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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22023

Nuveen Managed Accounts Portfolios Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2012

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

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

Item 1. Reports to Stockholders.

Mutual Fund

Nuveen Managed Accounts Portfolios Trust

Designed to provide dependable, tax-free income because it’s not what you earn, it’s what you keep.^®

Semi-Annual Report

January 31, 2012

Fund Name	Ticker Symbol
Municipal Total Return Managed Accounts Portfolio		NMTRX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Manager’s Comments	5
Fund Performance and Expense Ratios	7
Yields	8
Holding Summaries	9
Expense Examples	10
Portfolio of Investments	11
Statement of Assets and Liabilities	25
Statement of Operations	26
Statement of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	30
Glossary of Terms Used in this Report	38
Additional Fund Information	39

Chairman’s

Letter to Shareholders

Dear Shareholders,

These are perplexing times for investors. The global economy continues to struggle. The solutions being implemented in the eurozone to deal with the debt crises of many of its member countries are not yet seen as sufficient by the financial markets. The political paralysis in the U.S. has prevented the compromises necessary to deal with the fiscal imbalance and government spending priorities. The efforts by individual consumers, governments and financial institutions to reduce their debts are increasing savings but reducing demand for the goods and services that drive employment. These developments are undermining the rebuilding of confidence by consumers, corporations and investors that is so essential to a resumption of economic growth.

Although it is painfully slow, progress is being made. In Europe, the turnover of a number of national governments reflects the realization by politicians and voters alike that leaders who practiced business as usual had to be replaced by leaders willing to face problems and accept the hard choices needed to resolve them. The recent coordinated efforts by central banks in the U.S. and Europe to provide liquidity to the largest European banks indicates that these monetary authorities are committed to facilitating a recovery in the European banking sector.

In the U.S., the failure of the congressionally appointed Debt Reduction Committee was a blow to those who hoped for a bipartisan effort to finally begin addressing the looming fiscal crisis. Nevertheless, Congress and the administration cannot ignore the issue for long. The Bush era tax cuts are scheduled to expire on December 31, 2012, and six months later the $1.2 trillion of mandatory across-the-board spending cuts under the Budget Control Act of 2011 begin to go into effect. Any legislative modification would require bipartisan support and the prospects for a bipartisan solution are unclear. The impact of these two developments would be a mixed blessing: a meaningful reduction in the annual budget deficit at the cost of slowing the economic recovery.

It is in these particularly volatile markets that professional investment management is most important. Skillful investment teams who have experienced challenging markets and remain committed to their investment disciplines are critical to the success of an investor’s long-term objectives. In fact, many long-term investment track records are built during challenging markets when managers are able to protect investors against these economic crosscurrents. Experienced investment teams know that volatile markets put a premium on companies and investment ideas that will weather the short-term volatility and that compelling values and opportunities are opened up when markets overreact to negative developments. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board

March 22, 2012

4 Nuveen Investments

Portfolio Manager’s Comments

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 Portfolio disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

This Portfolio was developed exclusively for use within Nuveen-sponsored separately managed accounts. It enables certain Nuveen municipal separately managed account investors to achieve greater diversification and return potential than otherwise might be achievable.

The Portfolio is managed by Marty Doyle, CFA, who has 20 years of investment experience and has managed the Portfolio since its inception in 2007. Here Marty discusses the Portfolio’s investment strategy and its performance over the six-month period ended January 31, 2012.

How did the Portfolio perform during the six-month period ended January 31, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Portfolio for the six-month, one-year and since inception periods ended January 31, 2012. The Portfolio’s Class A Share total returns at net asset value are compared with the performance of a corresponding market index. The Portfolio outperformed the Barclays Capital 7-Year Municipal Bond Index during the six-month reporting period. A more detailed account of the Portfolio’s performance is provided later in this report.

What strategies were used to manage the Portfolio during the reporting period? How did these strategies influence performance?

The Portfolio uses a value-oriented strategy and looks for higher-yielding and undervalued municipal bonds that offer the potential for above-average total return. The Portfolio invests in various types of municipal securities, including investment grade (rated BBB/Baa or better), below investment grade (rated BB/Ba or lower), high yield, and unrated municipal securities. The Portfolio focuses on securities with intermediate to longer-term maturities. This investment strategy did not change during the reporting period.

The Portfolio’s diversified yield curve positioning was one factor that contributed to the relative outperformance experienced over the period. We also increased the Portfolio’s exposure to mid-investment grade (A and BBB rated) bonds that offered solid total return and income potential, especially in a lower yield environment. Additionally, we continued to selectively add to the Portfolio’s high yield exposure, which added to the Portfolio’s relative performance. Throughout the period, we gradually increased our exposure to longer duration securities and sought improved call protection to increase the Portfolio’s income sustainability, while trying to minimize potential duration volatility and enhance

Nuveen Investments 5

long-term return prospects. Replacing older, lower-yielding investments that were called or matured, and selling other holdings at opportune times, allowed us to utilize the comparatively steep yield curve and take advantage of attractive situations in the market to boost relative performance.

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, 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.

6 Nuveen Investments

Fund Performance and Expense Ratios (Unaudited)

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

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect a contractual agreement between the Fund and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Fund’s investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

Municipal Total Return Managed Accounts Portfolio

Fund Performance

Average Annual Total Returns as of January 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class I Shares		9.48%		18.26%		7.03%
Barclays Capital 7-Year Municipal Bond Index***		5.95%		11.78%		6.31%

Latest Calendar Quarter – Average Annual Total Returns as of December 31, 2011*

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class I Shares		7.75%		13.43%		6.49%

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratio		Net Expense Ratio
Class I Shares		0.09%		0.01%

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

* Six-Month returns are cumulative; all other returns are annualized.

** Since inception returns are from 5/31/07.

*** Refer to the Glossary of Terms Used in this Report for definitions.

Nuveen Investments 7

Yields(Unaudited)as of January 31, 2012

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

The SEC 30-Day Yield is a standardized measure of the Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the 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. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

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

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class I Shares		4.86%		3.91%		5.43%

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 of 28%.

8 Nuveen Investments

Holding Summaries (Unaudited) as of January 31, 2012

This data relates to the securities held in the Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

Bond Credit Quality¹

Portfolio Composition1
Health Care	17.8%
Tax Obligation/Limited	17.6%
Education and Civic Organizations	16.8%
Tax Obligation/General	16.0%
Transportation	8.1%
Water and Sewer	7.2%
Utilities	6.5%
Short-Term Investments	0.1%
Other	9.9%

States1
Illinois	12.5%
California	11.8%
Texas	8.8%
Florida	7.4%
Pennsylvania	5.2%
North Carolina	4.6%
New York	4.5%
Washington	3.0%
Indiana	2.5%
Colorado	2.5%
Wisconsin	2.5%
Georgia	2.3%
Massachusetts	2.2%
New Jersey	2.0%
Missouri	1.9%
Virgin Islands	1.8%
Maryland	1.8%
Idaho	1.8%
Kentucky	1.6%
Arizona	1.5%
Utah	1.4%
Kansas	1.3%
Rhode Island	1.3%
Other	13.8%

1 As a percentage of total investments as of January 31, 2012. Holdings are subject to change.

Nuveen Investments 9

Expense Examples (Unaudited)

As a shareholder of the Fund, you 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 Example below is 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 Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.

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

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

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

	Actual Performance		Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value (8/01/11)	$	1,000.00	$	1,000.00
Ending Account Value (1/31/12)	$	1,094.80	$	1,025.14
Expenses Incurred During Period	$	—	$	—

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

10 Nuveen Investments

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		MUNICIPAL BONDS – 96.6%
		Alabama – 0.7%
$	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		$	995,537
	500	Auburn University, Alabama, General Fee Revenue Bonds, Series 2011A, 5.000%, 6/01/41		6/21 at 100.00		Aa2			561,585
	1,350	Total Alabama							1,557,122
		Alaska – 0.4%
	145	Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2006-2, 5.500%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)		12/16 at 100.00		AA			160,132
	720	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23		6/14 at 100.00		Ba1			707,501
	865	Total Alaska							867,633
		Arizona – 1.4%
	410	Arizona School Facilities Board, School Improvement Revenue Bonds, Series 2004A, 5.500%, 7/01/14 - AMBAC Insured		No Opt. Call		AA			439,762
	1,195	Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/25 (Pre-refunded 4/01/24)		4/24 at 100.00		N/R	(4)		1,467,771
	500	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 10-9W, 18.210%, 1/01/38 (IF) (5)		1/18 at 100.00		Aa1			693,160
	345	Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2011, 7.625%, 3/01/31		3/21 at 100.00		BB+			369,988
	75	Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.500%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		N/R			74,888
	2,525	Total Arizona							3,045,569
		California – 11.4%
	500	ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Casa de Lad Campanas, Series 2010, 6.000%, 9/01/37		9/20 at 100.00		A–			549,715
	1,200	California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007B, 5.150%, 12/01/27 (Alternative Minimum Tax)		12/16 at 100.00		AA			1,267,380
	500	California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 19.600%, 10/01/16 (IF)		No Opt. Call		Aa1			752,620
	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			1,144,750
	100	California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 1993A, 5.400%, 5/01/28 (ETM)		5/12 at 100.00		AA+	(4)		100,419
	1,500	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.500%, 7/01/30		7/20 at 100.00		Baa2			1,577,775
	575	California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2009H, 5.500%, 11/01/27		11/19 at 100.00		A2			652,895
	1,000	California State, General Obligation Bonds, Various Purpose Series 2009, 6.500%, 4/01/33		4/19 at 100.00		A1			1,231,760
	90	California State, General Obligation Veterans Bonds, Refunding Series 2005CB, 5.050%, 12/01/36 (Alternative Minimum Tax)		6/15 at 100.00		AA			91,692
	720	California, Various Purpose General Obligation Bonds, Series 1997, 5.625%, 10/01/21 – BHAC Insured		4/12 at 100.00		AA+			726,106
	1,000	Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/21		No Opt. Call		A			585,900

Nuveen Investments 11

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		California (continued)
$	1,000	Gilroy Unified School District, Santa Clara County, California, General Obligation Bonds, Series 2009A, 6.000%, 8/01/25 – AGC Insured		No Opt. Call		AA–		$	1,243,270
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
	1,100	5.000%, 6/01/17		6/12 at 100.00		A2			1,100,110
	200	5.000%, 6/01/45		6/15 at 100.00		A2			200,686
	135	4.625%, 6/01/45 – RAAI Insured		No Opt. Call		A2			127,549
	1,000	Long Beach, California, Harbor Revenue Bonds, Series 2005A, 5.000%, 5/15/23 – NPFG Insured (Alternative Minimum Tax)		5/15 at 100.00		AA			1,068,070
	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			1,143,110
	500	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2008A-2, 5.250%, 7/01/32		No Opt. Call		AA–			568,175
	500	Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35		9/12 at 100.00		N/R			482,850
	85	Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40		9/21 at 100.00		A–			96,489
	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		No Opt. Call		BB			1,022,360
	1,000	Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2004C, 5.500%, 8/01/24 – NPFG Insured		8/12 at 102.00		AA–			1,043,190
	850	Public Utilities Commission of the City and County of San Francisco, California, Water Revenue Bonds, Series 2006A, 5.000%, 11/01/25 – AGM Insured		5/16 at 100.00		AA–			941,367
	1,000	San Gorgonio Memorial Healthcare District, Riverside County, California, General Obligation Bonds, Series 2009C, 7.000%, 8/01/27		8/17 at 100.00		A3			1,152,930
	1,275	San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured		12/17 at 100.00		AA–	(4)		1,569,308
	2,000	Santa Monica Community College District, Los Angeles County, California, Certificates of Participation, Refunding Series 2004A, 5.000%, 2/01/27 – AMBAC Insured		2/14 at 100.00		N/R			2,071,260
		Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A:
	500	7.125%, 9/01/26		9/21 at 100.00		BBB+			567,845
	500	7.400%, 9/01/32		9/21 at 100.00		BBB+			560,105
	750	Western Municipal Water District Facilities Authority, California, Water Revenue Bonds, Series 2009B, 5.000%, 10/01/34		10/19 at 100.00		AA+			834,908
	22,580	Total California							24,474,594
		Colorado – 2.4%
	1,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care National Obligated Group Project, Series 2010A, 5.250%, 11/15/20		No Opt. Call		N/R			1,033,330
	500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.750%, 5/15/36		5/18 at 100.00		BBB+			527,005
	75	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.000%, 9/15/15		No Opt. Call		BBB			80,384
	530	Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 – AMBAC Insured		No Opt. Call		A+			567,524
	300	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007B-1, 5.500%, 9/01/24 – NPFG Insured		9/15 at 100.00		BBB			313,344
	535	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			561,338

