N-CSRS 1 d474758dncsrs.htm NUVEEN MANAGED ACCOUNTS PORTFOLIOS TRUST Nuveen Managed Accounts Portfolios Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22023

Nuveen Managed Accounts Portfolios Trust

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Christopher M. Rohrbacher

Vice President and Secretary

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2018

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 Funds
Nuveen Managed
Accounts Portfolios Trust
It's not what you earn, it's what you keep.®
Semi-Annual Report January 31, 2018
    Ticker Symbol
    Fund Name    
    Municipal Total Return Managed Accounts Portfolio   NMTRX

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Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE
or

Chairman’s Letter
to Shareholders
Dear Shareholders,
Financial markets ended 2017 on a high note. Concurrent growth across the world’s major economies, strong corporate profits, low inflation and accommodative central banks provided an optimal environment for rising asset prices with remarkably low volatility. Political risks, which were expected to be a wildcard in 2017, did not materialize. The Trump administration achieved one of its major policy goals with the passage of the Tax Cuts and Jobs Act, the European Union (EU) member governments elected EU-friendly leadership, Brexit negotiations moved forward and China’s 19th Party Congress concluded with no major surprises in its economic policy objectives.
Conditions have turned more volatile in 2018, but the positive fundamentals underpinning the markets’ rise over the past year remain intact. In early February, fears of rising inflation, which could prompt more aggressive action by the Federal Reserve (Fed), trigged a widespread sell-off across U.S. and global equity markets. Yet, global economies are still expanding and corporate earnings look healthy, which helped markets stabilize and partially recover the losses.
We do believe volatility will continue to feature more prominently in 2018. Interest rates have been rising and inflation pressures are mounting. Jerome Powell’s first testimony as Fed Chairman increased the likelihood of four rate hikes in 2018, up from three projected at the end of 2017, while also emphasizing the gradual pace of rate hikes established by his predecessor will continue. Investors are uncertain about how markets will react amid tighter financial conditions. After the relative calm of the past few years, it’s anticipated that price fluctuations will begin trending toward a more historically normal range. But we also note that signs foreshadowing recession are lacking at this point.
Maintaining perspective can be difficult with daily headlines focused predominantly on short-term news. Nuveen believes this can be an opportune time to check in with your financial advisor. Strong market appreciation such as that in 2017 may create an imbalance in a diversified portfolio. Your advisor can help you reexamine your investment goals and risk tolerance, and realign your portfolio’s investment mix, if appropriate. 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 22, 2018
 
 
4      NUVEEN

Portfolio Manager's
Comments
Municipal Total Return Managed Accounts Portfolio
This Fund was developed exclusively for use within Nuveen-sponsored separately managed accounts and 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, LLC. 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, 2018.
How did the Fund perform during the six-month reporting period ended January 31, 2018?
The table in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provides total return performance for the Fund for the six-month, one-year, five-year and ten-year periods ended January 31, 2018. The Fund’s Class I Share total return at net asset value (NAV) outperformed the Bloomberg Barclays 7-Year Municipal Bond Index during the six-month reporting period ended January 31, 2018.
What strategies were used to manage the Fund during the six-month reporting period ended January 31, 2018 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 non-rated municipal securities. The Fund focuses on securities with intermediate to longer term maturities. We continue to focus on improving call protection to stabilize the consistency of income across longer time periods.
During the reporting period, several factors contributed to the Fund’s outperformance. For most of the reporting period, longer maturities/durations outperformed shorter maturities/durations. This trend reversed during January 2018 when municipal yield increases were more pronounced on longer maturities. Consequently, the Fund’s overweight to longer maturity/duration bonds was generally a positive contributor to relative performance. However, these same longer maturity and duration positions detracted from performance during the last month of the reporting period. Also contributing to performance were mid-grade and lower quality bonds. They generally outperformed higher grade quality bonds during the reporting period. Consequently, the Fund’s overweight to bonds rated A, BBB and below investment grade (including non-rated) was a positive contributor to relative performance.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
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      5

Portfolio Manager's Comments (continued)
During portions of the reporting period, significant inflows resulted in a higher cash position which was a slight drag on performance.
In addition, the Fund has a 0.5% weighting in Guam. There are five different Guam issuers in the Fund, which include general obligation (GO), water revenue, airport revenue, power revenue and business privilege tax bonds. There is a 0.1% weighting to a Guam GO bond which is rated BB and has a 2019 maturity. All of the other Guam issues in the Fund’s portfolio are investment grade.
We continue to focus on improving call protection to stabilize the consistency of portfolio income. We also increased exposure to revenue bond sectors such as transportation and education.
Note About Investment Valuations
The municipal securities held by the Fund are valued by the Fund's pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. Thus, the current net asset value of the Fund’s shares might be impacted, higher or lower, if the Fund were to use a different pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s then-current municipal bond pricing service was acquired by the parent company of another pricing service, and the combination of the valuation methodologies used by the two organizations took place on October 16, 2017. The change of valuation methodologies due to that combination had little or no impact on the net asset value of the Fund’s shares.
6      NUVEEN

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, 2018, the Fund had a positive UNII balance, based upon our best estimate, for tax purposes and a positive UNII balance for financial reporting purposes.
All monthly dividends paid by the Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders 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.
NUVEEN      7

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8      NUVEEN

Fund Performance, Expense Ratios
and Effective Leverage Ratios
This is a specialized municipal bond Fund developed exclusively for use within Nuveen-sponsored seperately managed accounts.
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are not annualized. Fund shares have no sales charge. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800)257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the 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 fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements) as shown in the most recent prospectus.
Leverage is created whenever the Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of its investment capital. The effective leverage ratio shown for the Fund is the amount of investment exposure created either directly through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument. The Fund may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades. Such incidental borrowings, described generally in Notes to Financial Statements, Note 8—Borrowing Arrangements, are excluded from the calculation of the Fund’s effective leverage ratio.
NUVEEN      9

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, 2018
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
Class I Shares 0.61%   5.30% 4.01% 5.77%
Bloomberg Barclays 7-Year Municipal Bond Index (1.17)%   2.62% 2.23% 3.96%
Average Annual Total Returns as of December 31, 2017 (Most Recent Calendar Quarter)
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
Class I Shares 2.88%   7.40% 4.47% 6.03%
The index is not available for direct investment.
Expense Ratios as of Most Recent Prospectus
  Share Class
  Class I
Gross Expense Ratios 0.11%
Net Expense Ratios 0.05%
The Fund's investment adviser has contractually 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, 2018
Effective Leverage Ratio 7.69%
10      NUVEEN

Yields as of January 31, 2018
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. If the fund did not receive a fee waiver/expense reimbursement during the period under its most recent agreement, subsidized and unsubsidized yields will be equal. Refer to the Notes to Financial Statements, Note 7  –  Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
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. If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
  Share Class
  Class I
Dividend Yield 3.53%
SEC 30-Day Yield - Subsidized 2.97%
SEC 30-Day Yield - Unsubsidized 2.85%
Taxable-Equivalent Yield - Subsidized (28.0%)1 4.13%
Taxable-Equivalent Yield - Unsubsidized (28.0%)1 3.96%
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      11

Holding
Summaries January 31, 2018
This data relates to the securities held in the Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. 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.
Municipal Total Return Managed Accounts Portfolio
Fund Allocation
(% of net assets) 		 
Long-Term Municipal Bonds 97.3%
Short-Term Municipal Bonds 0.1%
Other Assets Less Liabilities 8.1%
Net Assets Plus Floating Rate Obligations 105.5%
Floating Rate Obligations (5.5)%
Net Assets 100%
    
Bond Credit Quality
(% of total investment exposure) 		 
U.S. Guaranteed 4.8%
AAA 4.9%
AA 33.9%
A 30.2%
BBB 16.4%
BB or Lower 5.1%
N/R (not rated) 4.7%
Total 100%
Portfolio Composition
(% of total investments) 		 
Health Care 24.4%
Transportation 19.5%
Tax Obligation/Limited 17.5%
Education and Civic Organizations 13.7%
Tax Obligation/General 9.0%
Other 15.9%
Total 100%
States and Territories
(% of total investments) 		 
California 12.1%
Texas 9.6%
Florida 7.8%
New York 6.5%
Illinois 5.9%
Pennsylvania 5.1%
New Jersey 3.8%
District of Columbia 3.7%
Louisiana 3.0%
Arizona 2.8%
Wisconsin 2.8%
Indiana 2.6%
Washington 2.5%
North Carolina 1.8%
Massachusetts 1.7%
Virginia 1.7%
Maryland 1.6%
Colorado 1.5%
Ohio 1.3%
Missouri 1.2%
New Hampshire 1.2%
Other 19.8%
Total 100%
12       NUVEEN

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 do not include the interest related expenses from inverse floaters that are reflected in the financial statements later within this report, when applicable.
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, 2018.
The beginning of the period is August 1, 2017.
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 following 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 $1,006.10
Expenses Incurred During the Period $  —
Hypothetical Performance
(5% annualized return before expenses) 		 
Beginning Account Value $1,000.00
Ending Account Value $1,025.21
Expenses Incurred During the Period $  —
Expenses are equal to the Fund's annualized net expense ratio of 0.00% for the six-month period.
NUVEEN      13

