/41 (7)		6/17 at 100.00		AAA	$	1,009,720
$	3,675	Total Short-Term Investments (cost $3,675,000)						3,686,398
		Total Investments (cost $330,358,658) – 99.8%						357,309,142
		Floating Rate Obligations – (0.9)%						(3,310,000	)
		Other Assets Less Liabilities – 1.1%						4,139,680
		Net Assets – 100%					$	358,138,822

(1) All percentages shown in the Portfolio of Investments are based on net assets.

(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

(5) 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.

(6) At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(7) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed 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.

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

144A Investment is exempt from registration under Rule 144A of the Securities Act of 1993, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified buyers.

(IF) Inverse floating rate investment.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments 33

Statement of

Assets and Liabilities January 31, 2015 (Unaudited)

Assets
Long-term investments, at value (cost $326,683,658)	$	353,622,744
Short-term investments, at value (cost $3,675,000)		3,686,398
Cash		6,147,807
Receivable for:
Interest		3,912,108
Investments sold		2,344,931
Reimbursement from Adviser		23,313
Shares sold		2,518,636
Other assets		30,835
Total assets		372,286,772
Liabilities
Floating rate obligations		3,310,000
Payable for:
Dividends		639,683
Investments purchased		8,537,900
Shares redeemed		1,579,520
Accrued expenses:
Trustees fees		8,669
Other		72,178
Total liabilities		14,147,950
Net assets	$	358,138,822
Shares outstanding		32,137,983
Net asset value (“NAV”) per share	$	11.14
Net assets consist of:
Capital paid-in	$	335,554,959
Undistributed (Over-distribution of) net investment income		(618,072	)
Accumulated net realized gain (loss)		(3,748,549	)
Net unrealized appreciation (depreciation)		26,950,484
Net assets	$	358,138,822
Authorized shares		Unlimited
Par value per share	$	0.01

See accompanying notes to financial statements.

34 Nuveen Investments

Statement of

Operations Six Months Ended January 31, 2015 (Unaudited)

Investment Income	$	7,154,291
Expenses
Shareholder servicing agent fees		14,367
Interest expense on floating rate obligations		7,343
Custodian fees		38,262
Trustees fees		5,657
Professional fees		33,272
Shareholder reporting expenses		21,919
Federal and state registration fees		27,798
Other		7,957
Total expenses before fee waiver/expense reimbursement		156,575
Fee waiver/expense reimbursement		(149,232	)
Net expenses		7,343
Net investment income (loss)		7,146,948
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		2,520,776
Change in net unrealized appreciation (depreciation) of investments		12,377,861
Net realized and unrealized gain (loss)		14,898,637
Net increase (decrease) in net assets from operations	$	22,045,585

See accompanying notes to financial statements.

Nuveen Investments 35

Statement of

Changes in Net Assets (Unaudited)

	Six Months Ended 1/31/15			Year Ended 7/31/14
Operations
Net investment income (loss)	$	7,146,948		$	13,553,016
Net realized gain (loss) from investments		2,520,776			(6,029,715	)
Change in net unrealized appreciation (depreciation) of investments		12,377,861			24,472,038
Net increase (decrease) in net assets from operations		22,045,585			31,995,339
Distributions to Shareholders
From net investment income		(7,260,442	)		(13,819,172	)
From accumulated net realized gains		—			(1,867,454	)
Decrease in net assets from distributions to shareholders		(7,260,442	)		(15,686,626	)
Fund Share Transactions
Proceeds from sale of shares		50,325,323			125,999,383
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,403,699			7,641,971
		53,729,022			133,641,354
Cost of shares redeemed		(40,381,472	)		(123,616,188	)
Net increase (decrease) in net assets from Fund share transactions		13,347,550			10,025,166
Net increase (decrease) in net assets		28,132,693			26,333,879
Net assets at the beginning of period		330,006,129			303,672,250
Net assets at the end of period	$	358,138,822		$	330,006,129
Undistributed (Over-distribution of) net investment income at the end of period	$	(618,072	)	$	(504,578	)

See accompanying notes to financial statements.