12 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Colorado (continued)
$	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		$	515,025
	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			1,122,890
	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			511,870
	4,940	Total Colorado							5,232,710
		Connecticut – 0.4%
	670	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2009, Trust 3363, 13.799%, 7/01/16 (IF)		No Opt. Call		AAA			908,956
		District of Columbia – 0.2%
	450	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.750%, 5/15/40		5/12 at 100.00		Baa1			455,306
		Florida – 7.1%
	1,440	Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 5.250%, 9/01/30		No Opt. Call		BBB			1,353,686
	25	Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2007A, 6.000%, 5/01/38		5/17 at 100.00		N/R			24,834
	300	Brevard County, Florida, South Brevard Recreation Special District, Limited Ad Valorem Tax Bonds, Parks and Recreation Program, Series 2007, 5.000%, 7/01/13 – AMBAC Insured (ETM)		No Opt. Call		A3	(4)		319,761
	105	Brevard County, Florida, South Brevard Recreation Special District, Limited Ad Valorem Tax Bonds, Parks and Recreation Program, Series 2007, 5.000%, 7/01/22 (Pre-refunded 7/01/16) – AMBAC Insured		7/16 at 100.00		A3	(4)		124,475
		Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B:
	1,000	5.000%, 9/01/23 – AGM Insured (Alternative Minimum Tax)		9/21 at 100.00		AA–			1,115,860
	1,250	4.625%, 9/01/27 – AGM Insured (Alternative Minimum Tax)		9/21 at 100.00		AA–			1,317,250
	500	Crystal River, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 2002, 5.000%, 10/01/25 – AMBAC Insured		10/12 at 100.00		N/R			504,165
	750	Florida Board of Education, Lottery Revenue Bonds, Series 2006A, 5.000%, 7/01/21 – AMBAC Insured		7/15 at 101.00		AAA			828,840
	330	Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008-1, 6.450%, 1/01/39 (Alternative Minimum Tax)		7/17 at 100.00		AA+			357,007
	2,000	Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Refunding Series 2011B, 5.125%, 6/01/27 (Alternative Minimum Tax)		6/21 at 100.00		AA+			2,281,580
	885	Gulf Breeze, Florida, Revenue Improvement Non-Ad Valorem Bonds, Series 2007, 5.000%, 12/01/32 – AMBAC Insured		12/17 at 100.00		N/R			906,284
	2,000	Hillsborough County, Florida, Solid Waste and Resource Recovery Revenue Bonds, Series 2006A, 5.000%, 9/01/25 – AMBAC Insured (Alternative Minimum Tax)		9/16 at 100.00		AA			2,128,400
	1,000	Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 5.250%, 8/01/21		8/20 at 100.00		A			1,148,780
	250	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Aiport, Series 2005B, 5.000%, 10/01/12 – SYNCORA GTY Insured (Alternative Minimum Tax)		No Opt. Call		A2			257,185
	60	Okaloosa County Gas District, Florida, Gas System Revenue Bonds, Series 2005A, 4.400%, 10/01/29 – AMBAC Insured		10/14 at 100.00		A+			61,584
	1,600	Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Refunding Series 2012B, 5.000%, 7/01/22 – AGM Insured		7/21 at 100.00		AA–			1,840,944
	400	Sanibel, Florida, General Obligaiton Bonds, Series 2006, 4.350%, 2/01/36 – AMBAC Insured		8/16 at 100.00		N/R			404,644

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	75	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.750%, 10/01/22		10/17 at 100.00		BBB–	$	78,872
	170	The City of Miami, Florida, Special Revenue Refunding Bonds, Series 1987, 0.000%, 1/01/15 – NPFG Insured		No Opt. Call		BBB		146,152
	75	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.375%, 5/01/17 (6)		No Opt. Call		N/R		32,032
	14,215	Total Florida						15,232,335
		Georgia – 2.2%
	650	Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC Project, Series 2007, 5.250%, 7/01/27		7/17 at 100.00		Aa3		714,240
		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009A:
	500	6.000%, 11/01/22		11/19 at 100.00		A1		624,455
	500	6.000%, 11/01/24		11/19 at 100.00		A1		616,315
	1,500	Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Athletic Association, Series 2001, 5.125%, 10/01/32 – AMBAC Insured		4/12 at 100.00		N/R		1,501,830
	500	La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A, 5.500%, 7/01/38		7/18 at 100.00		Aa2		541,030
	750	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2008C, 5.000%, 9/01/38		9/18 at 100.00		AA		822,315
	4,400	Total Georgia						4,820,185
		Guam – 0.9%
	1,000	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 4.500%, 7/01/18		No Opt. Call		Ba2		1,016,690
	315	Guam Government, General Obligation Bonds, 2009 Series A, 5.750%, 11/15/14		No Opt. Call		B+		329,219
	500	Guam International Airport Authority, Revenue Bonds, Series 2003C, 5.375%, 10/01/19 – NPFG Insured (Alternative Minimum Tax)		10/13 at 100.00		BBB		516,050
	1,815	Total Guam						1,861,959
		Hawaii – 0.7%
	1,500	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Refunding Series 2007B, 4.600%, 5/01/26 – FGIC Insured (Alternative Minimum Tax)		No Opt. Call		Baa1		1,505,475
		Idaho – 1.7%
	750	Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Series 2008, 7.375%, 6/01/34		6/18 at 100.00		A3		883,215
	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		A		1,112,250
	110	Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2008A-1, 6.250%, 7/01/38 (Alternative Minimum Tax)		1/17 at 100.00		Aa1		115,678
		Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mittigation Series 2012A:
	430	4.750%, 9/01/25 (WI/DD, Settling 2/08/12)		9/22 at 100.00		Baa1		449,952
	1,070	4.600%, 9/01/27 (WI/DD, Settling 2/08/12)		9/22 at 100.00		Baa1		1,084,210
	3,360	Total Idaho						3,645,305
		Illinois – 12.1%
	1,000	Berwyn, Illinois, General Obligation Bonds, Refunding Series 2004, 5.000%, 12/01/13 – AMBAC Insured		No Opt. Call		N/R		1,058,440
	1,000	Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 6.000%, 11/01/35		11/20 at 100.00		BBB		1,106,660
	1,085	Chicago State University, Illinois, Auxiliary Facilities System Revenue Bonds, Series 1998, 5.500%, 12/01/23 – NPFG Insured		No Opt. Call		BBB		1,303,996

14 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	500	Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)		7/12 at 100.00		AA–	$	501,585
		Community College District 537, Macon, Christian, Dewitt, Logan, Moultrie, Pliatt, Sangamon and Shelby Counties, Illinois, General Obligation Bonds, Richland Community College, Series 2011:
	400	5.250%, 11/01/20		No Opt. Call		AA		464,548
	760	5.250%, 11/01/21		No Opt. Call		AA		884,518
	500	Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40		10/20 at 100.00		BB–		532,215
	1,000	Illinois Development Finance Authority, Revenue Bonds, St Vincent De Paul Center, Series 2000A, 1.400%, 11/15/39 (Mandatory put 2/28/13)		No Opt. Call		AA+		1,011,740
	1,000	Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 6.875%, 10/01/31		10/21 at 100.00		BBB–		1,041,560
	750	Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21		8/18 at 100.00		A–		846,983
	650	Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37		1/18 at 100.00		Baa1		674,765
	1,000	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.250%, 2/01/19		No Opt. Call		Baa3		1,033,710
	1,000	Illinois Finance Authority, Revenue Bonds, Northwestern University, Series 2008B, 1.200%, 12/01/46 (Mandatory put 3/01/13)		No Opt. Call		AAA		1,011,100
	990	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39		5/20 at 100.00		A		1,105,137
	150	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/35 – NPFG Insured		5/17 at 100.00		BBB		153,804
	700	Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23		8/18 at 100.00		BBB–		751,520
	665	Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17		1/13 at 100.00		Baa1		697,944
	1,000	Illinois State, Sales Tax Revenue Bonds, Series 2004, 5.000%, 6/15/27		6/14 at 100.00		AAA		1,048,850
	630	Markham, Cook County, Illinois, General Obligation Bonds, Library Purpose Series 2005B, 5.250%, 1/01/18 – RAAI Insured		No Opt. Call		N/R		668,310
		Markham, Illinois, General Obligation Bonds, Series 2008A:
	455	4.750%, 2/01/17		No Opt. Call		BBB		484,102
	355	4.750%, 2/01/18		No Opt. Call		BBB		376,854
	400	6.000%, 2/01/25		2/18 at 100.00		BBB		427,992
	1,220	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 – NPFG Insured		6/12 at 101.00		AAA		1,231,248
	500	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)		No Opt. Call		AAA		712,645
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	195	3.000%, 6/01/12		No Opt. Call		A		196,447
	1,250	5.000%, 6/01/18		No Opt. Call		A		1,409,700
	250	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		302,348
	2,100	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		2,772,105
	750	Southwestern Illinois Development Authority, Local Goverment Program Bonds, St. Clair County Community Unit School District 19 Mascoutah, Series 2009, 5.750%, 2/01/29 – AGC Insured		No Opt. Call		AA–		845,783

Nuveen Investments 15

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,000	University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2012C, 5.000%, 4/01/26		No Opt. Call		Aa2	$	1,162,600
	23,255	Total Illinois						25,819,209
		Indiana – 2.5%
	250	Central Nine Career Charter School Building Corporation, Indiana, General Obligation Bonds, Series 2007, 5.500%, 1/15/17		No Opt. Call		A		291,893
	1,000	Fishers Redevelopment District, Indiana, General Obligation Bonds, Saxony Project Series 2009, 5.250%, 7/15/34		1/20 at 100.00		AA		1,116,540
	885	Hendricks County, Indiana, Redevelopment District Tax Increment Revenue Bonds, Refunding Series 2010B, 6.450%, 1/01/23		1/16 at 100.00		Baa2		942,083
	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		BBB–		549,607
	1,000	Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Union Hospital, Series 1993, 5.125%, 9/01/18		3/12 at 100.00		Baa2		1,001,580
	250	Merrillville Multi-School Building Corporation, Lake County, Indiana, First Mortgage Revenue Bonds, Series 2008, 5.250%, 7/15/22		1/18 at 100.00		A+		285,843
	855	Portage Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2008, 5.250%, 1/15/19 – CIFG Insured		1/18 at 100.00		AA–		954,847
	100	Tri-Creek Middle School Building Corporation, Indiana, First Mortgage Bonds, Series 2008, 6.000%, 1/15/16 – AGM Insured		No Opt. Call		AA+		119,477
	4,865	Total Indiana						5,261,870
		Iowa – 0.4%
	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–		821,310
		Kansas – 1.2%
	1,240	Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H, 5.375%, 3/01/30		3/20 at 100.00		A+		1,358,073
	1,250	Kansas State Independent College Finance Authority, Revenue Anticipation Notes, Ottawa University, Private Education Short-Term Loan Program, Series 2011D, 6.000%, 5/01/12		No Opt. Call		N/R		1,250,513
	2,490	Total Kansas						2,608,586
		Kentucky – 1.6%
	500	Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured		6/18 at 100.00		AA–		559,320
	1,000	Pikeville, Kentucky, Educational Facilities Revenue Bond, Pikeville College of Osteopathic Medicine, Bond Anticipation Notes, Series 2011, 4.000%, 5/01/13		No Opt. Call		N/R		1,019,050
	1,570	Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 5.250%, 3/01/19		No Opt. Call		A3		1,796,237
	3,070	Total Kentucky						3,374,607
		Louisiana – 0.2%
	430	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39		5/12 at 100.00		A–		433,956
		Maryland – 1.7%
	110	Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/39 – SYNCORA GTY Insured		9/16 at 100.00		BB+		103,008
	300	Maryland Community Development Administration, Residential Revenue Bonds, Series 1999D, 5.250%, 9/01/19 (Alternative Minimum Tax)		3/12 at 100.00		Aa2		300,366

16 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maryland (continued)
$	260	Maryland Community Development Administration, Residential Revenue Bonds, Series 2001B, 5.375%, 9/01/22 (Alternative Minimum Tax)		3/12 at 100.00		Aa2	$	260,281
	1,000	Maryland Economic Development Corporation, Lease Revenue Bonds, Maryland Public Health Laboratory Project, Series 2011, 4.000%, 6/01/29		No Opt. Call		AA+		1,072,840
	500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36		1/22 at 100.00		Baa2		528,310
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical Center, Series 2005:
	155	4.000%, 7/01/17 – RAAI Insured		7/14 at 100.00		N/R		155,279
	1,405	5.000%, 7/01/37 – RAAI Insured		7/14 at 100.00		N/R		1,227,830
	3,730	Total Maryland						3,647,914
		Massachusetts – 2.1%
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.000%, 4/01/31		4/21 at 100.00		AA–		1,113,810
	750	Massachusetts Development Finance Agency, Revenue Bonds, The Sabis International Charter School, Series 2009A, 8.000%, 4/15/31		10/19 at 100.00		BBB		876,653
	300	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6)		1/18 at 100.00		N/R		2,997
	535	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.995%, 12/15/34 (IF) (5)		12/19 at 100.00		AAA		782,309
	1,675	Massachusetts State, General Obligation Bonds, Refunding Series 2012A, 0.640%, 2/01/16		8/15 at 100.00		AA+		1,675,000
	4,260	Total Massachusetts						4,450,769
		Michigan – 1.2%
	250	Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/14 – SYNCORA GTY Insured		4/13 at 100.00		BB		240,885
		Detroit, Michigan, General Obligation Bonds, Series 2004B-1:
	595	5.000%, 4/01/14 – AMBAC Insured		No Opt. Call		BB		572,949
	100	4.000%, 4/01/14 – AMBAC Insured		No Opt. Call		BB		94,314
	500	Michigan Finance Authoirty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Series 2011, 7.750%, 7/15/26		7/21 at 100.00		BB		507,655
	750	Michigan Higher Education Facilities Authority, Limited Obligation Revenue Bonds, Alma College Project, Series 2008, 5.500%, 6/01/28		6/18 at 100.00		A3		838,350
	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		276,801
	2,495	Total Michigan						2,530,954
		Minnesota – 0.6%
	55	Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2005, 4.150%, 4/01/12		No Opt. Call		BBB		55,214
	500	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 3.750%, 7/01/15		No Opt. Call		N/R		510,775
	835	St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Refunding Series 1997A, 5.700%, 11/01/15 – ACA Insured		5/12 at 100.00		BB+		835,877
	1,390	Total Minnesota						1,401,866
		Missouri – 1.9%
	1,000	Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 5.625%, 3/01/34		3/18 at 100.00		A		1,110,000
	900	Hannibal Industrial Development Authority, Missouri, Health Facilities Refunding Revenue Bonds, Hannibal Regional Hospital, Refunding Series 2010, 5.500%, 9/01/20		9/13 at 100.00		BBB+		944,289