Municipal Total Return Managed Accounts Portfolio
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS  –  97.3%        
    MUNICIPAL BONDS  –  97.3%        
    National  –  0.1%        
$ 1,000   MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, 5.750%, 6/30/50 (Alternative Minimum Tax)   9/19 at 100.00 Ba2 $ 1,031,080
    Alabama  –  1.1%        
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 876,078
    Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A:        
1,750   5.000%, 10/01/25  –  AGM Insured (Alternative Minimum Tax)   No Opt. Call AA 1,998,272
1,890   5.000%, 10/01/26  –  AGM Insured (Alternative Minimum Tax)   No Opt. Call AA 2,171,780
1,270   DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Refunding Series 2015, 5.000%, 6/01/33   6/25 at 100.00 A 1,420,279
    Tuscaloosa County Board of Education, Alabama, Special Tax School Warrants, Series 2017:        
960   5.000%, 2/01/36   2/27 at 100.00 AA- 1,099,008
795   5.000%, 2/01/37   2/27 at 100.00 AA- 908,113
1,050   5.000%, 2/01/43   2/27 at 100.00 AA- 1,194,102
8,565   Total Alabama       9,667,632
    Alaska  –  0.7%        
1,100   Alaska Housing Finance Corporation, General Obligation Bonds, State Capital Project II, Series 2015C, 5.000%, 6/01/31   12/25 at 100.00 AA+ 1,259,082
1,400   Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, 5.000%, 1/01/30 (Alternative Minimum Tax)   7/25 at 100.00 Baa2 1,537,004
1,500   Alaska Municipal Bond Bank, General Obligation Bonds, Three Series 2015, 5.250%, 10/01/31   4/25 at 100.00 AA- 1,739,100
1,385   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46   3/18 at 100.00 B3 1,358,159
5,385   Total Alaska       5,893,345
    Arizona  –  2.7%        
    Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2017A:        
750   5.000%, 7/01/35   7/24 at 100.00 AA 861,900
1,000   5.000%, 7/01/36   7/24 at 100.00 AA 1,147,280
1,000   5.000%, 7/01/37   7/24 at 100.00 AA 1,145,370
1,250   5.000%, 7/01/38   7/24 at 100.00 AA 1,429,325
1,000   Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 144A, 14.861%, 1/01/43 (IF) (4)   1/22 at 100.00 AA- 1,335,900
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+ 1,098,203
14      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Arizona (continued)        
    Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 144A:        
$ 140   3.000%, 7/01/22   No Opt. Call BB $137,946
100   5.000%, 7/01/37   7/27 at 100.00 BB 104,895
1,000   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 144A, 5.000%, 7/01/51   7/27 at 100.00 BB 1,034,110
    Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 144A:        
115   4.000%, 3/01/27   No Opt. Call BB+ 112,679
1,040   5.000%, 3/01/37   9/27 at 100.00 BB+ 1,053,395
1,000   Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional School Project - Queen Creek and Casa Grande Campuses, Series 2013, 6.000%, 7/01/43   7/23 at 100.00 Ba1 1,063,910
2,465   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 144A, 3.500%, 7/01/26   No Opt. Call BB+ 2,401,699
    Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A:        
3,450   5.000%, 7/01/35   7/25 at 100.00 A+ 3,907,987
1,000   5.000%, 7/01/45   7/25 at 100.00 A+ 1,121,440
1,000   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien Series 2013, 5.000%, 7/01/28 (Alternative Minimum Tax)   7/23 at 100.00 AA- 1,121,530
250   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies - Veritas Project, Series 2012, 6.000%, 7/01/32 (Pre-refunded 7/01/21)   7/21 at 100.00 N/R (5) 285,058
225   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 BBB- 240,102
555   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- 557,459
410   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 144A, 6.750%, 2/01/50   2/28 at 100.00 N/R 404,182
    Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Inc Project, Refunding Series 2015A, 144A:        
290   3.900%, 9/01/24   No Opt. Call BB+ 294,710
1,500   5.000%, 9/01/34   3/25 at 100.00 BB+ 1,523,175
215   Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Inc Project, Series 2012, 144A, 4.625%, 3/01/22   No Opt. Call BB+ 222,050
290   Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.625%, 3/01/31 (Pre-refunded 3/01/21)   3/21 at 100.00 BB+ (5) 334,147
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- 1,149,710
22,055   Total Arizona       24,088,162
    California  –  11.7%        
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 AA- 553,515
NUVEEN      15

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Kern County Tobacco Funding Corporation, Refunding Series 2014:        
$ 1,125   5.000%, 6/01/21   No Opt. Call N/R $1,248,559
2,545   4.000%, 6/01/29   4/18 at 100.00 N/R 2,547,621
655   California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2013-U3, 5.000%, 6/01/43   No Opt. Call AAA 863,991
500   California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2015-XF2188, 144A, 15.569%, 10/01/38 (Pre-refunded 10/01/18) (IF) (4)   10/18 at 100.00 Aa1 (5) 552,825
1,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/36 (UB) (4)   11/26 at 100.00 AA- 1,166,020
5,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/38 (UB) (4)   11/27 at 100.00 AA- 5,814,750
1,300   California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Refunding Series 2016A, 4.000%, 3/01/35   3/26 at 100.00 A 1,361,230
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 1,052,420
205   California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A, 5.000%, 8/15/35   8/27 at 100.00 BBB+ 236,209
5,000   California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, 4.000%, 11/01/38 (UB)   11/27 at 100.00 AA- 5,272,400
    California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital at Stanford, Series 2017A:        
775   5.000%, 11/15/37 (UB) (4)   11/27 at 100.00 AA- 904,851
1,000   5.000%, 11/15/42 (UB) (4)   11/27 at 100.00 AA- 1,159,280
300   California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 6.000%, 8/01/23   No Opt. Call BB- 319,743
1,180   California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A, 144A, 5.000%, 7/01/36   7/26 at 100.00 BB 1,209,264
    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 310,470
675   5.000%, 8/01/32   8/22 at 100.00 BB 691,085
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 895,793
685   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2017A, 5.000%, 8/15/30   8/27 at 100.00 BBB 793,573
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+ 809,419
1,300   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.500%, 7/01/30 (Pre-refunded 7/01/20)   7/20 at 100.00 Baa2 (5) 1,419,236
1,000   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2017A, 5.000%, 7/01/29   7/27 at 100.00 Baa2 1,167,410
1,600   California School Finance Authority School Facility Revenue Bonds, KIPP LA Projects, Series 2015A, 144A, 3.625%, 7/01/25   No Opt. Call BBB 1,713,248
16      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 1,000   California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2015A, 144A, 5.000%, 8/01/35   8/25 at 100.00 BBB $1,102,570
    California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2016, 144A:        
330   5.000%, 8/01/24   No Opt. Call BBB 374,738
360   5.000%, 8/01/25   No Opt. Call BBB 410,605
790   5.000%, 8/01/26   8/25 at 100.00 BBB 884,295
250   5.000%, 8/01/27   8/25 at 100.00 BBB 280,383
1,485   California School Finance Authority, Charter School Revenue Bonds, Classical Academies Project, Series 2017A, 144A, 5.000%, 10/01/37   10/27 at 100.00 BB+ 1,576,060
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- 790,062
700   California School Finance Authority, Charter School Revenue Bonds, Rocketship Education - Obligated Group, Series 2016A, 144A, 5.000%, 6/01/31   6/25 at 100.00 N/R 737,688
    California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C:        
450   4.000%, 7/01/20   No Opt. Call BBB 467,424
510   5.000%, 7/01/21   No Opt. Call BBB 551,636
640   5.000%, 7/01/22   No Opt. Call BBB 702,810
430   California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2014A, 4.125%, 7/01/24   No Opt. Call BBB 460,908
300   California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2017A, 144A, 5.000%, 7/01/25   No Opt. Call BBB 348,918
5,000   California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 5.000%, 8/01/36 (UB)   8/26 at 100.00 AA- 5,789,850
695   California State, General Obligation Bonds, Various Purpose Series 1997, 5.625%, 10/01/21  –  FGIC Insured   10/18 at 100.00 AA+ 700,136
    California State, General Obligation Bonds, Various Purpose Series 2009:        
1,000   6.500%, 4/01/33   4/19 at 100.00 AA- 1,056,250
645   6.000%, 11/01/39   11/19 at 100.00 AA- 691,717
    California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016:        
825   5.000%, 10/01/31   10/26 at 100.00 A- 931,895
830   5.000%, 10/01/32   10/26 at 100.00 A- 934,870
3,900   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 144A, 5.000%, 12/01/36   6/26 at 100.00 BB 4,208,178
    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 AA- 398,899
1,130   5.000%, 8/01/29   8/22 at 102.00 AA- 1,285,782
440   Carson Redevelopment Agency, California, Tax Allocation Bonds, Merged & Amended Project Area, Series 2014A, 5.000%, 10/01/24   No Opt. Call AA- 520,454
840   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 4.000%, 6/01/31   6/25 at 100.00 A+ 900,598
NUVEEN      17

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 210   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33   3/18 at 100.00 B3 $210,844
750   Irvine, California, Special Tax Bonds, Community Facilities District 2004-1 Central Park, Series 2015A, 4.000%, 9/01/35   9/25 at 100.00 N/R 765,233
    Irvine, California, Special Tax Bonds, Community Facilities District 2013-3 Great Park, Improvement Area 4, Series 2016:        
1,740   4.000%, 9/01/34   9/23 at 103.00 N/R 1,798,742
1,250   4.000%, 9/01/35   9/23 at 103.00 N/R 1,289,400
50   Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35   No Opt. Call A 59,061
1,400   Long Beach, California, Harbor Revenue Bonds, Series 2017, 5.000%, 5/15/29 (Alternative Minimum Tax)   5/27 at 100.00 AA 1,657,810
    Long Beach, California, Marina Revenue Bonds, Alamitos Bay Marina Project, Series 2015:        
320   5.000%, 5/15/24   No Opt. Call BBB 374,784
745   5.000%, 5/15/26   5/25 at 100.00 BBB 869,951
750   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/30 (Alternative Minimum Tax)   5/25 at 100.00 AA 858,570
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 1,048,220
    Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B:        
2,200   5.000%, 5/15/33 (Alternative Minimum Tax)   5/26 at 100.00 AA- 2,524,060
500   5.000%, 5/15/34 (Alternative Minimum Tax)   5/26 at 100.00 AA- 572,075
    Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2017A:        
1,000   5.000%, 5/15/33 (Alternative Minimum Tax)   5/27 at 100.00 AA- 1,162,770
2,000   5.000%, 5/15/34 (Alternative Minimum Tax)   5/27 at 100.00 AA- 2,318,500
2,000   Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/36 (UB) (4)   1/26 at 100.00 AA 2,318,040
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 830,408
365   Menifee Union School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2016A, 5.000%, 9/01/32  –  BAM Insured   9/25 at 100.00 AA 417,086
2,010   Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2013, 5.000%, 12/01/29   12/23 at 100.00 BB 2,057,818
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+ 96,641
    Orange County, California, Improvement Bond Act of 1915, Limited Obligation Bonds, Reassessment District 17-1R Newport Coast Phase IV, Refunding Improvement Series 2018:        
1,000   3.000%, 9/02/32  –  AGM Insured   9/28 at 100.00 AA 966,600
700   3.000%, 9/02/33  –  AGM Insured   9/28 at 100.00 AA 672,910
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   4/18 at 100.00 CCC+ 982,840
18      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    Rancho Mirage Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Northside Sub-Area, Refunding Series 2016A:        
$ 1,085   3.000%, 4/01/30  –  BAM Insured   4/26 at 100.00 AA $1,084,978
2,245   3.000%, 4/01/31  –  BAM Insured   4/26 at 100.00 AA 2,208,878
1,215   Sacramento Area Flood Control Agency, California, Special Assessment Bonds, Natomas Basin Local Assessment District, Series 2014, 5.000%, 10/01/32  –  BAM Insured   10/24 at 100.00 AA 1,383,545
    Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Refunding Series 2015F:        
615   5.000%, 9/01/26   9/25 at 100.00 BBB+ 703,658
1,290   5.000%, 9/01/27   9/25 at 100.00 BBB+ 1,461,880
300   San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/32   9/25 at 100.00 N/R 330,987
    San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A:        
1,000   5.000%, 7/01/34 (Alternative Minimum Tax)   7/27 at 100.00 A 1,155,840
500   5.000%, 7/01/35 (Alternative Minimum Tax)   7/27 at 100.00 A 576,595
1,000   San Diego Unified Port District, California, Revenue Bonds, Refunding Series 2013A, 5.000%, 9/01/27   9/23 at 100.00 A+ 1,142,880
1,280   San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Refunding Series 2016A, 5.000%, 8/01/33   8/26 at 100.00 A 1,475,942
550   San Jose, California, Airport Revenue Bonds, Refunding Series 2014A, 5.000%, 3/01/25 (Alternative Minimum Tax)   3/24 at 100.00 A2 629,442
1,530   San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, 5.000%, 3/01/29 (Alternative Minimum Tax)   3/27 at 100.00 A2 1,794,185
1,925   Santa Clarita Community College District, Los Angeles County, California, General Obligation Bonds, Series 2013, 3.000%, 8/01/27   8/23 at 100.00 AA 2,001,288
550   Southern California Public Power Authority, Milford Wind Corridor Phase II Project Revenue Bond, Series 2011-1, 5.250%, 7/01/28   7/21 at 100.00 AA 613,129
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+ 579,400
    Upland, California, Certificates of Participation, San Antonio Regional Hospital, Series 2017:        
585   5.000%, 1/01/25   No Opt. Call BBB+ 663,016
1,110   5.000%, 1/01/26   No Opt. Call BBB+ 1,267,009
530   5.000%, 1/01/28   No Opt. Call BBB+ 613,411
750   Western Municipal Water District Facilities Authority, California, Water Revenue Bonds, Series 2009B, 5.000%, 10/01/34 (Pre-refunded 10/01/19)   10/19 at 100.00 AA+ (5) 794,108
1,000   Yuba Levee Financing Authority, California, Revenue Bonds, Yuba County Levee Refinancing Project, Refunding Series 2017A, 5.000%, 9/01/31  –  BAM Insured   9/26 at 100.00 AA 1,162,610
94,255   Total California       103,664,782
NUVEEN      19

