UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22023
Nuveen Managed Accounts Portfolios Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: July 31
Date of reporting period: January 31, 2015
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
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Mutual Fund |
Nuveen Managed
Accounts Portfolios Trust |
| Semi-Annual Report January 31, 2015 |
Ticker Symbol | ||||||||
Fund Name | ||||||||
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Municipal Total Return Managed Accounts Portfolio | NMTRX |
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NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF | ||||||||||||
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $851 billion in assets under management as of December 31, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen is operating as a separate subsidiary within TIAA-CREF’s asset management business. | ||||||||||||
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE | ||||||||||||
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of Contents
4 | ||||
5 | ||||
6 | ||||
Fund Performance, Expense Ratios and Effective Leverage Ratios | 7 | |||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
15 | ||||
34 | ||||
35 | ||||
36 | ||||
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40 | ||||
46 | ||||
47 |
Nuveen Investments | 3 |
to Shareholders
Dear Shareholders,
A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as begin to set expectations for a transition into tightening mode.
The story outside the U.S., however, was different. European growth was stagnating and Japan fell into a recession, contributing to the bouts of volatility in their markets. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Compounding these concerns were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.
While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and potentially Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.
And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
March 26, 2015
4 | Nuveen Investments |
Comments
Municipal Total Return Managed Accounts Portfolio
This Fund was developed exclusively for use within Nuveen-sponsored separately managed accounts, the Fund is a specialized municipal bond portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund enables certain Nuveen municipal separately managed account investors to achieve greater diversification and return potential than smaller managed accounts might otherwise achieve by using lower quality, higher yielding securities and to gain access to special investment opportunities normally available only to institutional investors.
The Fund is managed by Nuveen Asset Management LLC, an affiliate of Nuveen Investments, Inc. Martin J. Doyle, CFA, has served as manager for the Fund since its inception in 2007. Here he discusses the Fund’s investment strategy and its performance during the six-month reporting period ended January 31, 2015.
How did the Fund perform during the six-month reporting period ended January 31, 2015?
The table in the Performance and Expense Ratios section of this report provides Class I Share total returns for the Fund for the six-month, one-year, five-year and since inception periods ended January 31, 2015. The Fund’s Class I Share total returns at net asset value (NAV) outperformed the Barclays 7-Year Municipal Bond Index during the six-month reporting period ended January 31, 2015.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund uses a value-oriented strategy and looks for higher yielding and undervalued municipal bonds that offer the potential for above average total return. The Fund invests in various types of municipal securities, including investment grade (rated BBB/Baa or better), below investment grade (rated BB/Ba or lower) and unrated municipal securities. The Fund focuses on securities with intermediate to longer term maturities.
During the reporting period, longer maturities and durations outperformed shorter maturities and duration. The Fund had a much higher weighting to longer bonds than the benchmark. This higher weighting contributed to the Fund’s outperformance. We continued to increase the Fund’s exposure to longer duration securities to capitalize on a comparatively steep yield curve and sought improved call protection to maintain the Fund’s income sustainability.
Also during the reporting period, mid to lower credit quality bonds generally outperformed higher grade bonds. The Fund’s overweight to single-A rated, BBB rated and lower rated bonds contributed to the Fund’s relative performance.
During portions of the reporting period, there was a decline in municipal new issuance, which coupled with inflows into the market, provided technical support to much of the municipal market. This contributed to performance.
Revenue bonds were top contributors led by an overweight in the health care sector, while very short duration holdings (less than 3 years) and cash were negative performance factors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Nuveen Investments | 5 |
and Dividend Information
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s potential use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
Dividend Information
The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. The Fund will, over time, pay all its net investment income as dividends to shareholders.
As of January 31, 2015, the Fund had a positive UNII balance, based upon our best estimate, for tax purposes and a negative UNII balance for financial reporting purposes.
All monthly dividends paid by the Fund during the six months ended January 31, 2015, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of the Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for the Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
6 | Nuveen Investments |
Fund Performance, Expense Ratios
and Effective Leverage Ratios
This is a specialized municipal bond Fund developed exclusively for use within Nuveen-sponsored separately managed accounts.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance call (800) 257-8787.
Fund shares have no sales charge. Fund returns assume reinvestment of dividends and capital gains.
The expense ratios shown reflect the Fund’s total operating expenses (before fee waivers and/or expense reimbursements) as shown in the Fund’s most recent prospectus.
Leverage is created whenever the Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Nuveen Investments | 7 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Municipal Total Return Managed Accounts Portfolio
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of January 31, 2015
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class I Shares | 6.65% | 13.04% | 7.42% | 6.68% | ||||||||||||
Barclays 7-Year Municipal Bond Index | 3.60% | 6.33% | 4.98% | 5.54% |
Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class I Shares | 4.66% | 13.86% | 7.13% | 6.46% |
Since inception returns are from 5/31/07. The index is not available for direct investment.