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	1,000	Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series 2009C, 5.750%, 11/01/29		No Opt. Call		A–	$	1,059,120
	600	Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, Independence Electric System Projects, Series 2009D, 5.750%, 6/01/34		No Opt. Call		A–		625,788
	287	Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28		No Opt. Call		N/R		266,818
	3,787	Total Missouri						4,006,015
		Nebraska – 0.3%
	500	Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Refunding Bonds, Children’s Hospital Obligated Group, Series 2008B, 6.125%, 8/15/31		8/17 at 100.00		A2		559,020
		Nevada – 1.0%
	815	Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2007A1, 5.000%, 7/01/19 – AMBAC Insured (Alternative Minimum Tax)		7/17 at 100.00		Aa3		903,216
	1,000	North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/28 – NPFG Insured		5/16 at 100.00		A+		1,064,190
	100	Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008, 6.750%, 9/01/27		9/18 at 100.00		N/R		100,942
	1,915	Total Nevada						2,068,348
		New Jersey – 2.0%
		Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2004:
	750	5.250%, 12/01/18 – AMBAC Insured		12/14 at 100.00		N/R		799,620
	1,100	5.250%, 12/01/20 – AMBAC Insured		12/14 at 100.00		N/R		1,161,919
	310	New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.750%, 6/15/34		6/14 at 100.00		BBB		321,895
	1,000	New Jersey Health Care Facilities Financing Authority, Trinitas Hospital Obligated Group, Refunding Series 2007B, 4.800%, 7/01/13		No Opt. Call		BBB–		1,036,480
	50	New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007U, 5.000%, 10/01/37 (Alternative Minimum Tax)		4/17 at 100.00		AA		51,057
	805	New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2008X, 5.000%, 4/01/17 (Alternative Minimum Tax)		No Opt. Call		AA		862,485
	4,015	Total New Jersey						4,233,456
		New Mexico – 0.5%
	250	Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Series 2007A, 5.150%, 6/01/37 – FGIC Insured (Alternative Minimum Tax)		6/12 at 100.00		BBB–		231,193
	715	New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds CL 1, Series 2008-A2, 5.600%, 1/01/39 (Alternative Minimum Tax)		1/18 at 102.00		AA+		769,941
	965	Total New Mexico						1,001,134
		New York – 4.4%
	1,000	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 6.000%, 5/01/33		5/19 at 100.00		A–		1,187,310
	675	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A, 5.250%, 2/01/27		No Opt. Call		BBB–		683,721
	250	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30		2/21 at 100.00		Aa2		308,420
	100	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.700%, 7/01/13		No Opt. Call		N/R		99,860

18 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		New York (continued)
$	1,000	New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 5.000%, 3/01/46 – FGIC Insured		9/16 at 100.00		BBB–		$	1,018,600
	500	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 18.374%, 10/01/16 (IF)		No Opt. Call		AA+			659,400
	500	New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2005B, 5.500%, 10/15/27		No Opt. Call		AAA			693,590
	185	New York State Mortgage Agency, Homeowner Mortgage Revenue Refunding Bonds, Series 87, 5.150%, 4/01/17		3/12 at 100.00		Aa1			188,609
	500	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 – AMBAC Insured		6/13 at 100.00		AA–			530,030
	930	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/19		No Opt. Call		AA–			988,934
	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		Aa2			1,473,863
	450	Saratoga County Water and Sewer Authority, New York, Revenue Bonds, Series 2008, 5.000%, 9/01/38		9/18 at 100.00		AA			491,720
	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			1,047,490
	8,340	Total New York							9,371,547
		North Carolina – 4.5%
	100	Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007, 5.250%, 10/01/21		10/17 at 100.00		N/R			99,022
	1,000	Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax)		7/20 at 100.00		Aa3			1,106,820
	665	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 14.136%, 7/01/38 (IF) (5)		7/20 at 100.00		AAA			948,536
	2,000	Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Refunding Revenue Bonds, Carolinas HealthCare System, Series 2009A, 5.250%, 1/15/34 (UB) (5)		1/19 at 100.00		AA–			2,180,220
	2,000	Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, Carolinas HealthCare System, Series 2011A, 5.000%, 1/15/31		1/21 at 100.00		AA–			2,215,120
	350	North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 – FGIC Insured		No Opt. Call		Baa1			453,604
	500	North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2008A, 5.250%, 1/01/20		1/18 at 100.00		A–			581,900
	340	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Tender Option Bond Trust 11808, 22.376%, 6/01/18 (IF)		No Opt. Call		AA			462,842
	740	North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 2003, 5.500%, 10/01/17 (Pre-refunded 10/01/13) – RAAI Insured		10/13 at 100.00		N/R	(4)		797,779
	500	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008C, 5.250%, 1/01/19		1/18 at 100.00		A			599,660
	100	University of North Carolina System, Pooled Revenue Bonds, Series 2004B, 4.000%, 4/01/15 – AMBAC Insured		4/14 at 100.00		N/R			104,030
	8,295	Total North Carolina							9,549,533

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		North Dakota – 0.2%
$	340	Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/29		7/16 at 100.00		BBB+		$	341,646
	150	Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.250%, 7/01/16		No Opt. Call		BBB+			165,591
	490	Total North Dakota							507,237
		Ohio – 0.5%
		Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health System, Series 2003A:
	70	6.000%, 1/01/32 (Pre-refunded 7/01/13)		7/13 at 100.00		Aa2	(4)		75,652
	70	6.000%, 1/01/32 (Pre-refunded 7/01/13)		7/13 at 100.00		Aa2	(4)		75,652
	750	Lorain, Ohio, General Obligation Bonds, Pellet Terminal Improvement Series 2008, 6.750%, 12/01/23		12/18 at 100.00		A3			889,845
	890	Total Ohio							1,041,149
		Oklahoma – 0.6%
	1,000	Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2011B, 5.000%, 1/01/26		No Opt. Call		AA–			1,208,020
		Oregon – 0.5%
	1,000	Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B, 5.000%, 6/15/27 – AGM Insured		6/17 at 100.00		AA+			1,131,370
		Pennsylvania – 5.1%
	1,980	Blair County, Pennsylvania, General Obligation Bonds, Series 2001A, 5.375%, 8/01/16 – AMBAC Insured		No Opt. Call		N/R			2,293,771
	500	Delaware County Authority, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/25		6/17 at 100.00		BBB			508,150
		Harrisburg, Dauphin County, Pennsylvania, General Obligation Refunding Bonds, Series 1997D:
	30	0.000%, 3/15/15 – AMBAC Insured		No Opt. Call		N/R			23,210
	1,200	0.000%, 3/15/17 – AMBAC Insured		No Opt. Call		N/R			773,304
	1,250	Lackawanna County, Pennsylvania, General Obligation Notes, Series 2009B, 6.000%, 9/15/32 – AGC Insured		9/19 at 100.00		AA–			1,393,238
	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			1,462,713
	500	Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 5.000%, 1/01/14		No Opt. Call		Baa3			522,955
	1,000	Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Refunding Bonds, Aqua Pennsylvania, Inc. Project, Series 2010A, 5.000%, 12/01/34 (Alternative Minimum Tax)		12/20 at 100.00		AA–			1,081,870
	375	Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/35		9/15 at 100.00		Aa1			416,801
	310	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 5.000%, 8/01/20		No Opt. Call		BBB+			323,631
	1,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Nineth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		BBB+			1,067,370
	870	Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.000%, 4/01/23		No Opt. Call		A2			980,899
	10,265	Total Pennsylvania							10,847,912
		Puerto Rico – 0.4%
	300	Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 2004, 5.000%, 9/15/16 – NPFG Insured		No Opt. Call		A+			315,744
	500	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/18 – AMBAC Insured		No Opt. Call		A3			571,635
	800	Total Puerto Rico							887,379

20 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Rhode Island – 1.2%
$	970	Pawtucket Housing Authority, Rhode Island, Capital Fund Housing Revenue Bonds, Series 2010, 5.500%, 9/01/29		9/20 at 103.00		AA	$	1,132,359
	250	Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Series 2008A, 6.750%, 12/01/28 (Alternative Minimum Tax)		12/17 at 100.00		A		277,748
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	955	6.000%, 6/01/23		6/12 at 100.00		Baa1		959,393
	150	6.125%, 6/01/32		6/12 at 100.00		BBB		150,128
	75	6.250%, 6/01/42		6/12 at 100.00		Ba1		75,000
	2,400	Total Rhode Island						2,594,628
		South Carolina – 1.2%
	500	Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.125%, 12/01/30		12/16 at 100.00		A1		536,850
	500	Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2011, 5.000%, 11/01/26		11/21 at 100.00		AA–		578,705
	400	Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2008A-3, 5.250%, 1/01/19		1/18 at 100.00		A–		470,604
	740	South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C, 6.000%, 8/01/13		No Opt. Call		BBB+		783,823
	250	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40		10/19 at 100.00		A1		275,735
	2,390	Total South Carolina						2,645,717
		South Dakota – 0.1%
	210	South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002B, 6.500%, 6/01/32		6/12 at 101.00		A3		215,947
		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		1,103,950
	100	Memphis-Shelby County Airport Authority, Tennessee, Special Facilities Revenue Refunding Bonds, FedEx., Series 2002, 5.050%, 9/01/12		No Opt. Call		Baa1		102,253
	1,000	Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36		9/16 at 100.00		BBB+		1,021,370
	50	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.000%, 9/01/16		No Opt. Call		A2		53,935
	2,150	Total Tennessee						2,281,508
		Texas – 8.4%
	750	La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp Inc., Series 2009A, 6.000%, 8/15/29		8/19 at 100.00		BBB		818,730
	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		No Opt. Call		Baa2		1,513,016
	500	Clifton, Texas, Higher Education Finance Corporation, Education Revenue Bonds, Idea Public Schools, Series 2011, 4.800%, 8/15/21		No Opt. Call		BBB+		537,450
	675	Clifton, Texas, Higher Education Finance Corporation, Education Revenue Bonds, Uplift Education Charter School, Series 2010A, 4.300%, 12/01/16		No Opt. Call		BBB–		687,953
	1,500	Frisco Independent School District, Collin and Denton Counties, Texas, General Obligation Bonds, Series 2008A, 6.000%, 8/15/38		No Opt. Call		Aaa		1,862,505

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		Harris County, Texas, Water Control and Improvement District 74, Unlimited Tax General Obligation Bonds, Series 2010:
$	210	4.550%, 8/01/23		2/18 at 100.00		N/R	$	226,292
	195	5.000%, 8/01/36		2/18 at 100.00		N/R		208,367
	1,515	5.200%, 8/01/39		2/18 at 100.00		N/R		1,631,625
	250	Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 5.875%, 5/15/21		No Opt. Call		BBB		273,460
	1,000	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011A, 5.000%, 7/01/22 (Alternative Minimum Tax)		No Opt. Call		A		1,138,350
	1,265	North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/20 – AGM Insured		No Opt. Call		AA–		1,511,764
	200	North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 6.000%, 1/01/19		1/18 at 100.00		A2		239,794
	375	North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38		1/18 at 100.00		A3		405,668
	1,000	Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Refunding Series 2011A, 1.350%, 6/01/39 (Mandatory put 6/01/14)		No Opt. Call		AAA		1,016,370
	1,000	Rockport, Texas, Certificates of Obligation, Series 2007, 5.250%, 2/15/27 – NPFG Insured		2/17 at 100.00		AA		1,123,080
	1,500	Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 5.500%, 8/15/39 – AMBAC Insured		8/12 at 100.00		BBB+		1,512,285
	2,000	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2011, 5.250%, 7/01/23		7/21 at 100.00		Baa1		2,201,080
	1,000	Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 4.700%, 9/01/20		9/19 at 100.00		BBB		1,099,280
	16,320	Total Texas						18,007,069
		Utah – 1.3%
		Utah Infrastructure Agency, Telecommunications & Franchise Tax Revenue , Series 2011A:
	500	5.250%, 10/15/33 – AGM Insured		10/21 at 100.00		AA–		559,870
	520	5.400%, 10/15/36 – AGM Insured		10/21 at 100.00		AA–		578,713
	435	Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 5.750%, 7/15/20		No Opt. Call		BBB–		447,889
	95	Utah State Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Series 2007A, 5.750%, 7/15/22		7/15 at 102.00		N/R		92,956
	110	Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.125%, 6/15/17		No Opt. Call		BBB–		111,695
	750	Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 3006, 17.671%, 6/15/26 – AGM Insured (IF)		6/18 at 100.00		AAA		1,089,120
	2,410	Total Utah						2,880,243
		Vermont – 0.0%
	100	Burlington, Vermont, Electric System Revenue Refunding Bonds, Series 1996A, 6.250%, 7/01/12 – NPFG Insured		No Opt. Call		BBB		102,310
		Virgin Islands – 1.8%
	500	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/31 – ACA Insured		10/14 at 100.00		BBB+		509,140
		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006:
	200	5.000%, 10/01/16 – FGIC Insured		No Opt. Call		BBB+		221,562
	250	4.000%, 10/01/20 – FGIC Insured		10/16 at 100.00		BBB+		258,455