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado  –  1.5%        
    Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement Certificates of Participation, Series 2016:        
$ 1,000   5.000%, 6/15/33   6/26 at 100.00 Aa2 $1,155,030
1,330   5.000%, 6/15/35   6/26 at 100.00 Aa2 1,528,729
500   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A, 144A, 5.000%, 7/01/36   7/25 at 100.00 BB 506,465
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 1,789,557
1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF2196, 144A, 16.680%, 1/01/35 (IF) (4)   1/24 at 100.00 Aa3 1,590,710
1,000   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/24   No Opt. Call A+ 1,177,650
1,240   Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/28   12/26 at 100.00 Baa2 1,448,903
484   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 505,015
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 528,355
1,130   Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42  –  AGM Insured   12/27 at 100.00 AA 1,295,217
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 1,113,030
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 517,155
11,319   Total Colorado       13,155,816
    Connecticut  –  1.1%        
    Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1:        
500   5.000%, 7/01/36   7/27 at 100.00 A 568,290
410   5.000%, 7/01/37   7/27 at 100.00 A 464,932
    Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Refunding Series 2017, 144A:        
4,000   5.000%, 4/01/30   4/27 at 100.00 N/R 4,496,760
3,965   5.000%, 4/01/39   4/27 at 100.00 N/R 4,330,057
8,875   Total Connecticut       9,860,039
    Delaware  –  0.2%        
480   Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Refunding Series 2016A, 2.800%, 9/01/26   No Opt. Call BBB+ 475,651
1,120   Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Series 2012, 3.875%, 9/01/22   3/22 at 100.00 BBB+ 1,169,683
1,600   Total Delaware       1,645,334
20      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    District of Columbia  –  3.6%        
    District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:        
$ 440   6.500%, 5/15/33   No Opt. Call BBB $498,766
450   6.750%, 5/15/40   5/18 at 100.00 Baa1 475,007
2,000   District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Refunding Subordinate Lien Series 2016A, 5.000%, 10/01/39   4/26 at 100.00 AA+ 2,292,340
4,000   District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior Lien Series 2017B, 5.000%, 10/01/34   4/27 at 100.00 AAA 4,664,560
5,000   District of Columbia, General Obligation Bonds, Refunding Series 2017A, 5.000%, 6/01/33   6/27 at 100.00 Aa1 5,884,100
3,000   District of Columbia, General Obligation Bonds, Series 2016A, 5.000%, 6/01/34   6/26 at 100.00 Aa1 3,477,600
1,000   District of Columbia, Hospital Revenue Bonds, Children's Hospital Obligated Group, Refunding Series 2015, 5.000%, 7/15/28   1/26 at 100.00 A1 1,159,730
    District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 2011A:        
1,000   5.000%, 10/01/28   10/23 at 100.00 AA 1,122,810
1,000   5.000%, 10/01/29   10/23 at 100.00 AA 1,118,340
575   5.000%, 10/01/30   10/23 at 100.00 AA 642,085
5,000   District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017, 5.000%, 4/01/33   4/27 at 100.00 A 5,756,900
2,000   District of Columbia, Revenue Bonds, KIPP DC Issue, Refunding Series 2017A, 5.000%, 7/01/37   1/28 at 100.00 BBB+ 2,249,420
2,000   District of Columbia, Revenue Bonds, KIPP DC Issue, Refunding Series 2017B, 5.000%, 7/01/37   1/28 at 100.00 BBB+ 2,249,420
27,465   Total District of Columbia       31,591,078
    Florida  –  7.6%        
1,365   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 1,427,531
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 792,150
5,000   Brevard County School Board, Florida, Certificates of Participation, Refunding Series 2017A, 5.000%, 7/01/31   7/27 at 100.00 Aa3 5,796,950
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 1,083,310
3,035   City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41   9/25 at 100.00 AA- 3,417,471
1,250   City of Orlando, Florida, Senior Tourist Development Tax Refunding Revenue Bonds, 6th Cent Contract Payments, Series 2017A, 5.000%, 11/01/35  –  AGM Insured   11/27 at 100.00 AA 1,433,687
2,185   Collier County Health Facilities Authority, Florida, Residential Care Facility Revenue Bonds, Moorings Inc., Series 2015A, 4.000%, 5/01/35   5/25 at 100.00 A+ 2,259,967
1,555   Florida Board of Governors, Florida, Dormitory Revenue Bonds, Florida Atlantic University, Refunding Series 2017A, 4.000%, 7/01/33  –  BAM Insured   7/26 at 100.00 AA 1,616,967
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 555,401
NUVEEN      21

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
    Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017C, 144A:        
$ 175   5.150%, 7/01/27   No Opt. Call N/R $173,833
385   5.750%, 7/01/47   7/27 at 101.00 N/R 379,602
170   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 144A, 6.000%, 6/15/35   6/25 at 100.00 N/R 179,937
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+ 2,201,040
    Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017:        
400   5.000%, 10/01/34 (Alternative Minimum Tax)   10/27 at 100.00 A+ 461,944
5,000   5.000%, 10/01/37 (Alternative Minimum Tax)   10/27 at 100.00 A+ 5,733,900
1,500   Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/28 (Alternative Minimum Tax)   10/25 at 100.00 AA- 1,723,905
1,000   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/30 (Alternative Minimum Tax)   10/24 at 100.00 AA- 1,131,560
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+ 3,441,720
1,650   Jacksonville Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Baptist Health Properties, Refunding Series 2017, 5.000%, 8/15/35   8/27 at 100.00 AA 1,902,664
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 2,089,960
    Lee County, Florida, Solid Waste System Revenue Bonds, Refunding Series 2016:        
1,110   5.000%, 10/01/24  –  NPFG Insured (Alternative Minimum Tax)   No Opt. Call A 1,284,492
3,330   5.000%, 10/01/25  –  NPFG Insured (Alternative Minimum Tax)   No Opt. Call A 3,879,450
605   5.000%, 10/01/26 (Alternative Minimum Tax)   No Opt. Call A 712,345
750   Manatee County School Board, Florida, Certificates of Participation, Refunding Series 2016A, 5.000%, 7/01/26  –  BAM Insured   No Opt. Call AA 881,513
1,455   Marco Island, Florida, Utility System Revenue Bonds, Refunding Series 2016, 3.000%, 10/01/33   10/26 at 100.00 Aa3 1,408,847
    Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Refunding 2014:        
850   5.000%, 11/15/23   No Opt. Call Baa1 959,386
250   5.000%, 11/15/26   11/24 at 100.00 Baa1 278,210
375   5.000%, 11/15/27   11/24 at 100.00 Baa1 415,380
500   5.000%, 11/15/28   11/24 at 100.00 Baa1 551,600
    Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014:        
900   5.000%, 10/01/27   10/24 at 100.00 A- 1,030,752
920   5.000%, 10/01/28   10/24 at 100.00 A- 1,050,033
500   5.000%, 10/01/30   10/24 at 100.00 A- 567,730
590   Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.000%, 7/01/23   No Opt. Call BBB 658,853
22      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$ 705   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/25 (Alternative Minimum Tax)   10/22 at 100.00 A $785,730
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 1,305,334
1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41   10/26 at 100.00 A 1,138,460
800   Miami-Dade County, Florida, Seaport Revenue Bonds, Series 2013D, 5.000%, 10/01/18 (Alternative Minimum Tax)   No Opt. Call A 816,104
2,290   Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2016B, 4.000%, 10/01/34   10/26 at 100.00 AA 2,432,942
425   Palm Beach County School Board, Florida, Certificates of Participation, Series 2015C, 5.000%, 8/01/30   8/25 at 100.00 Aa3 489,698
505   Pinellas County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2017A, 5.000%, 7/01/37   7/27 at 100.00 Aa3 579,255
2,000   South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2016, 4.000%, 5/01/33   5/26 at 100.00 AA 2,094,980
500   Tallahassee, Florida, Consolidated Utility Systems Revenue Bonds, Refunding Series 2015, 5.000%, 10/01/35   10/23 at 100.00 AA+ 569,865
1,310   Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2016A, 5.500%, 9/01/29   9/26 at 100.00 A+ 1,529,831
3,250   Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, Refunding Series 2016B, 5.000%, 7/01/37   7/26 at 100.00 A- 3,615,072
5   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39   4/18 at 100.00 N/R 4,999
15   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6)   5/19 at 100.00 N/R 14,000
10   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6)   5/22 at 100.00 N/R 7,825
5   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/18 (7)   No Opt. Call N/R  —
20   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (7)   5/18 at 100.00 N/R 15,996
15   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7)   5/18 at 100.00 N/R 9,876
15   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)   5/18 at 100.00 N/R  —
60,110   Total Florida       66,892,057
    Georgia  –  0.6%        
220   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Tender Option Trust 2015-XF0234, 144A, 18.083%, 11/01/40 (IF)   5/25 at 100.00 Aa2 375,267
    Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A:        
2,390   5.000%, 4/01/35   4/27 at 100.00 A 2,707,392
1,380   5.000%, 4/01/37   4/27 at 100.00 A 1,556,268
NUVEEN      23

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Georgia (continued)        
$ 530   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38   12/22 at 100.00 Aa2 $ 584,733
4,520   Total Georgia       5,223,660
    Guam  –  0.5%        
420   Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/21   No Opt. Call A 451,408
1,000   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 4.500%, 7/01/18   No Opt. Call A- 1,010,400
450   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/24   7/23 at 100.00 A- 503,793
660   Guam Government, General Obligation Bonds, 2009 Series A, 6.000%, 11/15/19   No Opt. Call BB- 688,901
1,000   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.000%, 10/01/23 (Alternative Minimum Tax)   8/18 at 100.00 BBB 1,019,540
    Guam Power Authority, Revenue Bonds, Series 2012A:        
500   5.000%, 10/01/22  –  AGM Insured   No Opt. Call AA 557,865
235   5.000%, 10/01/34   10/22 at 100.00 BBB 247,758
4,265   Total Guam       4,479,665
    Hawaii  –  1.0%        
    Hawaii State Department of Transportation - Airports Division, Lease Revenue Certificates of Participation, Series 2013:        
1,000   5.250%, 8/01/24 (Alternative Minimum Tax)   8/23 at 100.00 A 1,143,740
1,600   5.000%, 8/01/28 (Alternative Minimum Tax)   8/23 at 100.00 A 1,772,176
2,000   Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/41 (Alternative Minimum Tax)   7/25 at 100.00 A+ 2,234,480
    Hawaii State, General Obligation Bonds, Series 2011DZ:        
990   5.000%, 12/01/30(Pre-refunded 12/01/21)   12/21 at 100.00 N/R (5) 1,104,009
610   5.000%, 12/01/30(Pre-refunded 12/01/21)   12/21 at 100.00 AA+ (5) 681,443
2,000   Honolulu City and County, Hawaii, General Obligation Bonds, Series 2015A, 5.000%, 10/01/37   10/25 at 100.00 Aa1 2,303,000
8,200   Total Hawaii       9,238,848
    Idaho  –  1.0%        
    Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Refunding Series 2015:        
500   5.000%, 6/01/29   12/24 at 100.00 A3 570,940
1,000   5.000%, 6/01/30   12/24 at 100.00 A3 1,132,550
2,090   5.000%, 6/01/31   12/24 at 100.00 A3 2,354,594
750   Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Series 2008, 7.375%, 6/01/34 (Pre-refunded 6/01/18)   6/18 at 100.00 A3 (5) 764,827
865   Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Series 2015, 5.500%, 12/01/29   6/25 at 100.00 AA- 1,016,894
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- 1,125,610
24      NUVEEN