36 Nuveen Investments

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Nuveen Investments 37

Financial

Highlights (Unaudited)

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Year Ended July 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
2015(f)	$	10.67	$	0.23	$	0.47		$	0.70		$	(0.23	)	$	—		$	(0.23	)	$	11.14
2014		10.13		0.45		0.61			1.06			(0.46	)		(0.06	)		(0.52	)		10.67
2013		11.13		0.46		(0.82	)		(0.36	)		(0.47	)		(0.17	)		(0.64	)		10.13
2012		10.22		0.51		0.95			1.46			(0.52	)		(0.03	)		(0.55	)		11.13
2011		10.42		0.54		(0.11	)		0.43			(0.54	)		(0.09	)		(0.63	)		10.22
2010		9.80		0.52		0.60			1.12			(0.50	)		—			(0.50	)		10.42

38 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement									Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	6.65	%	$	358,139		0.09	%**		0.09	%**		4.08	%**		—	%***		—	%		4.16	%**		15	%
	10.85			330,006		0.09			0.09			4.30			—	*		—			4.39			27
	(3.54	)		303,672		0.09			0.09			4.08			—	*		—	*		4.17			25
	14.66			268,776		0.12			0.12			4.64			—			—			4.75			29
	4.38			173,359		0.09			0.08			5.25			0.01			—			5.33			17
	11.68			140,543		0.17			0.17			4.89			—			—			5.06			40

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser.

(d) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f) For the six months ended January 31, 2015.

* Rounds to less than 0.1%.

** Annualized.

*** Annualized and rounds to less than 0.1%.

See accompanying notes to financial statements.

Nuveen Investments 39

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

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, as amended. The Trust is comprised of the Municipal Total Return Managed Accounts Portfolio (the “Fund”), as a diversified fund. The Trust was organized as a Massachusetts business trust on November 14, 2006.

The Fund is developed exclusively for use within separately managed accounts sponsored by Nuveen Investments, Inc. (“Nuveen”). The Fund is a specialized municipal bond fund to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund enables certain Nuveen municipal separately managed account investors to achieve greater diversification and return potential than smaller managed accounts might otherwise achieve by using lower quality, higher yielding securities and to gain access to special investment opportunities normally available only to institutional investors.

The end of the reporting period for the Fund is January 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2015 (“the current fiscal period”).

Investment Adviser

The Fund’s investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for the Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolio of the Fund.

Change in Control

On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser.

Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Fund’s investment management agreement and investment sub-advisory agreement, Fund shareholders were asked to approve a new investment management agreement with the Adviser and a new investment sub-advisory agreement with the Sub-Adviser. These new agreements were approved by shareholders of the Fund, and went into effect during the current fiscal period.

Investment Objectives and Principal Investment Strategies

The Fund’s primary investment objective is to seek attractive total return. The Fund also seeks to provide high current income exempt from regular federal income taxes. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will focus on securities with intermediate to longer term maturities and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of approximately 12 to 25 years.

The Fund invests in various types of municipal securities, including investment grade (rated BBB/Baa or better), below investment grade (rated BB/Ba or lower), and unrated municipal securities. The Fund may invest up to 50% of its net assets in below investment grade municipal bonds, but will normally invest 10-30% of its net assets in such bonds. Such securities are commonly referred to as “high yield” securities or “junk” bonds. The Fund may invest up to 5% of its net assets in defaulted bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 50% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.

40 Nuveen Investments

The Fund may also make forward commitments in which the Fund agrees to buy a security for settlement in the future at a price agreed upon today.

The Fund’s most recent prospectus provides further description of the Fund’s investment objectives, principal investment strategies and principal risks.