Expense Ratios as of Most Recent Prospectus
Share Class | ||||
Class I | ||||
Gross Expense Ratios | 0.09% | |||
Net Expense Ratios | 0.00% |
The Fund’s investment adviser has agreed irrevocably during the existence of the Fund to waive all fees and pay or reimburse all expenses of the Fund, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses.
Effective Leverage Ratio as of January 31, 2015
Effective Leverage Ratio | 9.54% |
8 | Nuveen Investments |
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of the Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the portfolio of investments. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.
Share Class | ||||
Class I | ||||
Dividend Yield | 4.13% | |||
Sec 30-Day Yield | 2.84% | |||
Taxable-Equivalent Yield (28.0%)1 | 3.94% |
1 | The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate as shown in the table above. |
Nuveen Investments | 9 |
Summaries as of January 31, 2015
This data relates to the securities held in the portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Allocation
(% of net assets)
Municipal Bonds | 99.8% | |||
Other Assets Less Liabilities | 1.1% | |||
Net Assets Plus Floating Rate Obligations | 100.9% | |||
Floating Rate Obligations | (0.9)% | |||
Net Assets | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 11.0% | |||
AA | 38.1% | |||
A | 20.7% | |||
BBB | 19.6% | |||
BB or Lower | 6.5% | |||
N/R (not rated) | 4.1% | |||
Total | 100% |
Fund Composition
(% of total investments)
Education and Civic Organizations | 19.0% | |||
Health Care | 16.8% | |||
Tax Obligation/General | 16.4% | |||
Tax Obligation/Limited | 13.7% | |||
Transportation | 12.6% | |||
Utilities | 6.5% | |||
Other | 15.0% | |||
Total | 100% |
States
(% of total investments)
California | 10.9% | |||
Texas | 10.1% | |||
Florida | 6.8% | |||
New York | 6.7% | |||
Illinois | 6.2% | |||
Washington | 4.7% | |||
Pennsylvania | 4.5% | |||
North Carolina | 3.7% | |||
Wisconsin | 3.0% | |||
Colorado | 2.8% | |||
Indiana | 2.6% | |||
Virginia | 2.4% | |||
Arizona | 2.0% | |||
Guam | 2.0% | |||
Massachusetts | 1.9% | |||
Ohio | 1.8% | |||
Louisiana | 1.8% | |||
New Jersey | 1.7% | |||
Mississippi | 1.6% | |||
Iowa | 1.6% | |||
Hawaii | 1.5% | |||
Other | 19.7% | |||
Total | 100% |
10 | Nuveen Investments |
Examples
As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended January 31, 2015.
The beginning of the period is August 1, 2014.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Share Class | ||||
Class I | ||||
Actual Performance | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,066.50 | ||
Expenses Incurred During Period | $ | — | ||
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $ | 1,000.00 | ||
Ending Account Value | $ | 1,025.21 | ||
Expenses Incurred During Period | $ | — |
Expenses are equal to the Fund’s annualized net expense ratio of 0.00% for the six-month period.
Nuveen Investments | 11 |
A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014 for Municipal Total Return Managed Accounts Portfolio; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement, to approve revisions to, or elimination of, certain fundamental investment policies and to elect Board Members.