22 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virgin Islands (continued)
$	1,000	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Refunding Bonds, Series 2009C, 5.000%, 10/01/22		10/19 at 100.00		Baa2	$	1,085,690
	1,000	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/19		No Opt. Call		BBB		1,141,940
	500	Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes, Series 2009A-1, 5.000%, 10/01/24		10/19 at 100.00		BBB		546,685
	3,450	Total Virgin Islands						3,763,472
		Virginia – 0.5%
	815	Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.750%, 1/01/34		No Opt. Call		AA		1,107,072
		Washington – 2.9%
	1,700	Chelan County Public Utility District 1, Washington, Consolidated System Revenue Bonds Series 2011A, 5.500%, 7/01/24 (Alternative Minimum Tax)		7/21 at 100.00		AA		2,058,003
	100	Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.625%, 1/01/28		No Opt. Call		N/R		86,702
	600	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.510%, 7/01/32 – AGM Insured (IF)		7/17 at 100.00		AA+		744,576
	535	Port of Seattle, Washington, General Obligation Bonds, Series 2004C, 5.250%, 11/01/12 – AGM Insured (Alternative Minimum Tax)		No Opt. Call		AAA		554,346
	75	Skagit County Public Hospital District 1 , Washington, Skagit Valley Hospital, Series 2007, 5.750%, 12/01/28		12/17 at 100.00		Baa2		79,501
	750	University of Washington, General Revenue Bonds, Tender Option Bond Tust 3005, 17.900%, 6/01/31 – AMBAC Insured (IF)		6/17 at 100.00		Aaa		985,994
	1,000	Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30		12/20 at 100.00		Baa2		1,038,949
		Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
	35	6.500%, 6/01/26		6/13 at 100.00		A3		36,547
	660	6.625%, 6/01/32		6/13 at 100.00		Baa1		686,729
	5,455	Total Washington						6,271,347
		Wisconsin – 2.4%
	500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust Series 2010- 3184, 18.081%, 11/15/17 (IF)		No Opt. Call		AA+		673,739
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B:
	745	4.000%, 4/01/16		No Opt. Call		N/R		773,801
	610	5.000%, 4/01/17		No Opt. Call		N/R		663,545
	440	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 18.993%, 8/15/37 (IF) (5)		2/20 at 100.00		AA–		594,593
	1,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.125%, 2/15/26		2/16 at 100.00		BBB+		1,029,259
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	1,000	6.000%, 5/01/27		5/19 at 100.00		AA–		1,230,869
	90	6.000%, 5/01/33		No Opt. Call		AA–		108,544
	4,385	Total Wisconsin						5,074,350
		Wyoming – 0.7%
	1,000	Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.000%, 9/15/26		3/21 at 100.00		A3		1,147,519
	250	Wyoming Municipal Power Agency Power Supply System Revenue Bonds, 2008 Series A, 5.500%, 1/01/28		1/18 at 100.00		A2		282,559
	1,250	Total Wyoming						1,430,078
$	188,997	Total Municipal Bonds (cost $190,815,275)						206,744,051

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Municipal Total Return Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.1%
		Texas – 0.1%
$	200	Williamson County, Texas General Obligation Bonds, Variable Rate Demand Obligations, Refunding Series 2006, 5.000%, 2/15/12 – NPFG Insured		No Opt. Call		AAA	$	200,270
		Total Short-Term Investments (cost $200,270)						200,270
		Total Investments (cost $191,015,545) – 96.7%						206,944,321
		Floating Rate Obligations – (0.6)%						(1,335,000)
		Other Assets Less Liabilities – 3.9%						8,411,933
		Net Assets – 100%					$	214,021,254

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

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

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

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.

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

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

N/R Not rated.

WI/DD Purchased on a when-issued or delayed delivery basis.

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

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.

See accompanying notes to financial statements.

24 Nuveen Investments

Statement of Assets and Liabilities (Unaudited)

January 31, 2012

Assets
Investments, at value (cost $191,015,545)	$	206,944,321
Cash		6,920,413
Receivables:
From Adviser		17,488
Interest		2,670,755
Investments sold		1,204,998
Shares sold		809,805
Other assets		518
Total assets		218,568,298
Liabilities
Floating rate obligations		1,335,000
Payables:
Investments purchased		2,054,804
Shares redeemed		613,981
Dividends		478,279
Accrued other expenses		64,980
Total liabilities		4,547,044
Net assets	$	214,021,254
Shares outstanding		19,681,137
Net asset value per share	$	10.87
Net assets consist of:
Capital paid-in	$	197,711,759
Undistributed (Over-distribution of) net investment income		32,165
Accumulated net realized gain (loss)		348,554
Net unrealized appreciation (depreciation)		15,928,776
Net assets	$	214,021,254
Authorized shares		Unlimited
Par value per share	$	0.01

See accompanying notes to financial statements.

Nuveen Investments 25

Statement of Operations (Unaudited)

Six Months Ended January 31, 2012

Investment Income	$	4,840,182
Expenses
Shareholders’ servicing agent fees and expenses		12,210
Interest expense on floating rate obligations		4,689
Custodian’s fees and expenses		25,014
Trustees’ fees and expenses		2,934
Professional Fees		9,351
Shareholders’ reports – printing and mailing expenses		22,277
Federal and state registration fees		19,293
Other expenses		3,920
Total expenses before custodian fee credit and expense reimbursement		99,688
Custodian fee credit		(1,365	)
Expense reimbursement		(94,999	)
Net expenses		3,324
Net investment income (loss)		4,836,858
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		653,767
Change in net unrealized appreciation (depreciation) of investments		12,186,512
Net realized and unrealized gain (loss)		12,840,279
Net increase (decrease) in net assets from operations	$	17,677,137

See accompanying notes to financial statements.

26 Nuveen Investments

Statement of Changes in Net Assets (Unaudited)

	Six Months Ended 1/31/12			Year Ended 7/31/11
Operations
Net investment income (loss)	$	4,836,858		$	8,573,452
Net realized gain (loss) from investments		653,767			612,804
Change in net unrealized appreciation (depreciation) of investments		12,186,512			(1,846,343	)
Net increase (decrease) in net assets from operations		17,677,137			7,339,913
Distributions to Shareholders
From net investment income		(4,903,920	)		(8,564,927	)
From accumulated net realized gains		(606,456	)		(1,412,226	)
Decrease in net assets from distributions to shareholders		(5,510,376	)		(9,977,153	)
Fund Share Transactions
Proceeds from sale of shares		46,374,656			75,557,758
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,153,580			3,133,335
		48,528,236			78,691,093
Cost of shares redeemed		(20,033,228	)		(43,237,254	)
Net increase (decrease) in net assets from Fund share transactions		28,495,008			35,453,839
Net increase (decrease) in net assets		40,661,769			32,816,599
Net assets at the beginning of period		173,359,485			140,542,886
Net assets at the end of period	$	214,021,254		$	173,359,485
Undistributed (Over-distribution of) net investment income at the end of period	$	32,165		$	99,227

See accompanying notes to financial statements.

Nuveen Investments 27

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
			Investment Operations							Less Distributions
Year Ended July 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
2012(g)	$	10.22	$	.27	$	.68		$	.95	$	(.27	)	$	(.03	)	$	(.30	)	$	10.87		9.48	%
2011		10.42		.54		(.11	)		.43		(.54	)		(.09	)		(.63	)		10.22		4.38
2010		9.80		.52		.60			1.12		(.50	)		—			(.50	)		10.42		11.68
2009		9.78		.49		.01			.50		(.48	)		—			(.48	)		9.80		5.35
2008		10.12		.49		(.37	)		.12		(.46	)		—			(.46	)		9.78		1.17
2007(f)		10.00		.07		.05			.12		—			—			—			10.12		1.20

28 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement									Ratios to Average Net Assets After Reimbursement(d)
Ending Net Assets (000)		Expenses Including Interest(e)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Expenses Including Interest(e)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	214,021		.10	%*		.10	%*		4.96	%*		.01	%*		—	%*		5.06	%*		10	%
	173,359		.09			.08			5.25			.01			—			5.33			17
	140,543		.17			.17			4.89			—			—			5.06			40
	92,354		.25			.25			4.87			—			—			5.12			23
	49,024		.44			.44			3.97			—			—			4.41			55
	5,569		1.26	*		1.26	*		2.67	*		—	*		—	*		3.92	*		7

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

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

(d) After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) 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 Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.

(f) For the period May 31, 2007 (commencement of operations) through July 31, 2007.

(g) For the six months ended January 31, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 29

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General 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”), among others. The Trust was organized as a Massachusetts business trust on November 14, 2006.

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

The Fund’s primary investment objective is to seek attractive total return. The Fund also seeks to provide high current income exempt from regular federal income taxes. Nuveen Asset Management, LLC (the “Sub-Adviser”) a wholly-owned subsidiary of Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), 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) (high yield), and unrated municipal securities. The Fund will focus on securities with intermediate to longer term maturities. The Fund may invest up to 50% of its net assets in high yield municipal bonds, but will normally invest 10-30% of its net assets in such bonds. Such securities are commonly referred to as “high yield” securities or junk bonds. The Fund may invest up to 5% of its net assets in defaulted bonds and up to 50% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floating rate securities”). The credit quality of the bonds underlying all leveraged municipal securities will be rated AA/Aa or higher, or, if unrated, judged to be of comparable quality by the Sub-Adviser. The Fund may also make forward commitments in which the Fund agrees to buy a security for settlement in the future at a price agreed upon today.

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

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Prices of municipal bonds are provided by a pricing service approved by the Fund’s Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available (which is usually the case for municipal bonds) 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. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Fund’s Board of Trustees or its designee 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 a Fund’s net asset value (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 them 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 classified as Level 2 or as Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Fund’s Board of Trustees or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Fund as of the end of the reporting period.

30 Nuveen Investments

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At January 31, 2012, the Fund had outstanding when-issued/delayed delivery purchase commitments of $1,506,673.

Investment Income

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

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.

Income Taxes

The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, the Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Fund. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.

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

Dividends and Distributions to Shareholders

The Fund declares dividends from its net investment income daily and pays 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 Fund’s 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.

Derivative Financial Instruments

The Fund is authorized to invest in certain derivative instruments, including, futures, options and swap contracts. Although the Fund is authorized to invest in such derivative instruments, and may do so in the future, it did not make any such investments during the six months ended January 31, 2012.

Inverse Floating Rate Securities

The Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as the Fund) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

The Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by the Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An

Nuveen Investments 31

Notes to Financial Statements (Unaudited)(continued)

investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as “Interest expense on floating rate obligations” on the Statement of Operations.

During the six months ended January 31, 2012, the Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.

The Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which the Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, the Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of the Fund’s inverse floater investments as the Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities. At January 31, 2012, the Fund’s maximum exposure to externally-deposited Recourse Trusts was $15,280,000.

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters for the Fund during the six months ended January 31, 2012, were as follows:

Average floating rate obligations outstanding	$	1,335,000
Average annual interest rate and fees		0.70	%

Zero Coupon Securities

The Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt 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.

Custodian Fee Credit

The Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on the Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which the Fund overdraws its account at the custodian bank.

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.

Use of Estimates

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

2. Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 –	Quoted prices in active markets for identical securities.
Level 2 –	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

32 Nuveen Investments

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of January 31, 2012:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	206,744,051	$	—	$	206,744,051
Short-Term Investments		—		200,270		—		200,270
Total	$	—	$	206,944,321	$	—	$	206,944,321

During the six months ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

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. The Fund did not invest in derivative instruments during the six months ended January 31, 2012.

4. Fund Shares

Transactions in Fund shares were as follows:

	Six Months Ended 1/31/12						Year Ended 7/31/11
	Shares			Amount			Shares			Amount
Shares sold		4,410,917		$	46,374,656			7,482,587		$	75,557,758
Shares issued to shareholders due to reinvestment of distributions		204,550			2,153,580			310,095			3,133,335
Shares redeemed		(1,902,926	)		(20,033,228	)		(4,308,352	)		(43,237,254	)
Net increase (decrease)		2,712,541		$	28,495,008			3,484,330		$	35,453,839

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments) during the six months ended January 31, 2012, aggregated $41,457,136 and $19,279,472, respectively.

6. Income Tax Information

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 net asset value of the Fund.

At January 31, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

Cost of investments	$	189,467,067
Gross unrealized:
Appreciation	$	16,394,826
Depreciation		(252,577	)
Net unrealized appreciation (depreciation) of investments	$	16,142,249

Permanent differences, primarily due to taxable market discount and distribution character reclassifications, resulted in reclassifications among the Fund’s components of net assets at July 31, 2011, the Fund’s last tax year-end, as follows:

Capital paid-in	$	—
Undistributed (Over-distribution of) net investment income		(5,853	)
Accumulated net realized gain (loss)		5,853

Nuveen Investments 33

Notes to Financial Statements (Unaudited)(continued)

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at July 31, 2011, the Fund’s last tax year end, were as follows:

Undistributed net tax-exempt income*	$	694,479
Undistributed net ordinary income**		83,277
Undistributed net long-term capital gains		231,327

* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared during the period July 1, 2011 through July 31, 2011, and paid on August 1, 2011.