Significant Accounting Policies

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has instructed the custodian to earmark securities in the Fund’s portfolio with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of the end of the reporting period, the Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:

Outstanding when-issued/delayed delivery purchase commitments $ 5,535,135

Investment Income

Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.

Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Netting Agreements

In the ordinary course of business, the Fund may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.

The Fund’s investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

Nuveen Investments 41

Notes to Financial Statements (Unaudited) (continued)

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

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. A three-tier hierarchy 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 the reporting entity’s own 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, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Prices of fixed income securities are provided by a pricing service approved by the Fund’s Board of Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	353,622,744	$	—	$	353,622,744
Short-Term Investments*:
Municipal Bonds		—		3,686,398		—		3,686,398
Total	$	—	$	357,309,142	$	—	$	357,309,142

* Refer to the Fund’s Portfolio of Investments for state classifications.

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

42 Nuveen Investments

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

The Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by or at the direction of the Fund. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that 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 certificate, or by a loan to the trust from a liquidity provider, or by the sale of assets from the trust, and (b) issues to a long-term investor (such the Fund) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, 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 floating rate security 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 floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

The inverse floater held by the Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the trustee of the special purpose trust transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.

The Fund may purchase an inverse floating rate security in a secondary market transaction from a separate creator of the special purpose trust without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by transferring a fixed-rate bond that it owns into a special purpose trust created by itself or others and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”).

An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” Under U.S. GAAP, the Fund’s Statement of Assets and Liabilities shows for an externally-deposited inverse floater only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.

In contrast, an investment in a self-deposited inverse floater is accounted for as a financing transaction. For such self-deposited inverse floaters, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund treating the short-term floating rate certificates issued by the trust as liabilities, at their liquidation value, on the Statement of Assets and Liabilities as “Floating rate obligations”. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the current fiscal period were as follows:

Average floating rate obligations outstanding	$	2,543,696
Average annual interest rate and fees		0.57	%

Nuveen Investments 43

Notes to Financial Statements (Unaudited) (continued)

As of the end of the reporting period, the total amount of floating rate obligations issued by the Fund’s self-deposited inverse floaters and externally-deposited inverse floaters were as follows:

Floating rate obligations: self-deposited inverse floaters	$	3,310,000
Floating rate obligations: externally-deposited inverse floaters		34,465,000
Total	$	37,775,000

The Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (trusts involving such agreements referred to herein as “Recourse Trusts”) by which the Fund agrees to reimburse the liquidity provider for the trust’s floating rate certificate, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, the Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of the Fund’s inverse floater investments as the Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

As of the end of the reporting period, the Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:

Maximum exposure to Recourse Trusts $ 26,970,000

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.

Investments in Derivatives

In addition to the inverse floating rate securities in which the Fund invests, which are considered portfolio securities for financial reporting purposes, the Fund is authorized to invest in certain other derivative instruments. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Fund is authorized to invest in derivative instruments, and may do so in the future, it did not make any such investments during the current fiscal period.

4. Fund Shares

Transactions in Fund shares were as follows:

	Six Months Ended 1/31/15						Year Ended 7/31/14
	Shares			Amount			Shares			Amount
Shares sold		4,620,247		$	50,325,323			12,240,242		$	125,999,383
Shares issued to shareholders due to reinvestment of distributions		311,968			3,403,699			742,455			7,641,971
Shares redeemed		(3,708,257	)		(40,381,472	)		(12,058,333	)		(123,616,188	)
Net increase (decrease)		1,223,958		$	13,347,550			924,364		$	10,025,166

5. Investment Transactions

Long-term purchases and sales (including maturities) during the current fiscal period aggregated $65,475,696 and $49,167,991, respectively.

6. Income Tax Information

The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to 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. Furthermore, the Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Fund. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally

44 Nuveen Investments

the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAV of the Fund.