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 A3 $473,185
1,070   4.600%, 9/01/27   9/22 at 100.00 A3 1,165,209
7,705   Total Idaho       8,603,809
    Illinois  –  5.8%        
    Beford Park Village, Illinois, Hotel and Motel Tax Revenue Bonds, Refunding Series 2015A:        
920   4.000%, 12/01/22   No Opt. Call A3 929,228
1,395   4.000%, 12/01/23   No Opt. Call A3 1,395,656
450   Beford Park Village, Illinois, Hotel and Motel Tax Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/19   No Opt. Call A3 458,104
736   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 739,317
500   Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40   10/20 at 100.00 B+ 537,795
865   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 BB+ 927,090
360   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 2016-XF2339, 144A, 13.874%, 9/01/32 (IF) (4)   9/22 at 100.00 BB+ 440,093
1,045   Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015, 5.000%, 5/01/45 (UB) (4)   5/25 at 100.00 AA+ 1,147,483
4,000   Illinois Finance Authority, Revenue Bonds, Ann & Robert H Laurie Children's Hospital, Refunding Series 2017, 5.000%, 8/15/35 (UB) (4)   8/27 at 100.00 AA 4,570,800
750   Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Series 2008B, 5.500%, 8/15/21 (Pre-refunded 8/15/18)   8/18 at 100.00 AA (5) 766,770
2,000   Illinois Finance Authority, Revenue Bonds, DePaul University, Refunding Series 2016A, 5.000%, 10/01/35   10/26 at 100.00 A 2,272,060
3,000   Illinois Finance Authority, Revenue Bonds, Edward-Elmhurst Healthcare, Series 2017A, 5.000%, 1/01/36   1/27 at 100.00 A 3,265,620
345   Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 2016, 5.000%, 9/01/36   9/26 at 100.00 A- 375,588
    Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 2017A:        
2,400   4.000%, 7/15/36 (UB) (4)   1/28 at 100.00 AA+ 2,510,376
1,500   4.000%, 7/15/37 (UB) (4)   1/28 at 100.00 AA+ 1,565,115
475   4.000%, 7/15/47 (UB) (4)   1/28 at 100.00 AA+ 492,176
    Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A:        
280   6.000%, 5/15/39   5/20 at 100.00 A 296,786
615   6.000%, 5/15/39(Pre-refunded 5/15/20)   5/20 at 100.00 N/R (5) 675,344
1,000   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 4.000%, 11/15/33   11/25 at 100.00 A 1,024,860
700   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 6.000%, 8/15/23   8/18 at 100.00 BBB+ 710,927
NUVEEN      25

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
    Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:        
$ 25   5.000%, 8/15/21   No Opt. Call Baa1 $27,094
220   5.000%, 8/15/23   No Opt. Call Baa1 244,779
    Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C:        
150   5.000%, 3/01/32   3/27 at 100.00 A+ 170,368
150   5.000%, 3/01/33   3/27 at 100.00 A+ 169,612
1,250   Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 (UB) (4)   10/25 at 100.00 AA- 1,397,287
5,000   Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/23   No Opt. Call BBB 5,352,200
420   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 144A, 14.646%, 1/01/38 (IF)   1/23 at 100.00 AA- 611,533
710   Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding Series 2017A, 5.000%, 11/01/33  –  AGM Insured   11/26 at 100.00 AA 795,292
2,495   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 12/15/20   No Opt. Call BBB- 2,669,475
1,325   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B, 5.000%, 12/15/26   No Opt. Call BBB- 1,499,105
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2:        
380   5.000%, 6/15/50   6/20 at 100.00 BB+ 390,047
370   5.250%, 6/15/50   6/20 at 100.00 BB+ 381,944
155   5.200%, 6/15/50   6/20 at 100.00 BBB- 159,724
    Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:        
2,030   5.250%, 6/01/21   No Opt. Call A 2,235,294
1,000   5.500%, 6/01/23(Pre-refunded 6/01/21)   6/21 at 100.00 N/R (5) 1,122,860
120   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 132,979
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 A2 654,055
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 4,007,060
500   Romeoville, Illinois, Revenue Bonds, Lewis University Project, Series 2015, 5.000%, 10/01/19   No Opt. Call BBB+ 524,330
    St Clair County, Illinois, Highway Revenue Bonds, Series 2013A:        
1,500   4.250%, 1/01/38   1/23 at 100.00 AA- 1,553,085
825   5.500%, 1/01/38   1/23 at 100.00 AA- 940,805
1,000   University of Illinois, Auxiliary Facilities System Revenue Bonds, Refunding Series 2015A, 5.000%, 4/01/27   4/25 at 100.00 A1 1,121,180
46,561   Total Illinois       51,261,296
26      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Indiana  –  2.5%        
$ 750   Columbus, Indiana, General Obligation Bonds, Series 2009, 4.500%, 7/15/23 (Pre-refunded 7/15/19)   7/19 at 100.00 N/R (5) $781,875
1,000   Fishers Redevelopment District, Indiana, General Obligation Bonds, Saxony Project Series 2009, 5.250%, 7/15/34 (Pre-refunded 1/15/20)   1/20 at 100.00 AAA 1,071,090
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 A- 1,647,810
    Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2014A:        
560   5.000%, 2/01/26   2/24 at 100.00 A- 630,213
425   5.000%, 2/01/27   2/24 at 100.00 A- 478,537
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 B 533,138
1,110   Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Health System Obligated Group, Series 2016A, 5.000%, 3/01/32   9/26 at 100.00 AA- 1,263,557
2,020   Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2011A-1, 5.000%, 11/15/34   11/25 at 100.00 AA+ 2,315,183
3,000   Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/37   7/26 at 100.00 A+ 3,428,790
1,420   Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016C, 5.000%, 1/01/38   7/26 at 100.00 A+ 1,619,567
1,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A, 5.250%, 1/01/32 (Pre-refunded 7/01/23)   7/23 at 100.00 A+ (5) 1,171,560
670   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2017A, 5.000%, 1/01/42   1/28 at 100.00 A+ 763,800
1,500   Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2015I, 5.000%, 1/01/28 (Alternative Minimum Tax)   1/25 at 100.00 A1 1,690,020
    Munster School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 2009:        
1,395   3.875%, 7/05/18   No Opt. Call AA+ 1,402,435
855   5.000%, 1/05/20   No Opt. Call AA+ 889,174
1,105   5.000%, 1/05/21   1/20 at 100.00 AA+ 1,149,377
    Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2015A:        
500   5.000%, 1/01/28   1/25 at 100.00 A 562,125
815   5.000%, 1/01/29   1/25 at 100.00 A 914,642
20,150   Total Indiana       22,312,893
    Iowa  –  0.7%        
    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 1,084,850
1,000   5.000%, 6/01/28 (Alternative Minimum Tax)   6/22 at 100.00 A2 1,084,850
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 797,180
1,500   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34   4/18 at 100.00 B2 1,516,635
NUVEEN      27

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Iowa (continued)        
$ 1,240   State University of Iowa, Revenue Bonds, Academic Building Series 2014A-SUI, 3.000%, 7/01/27   7/24 at 100.00 Aa1 $ 1,275,030
5,485   Total Iowa       5,758,545
    Kansas  –  0.6%        
1,500   Kansas Department of Transportation, Highway Revenue Bonds, Series 2014A, 5.000%, 9/01/29   9/24 at 100.00 AAA 1,754,970
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 AA- 1,321,567
205   Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood Facility, Series 2015A, 5.000%, 12/01/28   12/25 at 100.00 A3 238,542
2,000   University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/35   9/25 at 100.00 AA- 2,259,240
4,945   Total Kansas       5,574,319
    Kentucky  –  0.6%        
750   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.000%, 6/01/26   No Opt. Call BBB 839,273
3,000   Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare Inc, Series 2016A, 5.000%, 10/01/29   10/26 at 100.00 A 3,454,770
1,100   Paducah, Kentucky, Electric Plant Board Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/32  –  AGM Insured   10/26 at 100.00 AA 1,238,105
4,850   Total Kentucky       5,532,148
    Louisiana  –  2.9%        
    Greater New Orleans Expressway Commission, Louisiana, Toll Revenue Bonds, Subordinate Lien Series 2017:        
1,000   5.000%, 11/01/36  –  AGM Insured   11/25 at 100.00 AA 1,149,970
805   5.000%, 11/01/37  –  AGM Insured   11/25 at 100.00 AA 923,915
4,000   5.000%, 11/01/42  –  AGM Insured   11/25 at 100.00 AA 4,570,000
    Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017:        
2,000   5.000%, 5/15/33   5/27 at 100.00 A3 2,261,400
2,000   5.000%, 5/15/34   5/27 at 100.00 A3 2,254,580
2,640   5.000%, 5/15/35   5/27 at 100.00 A3 2,969,340
50   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.375%, 5/15/31 (Pre-refunded 5/15/21)   5/21 at 100.00 A3 (5) 57,369
2,900   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 2017C, 5.000%, 5/01/37   11/27 at 100.00 AA 3,368,292
4,190   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B, 4.000%, 1/01/26 (Alternative Minimum Tax)   1/25 at 100.00 A- 4,471,358
    New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B:        
400   5.000%, 1/01/34 (Alternative Minimum Tax)   1/27 at 100.00 A- 453,124
500   5.000%, 1/01/35 (Alternative Minimum Tax)   1/27 at 100.00 A- 565,165
355   5.000%, 1/01/36 (Alternative Minimum Tax)   1/27 at 100.00 A- 400,390
28      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Louisiana (continued)        
$ 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- $ 2,151,400
22,840   Total Louisiana       25,596,303
    Maryland  –  1.6%        
730   Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland - Baltimore Project, Refunding Senior Lien Series 2015, 4.000%, 7/01/20   No Opt. Call BBB- 759,142
    Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015:        
205   4.000%, 7/01/20   No Opt. Call BBB 214,168
290   5.000%, 7/01/21   No Opt. Call BBB 316,660
250   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B, 5.000%, 7/01/32   7/27 at 100.00 Baa3 276,887
500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36   1/22 at 100.00 Baa3 555,525
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015:        
1,200   4.000%, 7/01/35   7/25 at 100.00 A+ 1,249,200
625   5.000%, 7/01/40   7/25 at 100.00 A+ 697,400
    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 1,092,460
1,000   5.000%, 7/01/26   7/22 at 100.00 BBB 1,085,530
2,120   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39   7/24 at 100.00 A3 2,313,937
1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/28   7/27 at 100.00 A 1,165,430
2,000   Prince George's County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2017A, 3.000%, 9/15/29   9/27 at 100.00 AAA 2,040,280
2,255   Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2017, 3.000%, 6/01/30   6/27 at 100.00 AAA 2,271,416
13,175   Total Maryland       14,038,035
    Massachusetts  –  1.7%        
4,000   Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2016A, 4.000%, 7/15/36   7/26 at 100.00 AAA 4,290,480
1,660   Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated Group Issue, Series 2015F, 5.000%, 8/15/30   8/25 at 100.00 A 1,905,348
1,000   Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.000%, 4/01/31 (Pre-refunded 4/01/21)   4/21 at 100.00 AA- (5) 1,101,860
    Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L:        
2,000   5.000%, 7/01/30   7/27 at 100.00 A- 2,287,080
2,000   5.000%, 7/01/31   7/27 at 100.00 A- 2,278,360
NUVEEN      29