Municipal Total Return Managed Accounts Portfolio | ||||
To approve a new investment management agreement between each Trust and Nuveen Fund Advisors, LLC. | ||||
For | 30,389,208 | |||
Against | — | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC. | ||||
For | 30,374,444 | |||
Against | 14,764 | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
To approve revisions to, or elimination of, certain fundamental investment policies: | ||||
a. Revise the fundamental policy related to the purchase and sale of commodities. | ||||
For | 30,389,208 | |||
Against | — | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
b. Revise the fundamental policy related to issuing senior securities. | ||||
For | 30,389,208 | |||
Against | — | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
c. Revise the fundamental policy related to underwriting. | ||||
For | 30,389,208 | |||
Against | — | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 |
12 | Nuveen Investments |
Municipal Total Return Managed Accounts Portfolio | ||||
d. Revise the fundamental policy related to the purchase and sale of real estate. | ||||
For | 30,374,444 | |||
Against | 14,764 | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
f. Eliminate the fundamental policy related to permitted investments. | ||||
For | 30,389,208 | |||
Against | — | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
g. Eliminate the fundamental policy related to pledging assets. | ||||
For | 30,389,208 | |||
Against | — | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
i. Eliminate the fundamental policy related to short sales and purchases on margin. | ||||
For | 30,389,208 | |||
Against | — | |||
Abstain | — | |||
Broker Non-Votes | 150,183 | |||
Total | 30,539,391 | |||
Approval of the Board Members was reached as follows: | ||||
William Adams IV | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
Robert P. Bremner | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
Jack B. Evans | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 |
Nuveen Investments | 13 |
Shareholder Meeting Report (continued)
Municipal Total Return Managed Accounts Portfolio | ||||
William C. Hunter | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
David J. Kundert | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
John K. Nelson | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
William J. Schneider | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
Thomas S. Schreier, Jr. | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
Judith M. Stockdale | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
Carole E. Stone | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
Virginia L. Stringer | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 | |||
Terence J. Toth | ||||
For | 31,039,391 | |||
Withhold | — | |||
Total | 31,039,391 |
14 | Nuveen Investments |
Municipal Total Return Managed Accounts Portfolio
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 98.8% | ||||||||||||||||||
MUNICIPAL BONDS – 98.8% | ||||||||||||||||||
National – 0.4% | ||||||||||||||||||
MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool: | ||||||||||||||||||
$ | 370 | 5.000%, 4/30/28 (Mandatory put 1/31/18) (Alternative Minimum Tax), 144A | 1/18 at 100.00 | Ba1 | $ | 384,815 | ||||||||||||
1,000 | 5.750%, 6/30/50 (Mandatory put 9/30/19) (Alternative Minimum Tax), 144A | 5/15 at 100.00 | Ba2 | 1,070,040 | ||||||||||||||
1,370 | Total National | 1,454,855 | ||||||||||||||||
Alabama – 0.4% | ||||||||||||||||||
850 | Alabama State Board of Education, Revenue Bonds, Faulkner State Community College, Series 2009, 6.125%, 10/01/28 | 10/18 at 100.00 | A1 | 985,779 | ||||||||||||||
500 | Auburn University, Alabama, General Fee Revenue Bonds, Series 2011A, 5.000%, 6/01/41 | 6/21 at 100.00 | Aa2 | 577,085 | ||||||||||||||
1,350 | Total Alabama | 1,562,864 | ||||||||||||||||
Alaska – 0.5% | ||||||||||||||||||
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | ||||||||||||||||||
585 | 4.625%, 6/01/23 | 4/15 at 100.00 | Ba1 | 585,170 | ||||||||||||||
1,385 | 5.000%, 6/01/46 | 4/15 at 100.00 | B2 | 1,143,581 | ||||||||||||||
1,970 | Total Alaska | 1,728,751 | ||||||||||||||||
Arizona – 2.0% | ||||||||||||||||||
1,000 | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 3256, 18.423%, 1/01/20 (IF) (4) | No Opt. Call | AA– | 1,515,080 | ||||||||||||||
1,010 | Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children’s Hospital, | 2/23 at 100.00 | BBB+ | 1,163,237 | ||||||||||||||
1,000 | Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/28 (Alternative Minimum Tax) | 7/23 at 100.00 | AA– | 1,176,280 | ||||||||||||||
820 | Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Cambridge Academy-East, Inc. Project, Series 2010, 5.875%, 4/01/22 | 4/20 at 100.00 | BB– | 833,768 | ||||||||||||||
500 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 10-9W, 17.767%, 1/01/38 (IF) (4) | 1/18 at 100.00 | Aa1 | 705,240 | ||||||||||||||
325 | Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2011, 7.625%, 3/01/31 | 3/21 at 100.00 | BB+ | 385,704 | ||||||||||||||
40 | Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.500%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | N/R | 38,066 | ||||||||||||||