As of January 31, 2015, the cost and unrealized appreciation (depreciation) of investments in securities, as determined on a federal income tax basis, were as follows:

Cost of investments	$	326,947,612
Gross unrealized:
Appreciation	$	27,371,316
Depreciation		(319,799	)
Net unrealized appreciation (depreciation) of investments	$	27,051,517

Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution reallocations, resulted in reclassifications among the Fund’s components of net assets as of July 31, 2014, the Fund’s last tax year end, as follows:

Capital paid-in	$	—
Undistributed (Over-distribution of) net investment income		9,364
Accumulated net realized gain (loss)		(9,364	)

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of July 31, 2014, the Fund’s last tax year end, were as follows:

Undistributed net tax-exempt income1	$	599,600
Undistributed net ordinary income2		15,322
Undistributed net long-term capital gains		—

¹  Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period July 1, 2014 through July 31, 2014, and paid on August 1, 2014.

²  Net ordinary income consists of taxable market discount income and net short-term capital gains if any.

The tax character of distributions paid during the Fund’s last tax year ended July 31, 2014, was designated for purposes of the dividends paid deduction as follows:

Distributions from net tax-exempt income	$	13,683,963
Distributions from net ordinary income2		135,066
Distributions from net long-term capital gains		1,878,881

²  Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

As of July 31, 2014, the Fund’s last tax year end, the Fund had unused capital loss carryforwards available for federal income purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.

Capital losses to be carried forward – not subject to expiration $ 4,374,411

The Fund has elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The Fund has elected to defer losses as follows:

Post-October capital losses3	$	1,898,725
Late-year ordinary losses4		—

³  Capital losses incurred from November 1, 2013 through July 31, 2014, the Fund's last tax year end.

⁴  Ordinary losses incurred from January 1, 2014 through July 31, 2014, and specified losses incurred from November 1, 2013 through July 31, 2014.

7. Management Fees and Other Transactions with Affiliates

The Adviser does not charge any management fees or other expenses directly to the Fund. The Adviser has agreed irrevocably during the existence of the Fund to waive all fees and pay or reimburse all expenses of the Fund (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Adviser and the Sub-Adviser are compensated for their services to the Fund from the fee charged at the separately managed account level.

Nuveen Investments 45

Additional

Fund Information

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606   Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodian State Street Bank & Trust Company Boston, MA 02111 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Transfer Agent and
Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information: The Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

46 Nuveen Investments

Glossary of Terms

Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Barclays 7-Year Municipal Bond Index: An unmanaged index composed of a broad range of investment-grade municipal bonds with maturity dates of approximately seven years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.

Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.

Total Investment Exposure: Total investment exposure is the fund’s assets managed by the Adviser that are attributable to leverage. For these purposes, leverage includes the fund’s use of preferred stock and borrowings and 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.

Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Nuveen Investments 47

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $230 billion as of December 31, 2014.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
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MSA-MAPS-0115P        6719-INV-B-03/16

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Managed Accounts Portfolios Trust

By	(Signature and Title)	/s/ Kevin J. McCarthy
		Kevin J. McCarthy Vice President and Secretary

Date: April 9, 2015

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

By	(Signature and Title)	/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman Chief Administrative Officer (principal executive officer)

Date: April 9, 2015

By	(Signature and Title)	/s/ Stephen D. Foy
		Stephen D. Foy Vice President and Controller (principal financial officer)

Date: April 9, 2015

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Gifford R. Zimmerman, 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 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:

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;

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;

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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 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):

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

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 9, 2015

/S/ GIFFORD R. ZIMMERMAN

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

I, Stephen D. Foy, 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 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:

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;

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;

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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 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):

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

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 9, 2015

/S/ STEPHEN D. FOY

Stephen D. Foy

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Managed Accounts Portfolios Trust (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended January 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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 9, 2015

/S/ GIFFORD R. ZIMMERMAN

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

/S/ STEPHEN D. FOY

Stephen D. Foy

Vice President and Controller

(principal financial officer)