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Massachusetts (continued)        
$ 535   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2016-XL0017, 144A, 11.582%, 12/15/34 (Pre-refunded 12/15/19) (IF) (4)   12/19 at 100.00 AAA $638,790
2,170   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 3/01/34   3/24 at 100.00 Aa1 2,474,212
13,365   Total Massachusetts       14,976,130
    Michigan  –  1.0%        
3,595   Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 4.000%, 11/15/35   11/26 at 100.00 A 3,686,097
390   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017, 144A, 5.900%, 7/15/46   7/27 at 100.00 N/R 324,043
300   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42   6/18 at 100.00 B2 302,214
    Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D:        
1,330   5.000%, 9/01/31   3/24 at 100.00 A1 1,473,241
2,200   5.000%, 9/01/33   3/24 at 100.00 A1 2,426,622
800   University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/40 (UB) (4)   4/26 at 100.00 AAA 923,200
8,615   Total Michigan       9,135,417
    Minnesota  –  0.6%        
835   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 4.500%, 8/01/26   8/22 at 102.00 BB+ 880,666
3,000   Minnesota State, General Fund Appropriation Refunding Bonds, Series 2012B, 5.000%, 3/01/28   3/22 at 100.00 AA+ 3,347,190
1,165   Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 4.000%, 1/01/24   1/23 at 100.00 N/R 1,180,017
5,000   Total Minnesota       5,407,873
    Mississippi  –  0.4%        
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 819,270
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- 1,392,145
1,000   Mississippi State, Gaming Tax Revenue Bonds, Series 2015E, 5.000%, 10/15/29   10/25 at 100.00 A+ 1,160,460
2,940   Total Mississippi       3,371,875
    Missouri  –  1.2%        
3,485   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/27   8/26 at 100.00 A 3,886,507
250   Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson Shoppes Redevelopment Project, Refunding Series 2017A, 3.000%, 11/01/18   No Opt. Call N/R 252,100
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+ 2,227,160
1,500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal and Presbyterian Hospitals, Series 2015B, 3.500%, 12/01/32   6/25 at 100.00 A+ 1,526,280
30      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Missouri (continued)        
$ 500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2017A, 4.000%, 5/15/42 (UB) (4)   5/25 at 102.00 A+ $510,885
300   Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 3.250%, 5/01/21   No Opt. Call N/R 298,881
287   Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28   9/18 at 100.00 N/R 162,901
1,215   Springfield, Missouri, Special Obligation Bonds, Refunding Series 2017B, 5.000%, 7/01/28 (Alternative Minimum Tax)   7/27 at 100.00 Aa2 1,403,276
9,537   Total Missouri       10,267,990
    Nebraska  –  0.8%        
    Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017:        
1,045   5.000%, 11/15/36   5/27 at 100.00 AA- 1,191,624
1,070   5.000%, 11/15/37   5/27 at 100.00 AA- 1,217,371
900   Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/29   11/25 at 100.00 A- 1,020,240
    Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A:        
1,000   5.000%, 7/01/27   No Opt. Call BBB 1,133,110
1,500   5.000%, 7/01/28   7/27 at 100.00 BBB 1,688,055
600   Omaha Airport Authority, Nebraska, Airport Facilities Revenue Refunding Bonds, Series 2017A, 5.000%, 12/15/34 (Alternative Minimum Tax)   12/26 at 100.00 AA- 686,790
6,115   Total Nebraska       6,937,190
    Nevada  –  0.9%        
    Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A:        
505   5.000%, 9/01/31   9/27 at 100.00 BBB+ 573,680
1,000   5.000%, 9/01/33   9/27 at 100.00 BBB+ 1,128,990
2,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement Series 2016A, 5.000%, 6/01/41 (UB)   6/26 at 100.00 Aa1 2,310,380
1,435   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Series 2017A, 4.000%, 2/01/34   2/27 at 100.00 Aa1 1,513,796
    Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 24, Series 2015:        
1,255   4.000%, 12/01/23   No Opt. Call N/R 1,299,176
1,000   4.250%, 12/01/24   No Opt. Call N/R 1,041,470
70   Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008, 6.750%, 9/01/27 (Pre-refunded 9/01/18)   9/18 at 100.00 N/R (5) 72,152
7,265   Total Nevada       7,939,644
    New Hampshire  –  1.1%        
580   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 5.000%, 7/01/27   7/22 at 100.00 A- 633,627
NUVEEN      31

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Hampshire (continued)        
    New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2017:        
$ 3,145   5.000%, 7/01/35   7/27 at 100.00 A- $3,560,926
3,315   5.000%, 7/01/36   7/27 at 100.00 A- 3,744,856
1,950   5.000%, 7/01/37   7/27 at 100.00 A- 2,198,606
8,990   Total New Hampshire       10,138,015
    New Jersey  –  3.7%        
    New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017:        
460   5.000%, 7/15/23   No Opt. Call BBB- 512,072
485   5.000%, 7/15/24   No Opt. Call BBB- 543,025
510   5.000%, 7/15/25   No Opt. Call BBB- 571,154
535   5.000%, 7/15/26   No Opt. Call BBB- 599,505
560   5.000%, 7/15/27   No Opt. Call BBB- 629,496
    New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017:        
1,755   5.000%, 10/01/22 (Alternative Minimum Tax)   No Opt. Call N/R 1,929,096
1,525   5.000%, 10/01/23 (Alternative Minimum Tax)   No Opt. Call N/R 1,695,312
1,800   5.000%, 10/01/24 (Alternative Minimum Tax)   No Opt. Call N/R 2,013,606
2,000   New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/25   No Opt. Call A 2,275,460
5,000   New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Refunding Series 2017, 5.000%, 10/01/29   4/28 at 100.00 BBB+ 5,501,700
1,700   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 5.250%, 6/15/32   12/24 at 100.00 BBB+ 1,843,446
250   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A, 5.250%, 6/15/30   6/21 at 100.00 A- 265,990
2,025   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.250%, 6/15/36   6/21 at 100.00 A- 2,139,919
265   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42   6/22 at 100.00 A- 275,515
325   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/33   6/22 at 100.00 A- 344,312
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA:        
330   5.250%, 6/15/33   6/23 at 100.00 A- 353,196
645   5.000%, 6/15/36   6/23 at 100.00 A- 679,366
200   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/32   6/25 at 100.00 A- 219,556
5,000   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 1/01/34   1/27 at 100.00 A+ 5,768,500
310   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 144A, 13.759%, 1/01/43 (IF) (4)   7/22 at 100.00 A+ 437,934
32      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey (continued)        
    South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate Series 2017B:        
$ 1,300   5.000%, 1/01/35 (Alternative Minimum Tax)   1/28 at 100.00 Baa1 $1,404,390
1,250   5.000%, 1/01/36 (Alternative Minimum Tax)   1/28 at 100.00 Baa1 1,348,250
1,125   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41   3/18 at 100.00 B3 1,113,457
29,355   Total New Jersey       32,464,257
    New York  –  6.4%        
    Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2017:        
1,750   4.000%, 7/01/36 (UB) (4)   7/27 at 100.00 AA 1,874,757
1,750   4.000%, 7/01/37 (UB) (4)   7/27 at 100.00 AA 1,867,390
300   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 144A, 5.000%, 12/01/29   6/27 at 100.00 BBB- 334,029
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+ 836,190
1,260   Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Refunding Series 2017, 5.000%, 7/01/37   7/27 at 100.00 BBB 1,419,050
5,000   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/37 (UB) (4)   2/27 at 100.00 Aa3 5,773,450
1,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2015B, 5.000%, 9/01/36   9/25 at 100.00 A- 1,131,790
2,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/36   9/27 at 100.00 A- 2,300,320
250   Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30   2/21 at 100.00 AA 280,073
    Monroe County Industrial Development Corporation, New York, Revenue Bonds, Nazareth College of Rochester, Series 2017A:        
925   5.000%, 10/01/31   10/27 at 100.00 BBB+ 1,051,706
600   4.000%, 10/01/34   10/27 at 100.00 BBB+ 609,120
2,500   Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26   3/18 at 100.00 B- 2,500,500
    New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A:        
1,245   5.000%, 7/01/31   7/25 at 100.00 BBB 1,381,427
370   5.000%, 7/01/32   7/25 at 100.00 BBB 409,264
1,930   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series BB-1, 5.000%, 6/15/46 (UB)   6/25 at 100.00 AA+ 2,188,909
3,500   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018, Series 2017S-2, 5.000%, 7/15/32   7/27 at 100.00 AA 4,148,340
3,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1, 5.000%, 8/01/38   8/26 at 100.00 AAA 3,451,950
NUVEEN      33