** 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, 2011, was designated for purposes of the dividends paid deduction as follows:

Distributions from net tax-exempt income	$	8,237,720
Distributions from net ordinary income**		330,031
Distributions from net long-term capital gains		1,125,176

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

7. Management Fees and Other Transactions with Affiliates

The Adviser does not charge any investment advisory or administrative fees 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 is compensated for its services to the Fund from the fee charged at the separately managed account level.

At January 31, 2012, Nuveen owned 10,000 shares of the Fund.

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

34 Nuveen Investments

Notes

Nuveen Investments 35

Notes

36 Nuveen Investments

Notes

Nuveen Investments 37

Glossary of Terms Used in this Report

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

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

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For the Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

38 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) the Fund’s quarterly portfolio of investments, (ii) information regarding how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 39

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates — Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed $220 billion as of December 31, 2011.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/mf

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-MAPS-0112P

Mutual Fund

Nuveen Managed Accounts Portfolios Trust

For investors seeking attractive monthly income potential.

Semi-Annual Report

January 31, 2012

Fund Name	Ticker Symbol
Enhanced Multi-Strategy Income Managed Accounts Portfolio	NEMPX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Manager’s Comments	5
Fund Performance and Expense Ratios	9
Yields	10
Holding Summaries	11
Expense Examples	12
Portfolio of Investments	13
Statement of Assets and Liabilities	19
Statement of Operations	20
Statement of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	24
Glossary of Terms Used in this Report	34
Additional Fund Information	35

Chairman’s

Letter to Shareholders

Dear Shareholders,

These are perplexing times for investors. The global economy continues to struggle. The solutions being implemented in the eurozone to deal with the debt crises of many of its member countries are not yet seen as sufficient by the financial markets. The political paralysis in the U.S. has prevented the compromises necessary to deal with the fiscal imbalance and government spending priorities. The efforts by individual consumers, governments and financial institutions to reduce their debts are increasing savings but reducing demand for the goods and services that drive employment. These developments are undermining the rebuilding of confidence by consumers, corporations and investors that is so essential to a resumption of economic growth.

Although it is painfully slow, progress is being made. In Europe, the turnover of a number of national governments reflects the realization by politicians and voters alike that leaders who practiced business as usual had to be replaced by leaders willing to face problems and accept the hard choices needed to resolve them. The recent coordinated efforts by central banks in the U.S. and Europe to provide liquidity to the largest European banks indicates that these monetary authorities are committed to facilitating a recovery in the European banking sector.

In the U.S., the failure of the congressionally appointed Debt Reduction Committee was a blow to those who hoped for a bipartisan effort to finally begin addressing the looming fiscal crisis. Nevertheless, Congress and the administration cannot ignore the issue for long. The Bush era tax cuts are scheduled to expire on December 31, 2012, and six months later the $1.2 trillion of mandatory across-the-board spending cuts under the Budget Control Act of 2011 begin to go into effect. Any legislative modification would require bipartisan support and the prospects for a bipartisan solution are unclear. The impact of these two developments would be a mixed blessing: a meaningful reduction in the annual budget deficit at the cost of slowing the economic recovery.

It is in these particularly volatile markets that professional investment management is most important. Skillful investment teams who have experienced challenging markets and remain committed to their investment disciplines are critical to the success of an investor’s long-term objectives. In fact, many long-term investment track records are built during challenging markets when managers are able to protect investors against these economic crosscurrents. Experienced investment teams know that volatile markets put a premium on companies and investment ideas that will weather the short-term volatility and that compelling values and opportunities are opened up when markets overreact to negative developments. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board

March 22, 2012

4 Nuveen Investments

Portfolio Manager’s Comments

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 Portfolio disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

The Portfolio was developed exclusively for use within Nuveen-sponsored separately managed accounts. The Portfolio enables certain Nuveen separately managed account investors to achieve greater diversification and return potential than otherwise might be achievable.

The Portfolio is managed by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Timothy Palmer, CFA, serves as manager for the Portfolio. Here Tim, who has more than 25 years of industry experience, discusses the investment strategies and the performance of the Portfolio for the six-month period ended January 31, 2012.

How did the Portfolio perform during the six-month period ended January 31, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class I Share total returns for the Portfolio for the six-month, one-year and since inception periods ended January 31, 2012. The Portfolio’s Class I Share total return underperformed the Barclays Capital Credit/Mortgage Index for the six-month period ended January 31, 2012. A more detailed account of the Portfolio’s performance is provided later in this report.

What strategies were used to manage the Portfolio during the reporting period? How did these strategies influence performance?

Under normal circumstances, the Portfolio will invest at least 80% of its assets in fixed- income securities, including U.S. Treasury and agency bonds, asset backed securities, U.S. agency mortgage backed securities, commercial mortgage backed securities, U.S. investment grade corporate debt securities, U.S. high yield corporate debt securities, U.S. dollar-denominated non-U.S. government bonds, non-U.S. dollar non-U.S. government bonds, emerging market debt, futures, options, interest rate derivatives, currency forwards, total return swaps, credit default swaps, and other short-term securities or instruments.

In managing the Portfolio, we seek to maximize risk-adjusted total return through active management of sector rotation, issue selection and yield curve positioning. We employ a sector team-based process to identify and implement investment opportunities based on rigorous analysis of fixed income markets. The Portfolio invests broadly across sectors, including traditional investment grade bonds, high yield securities, and foreign currencies and bonds.

Heading into the period, we positioned the Portfolio for an ongoing economic expansion as second quarter 2011 corporate earnings were strong, credit metrics across the

Nuveen Investments 5

investment grade and high-yield sectors remained fundamentally supportive, and capital, liquidity and credit trends at financial institutions continued to be constructive. However, fixed income markets experienced a massive flight to quality in August and September, driven by a lack of a credible solution to the European debt crisis, months of Congressional debate about the U.S. debt ceiling and fears of slowing economic growth. U.S. Treasuries rallied and rates plummeted as the market priced in weaker growth and future policy responses. With this backdrop, non-government fixed-income securities endured their worst three-month performance in the third quarter of 2011 since the liquidity crisis of late 2008. High yield and investment grade corporate securities significantly underperformed U.S. Treasuries with financials performing particularly poorly amid the stresses in Europe. In this so-called “risk off” environment, the Portfolio underperformed, particularly due to our overweight position in investment grade corporate securities, with specific emphasis on financials and lower rated, high grade holdings. The Portfolio’s substantial overweight in high yield corporate securities was also detrimental. Additionally, our overweight in foreign bonds and currencies did not prove fruitful in the risk averse environment, despite the strong growth fundamentals, compelling yields and attractive credit profiles of select overseas markets.

In the second half of the reporting period, a combination of improved economic indicators and stabilization in Europe caused a strong rally in the equity markets, paving the way for a contraction in fixed income risk premiums. Fixed income risk assets — particularly high yield corporate securities, but also emerging market (EM) debt and commercial mortgage-backed securities (CMBS) — outpaced U.S. Treasuries by significant margins. In a significant reversal from the previous few months, the Portfolio benefited from its overweight in investment grade corporate securities, particularly the previously noted emphasis on lower rated, investment grade financial sector holdings. An overweight in high yield securities and CMBS also added to results as these asset classes were the top two performers. In addition, foreign currency exposure in some of the strongest performing countries such as Canada and Australia proved beneficial. This environment helped the Portfolio recover some of the underperformance experienced during third quarter’s global market sell off. These sector-driven impacts on portfolio performance were the most significant drivers of return during the period. Interest rate positioning in the portfolio added to return, but was not as significant a driver of relative performance.

We maintained the Portfolio’s overall positioning for an improving economic environment throughout the period. Our ongoing fundamental research conclusions supported our conviction that the turmoil early in the period reflected a short term market overreaction and liquidity withdrawal, rather than a fundamental deterioration in the economic prospects of the positions in the Portfolio. As a result, turnover was relatively low and activity in the Portfolio centered on maintaining key positioning and themes. We continued to evaluate the Portfolio with respect to individual credit and country/currency selection.

We are encouraged by recent improvements in U.S. economic data and expect global growth to remain on track, supporting risk appetite and valuations in financial markets. While there is no near-term fix for the European debt and banking crisis, ongoing fiscal

6 Nuveen Investments

efforts and the provision of substantial liquidity to the banking system may provide a supporting framework that could gradually reduce financial crisis “tail risk” premiums in the market. The markets are likely to increasingly shift their focus toward strong corporate fundamentals and the improved global economic environment. As a result, even though continued market volatility is likely, we expect credit and other non-government sectors of the market to outperform over reasonable investment horizons.

With this outlook in mind, we continue to overweight investment-grade and high-yield corporate bonds as well as structured assets such as asset-backed securities and CMBS. We also remain constructive on select growth-oriented, higher yielding foreign currencies and bonds and see value in emerging market debt. Despite near-term uncertainty and volatility, we believe investors are best served by focusing on the long-term benefits of owning fundamentally sound assets at attractive valuations. As markets stabilize and focus shifts away from global shocks and high asset correlation, we believe individual credit, industry and country/currency selection will exhibit a greater impact on investment performance. In a slow growth global environment, the rising tide will not necessarily lift all boats, so we believe security selection and flexibility will be key.

Despite the historically low interest rates, we will continue to maintain the Portfolio’s duration positioning near that of its benchmark index, given the Federal Reserve’s ongoing provision of substantial liquidity and low inflationary pressures. Our longer-term bias is for moderately higher rates, but future positioning will be dependent on market risk appetite, valuations and the unfolding paths of global growth and policy.

We also invested in various derivative instruments over the course of the period. We invested in credit default swap index positions that earn spread income in exchange for taking the credit default risk of broad investment grade and high yield default swap indexes. These positions had a positive effect on performance in the period as credit strengthened, and these positions were significant in size relative to the total value of the portfolio. We also invested in interest rate swap contracts in a variety of currencies, with maturities ranging from three to ten years, some positioned to benefit if rates rise, others positioned to benefit if rates fall in the underlying country, based on analysis indicating whether rates were relatively high or low compared to future expectations.

We invested in forward foreign currency exchange contracts in a variety of currencies, with settlements ranging from one to three months. Some of these contracts are positioned to benefit if the foreign currencies in the contracts strengthen with respect to the U.S. dollar, while others are positioned to benefit if the foreign currencies weaken with respect to the U.S. dollar, based on analysis indicating whether currencies were relatively high or low compared to future expectations.

During the period, we also invested in U.S Treasury futures to manage the interest rate risk in the Portfolio. We exited out of these positions prior to the close of the reporting period.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities are subject to credit risk, market risk, call risk, income risk, and interest rate risk.

Nuveen Investments 7

As interest rates rise, bond prices fall. Credit risk refers to an issuer’s ability to make interest and principal payments when due. Below investment grade or high-yield securities involve liquidity risks and heightened credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Asset-backed and mortgage- backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments. The potential use of derivative instruments involves a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.

8 Nuveen Investments

Fund Performance and Expense Ratios (Unaudited)

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

Returns quoted represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect a contractual agreement between the Fund and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Fund’s investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

Fund Performance

Average Annual Total Returns as of January 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class I Shares		4.48%		9.11%		12.86%
Barclays Capital Credit/Mortgage Index***		5.11%		5.02%		7.18%

Latest Calendar Quarter – Average Annual Total Returns as of December 31, 2011*

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class I Shares		2.10%		5.05%		12.14%

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratio		Net Expense Ratio
Class I Shares		2.25%		0.00%

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

* Six-month returns are cumulative; all other returns are annualized.

** Since inception returns are from 12/27/07.

*** Refer to the Glossary of Terms Used in this Report for definitions.

Nuveen Investments 9

Yields(Unaudited)as of January 31, 2012

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

The SEC 30-Day Yield is a standardized measure of the Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the 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. 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.

	Dividend Yield		SEC 30-Day Yield
Class I Shares		6.63%		5.78%

10 Nuveen Investments

Holding Summaries (Unaudited) as of January 31, 2012

This data relates to the securities held in the Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

Portfolio Credit Quality¹

Portfolio Allocation2
Corporate Bonds	44.1%
Mortgage-Backed Securities	32.3%
Short-Term Investments	17.7%
Capital Preferred Securities	3.1%
Taxable Municipal Bonds	1.2%
U.S. Government and Agency Obligations	1.1%
Sovereign Debt	0.3%
$25 Par (or similar) Preferred Securities	0.2%

Corporate Debt: Industries3
Diversified Financial Services	19.6%
Capital Markets	10.8%
Media	10.3%
Metals & Mining	10.2%
Oil, Gas & Consumable Fuels	7.4%
Diversified Telecommunication Services	7.3%
Insurance	5.2%
Tobacco	3.1%
Chemicals	2.9%
Commercial Banks	2.3%
Consumer Finance	2.1%
Other	18.8%

1 As a percentage of total investments (excluding repurchase agreements and investments in derivatives) as of January 31, 2012. Holdings are subject to change.

2 As a percentage of total investments (excluding investments in derivatives) as of January 31, 2012. Holdings are subject to change.