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
    New York City, New York, General Obligation Bonds, Fiscal 2012 Series F:        
$ 1,000   5.000%, 8/01/24   2/22 at 100.00 AA $1,115,510
2,000   5.000%, 8/01/25   2/22 at 100.00 AA 2,229,400
    New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1:        
500   5.000%, 8/01/37 (UB)   8/26 at 100.00 AA 576,540
775   5.000%, 8/01/38 (UB)   8/26 at 100.00 AA 891,754
    New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016B:        
600   5.000%, 6/01/28   6/26 at 100.00 A- 685,950
540   5.000%, 6/01/29   6/26 at 100.00 A- 611,831
250   5.000%, 6/01/31   6/26 at 100.00 A- 279,373
    New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2005B:        
500   5.500%, 10/15/27 (ETM)   No Opt. Call AAA 626,555
1,000   5.500%, 4/15/35 (ETM)   No Opt. Call AAA 1,346,220
    New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:        
1,065   4.000%, 7/01/33 (Alternative Minimum Tax)   7/24 at 100.00 BBB 1,102,765
5,080   5.000%, 7/01/41 (Alternative Minimum Tax)   7/24 at 100.00 Baa3 5,563,108
    Newburgh, Orange County, New York, General Obligation Bonds, Deficit Liquidation, Series 2012B:        
605   5.000%, 6/15/24   6/22 at 100.00 Baa2 670,927
635   5.000%, 6/15/25   6/22 at 100.00 Baa2 699,751
915   Newburgh, Orange County, New York, General Obligation Bonds, Series 2012A, 5.000%, 6/15/25  –  AGC Insured   6/22 at 100.00 Baa2 1,008,303
150   Niagara Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2014, 5.000%, 5/15/20   No Opt. Call N/R 162,176
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- 1,383,162
800   Poughkeepsie City, New York, Bond Anticipation Notes, Series 2017A, 4.000%, 5/04/18   No Opt. Call N/R 801,384
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 1,076,590
3,500   TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series A, 5.000%, 6/01/33   6/27 at 100.00 A- 4,004,560
50,295   Total New York       56,394,124
    North Carolina  –  1.8%        
    Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017B:        
1,000   5.000%, 7/01/42 (Alternative Minimum Tax)   7/27 at 100.00 Aa3 1,140,920
1,000   5.000%, 7/01/47 (Alternative Minimum Tax)   7/27 at 100.00 Aa3 1,136,580
665   Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 144A, 11.564%, 7/01/38 (IF) (4)   7/20 at 100.00 AAA 821,401
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- 2,065,460
34      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    North Carolina (continued)        
    North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015B:        
$ 125   5.000%, 10/01/41 (UB) (4)   10/25 at 100.00 AA+ $142,365
1,020   5.000%, 10/01/55 (UB) (4)   10/25 at 100.00 AA+ 1,141,656
350   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B, 6.000%, 1/01/22  –  NPFG Insured (ETM)   No Opt. Call Baa2 (5) 406,459
    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A:        
1,000   5.000%, 1/01/25(Pre-refunded 7/01/22)   7/22 at 100.00 AAA 1,135,630
1,500   5.000%, 1/01/26(Pre-refunded 7/01/22)   7/22 at 100.00 AAA 1,703,445
340   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Tender Option Bond Trust 2015-XF0147, 144A, 18.019%, 6/01/42 (Pre-refunded 6/01/20) (IF)   6/20 at 100.00 AA (5) 469,618
1,000   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017, 5.000%, 1/01/32   1/27 at 100.00 BBB 1,155,390
    Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2017A:        
1,110   5.000%, 5/01/31 (Alternative Minimum Tax)   5/27 at 100.00 Aa3 1,291,962
1,750   5.000%, 5/01/32 (Alternative Minimum Tax)   5/27 at 100.00 Aa3 2,030,735
1,135   5.000%, 5/01/33 (Alternative Minimum Tax)   5/27 at 100.00 Aa3 1,311,129
13,995   Total North Carolina       15,952,750
    North Dakota  –  0.6%        
1,365   North Dakota Public Financing Authority, Capital Financing Program Revenue Bonds, Series 2015B, 5.250%, 6/01/27   6/25 at 100.00 A+ 1,612,952
1,500   University of North Dakota, Housing and Auxiliary Facilities Revenue Bonds, Refunding Series 2012, 5.000%, 4/01/32   4/22 at 100.00 Aa3 1,664,940
1,485   Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C, 5.000%, 6/01/34   6/28 at 100.00 BBB- 1,638,683
4,350   Total North Dakota       4,916,575
    Ohio  –  1.2%        
    Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2:        
115   5.000%, 10/01/37(Pre-refunded 10/01/23)   10/23 at 100.00 N/R (5) 133,518
335   5.000%, 10/01/37   10/23 at 100.00 AA+ 375,766
2,000   Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/35   5/25 at 100.00 AA+ 2,271,160
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+ 590,409
    Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2017:        
500   5.000%, 7/01/34   7/27 at 100.00 A 572,205
495   5.000%, 7/01/42   7/27 at 100.00 A 559,612
2,500   Ohio State, Capital Facilities Lease-Appropriation Bonds, Special Obligation, Administrative Building Fund Projects, Series 2017A, 5.000%, 4/01/35   4/27 at 100.00 AA 2,895,750
NUVEEN      35

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Ohio (continued)        
$ 3,045   Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2014C, 3.000%, 3/01/28   3/23 at 100.00 AA+ $3,108,397
375   Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Improvement Series 2015, 5.000%, 12/01/20   No Opt. Call BB- 393,214
9,915   Total Ohio       10,900,031
    Oklahoma  –  0.5%        
315   Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2016, 5.000%, 6/01/23   No Opt. Call A+ 359,125
2,000   Edmond Public Works Authority, Oklahoma, Sales Tax and Utility Systems Revenue Bonds, Series 2017, 5.000%, 7/01/42   7/27 at 100.00 AA- 2,302,860
500   Marshall County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Madill Public Schools Project, Series 2017A, 5.000%, 9/01/32   9/27 at 100.00 A- 583,175
1,370   Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 5.000%, 1/01/37   1/26 at 100.00 AA- 1,568,979
4,185   Total Oklahoma       4,814,139
    Oregon  –  0.2%        
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- 828,112
860   Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/24 (Pre-refunded 4/01/21)   4/21 at 100.00 N/R (5) 952,794
365   Oregon Special Districts Association, Certificates of Participation, Flexlease Program, Series 2013A, 4.000%, 1/01/24   7/18 at 100.00 N/R 365,606
1,975   Total Oregon       2,146,512
    Pennsylvania  –  5.0%        
650   Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2016, 5.000%, 10/15/22   No Opt. Call Baa3 713,479
1,000   Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.000%, 12/01/26   12/21 at 100.00 AA- 1,102,980
1,500   Council Rock School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A, 3.000%, 11/15/29   5/24 at 100.00 AA 1,502,520
    Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2017:        
1,750   5.000%, 6/01/32   6/25 at 102.00 BBB 1,918,000
1,760   5.000%, 6/01/37   6/25 at 102.00 BBB 1,913,543
700   Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2015, 5.000%, 8/01/31   8/25 at 100.00 A+ 805,539
1,130   Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1998A, 5.500%, 8/01/28  –  AMBAC Insured   No Opt. Call A1 1,345,728
1,140   Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0065, 144A, 14.638%, 7/01/42 (Pre-refunded 1/01/22) (IF)   1/22 at 100.00 N/R (5) 1,684,145
1,955   Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Refunding Series 2015B, 3.000%, 9/01/27   9/23 at 100.00 Aaa 2,014,862
1,985   Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Refunding Series 2016, 3.000%, 9/15/29   3/24 at 100.00 Aaa 1,984,960
36      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Pennsylvania (continued)        
    Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2017:        
$ 1,000   5.000%, 12/15/24  –  AGM Insured   No Opt. Call AA $1,121,310
1,000   5.000%, 12/15/25  –  AGM Insured   No Opt. Call AA 1,125,050
    Luzerne County, Pennsylvania, General Obligation Bonds, Refunding Series 2017A:        
1,000   5.000%, 12/15/26  –  AGM Insured   No Opt. Call AA 1,150,500
500   5.000%, 12/15/27  –  AGM Insured   No Opt. Call AA 576,550
    Luzerne County, Pennsylvania, General Obligation Bonds, Refunding Series 2017B:        
500   5.000%, 12/15/26  –  AGM Insured   No Opt. Call AA 575,250
500   5.000%, 12/15/27  –  AGM Insured   No Opt. Call AA 576,550
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 1,393,650
    Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015:        
455   5.000%, 6/30/18 (Alternative Minimum Tax)   No Opt. Call BBB 460,965
1,000   4.125%, 12/31/38 (Alternative Minimum Tax)   6/26 at 100.00 BBB 1,027,540
3,265   Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2016, 4.000%, 3/15/36   9/26 at 100.00 AA- 3,365,823
2,290   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Refunding Series 2015A, 5.000%, 9/01/45   3/25 at 100.00 A+ 2,537,022
5,000   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Refunding Bonds, Second Series 2017, 5.000%, 12/01/34   12/27 at 100.00 AA- 5,703,950
1,355   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 144A, 6.000%, 6/15/23   6/20 at 100.00 BB 1,433,536
1,845   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Fixed Rate Series 2017A, 5.000%, 9/01/36   3/27 at 100.00 A+ 2,076,990
1,000   Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30 (Pre-refunded 8/01/20)   8/20 at 100.00 A (5) 1,082,650
430   Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/27   8/25 at 100.00 A 495,145
870   Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.000%, 4/01/23 (Pre-refunded 4/01/19)   4/19 at 100.00 A+ (5) 915,501
1,500   Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2015A, 5.000%, 6/15/26 (Alternative Minimum Tax)   6/25 at 100.00 A 1,726,935
725   Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2017, 5.000%, 1/01/35 (Alternative Minimum Tax)   1/28 at 100.00 Baa3 815,415
590   Upper Merion Area School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2016, 5.000%, 1/15/35   1/25 at 100.00 Aa1 671,880
39,645   Total Pennsylvania       43,817,968
NUVEEN      37

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Rhode Island  –  0.6%        
    Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016:        
$ 1,250   5.000%, 5/15/29   5/26 at 100.00 BBB+ $1,403,863
1,500   5.000%, 5/15/30   5/26 at 100.00 BBB+ 1,676,565
2,200   5.000%, 5/15/31   5/26 at 100.00 BBB+ 2,448,864
4,950   Total Rhode Island       5,529,292
    South Carolina  –  0.9%        
1,000   Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2013A, 5.250%, 7/01/21 (Alternative Minimum Tax)   No Opt. Call A+ 1,108,110
1,100   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/41   5/26 at 100.00 A+ 1,211,463
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 A+ 545,655
1,250   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2017, 4.000%, 11/01/32   11/27 at 100.00 A+ 1,300,138
    South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, York Preparatory Academy Project, Series 2014A:        
245   5.750%, 11/01/23   No Opt. Call N/R 255,052
180   7.000%, 11/01/33   11/24 at 100.00 N/R 192,105
785   South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.000%, 7/01/33 (Alternative Minimum Tax)   7/25 at 100.00 A+ 881,437
2,500   South Carolina Transportation Infrastructure Bank, Revenue Bonds, Refunding Series 2016A, 3.000%, 10/01/29   10/25 at 100.00 A1 2,495,050
250   South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 (Pre-refunded 10/01/19)   10/19 at 100.00 A1 (5) 265,088
7,810   Total South Carolina       8,254,098
    South Dakota  –  0.8%        
2,805   South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds Series 2013B, 5.000%, 6/01/26   6/23 at 100.00 A- 3,112,905
1,000   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Refunding Series 2017, 5.000%, 7/01/35   7/27 at 100.00 AA- 1,138,310
2,765   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017, 5.000%, 9/01/40   9/27 at 100.00 A1 3,114,911
6,570   Total South Dakota       7,366,126
    Tennessee  –  1.1%        
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 1,074,880
1,400   Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017, 5.000%, 4/01/27   No Opt. Call BBB+ 1,609,524
    Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 144A:        
105   4.625%, 6/15/27   No Opt. Call N/R 103,504
300   5.500%, 6/15/37   6/27 at 100.00 N/R 294,375
38      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tennessee (continued)        
$ 830   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/35   7/26 at 100.00 A3 $930,314
1,350   Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2015B, 5.000%, 7/01/32 (Alternative Minimum Tax)   7/25 at 100.00 A+ 1,539,810
335   Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Le Bonheur Healthcare, Series 2017A, 5.000%, 5/01/36   5/27 at 100.00 AA- 385,015
3,625   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%, 5/01/48 (Mandatory Put 5/01/23)   5/23 at 100.43 A 3,903,690
8,945   Total Tennessee       9,841,112
    Texas  –  9.3%        
560   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Refunding Series 2017A, 5.000%, 12/01/35   6/27 at 100.00 AAA 643,659
1,835   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2016A, 2.750%, 12/01/26   No Opt. Call BBB- 1,827,807
485   Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, Round Rock Campus, Refunding Series 2015, 5.000%, 8/01/27   8/25 at 100.00 AA 566,344
    Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A:        
500   5.000%, 1/01/32   1/27 at 100.00 BBB+ 573,900
500   5.000%, 1/01/33   1/27 at 100.00 BBB+ 572,645
3,200   Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (4)   11/25 at 100.00 AA 3,631,808
1,000   Austin-Berghorst Landhost Enterprises, Inc., Texas, Airport Hotel Revenue Bonds, Refunding & Improvement Senior Series 2017, 5.000%, 10/01/35   10/27 at 100.00 A- 1,136,100
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 1,478,584
1,210   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2016, 5.000%, 1/01/28   1/26 at 100.00 BBB 1,380,235
    Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:        
360   5.000%, 1/01/35   7/25 at 100.00 Baa2 401,202
1,695   5.000%, 1/01/40   7/25 at 100.00 BBB+ 1,876,043
790   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2011, 4.800%, 8/15/21 (ETM)   No Opt. Call BBB+ (5) 832,470
1,000   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2016B, 5.000%, 8/15/24   No Opt. Call BBB+ 1,136,960
230   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A, 3.100%, 12/01/22   No Opt. Call BBB- 233,301
2,500   Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/48 (UB) (4)   12/25 at 100.00 AA+ 2,840,925
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+ 2,147,320
960   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 6.625%, 9/01/31   9/23 at 100.00 N/R 1,106,650
NUVEEN      39

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Hackberry, Texas, Combination Special Assessment and Contract Revenue Road and Utility Bonds, Hidden Cove Improvement District 2, Series 2017:        
$ 955   4.500%, 9/01/32   9/27 at 100.00 BBB $1,011,383
1,230   4.500%, 9/01/32   9/27 at 100.00 BBB 1,302,619
605   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/26   11/24 at 100.00 A3 688,720
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 1,432,561
1,630   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/29 (Alternative Minimum Tax)   7/22 at 100.00 A+ 1,784,263
1,500   Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/31   9/24 at 100.00 A2 1,683,615
490   Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 4.000%, 8/15/25   8/19 at 100.00 BBB+ 494,140
500   Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, School Building Series 2016A, 4.000%, 2/15/31   2/26 at 100.00 AAA 541,405
1,400   Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/35   8/25 at 100.00 BBB+ 1,519,686
750   La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp Inc., Series 2009A, 6.000%, 8/15/29 (Pre-refunded 8/15/19)   8/19 at 100.00 BBB (5) 800,580
1,000   Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, 5.000%, 11/01/32 (Alternative Minimum Tax)   11/25 at 100.00 A1 1,132,130
    Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2015:        
500   5.000%, 1/01/24   No Opt. Call A 567,430
300   5.000%, 1/01/25   1/24 at 100.00 A 337,824
1,150   Montgomery Independent School District, Montgomery County, Texas, General Obligation Bonds, Refunding School Building Series 2015, 4.000%, 2/15/30   2/25 at 100.00 AAA 1,245,979
    New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A:        
1,500   5.000%, 7/01/23   No Opt. Call B1 1,260,000
750   5.000%, 7/01/30   7/25 at 100.00 B1 627,870
2,000   5.000%, 7/01/35   7/25 at 100.00 B1 1,672,820
1,000   5.000%, 7/01/47   7/25 at 100.00 B1 835,350
2,895   North East Regional Mobility Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 1/01/29   1/26 at 100.00 BBB 3,293,555
2,950   North East Regional Mobility Authority, Texas, Revenue Bonds, Subordinate Lien Series 2016B, 5.000%, 1/01/36   1/26 at 100.00 BBB- 3,253,496
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- 1,053,620
3,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43   1/25 at 100.00 A 3,678,450
    North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A:        
2,000   5.000%, 1/01/36   1/27 at 100.00 A1 2,287,220
4,295   5.000%, 1/01/43   1/28 at 100.00 A1 4,919,708
40      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 2,500   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 4.000%, 1/01/38   1/25 at 100.00 A2 $2,587,000
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 1,698,198
890   Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University Project, Refunding Series 2017, 5.000%, 10/01/39   10/27 at 100.00 AA- 1,025,422
    Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013:        
335   7.000%, 12/31/38 (Alternative Minimum Tax)   9/23 at 100.00 Baa3 396,007
455   6.750%, 6/30/43 (Alternative Minimum Tax)   9/23 at 100.00 Baa3 530,362
230   Texas Public Finance Authority Charter School Finance Corporation, Charter School Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34   4/18 at 100.00 BB 230,768
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 1,477,932
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 2,343,940
3,000   Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2015B, 5.000%, 10/01/36   10/25 at 100.00 AAA 3,481,440
    Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:        
500   5.000%, 8/15/24   No Opt. Call BBB+ 584,130
1,140   5.000%, 8/15/29   8/24 at 100.00 BBB+ 1,291,027
1,000   Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2011, 5.250%, 7/01/23 (Pre-refunded 7/01/21)   7/21 at 100.00 N/R (5) 1,110,210
2,000   University of Houston, Texas, Consolidated Revenue Bonds, Refunding Series 2017C, 5.000%, 2/15/29   2/26 at 100.00 AA 2,331,860
1,000   Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 4.700%, 9/01/20   9/19 at 100.00 BBB 1,038,130
1,645   Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2017A, 5.000%, 9/01/39   9/26 at 100.00 BBB 1,829,635
800   Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Refunding Series 2015C, 6.500%, 8/15/28   8/24 at 100.00 Aaa 1,015,600
75,110   Total Texas       82,782,038
    Utah  –  1.0%        
    Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A:        
1,875   5.000%, 7/01/34 (Alternative Minimum Tax)   7/27 at 100.00 A+ 2,149,050
2,280   5.000%, 7/01/35 (Alternative Minimum Tax)   7/27 at 100.00 A+ 2,607,271
    Utah Infrastructure Agency, Telecommunications and Franchise Tax Revenue, Series 2011A:        
500   5.250%, 10/15/33 (Pre-refunded 10/15/21)  –  AGM Insured   10/21 at 100.00 AA (5) 563,230
520   5.400%, 10/15/36 (Pre-refunded 10/15/21)  –  AGM Insured   10/21 at 100.00 AA (5) 588,547
280   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- 294,610
NUVEEN      41

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utah (continued)        
$ 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 $1,614,480
750   Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 2017-XF2451, 144A, 14.690%, 6/15/36 (Pre-refunded 6/15/18)  –  AGM Insured (IF) (4)   6/18 at 100.00 AAA 790,718
7,755   Total Utah       8,607,906
    Vermont  –  0.4%        
    Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Green Series 2016B:        
1,270   5.000%, 12/01/37   6/26 at 100.00 A 1,428,052
1,500   5.000%, 12/01/38   6/26 at 100.00 A 1,682,025
2,770   Total Vermont       3,110,077
    Virginia  –  1.6%        
1,065   Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, 5.000%, 7/01/41  –  AGM Insured   7/26 at 100.00 AA 1,206,240
1,590   Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.000%, 3/01/19   No Opt. Call N/R 1,606,075
    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 A- 668,346
1,400   5.000%, 6/15/33   6/24 at 100.00 A- 1,551,774
2,000   Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/31 (Alternative Minimum Tax)   10/22 at 100.00 AA- 2,225,280
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- 1,945,980
475   Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016, 5.000%, 6/15/27   6/26 at 100.00 A- 544,835
815   Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.750%, 1/01/34   No Opt. Call AA 1,071,195
1,750   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/47 (Alternative Minimum Tax)   6/27 at 100.00 BBB 1,948,485
    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 43,826
1,400   5.000%, 1/01/27 (Alternative Minimum Tax)   7/22 at 100.00 BBB 1,547,224
13,035   Total Virginia       14,359,260
    Washington  –  2.4%        
3,000   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/35 (UB)   11/26 at 100.00 AAA 3,503,730
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+ 1,894,769
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+ 2,775,950
42      NUVEEN

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Washington (continued)        
$ 100   Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.625%, 1/01/28   5/18 at 100.00 N/R $101,049
2,000   King County, Washington, Sewer Revenue Bonds, Refunding & Improvement Series 2016B, 5.000%, 7/01/39   7/23 at 100.00 AA+ 2,265,740
2,000   Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/29 (Alternative Minimum Tax)   10/24 at 100.00 AA- 2,281,380
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 N/R (5) 1,097,970
1,000   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2015B, 5.000%, 10/01/38 (UB)   4/25 at 100.00 Aa2 1,126,190
2,000   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2017A, 5.000%, 10/01/47 (UB) (4)   10/27 at 100.00 Aa2 2,277,480
2,745   Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017, 5.000%, 8/15/35   8/27 at 100.00 BBB 3,076,376
1,000   Washington State, General Obligation Bonds, Refunding Various Purpose Series R-2015C, 5.000%, 7/01/27   1/25 at 100.00 AA+ 1,165,400
19,045   Total Washington       21,566,034
    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 1,270,658
500   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding Series 2016A, 4.000%, 6/01/35   6/26 at 100.00 A 513,175
    West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A:        
1,800   5.000%, 6/01/35   6/27 at 100.00 A 2,010,528
2,000   5.000%, 6/01/36   6/27 at 100.00 A 2,228,860
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 1,437,300
6,700   Total West Virginia       7,460,521
    Wisconsin  –  2.7%        
235   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A, 5.500%, 10/01/22   No Opt. Call BB+ 251,499
2,660   Public Finance Authority of Wisconsin, Revenue Bonds, Denver international Airport Great Hall Project, Series 2017, 5.000%, 9/30/49 (Alternative Minimum Tax)   9/27 at 100.00 BBB 2,938,608
1,445   Public Finance Authority of 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 1,531,772
1,775   Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A, 144A, 5.000%, 6/15/38   6/26 at 100.00 N/R 1,852,585
485   University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 2015-XF0127, 144A, 14.055%, 4/01/38 (IF) (4)   4/23 at 100.00 AA- 693,186
500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust 2015-XF2044, 144A, 14.669%, 11/15/33 (IF) (4)   11/19 at 100.00 AA+ 594,975
440   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children's Hospital of Wisconsin Inc., Tender Option Bond Trust 2016-XL0008, 144A, 16.119%, 8/15/37 (Pre-refunded 2/15/20) (IF) (4)   2/20 at 100.00 AA (5) 569,985
NUVEEN      43

Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Wisconsin (continued)        
    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A:        
$ 1,840   5.000%, 9/01/28   9/27 at 100.00 BBB+ $2,080,562
700   5.000%, 9/01/29   9/27 at 100.00 BBB+ 786,646
5,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A, 5.000%, 4/01/35   4/27 at 100.00 AA- 5,736,450
2,410   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016B, 5.000%, 2/15/34   2/26 at 100.00 A- 2,666,617
1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014, 5.125%, 5/01/29   5/24 at 100.00 N/R 1,022,700
1,505   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 5.000%, 2/15/30   8/25 at 100.00 A- 1,698,739
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+ 372,490
    Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:        
905   6.000%, 5/01/27   5/19 at 100.00 Aa2 955,454
95   6.000%, 5/01/27(Pre-refunded 5/01/19)   5/19 at 100.00 N/R (5) 100,382
10   6.000%, 5/01/33(Pre-refunded 5/01/19)   5/19 at 100.00 N/R (5) 10,566
21,340   Total Wisconsin       23,863,216
    Wyoming  –  0.5%        
1,000   Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.000%, 9/15/26 (Pre-refunded 3/15/21)   3/21 at 100.00 A3 (5) 1,130,730
2,000   West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 6.375%, 6/01/26   6/21 at 100.00 BBB 2,183,120
1,000   Wyoming Municipal Power Agency, Power Supply System Revenue Bonds, Refunding Series 2017A, 5.000%, 1/01/34  –  BAM Insured   1/27 at 100.00 AA 1,135,290
4,000   Total Wyoming       4,449,140
 