3 As a percentage of total corporate debt holdings as of January 31, 2012. Corporate debt holdings include corporate bonds (high-yield investment grade rated), convertible bonds and any other debt instruments issued by a corporation (or that references a corporation) held by the Fund at the end of the reporting period. The percentage of “Other” corporate debt represents the total of all corporate debt industries that recalculate to less than 2.1% of total corporate debt holdings. Holdings are subject to change.

Nuveen Investments 11

Expense Examples (Unaudited)

As a shareholder of the Fund, you 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 Example below is 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 Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.

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

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

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

			Hypothetical Performance
	Actual Performance		(5% annualized return before expenses)
Beginning Account Value (8/01/11)	$	1,000.00	$	1,000.00
Ending Account Value (1/31/12)	$	1,044.80	$	1,025.14
Expenses Incurred During Period	$	—	$	—

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

12 Nuveen Investments

Portfolio of Investments (Unaudited)

Enhanced Multi-Strategy Income Managed Accounts Portfolio

January 31, 2012

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CORPORATE BONDS – 55.0%
		Aerospace & Defense – 0.6%
$	25	DynCorp International Inc.		10.375%		7/01/17		B2	$	22,063
	10	Raytheon Company		4.400%		2/15/20		A–		11,027
	35	Total Aerospace & Defense								33,090
		Airlines – 0.4%
	25	Air Canada, 144A		12.000%		2/01/16		B–		21,875
		Auto Components – 0.5%
	25	Dana Holding Corporation		6.500%		2/15/19		BB–		26,594
		Beverages – 1.0%
	30	Anheuser Busch InBev		8.200%		1/15/39		A–		47,166
	5	Miller Brewing Company, 144A		5.500%		8/15/13		BBB+		5,297
	35	Total Beverages								52,463
		Biotechnology – 0.3%
	15	STHI Holding Corporation, 144A		8.000%		3/15/18		B		15,919
		Capital Markets – 6.0%
	20	Bank of New York Mellon		4.300%		5/15/14		Aa2		21,519
	95	Goldman Sachs Group, Inc.		5.500%		11/15/14		A1		101,242
	120	Goldman Sachs Group, Inc.		6.000%		6/15/20		A1		126,821
	45	Morgan Stanley		5.625%		9/23/19		A2		44,779
	15	Morgan Stanley		5.500%		7/28/21		A2		14,832
	15	State Street Corporation		4.956%		3/15/18		A3		15,747
	310	Total Capital Markets								324,940
		Chemicals – 1.6%
	20	CF Industries Inc.		6.875%		5/01/18		BB+		23,200
	20	Dow Chemical Company		4.250%		11/15/20		BBB		21,353
	10	E.I. Du Pont de Nemours and Company		3.250%		1/15/15		A		10,713
	5	Praxair, Inc.		4.500%		8/15/19		A		5,755
	25	Rhodia SA, 144A		6.875%		9/15/20		BBB+		27,500
	80	Total Chemicals								88,521
		Commercial Banks – 1.3%
	25	Banco Bradesco S.A. Grand Cayman, 144A		4.125%		5/16/16		Baa1		25,125
	40	HSBC Holdings PLC		6.800%		6/01/38		A1		44,893
	65	Total Commercial Banks								70,018
		Consumer Finance – 1.1%
	35	American Express Credit Corporation		7.300%		8/20/13		A2		38,105
	20	Capital One Bank		8.800%		7/15/19		Baa1		24,188
	55	Total Consumer Finance								62,293
		Containers & Packaging – 0.1%
	5	Intertape Polymer US Inc.		8.500%		8/01/14		Caa1		4,900
		Diversified Financial Services – 10.7%
	10	Bak of America Corporation		3.750%		7/12/16		A–		9,847
	155	Bak of America Corporation		5.875%		1/05/21		A–		159,223
	50	Citigroup Inc.		6.125%		11/21/17		A–		55,011
	105	Citigroup Inc.		5.375%		8/09/20		A–		111,181
	40	Citigroup Inc.		6.875%		3/05/38		A–		47,010

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Enhanced Multi-Strategy Income Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Diversified Financial Services (continued)
$	30	General Electric Capital Corporation		5.300%		2/11/21		AA	$	32,635
	25	General Electric Capital Corporation		6.875%		1/10/39		AA+		31,031
	75	JP Morgan Chase & Company		6.000%		1/15/18		Aa3		85,030
	55	JP Morgan Chase & Company		4.250%		10/15/20		Aa3		55,983
	545	Total Diversified Financial Services								586,951
		Diversified Telecommunication Services – 4.0%
	35	AT&T, Inc.		6.800%		5/15/36		A2		44,438
	15	France Telecom		5.375%		7/08/19		A–		16,718
	27	IntelSat Bermuda Limited		11.500%		2/04/17		CCC+		27,529
	50	Telecom Italia Capital		5.250%		10/01/15		BBB		48,313
	25	Telefonica Emisiones SAU		4.949%		1/15/15		BBB+		25,831
	45	Verizon Communications		6.250%		4/01/37		A–		54,770
	197	Total Diversified Telecommunication Services								217,599
		Electric Utilities – 0.3%
	15	FirstEnergy Solutions Corporation		6.050%		8/15/21		BBB–		17,030
		Energy Equipment & Services – 0.4%
	5	Nabors Industries Inc.		9.250%		1/15/19		BBB		6,317
	15	Weatherford International Limited		7.000%		3/15/38		BBB		17,746
	20	Total Energy Equipment & Services								24,063
		Food & Staples Retailing – 1.0%
	20	CVS Caremark Corporation		3.250%		5/18/15		BBB+		21,221
	10	Safeway Inc.		6.250%		3/15/14		BBB		11,042
	25	Supervalu Inc.		7.500%		11/15/14		B		25,469
	55	Total Food & Staples Retailing								57,732
		Food Products – 0.1%
	5	Kraft Foods Inc.		6.125%		2/01/18		Baa2		5,972
		Gas Utilities – 0.1%
	5	Ferrellgas LP		6.500%		5/01/21		Ba3		4,325
		Health Care Providers & Services – 0.5%
	20	UnitedHealth Group Incorporated		6.875%		2/15/38		A–		27,356
		Household Durables – 0.2%
	15	MDC Holdings Inc.		5.625%		2/01/20		Baa3		13,880
		Independent Power Producers & Energy Traders – 1.0%
	25	Calpine Corporation, 144A		7.875%		7/31/20		BB–		26,938
	25	NRG Energy Inc.		7.375%		1/15/17		BB–		25,844
	50	Total Independent Power Producers & Energy Traders								52,782
		Industrial Conglomerates – 0.4%
	20	Offshore Group Investment Limited		11.500%		8/01/15		B–		22,150
		Insurance – 2.9%
	25	Berkshire Hathaway Finance Corporation		5.400%		5/15/18		AA+		29,830
	20	Genworth Financial Inc.		6.515%		5/22/18		BBB		19,718
	40	Hartford Financial Services Group Inc.		6.000%		1/15/19		BBB		42,265
	15	MetLife Inc.		7.717%		2/15/19		A–		18,995
	20	Prudential Financial Inc.		7.375%		6/15/19		A		24,334
	20	Prudential Financial Inc.		5.900%		3/17/36		A		21,226
	140	Total Insurance								156,368

14 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Media – 5.7%
$	20	Comcast Corporation		6.400%		5/15/38		BBB+	$	24,371
	10	Cox Communications, Inc		5.500%		10/01/15		BBB		11,363
	35	DIRECTV Holdings LLC		5.200%		3/15/20		BBB		38,666
	50	News America Holdings Inc.		6.150%		2/15/41		BBB+		59,714
	55	Time Warner Cable Inc.		6.550%		5/01/37		BBB		63,155
	30	Time Warner Inc.		4.875%		3/15/20		BBB		33,511
	40	Viacom Inc.		6.875%		4/30/36		BBB+		52,434
	25	XM Satellite Radio Inc., 144A		7.625%		11/01/18		BB		26,781
	265	Total Media								309,995
		Metals & Mining – 5.6%
	25	Alcoa Inc.		5.400%		4/15/21		BBB–		26,247
	25	ArcelorMittal		7.000%		10/15/39		BBB–		25,057
	50	Newmont Mining Corporation		6.250%		10/01/39		BBB+		60,945
	25	Patriot Coal Corporation		8.250%		4/30/18		B+		23,250
	15	Southern Copper Corporation		7.500%		7/27/35		BBB		17,070
	25	Teck Resources Limited		6.125%		10/01/35		BBB		28,459
	25	Teck Resources Limited		6.250%		7/15/41		BBB		29,400
	25	United States Steel Corporation		6.050%		6/01/17		BB		24,750
	40	Vale Overseas Limited		6.875%		11/10/39		A–		47,393
	25	Vedanta Resources PLC, 144A		9.500%		7/18/18		BB		22,250
	280	Total Metals & Mining								304,821
		Multiline Retail – 0.8%
	35	Target Corporation		5.375%		5/01/17		A+		41,560
		Oil, Gas & Consumable Fuels – 4.1%
	10	Anadarko Petroleum Corporation		7.625%		3/15/14		BBB–		11,114
	55	Anadarko Petroleum Corporation		6.200%		3/15/40		BBB–		64,810
	10	Chevron Corporation		3.950%		3/03/14		Aa1		10,699
	20	Enbridge Energy Partners LP		5.200%		3/15/20		BBB		22,348
	25	Plains All American Pipeline L.P		5.750%		1/15/20		BBB–		28,679
	25	SM Energy Company		6.625%		2/15/19		BB		26,250
	25	SunCor Energy Inc.		6.100%		6/01/18		BBB+		30,300
	25	Western Refining Inc.		11.250%		6/15/17		B+		28,250
	195	Total Oil, Gas & Consumable Fuels								222,450
		Paper & Forest Products – 0.6%
	25	International Paper Company		8.700%		6/15/38		BBB		34,902
		Pharmaceuticals – 0.5%
	25	Valeant Pharmaceuticals International, 144A		6.875%		12/01/18		BB–		25,594
		Real Estate Investment Trust – 0.5%
	25	Prologis Inc.		6.875%		3/15/20		Baa2		28,716
		Specialty Retail – 0.4%
	25	Armored AutoGroup Inc., 144A		9.250%		11/01/18		CCC+		20,875
		Thrifts & Mortgage Finance – 0.6%
	30	WEA Finance LLC, 144A		4.625%		5/10/21		A2		31,666

Nuveen Investments 15

Portfolio of Investments (Unaudited)

Enhanced Multi-Strategy Income Managed Accounts Portfolio (continued)

January 31, 2012

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Tobacco – 1.7%
$	15	Altria Group Inc.		4.750%		5/05/21		Baa1	$	16,590
	50	Altria Group Inc.		9.950%		11/10/38		Baa1		77,358
	65	Total Tobacco								93,948
$	2,707	Total Corporate Bonds (cost $2,803,435)								3,001,348
Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CAPITAL PREFERRED SECURITIES – 3.9%
		Commercial Banks – 0.9%
	55	Wachovia Capital Trust III		5.570%		3/15/42		BBB+	$	48,608
		Consumer Finance – 0.7%
	40	Capital One Capital III Corporation		7.686%		8/01/66		Baa3		40,400
		Diversified Financial Services – 1.5%
	80	JP Morgan Chase Capital Trust XX Ser T		6.550%		9/29/36		A2		80,457
		Insurance – 0.8%
	50	Catlin Insurance Company Limited		7.249%		1/19/17		BBB+		43,500
		Total Capital Preferred Securities (cost $218,801)								212,965
Principal Amount (000)/ Shares		Description (1)	Coupon				Ratings (2)		Value
		$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 0.3%
		Commercial Banks – 0.3%
	20 EUR	Barclays Bank PLC		4.750%				BBB	$	14,912
		Total $25 Par (or similar) Preferred Securities (cost $22,006)								14,912
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		MORTGAGE-BACKED SECURITIES – 40.3%
		Residential – 40.3%
$	418	Federal National Mortgage Association Pool 929182		5.000%		3/01/38		AAA	$	452,152
	69	Federal National Mortgage Association Pool 946228		6.158%		9/01/37		AAA		75,076
	196	Federal National Mortgage Association Pool 984834		5.000%		7/01/38		AAA		211,704
	170	Federal National Mortgage Association Pool MDR (WI/DD)		4.000%		TBA		AAA		179,695
	200	Federal National Mortgage Association Pool (WI/DD)		4.500%		TBA		AAA		213,719
	985	Federal National Mortgage Association Pool MDR (WI/DD)		5.500%		TBA		AAA		1,070,572
$	2,038	Total Mortgage-Backed Securities (cost $2,130,157)								2,202,918
Principal Amount (000)		Description (1)			Optional Call Provisions (3)		Ratings (2)		Value
		TAXABLE MUNICIPAL BONDS – 1.5%
		Illinois – 1.5%
$	75	Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19				No Opt. Call		A+	$	82,842
$	75	Total Taxable Municipal Bonds (cost $75,000)								82,842

16 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.4%
$	125	United States of America Treasury Securities, STRIPS (P/O)		0.000%		5/15/30		AAA	$	75,016
$	125	Total U.S. Government and Agency Obligations (cost $53,366)								75,016
Principal Amount (000) (4)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		SOVEREIGN DEBT – 0.3%
		Peru – 0.3%
$	15	Republic of Peru		6.550%		3/14/37		BBB	$	18,862
		Total Sovereign Debt (cost $16,782)								18,862
Principal Amount (000)		Description (1)			Coupon		Maturity		Value
		SHORT-TERM INVESTMENTS – 22.1%
$	1,206	Repurchase Agreement with State Street Bank, dated 1/31/12, repurchase price $1,206,358, collateralized by $1,090,000 U.S. Treasury Notes, 3.125%, due 5/15/21, value $1,234,871				0.010%		2/01/12	$	1,206,358
		Total Short-Term Investments (cost $1,206,358)								1,206,358
		Total Investments (cost $6,525,905) – 124.8%								6,815,221
		Other Assets Less Liabilities – (24.8)% (5)								(1,354,644)
		Net Assets – 100%							$	5,460,577

Investments in Derivatives at January 31, 2012

Forward Foreign Currency Exchange Contracts outstanding:

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency		Amount (Local Currency)		Settlement Date		Unrealized Appreciation (Depreciation) (U.S. Dollars)
Bank of America	Japanese Yen		9,000,000		U.S. Dollar		115,900		2/21/12	$	(2,203	)
Bank of America	Swiss Franc		85,000		U.S. Dollar		92,651		2/08/12		303
Bank of America	U.S. Dollar		99,132		Australian Dollar		100,000		2/21/12		6,807
Citibank	Euro		60,000		U.S. Dollar		78,307		2/21/12		(179	)
Citibank	U.S. Dollar		207,922		Canadian Dollar		215,000		2/21/12		6,400
Citibank	U.S. Dollar		60,536		New Zealand Dollar		80,000		2/08/12		5,489
Citibank	U.S. Dollar		54,292		South Korean Won		63,000,000		2/13/12		1,740
JPMorgan Chase	U.S. Dollar		21,326		South African Rand		180,000		2/21/12		1,623
Morgan Stanley	U.S. Dollar		36,083		Mexican Peso		500,000		2/21/12		2,215
										$	22,195

Interest Rate Swaps outstanding:

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate*

Fixed Rate Payment Frequency

Termination Date

Value (U.S. Dollars)

Unrealized Appreciation (Depreciation) (U.S. Dollars)

Citibank

2,200,000

ZAR

Pay

3-Month JIBAR

7.655%

Quarterly

1/07/21

$

7,555

$

7,555

RBC

250,000

NZD

Pay

3-Month NZD-BBR

6.045

Semi-Annually

6/22/19

31,134

31,288

$

38,843

*Annualized.

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Enhanced Multi-Strategy Income Managed Accounts Portfolio (continued)

January 31, 2012

Credit Default Swaps outstanding:

Counterparty	Referenced Entity	Buy/Sell Protection (7)	Current Credit Spread (6)			Notional Amount (U.S. Dollars)		Fixed Rate			Termination Date		Value (U.S. Dollars)			Unrealized Appreciation (Depreciation) (U.S. Dollars)
JPMorgan Chase	DJ High Yield CDX	Sell		5.67	%	$	588,000		5.000	%		12/20/16	$	(12,268	)	$	60,864
JPMorgan Chase	DJ Investment Grade CDX	Sell		1.01			2,250,000		1.000			12/20/16		1,792			54,590
																$	115,454

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

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

(3) 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.

(4) Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

(5) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives at January 31, 2012.

(6) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the seller of protection.

(7) The Fund entered into the credit default swap to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning that referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

TBA To be announced. Maturity date not known prior to settlement of this transaction.

WI/DD Purchased on a when-issued or delayed delivery basis.

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.

MDR Denotes investment is subject to dollar roll transactions.

P/O Principal only security.

EUR Euro

NZD New Zealand Dollar

ZAR South Africa Rand

JIBAR Johannesburg Inter-Bank Agreed Rate

NZD-BBR New Zealand Dollar-Bank Bill Rate

See accompanying notes to financial statements.

18 Nuveen Investments

Statement of Assets and Liabilities (Unaudited)

January 31, 2012

Assets
Long-term investments, at value (cost $5,319,547)	$	5,608,863
Short-term investments (at cost, which approximates value)		1,206,358
Cash		985
Cash denominated in foreign currencies (cost $5,319,547)		69,326
Unrealized appreciation on:
Credit default swaps		115,454
Forward foreign currency exchange contracts		24,577
Interest rate swaps		38,843
Receivables:
Due from broker (net of amounts deemed uncollectable of $11,520)		1,093
From Adviser		18,629
Interest		58,063
Other assets		30
Total assets		7,142,221
Liabilities
Unrealized deprecation on forward foreign currency exchange contracts		2,382
Credit default swaps premiums received		125,930
Interest rate swaps premiums received		154
Payables:
Dividends		30,155
Investments purchased		1,461,323
Accrued other expenses		61,700
Total liabilities		1,681,644
Net assets	$	5,460,577
Shares outstanding		527,231
Net asset value per share	$	10.36
Net assets consist of:
Capital paid-in	$	5,254,768
Undistributed (Over-distribution of) net investment income		(42,679	)
Accumulated net realized gain (loss)		(216,502	)
Net unrealized appreciation (depreciation)		464,990
Net assets	$	5,460,577
Authorized shares		Unlimited
Par value per share	$	0.01

See accompanying notes to financial statements.

Nuveen Investments 19

Statement of Operations (Unaudited)

Six Months Ended January 31, 2012

Investment Income	$	140,443
Expenses
Shareholders’ servicing agent fees and expenses		273
Custodian’s fees and expenses		21,579
Trustees’ fees and expenses		86
Professional fees		18,201
Shareholders’ reports – printing and mailing expenses		23,191
Federal and state registration fees		8,407
Other expenses		3,116
Total expenses before expense reimbursement		74,853
Expense reimbursement		(74,853	)
Net expenses		—
Net investment income (loss)		140,443
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		37,823
Forward foreign currency exchange contracts		(30,516	)
Futures contracts		(20,996	)
Swaps		(140,614	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		38,005
Forward foreign currency exchange contracts		27,118
Futures contracts		4,467
Swaps		174,025
Net realized and unrealized gain (loss)		89,312
Net increase (decrease) in net assets from operations	$	229,755

See accompanying notes to financial statements.

20 Nuveen Investments

Statement of Changes in Net Assets (Unaudited)

	Six Months Ended 1/31/12			Year Ended 7/31/11
Operations
Net investment income (loss)	$	140,443		$	337,163
Net realized gain (loss) from:
Investments and foreign currency		37,823			191,353
Forward foreign currency exchange contracts		(30,516	)		32,620
Futures contracts		(20,996	)		(18,959	)
Options written		—			(706	)
Swaps		(140,614	)		136,335
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		38,005			(122,678	)
Forward foreign currency exchange contracts		27,118			(20,662	)
Futures contracts		4,467			(34,914	)
Swaps		174,025			(77,330	)
Net increase (decrease) in net assets from operations		229,755			422,222
Distributions to Shareholders
From net investment income		(183,109	)		(419,263	)
From accumulated net realized gains		(272,920	)		(521,989	)
Decrease in net assets from distributions to shareholders		(456,029	)		(941,252	)
Fund Share Transactions
Proceeds from sale of shares		22,192			43,964
Cost of shares redeemed		—			(196,452	)
Net increase (decrease) in net assets from Fund share transactions		22,192			(152,488	)
Net increase (decrease) in net assets		(204,082	)		(671,518	)
Net assets at the beginning of period		5,664,659			6,336,177
Net assets at the end of period	$	5,460,577		$	5,664,659
Undistributed (Over-distribution of) net investment income at the end of period	$	(42,679	)	$	(13	)

See accompanying notes to financial statements.

Nuveen Investments 21

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
			Investment Operations							Less Distributions
Year Ended July 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
2012(g)	$	10.79	$	.27	$	.17		$	.44	$	(.35	)	$	(.52	)	$	(.87	)	$	10.36		4.48	%
2011		11.75		.64		.16			.80		(.79	)		(.97	)		(1.76	)		10.79		7.44
2010		10.56		.71		1.42			2.13		(.94	)		—			(.94	)		11.75		20.88
2009		9.81		1.08		.72			1.80		(.85	)		(.20	)		(1.05	)		10.56		20.12
2008(f)		10.00		.29		(.21	)		.08		(.27	)		—			(.27	)		9.81		.74

22 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(e)
$	5,461		2.73	%*		2.39	%*		—	%*		5.12	%*		18	%
	5,665		2.25			3.43			—			5.68			137
	6,336		2.60			3.75			—			6.34			169
	5,711		3.04			8.11			—			11.15			439
	5,262		1.16	*		3.60	*		—	**		4.75	*		120

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

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

(d) After expense reimbursement from the Adviser. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) Excluding dollar roll transactions, where applicable.

(f) For the period December 27, 2007 (commencement of operations) through July 31, 2008.

(g) For the six months ended January 31, 2012.

* Annualized.

** Annualized expense ratio rounds to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 23

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

The Nuveen Managed Accounts Portfolios Trust (the “Trust”) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Enhanced Multi-Strategy Income Managed Accounts Portfolio (“Enhanced Multi-Strategy Income”) (the “Fund”), among others. The Trust was organized as a Massachusetts business trust on November 14, 2006.

The Fund is developed exclusively for use within Nuveen-sponsored separately managed accounts. The Fund is a specialized Fund to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund enables certain Nuveen 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’s primary investment objective is total return, with current income as a secondary objective. Under normal conditions, the Fund will invest at least 80% of its net assets in fixed income securities. The Fund will invest in various types of debt securities, including U.S. Treasury and U.S. agency bonds, U.S. investment grade corporate debt securities, U.S. high yield corporate debt securities, U.S. dollar-denominated non-U.S. government bonds, non-U.S. dollar non-U.S. government bonds, emerging market debt, futures contracts, options, interest rate derivatives, currency forwards, total return swaps, credit default swaps, and other short-term securities. In addition, the Fund may invest a substantial portion of its assets in mortgage-backed securities, including U.S. agency mortgage backed securities and commercial mortgage backed securities. The Fund may also engage in repurchase, reverse repurchase, dollar rolls and forward purchase agreements (these investments will generally be short-term in nature and are primarily used to seek to enhance total return and manage liquidity).

In investing in non-U.S. dollar instruments, Nuveen Asset Management, LLC (the “Sub-Adviser”) a wholly-owned subsidiary of Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), may elect to hedge the currency exposure through the use of currency forward contracts, futures, and other hedging instruments, including, but not limited to, options, interest rate and total return swaps, and similar instruments.

The Fund may invest up to 50% of its net assets in securities that are rated below investment grade or securities that are unrated but deemed by the Sub-Adviser to be of equivalent quality. Such securities are commonly referred to as “high-yield” securities or “junk bonds”, which includes U.S. and non-U.S. high yield corporate bonds and securities. The Fund may invest up to 25% of its net assets in the debt of non-U.S. issuers, including up to 25% of its net assets in obligations of non-U.S. entities that are located in emerging markets. These limits apply only at the time of any specific new investments.

The Sub-Adviser expects the average credit quality of the Fund to be rated between A and AA. Under normal market conditions, the Sub-Adviser expects the Fund to maintain an intermediate term average duration, which will generally fall within four to seven years.

The Fund may use a variety of investment techniques to seek to hedge or help protect against declines in portfolio value due to its exposure to interest rate movements, movements in the securities markets and non-U.S. currency exposure. These techniques include the use of derivative instruments, such as interest rate swap transactions, futures contracts, options on futures and non-U.S. exchange transactions on a cash or forward basis, and credit default swaps.

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

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Prices of fixed-income securities, forward foreign currency exchange contracts and swap contracts are provided by a pricing service approved by the Fund’s Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available, 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. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (NAV) of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or

24 Nuveen Investments

exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Fund’s NAV is determined, or if under the Fund’s procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Fund’s Board of Trustees. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

The value of exchange-traded options are based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1. Options traded in the over-the-counter market are valued using an evaluated mean price and are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

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 Fund’s Board of Trustees or its designee 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 (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Fund’s Board of Trustees or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Fund as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At January 31, 2012, the Fund had outstanding when-issued/delayed delivery purchase commitments of $1,461,323.

Investment Income

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

Income Taxes

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.

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.

Dividends and Distributions to Shareholders

The Fund declares dividends from net investment income daily and pays 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 Fund’s transfer agent.

Net realized capital gains 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 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.

Nuveen Investments 25

Notes to Financial Statements (Unaudited) (continued)

Dollar Roll Transactions

The Fund is authorized to enter into dollar roll transactions (“dollar rolls”) in which the Fund purchases or sells mortgage-backed securities (“MBS”) for delivery in the future and simultaneously contracts to sell or repurchase a substantially similar (same type, coupon, and maturity) MBS on a different specified future date. Dollar rolls are identified in the Portfolio of Investments as “MDR”, when applicable. During the roll period, the Fund foregoes principal and interest paid on the MBS. The Fund is compensated by fee income or the difference between the current sales price and the lower forward price for the future purchase. Such compensation is amortized over the life of the dollar rolls and is recognized as a component of “Investment Income” on the Statement of Operations. Dollar rolls are valued daily.