$ 776,897   Total Long-Term Investments (cost $847,568,900)       861,878,156
    
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    SHORT-TERM INVESTMENTS – 0.1%        
    MUNICIPAL BONDS – 0.1%        
    California  –  0.1%        
$ 450   California State, General Obligation Bonds, Variable Rate Demand Obligations, Refunding Various Purpose Series 2012B, 2.060%, 5/01/18 (SIFMA reference rate + 0.900% spread) (8)   3/18 at 100.00 AA- 450,094
$ 450   Total Short-Term Investments (cost $450,000)       450,094
    Total Investments (cost $848,018,900) – 97.4%       862,328,250
    Floating Rate Obligations – (5.5)%       (48,465,000)
    Other Assets Less Liabilities – 8.1%       71,897,000
    Net Assets – 100%       $885,760,250
44      NUVEEN

(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) 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.  
(6) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(7) As of, 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 ceased accruing additional income on the Fund’s records.  
(8) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
ETM Escrowed to maturity.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
SIFMA Securities Industry and Financial Market Association  
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      45

Statement of
Assets and Liabilities
January 31, 2018 (Unaudited)
   
Assets  
Long-term investments, at value (cost $847,568,900) $861,878,156
Short-term investments, at value (cost $450,000) 450,094
Cash 46,593,723
Receivable for:  
Interest 8,627,834
Investments sold 17,662,431
Reimbursement from Adviser 88,306
Shares sold 5,533,166
Other assets 60,749
Total assets 940,894,459
Liabilities  
Floating rate obligations 48,465,000
Payable for:  
Dividends 1,093,351
Investments purchased 3,495,897
Shares redeemed 1,862,587
Accrued expenses:  
Trustees fees 27,724
Other 189,650
Total liabilities 55,134,209
Net assets $885,760,250
Shares outstanding 80,549,906
Net assets value ("NAV") per share $ 11.00
Net assets consist of:  
Capital paid-in $873,422,814
Undistributed (Over-distribution of) net investment income 1,251,642
Accumulated net realized gain (loss) (3,223,556)
Net unrealized appreciation (depreciation) 14,309,350
Net assets $885,760,250
Authorized Shares Unlimited
Par Value per share $ 0.01
See accompanying notes to financial statements.
46      NUVEEN

Statement of
Operations
Six Months Ended January 31, 2018 (Unaudited)
   
Investment Income $ 14,726,514
Expenses  
Shareholder servicing agent fees 77,589
Interest expense 352,358
Custodian fees 61,686
Trustees fees 13,856
Professional fees 37,442
Shareholder reporting expenses 24,069
Federal and state registration fees 60,272
Other 17,171
Total expenses before fee waiver/expense reimbursement 644,443
Fee waiver/expense reimbursement (292,085)
Net expenses 352,358
Net investment income (loss) 14,374,156
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from investments (248,566)
Change in net unrealized appreciation (depreciation) of investments (10,286,059)
Net realized and unrealized gain (loss) (10,534,625)
Net increase (decrease) in net assets from operations $ 3,839,531
See accompanying notes to financial statements.
NUVEEN      47

Statement of
Changes in Net Assets
(Unaudited)
 
  Six Months Ended
1/31/18 		Year Ended
7/31/17
Operations    
Net investment income (loss) $ 14,374,156 $ 23,527,694
Net realized gain (loss) from investments (248,566) (1,609,913)
Change in net unrealized appreciation (depreciation) of investments (10,286,059) (15,206,405)
Net increase (decrease) in net assets from operations 3,839,531 6,711,376
Distributions to Shareholders    
From net investment income (14,178,567) (22,472,188)
Decrease in net assets from distributions to shareholders (14,178,567) (22,472,188)
Fund Share Transactions    
Proceeds from sale of shares 165,981,729 411,253,021
Proceeds from shares issued to shareholders due to reinvestment of distributions 8,021,831 12,164,287
  174,003,560 423,417,308
Cost of shares redeemed (64,113,884) (183,498,842)
Net increase (decrease) in net assets from Fund share transactions 109,889,676 239,918,466
Net increase (decrease) in net assets 99,550,640 224,157,654
Net assets at the beginning of period 786,209,610 562,051,956
Net assets at the end of period $885,760,250 $ 786,209,610
Undistributed (Over-distribution of) net investment income at the end of period $ 1,251,642 $ 1,056,053
See accompanying notes to financial statements.
48      NUVEEN

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NUVEEN      49

Financial
Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date)  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
Class I (11/06)                  
2018(f) $11.12 $0.19 $(0.12) $ 0.07   $(0.19) $  — $(0.19) $11.00
2017 11.46 0.38 (0.35) 0.03   (0.37)  — (0.37) 11.12
2016 10.85 0.43 0.60 1.03   (0.42)  — (0.42) 11.46
2015 10.67 0.45 0.18 0.63   (0.45)  — (0.45) 10.85
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
50      NUVEEN

                 
  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)
                   
0.61% $885,760 0.15%** 0.07%** 3.32%**   0.08%**  —%** 3.39%** 15%
0.34 786,210 0.11 0.06 3.43   0.05  — 3.49 11
9.67 562,052 0.10 0.08 3.78   0.02  — 3.86 9
5.96 398,036 0.09 0.08 4.04   0.01  — 4.12 21
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
(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, when applicable. See Note 7 - Management Fees for more information.
(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, 2018.
* Rounds to less than 0.01%.
** Annualized.
See accompanying notes to financial statements.
NUVEEN      51

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, LLC ("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 that 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, 2018, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2018 (the "current fiscal period").
Investment Adviser
The Fund’s investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Fund, oversees the management of the Fund’s portfolio, manages the Fund’s business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC, (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Fund.
Investment Objectives
The Fund’s investment objective is to seek attractive total return. The Fund also seeks to provide high current income exempt from regular federal income taxes.
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 of America (“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 earmarked securities in its 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 did not have any outstanding when-issued/delayed delivery purchase commitments.
Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes and, is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
52      NUVEEN

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, if any, 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.
Compensation
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Fund's Board of Trustees ("the "Board") has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
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 master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, 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 current fiscal period. Actual results may differ from those estimates.
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).
NUVEEN      53

Notes to Financial Statements (Unaudited) (continued)
Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by 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 observability 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 observability 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 $ — $861,878,156 $ — $861,878,156
Short-Term Investments*:        
Municipal Bonds  — 450,094  — 450,094
Total $ — $862,328,250 $ — $862,328,250
    
* 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.
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.
54      NUVEEN

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 (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of the Fund. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as the Fund. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by the Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). The Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB)  –  Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF)  –  Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations Outstanding  
Floating rate obligations: self-deposited Inverse Floaters $48,465,000
Floating rate obligations: externally-deposited Inverse Floaters 25,315,000
Total $73,780,000
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:
NUVEEN      55

Notes to Financial Statements (Unaudited) (continued)
Self-Deposited Inverse Floaters  
Average floating rate obligations outstanding $43,245,462
Average annual interest rate and fees 1.62%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, the Fund had outstanding borrowings under such liquidity facilities in the amount of $1,219,394, which are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, the Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
Floating Rate Obligations - Recourse Trusts  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters $41,495,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 18,405,000
Total $59,900,000
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 may invest, which are considered portfolio securities for financial reporting purposes, the Fund is authorized to invest in certain 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.
Market and Counterparty Credit Risk
In the normal course of business the Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required
56      NUVEEN

to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4.  Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
  Six Months Ended
1/31/18 		  Year Ended
7/31/17
  Shares Amount   Shares Amount
Shares sold 14,881,316 165,981,729   37,431,463 411,253,021
Shares issued to shareholders due to reinvestment of distributions 721,339 8,021,831   1,105,124 12,164,287
Shares redeemed (5,748,106) (64,113,884)   (16,896,861) (183,498,842)
Net increase (decrease) 9,854,549 $109,889,676   21,639,726 $ 239,918,466
5.  Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period aggregated $215,526,840 and $131,510,376, 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 that will enable interest from municipal securities, which is exempt from regular federal income taxes, 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 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 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.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of January 31, 2018.
Tax cost of investments $799,502,256
Gross unrealized:  
Appreciation $ 19,896,481
Depreciation (5,537,001)
Net unrealized appreciation (depreciation) of investments $ 14,359,480
Permanent differences, primarily due to taxable market discount, resulted in reclassifications among the Fund’s components of net assets as of July 31, 2017, the Fund’s last tax year end, as follows:
Capital paid-in $  —
Undistributed (Over-distribution of) net investment income (12,509)
Accumulated net realized gain (loss) 12,509
NUVEEN      57

Notes to Financial Statements (Unaudited) (continued)
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of July 31, 2017, the Fund's last tax year end, were as follows:
Undistributed net tax-exempt income1 $3,128,274
Undistributed net ordinary income2 23,911
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, 2017 through July 31, 2017, and paid on August 1, 2017.
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, 2017, was designated for purposes of the dividends paid deduction as follows:
Distributions from net tax-exempt income $21,863,073
Distributions from net ordinary income  —
Distributions from net long-term capital gains  —
As of July 31, 2017 the Fund's last tax year end, the Fund had unused capital losses carrying forward available for federal income tax 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 $2,974,990
7.  Management Fees
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.
8.  Borrowing Arrangements
Committed Line of Credit
The Fund, along with certain other funds managed by the Advisor ("Participating Funds"), have established a 364-day, approximately $3 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include the Fund covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including the Fund covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2018 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum of (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Advisor and the Board of each Participating Fund.
During the current fiscal period, the Fund did not utilize this facility.
9.  New Accounting Pronouncements
FASB Accounting Standards Update 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
58      NUVEEN

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
One North Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank & Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Transfer Agent and
Shareholder Services
DST Asset Manager
Solutions, Inc. (DST)
P.O. Box 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 toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
NUVEEN      59

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.
Bloomberg Barclays 7-Year Municipal Bond Index: An unmanaged index composed of a broad range of investmentgrade 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. The calculation of the Effective Leverage Ratio reflects borrowings effected on a long-term basis for investment purposes, but excludes borrowings that may occur, on a transient basis, in connection with a Fund’s day-to-day operations primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades.
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.
60      NUVEEN

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      61

Notes
62      NUVEEN

Notes
NUVEEN      63

Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
MSA-MAPS-0118P445053-INV-B-03/19

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/ Christopher M. Rohrbacher  
   

Christopher M. Rohrbacher

Vice President and Secretary

  

Date: April 5, 2018

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/ Greg A. Bottjer  
   

Greg A. Bottjer

Chief Administrative Officer

(principal executive officer)

  

Date: April 5, 2018

 

By   (Signature and Title)   /s/ Stephen D. Foy  
   

Stephen D. Foy

Vice President and Controller

(principal financial officer)

  

Date: April 5, 2018