Dollar rolls involve the risk that the market value of the MBS the Fund is obligated to repurchase under an agreement may decline below the repurchase price. These transactions also involve some risk to the Fund if the other party should default on its obligation and the Fund is delayed or prevented from completing the transaction. In the event that the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

Foreign Currency Transactions

The Fund is authorized to engage in foreign currency exchange transactions, including foreign currency exchange contracts, futures, options and swap contracts. To the extent that the Fund invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund’s investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, forward foreign currency exchange contracts, options written, swaps, and swaptions written are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with forward foreign currency exchange contracts, options written, swaps and swaptions written are recognized as a component of “Change in net unrealized appreciation (deprecation) of forward foreign currency exchange contracts, options written, swaps and swaptions written,” respectively, on the Statement of Operations, when applicable.

Forward Foreign Currency Exchange Contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives and is authorized to enter into forward foreign currency exchange contracts in an attempt to manage such risk under two circumstances: (i) when the Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency to “lock in” the U.S. exchange rate of the transaction, with such period being a short-dated contract covering the period between transaction date and settlement date; or (ii) when the Sub-Adviser believes that the currency of a particular foreign country may experience a substantial movement against the U.S. dollar or against another foreign currency. Forward foreign currency exchange contracts are valued daily at the forward rate and are recognized as a component of “Unrealized appreciation or depreciation on forward foreign currency exchange contracts” on the Statement of Assets and Liabilities. The change in value of the contracts during the reporting period is recognized as a component of “Change in net unrealized appreciation (depreciation) of forward foreign currency exchange contracts” on the Statement of Operations. When the contract is closed or offset with the same counterparty, the Fund recognizes the difference between the value of the contract at the time it was entered and the value at the time it was closed or offset as a component of “Net realized gain (loss) from forward foreign currency exchange contracts” on the Statement of Operations.

Forward foreign currency exchange contracts will generally not be entered into for terms greater than three months, but may have maturities of up to six months or more. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency exchange contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency exchange contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of

26 Nuveen Investments

decrease. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reflected on the Statement of Assets and Liabilities. Forward foreign currency contracts are subject to counterparty risk if the counterparty fails to perform as specified in the contract due to financial impairment or other reason.

During the six months ended January 31, 2012, the Fund was invested in forward foreign currency exchange contracts in a variety of currencies, with settlements ranging from one to three months. Some of these contracts are positioned to benefit if the foreign currencies in the contracts strengthen with respect to the U.S. dollar, while others are positioned to benefit if the foreign currencies weaken with respect to the U.S. dollar, based on analysis indicating whether currencies were relatively high or low compared to future expectations.

The average number of forward foreign currency exchange contracts outstanding during the six months ended January 31, 2012, was as follows:

Average number of forward foreign currency exchange contracts outstanding* 11

* The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on forward foreign currency exchange contract activity.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.

During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract and is recognized as “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the six months ended January 31, 2012, the Fund was invested in two-month U.S. Treasury note and bond futures contracts designed to benefit if interest rates at the ten year point of the yield curve rose more than rates at the two and thirty year points.

The average number of futures contracts outstanding during the six months ended January 31, 2012, was as follows:

Average number of futures contracts outstanding* 2

* The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contract activity.

Options Transactions

The Fund is subject to foreign currency risk and interest rate risk in the normal course of pursuing its investment objectives and is authorized to purchase and write (sell) call and put options on securities, futures contracts, swaps or currencies in an attempt to manage such risk. The purchase of options involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options and/or swaptions, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When the Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options and/or Swaptions purchased, at value” on the Statement of Assets and Liabilities. When the Fund writes an option and/or swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options and/or Swaptions written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased during the reporting period are recognized as a component of “Change in net unrealized appreciation (depreciation) of options and/or swaptions purchased” on the Statement of Operations. The changes in the value of options and/or swaptions written during the reporting period are recognized as a component of “Change in net unrealized appreciation (depreciation) of options and/or swaptions written” on the Statement of Operations. When an option and/or swaption is exercised or

Nuveen Investments 27

Notes to Financial Statements (Unaudited) (continued)

expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from options and/or swaptions purchased and/or written” on the Statement of Operations. The Fund, as a writer of an option has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. During the six months ended January 31, 2012, the Fund did not purchase or write any options and/or swaptions.

Swap Contracts

The Fund is authorized to enter into swap contracts consistent with its investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).

Interest Rate Swaps

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and policies in an attempt to obtain a desired return at a lower cost than if the Fund had invested directly in the asset that yielded the desired return. In connection with these contracts, securities in the Fund’s portfolio of investments may be identified as collateral in accordance with the terms of the respective swap contract. Interest rate swap contracts involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (i.e., an exchange of floating rate payments for fixed rate payments with respect to a specified notional amount of principal). Interest rate swap contracts are valued daily. The Fund accrues daily the periodic payments expected to be paid and received on each interest rate swap contract and recognize the daily change in the market value of the Fund’s contractual rights and obligations under the contracts. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps” with the change during the reporting period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. Income received or paid by the Fund is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains and losses recognized upon the termination of a interest rate swap contract and are equal to the difference between the Fund’s basis in the interest rate swap and the proceeds from (or cost of) the closing transaction. The amount of the payment obligation is based on the notional amount of the interest rate swap contract. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.

During the six months ended January 31, 2012, the Fund was invested in interest rate swap contracts in a variety of currencies, with maturities ranging from three to ten years, some positioned to benefit if rates rise, others positioned to benefit if rates fall in the underlying country, based on analysis indicating whether rates were relatively high or low compared to future expectations.

The average number of interest rate swap contracts outstanding during the six months ended January 31, 2012, was as follows:

Average number of interest rate swap contracts outstanding* 4

* The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Credit Default Swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps” on the Statement of Assets and Liabilities and is recorded as a realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily as a component of unrealized appreciation or depreciation and is recorded as a realized gain upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss. Changes in the value of a credit default swap during the reporting period are recognized as a component of

28 Nuveen Investments

“Change in net unrealized appreciation (depreciation) of swaps”, and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations. The maximum potential amount of future payments the Fund could incur as a seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

During the six months ended January 31, 2012, the Fund was invested in credit default swap index positions that earn spread income in exchange for taking the credit default risk of broad investment grade and high yield credit default swap indices. This had a positive effect on performance in the period as credit strengthened and these positions were significant in size relative to the total value of the portfolio.

The average notional amount of credit default swap contracts outstanding during the six months ended January 31, 2012, was as follows:

Average notional amount of credit default swap contracts outstanding* $ 3,079,333

* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on swap contract activity.

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. Futures contracts, when applicable, expose the Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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 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.

Zero Coupon Securities

The Fund is authorized to invest in 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.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Custodian Fee Credit

The Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on the Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which the Fund overdraws its account at the custodian bank.

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.

Use of Estimates

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

Nuveen Investments 29

Notes to Financial Statements (Unaudited) (continued)

2. Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 –	Quoted prices in active markets for identical securities.
Level 2 –	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of January 31, 2012:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	—	$	3,001,348	$	—	$	3,001,348
Capital Preferred Securities		—		212,965		—		212,965
$25 Par (or similar) Preferred Securities		—		14,912		—		14,912
Mortgage-Backed Securities		—		2,202,918		—		2,202,918
Taxable Municipal Bonds		—		82,842		—		82,842
U.S. Government and Agency Obligations		—		75,016		—		75,016
Sovereign Debt		—		18,862		—		18,862
Short-Term Investments		—		1,206,358		—		1,206,358
Derivatives:
Forward Foreign Currency Exchange Contracts*		—		22,195		—		22,195
Interest Rate Swaps*		—		38,843		—		38,843
Credit Default Swaps*		—		115,454		—		115,454
	$	—	$	6,991,713	$	—	$	6,991,713

* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

During the six months ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

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. For additional information on the derivative instruments in which the Fund was invested during and at the end of the reporting period, refer to the Portfolio of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following table presents the fair value of all derivative instruments held by the Fund as of January 31, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Foreign Currency Exchange Rate	Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	24,577	Unrealized depreciation on forward foreign currency exchange contracts	$	2,382
Interest Rate	Swaps	Unrealized appreciation on interest rate swaps*		38,843	Unrealized depreciation on interest rate swaps*		—
Credit	Swaps	Unrealized appreciation on credit default swaps*		115,454	Unrealized depreciation on credit default swaps*		—
Total			$	178,874		$	2,382

* Value represents cumulative gross unrealized appreciation (depreciation) of swap contracts as reported in the Fund’s Portfolio of Investments. Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities but is not reflected in the cumulative gross unrealized appreciation (depreciation) presented above.

30 Nuveen Investments

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended January 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Forward Foreign Currency Exchange Contracts
Risk Exposure
Foreign Currency Exchange Rate	$(30,516)
Net Realized Gain (Loss) from Futures Contracts
Risk Exposure
Interest Rate	$(20,996	)
Net Realized Gain (Loss) from Swaps
Risk Exposure
Interest Rate	$(39,943	)
Credit	(100,671	)
Total	$(140,614	)
Change in Net Unrealized Appreciation (Depreciation) of Forward Foreign Currency Exchange Contracts
Risk Exposure
Foreign Currency Exchange Rate	$27,118
Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts
Risk Exposure
Interest Rate	$4,467
Change in Net Unrealized Appreciation (Depreciation) of Swaps
Risk Exposure
Interest Rate	$  52,062
Credit	121,963
Total	$174,025

4. Fund Shares

Transactions in Fund shares were as follows:

	Six Months Ended 1/31/12				Year Ended 7/31/11
	Shares		Amount		Shares			Amount
Shares sold		2,190	$	22,192		4,020		$	43,964
Shares redeemed		—		—		(18,162	)		(196,452	)
Net increase (decrease)		2,190	$	22,192		(14,142	)	$	(152,488	)

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) for the six months ended January 31, 2012, were as follows:

Purchases:
Investment securities	$	1,058,146
U.S. Government and agency obligations		—
Sales and maturities:
Investment securities		1,063,050
U.S. Government and agency obligations		48,555

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of foreign currency transaction gains and losses, amortization of premium and timing and character differences in recognizing certain gains and losses on investment transactions. 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 net asset value of the Fund.

Nuveen Investments 31

Notes to Financial Statements (Unaudited) (continued)

At January 31, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

Cost of investments	$	6,596,552
Gross unrealized:
Appreciation		328,987
Depreciation		(110,318	)
Net unrealized appreciation (depreciation) of investments	$	218,669

Permanent differences, primarily due to federal taxes paid, treatment of notional principal contracts and foreign currency reclassifications resulted in reclassifications among the Fund’s components of net assets at July 31, 2011, the Fund’s last tax year end, as follows:

Capital paid-in	$	(1,764	)
Undistributed (Over–distribution of) net investment income		95,163
Accumulated net realized gain (loss)		(93,399	)

The tax components of undistributed net ordinary income and net long-term capital gains at July 31, 2011, the Fund’s last tax year end, were as follows:

Undistributed net ordinary income*	$	114,558
Undistributed net long-term capital gains		200,059

* Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared during the period July 1, 2011 through July 31, 2011 and paid on August 1, 2011. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Fund’s last tax year ended July 31, 2011, was designated for purposes of the dividends paid deduction as follows:

Distributions from net ordinary income*	$	615,960
Distributions from net long-term capital gains		322,950

* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

7. Management Fees and Other Transactions with Affiliates

The Adviser and Sub-Adviser do not charge any investment advisory or administrative fees directly to the Fund. The Adviser has also 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 investment portfolio securities and extraordinary expenses). The Adviser and Sub-Adviser are compensated for their services to the Fund from the fee charged at the separately managed account level.

At January 31, 2012, Nuveen owned all shares of the Fund.

8. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements

On April 15, 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-03 (“ASU No. 2011-03”). The guidance in ASU No. 2011-03 is intended to improve the accounting for repurchase agreements and other similar agreements. Specifically, ASU No. 2011-03 modifies the criteria for determining when these transactions would be accounted for as financing transactions (secured borrowings/lending agreements) as opposed to sale (purchase) transactions with commitments to repurchase (resell). The effective date of ASU No. 2011-03 is for interim and annual periods beginning on or after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

Fair Value Measurements and Disclosures

On May 12, 2011, the FASB issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

32 Nuveen Investments

Notes

Nuveen Investments 33

Glossary of Terms Used in this Report

Asset-backed securities (ABS): Securities whose value and income payments are derived from and collateralized (or “backed”) by a specified pool of underlying assets. The pools of underlying assets can include credit cards, auto loans, mortgages, aircraft leases, royalty payments, among others.

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

Barclays Capital Credit/Mortgage Index: A market-weighted blend of the Barclays Capital U.S. Credit Index and the Barclays Capital MBS Index. The Barclays Capital U.S. Credit Index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. The Barclays Capital Mortgage-backed Securities Index is a market value-weighted index which covers the mortgage-backed securities component of the Barclays Capital U.S. Aggregate Bond Index. The index is composed of agency mortgage-backed pass-through securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. Index returns assume reinvestment of dividends, but do not reflect any applicable sales charges or management fees. It is not possible to invest directly in an index.

Commercial Mortgage-Backed Securities (CMBS): Asset-backed securities that represents a claim on the cash flows from pools of mortgages on commercial properties.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

34 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 35

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates — Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed $220 billion as of December 31, 2011.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/mf

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-EIMAP-0112P

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

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

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

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

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

SIGNATURES

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

(Registrant) Nuveen Managed Accounts Portfolios Trust

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

Date April 5, 2012

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

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

Date April 5, 2012

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

Date April 5, 2012