1,000 | Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/24 | No Opt. Call | A– | 1,203,570 | ||||||||||||||
5,695 | Total Arizona | 7,020,945 | ||||||||||||||||
California – 10.6% | ||||||||||||||||||
500 | ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Casa de Lad Campanas, Series 2010, 6.000%, 9/01/37 | 9/20 at 100.00 | A+ | 609,335 |
Nuveen Investments | 15 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
California (continued) | ||||||||||||||||||
$ | 700 | Anaheim Public Financing Authority, California, Revenue Bonds, Electric System Distribution Series 1999, 5.000%, 10/01/25 – AMBAC Insured | 10/15 at 100.00 | N/R | $ | 712,558 | ||||||||||||
3,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Kern County Tobacco Funding Corporation, Refunding Series 2014, 4.000%, 6/01/29 | 6/15 at 100.00 | BBB+ | 3,007,170 | ||||||||||||||
655 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2013-U3, 5.000%, 6/01/43 | No Opt. Call | AAA | 948,669 | ||||||||||||||
500 | California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 12.624%, 10/01/16 (IF) | No Opt. Call | Aa1 | 786,600 | ||||||||||||||
1,000 | California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.625%, 7/01/25 | 7/19 at 100.00 | A | 1,159,240 | ||||||||||||||
300 | California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A , 6.000%, 8/01/23 | No Opt. Call | BB | 335,775 | ||||||||||||||
California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A: | ||||||||||||||||||
295 | 4.750%, 8/01/22 | No Opt. Call | BB+ | 323,379 | ||||||||||||||
675 | 5.000%, 8/01/32 | No Opt. Call | BB+ | 717,815 | ||||||||||||||
840 | California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education?Multiple Projects, Series 2014A , 6.000%, 6/01/23 | 6/22 at 102.00 | N/R | 913,332 | ||||||||||||||
735 | California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A, 5.000%, 8/15/30 | 8/24 at 100.00 | BBB | 842,384 | ||||||||||||||
1,300 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.500%, 7/01/30 | 7/20 at 100.00 | Baa2 | 1,461,759 | ||||||||||||||
755 | California School Finance Authority, Charter School Revenue Bonds, Coastal Academy Project, Series 2013A, 5.000%, 10/01/33 | 10/22 at 100.00 | BBB– | 801,176 | ||||||||||||||
885 | California School Finance Authority, Educational Facility Revenue Bonds, New Designs Charter School Project, Series 2012C, 4.250%, 6/01/17 | No Opt. Call | BB+ | 897,744 | ||||||||||||||
450 | California State, General Obligation Bonds, Refunding Various Purpose Series 2012B, 0.920%, 5/01/18 | 11/17 at 100.00 | Aa3 | 456,840 | ||||||||||||||
695 | California State, General Obligation Bonds, Various Purpose Series 1997, 5.625%, 10/01/21 | 10/15 at 100.00 | AA+ | 701,408 | ||||||||||||||
California State, General Obligation Bonds, Various Purpose Series 2009: | ||||||||||||||||||
1,000 | 6.500%, 4/01/33 | 4/19 at 100.00 | Aa3 | 1,234,190 | ||||||||||||||
645 | 6.000%, 11/01/39 | 11/19 at 100.00 | Aa3 | 797,362 | ||||||||||||||
30 | California State, General Obligation Veterans Bonds, Refunding Series 2005CB, 5.050%, 12/01/36 (Alternative Minimum Tax) | 6/15 at 100.00 | AA | 30,324 | ||||||||||||||
California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014A: | ||||||||||||||||||
350 | 5.000%, 8/01/28 | 8/22 at 102.00 | A+ | 417,326 | ||||||||||||||
1,130 | 5.000%, 8/01/29 | 8/22 at 102.00 | A+ | 1,344,790 | ||||||||||||||
Carson Redevelopment Agency, California, Tax Allocation Bonds, Merged & Amended Project Area, Series 2014A: | ||||||||||||||||||
220 | 5.000%, 10/01/23 | No Opt. Call | AA– | 271,302 | ||||||||||||||
440 | 5.000%, 10/01/24 | No Opt. Call | AA– | 548,178 | ||||||||||||||
1,000 | Gilroy Unified School District, Santa Clara County, California, General Obligation Bonds, Series 2009A, 6.000%, 8/01/25 – AGC Insured | 8/19 at 100.00 | AA | 1,217,600 |
16 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
California (continued) | ||||||||||||||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A: | ||||||||||||||||||
$ | 1,835 | 5.000%, 6/01/45 | 6/15 at 100.00 | A1 | $ | 1,863,443 | ||||||||||||
130 | 5.000%, 6/01/45 – AMBAC Insured | 6/15 at 100.00 | A1 | 132,015 | ||||||||||||||
30 | 4.625%, 6/01/45 | 6/15 at 100.00 | A1 | 30,266 | ||||||||||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||||
930 | 4.500%, 6/01/27 | 6/17 at 100.00 | B | 914,395 | ||||||||||||||
215 | 5.000%, 6/01/33 | 6/17 at 100.00 | B | 187,250 | ||||||||||||||
50 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35 | No Opt. Call | A | 60,346 | ||||||||||||||
325 | Los Angeles County Regional Financing Authority, California, Insured Revenue Bonds, Montecedro Inc. Project, Series 2014B-3, 2.500%, 11/15/20 | 12/15 at 100.00 | A+ | 330,181 | ||||||||||||||
1,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Series 2009A, 5.250%, 5/15/29 | 5/19 at 100.00 | AA | 1,172,080 | ||||||||||||||
500 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2008A-2, 5.250%, 7/01/32 | 7/18 at 100.00 | AA– | 569,720 | ||||||||||||||
750 | Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 5.000%, 1/01/22 (Alternative Minimum Tax) | No Opt. Call | A | 903,308 | ||||||||||||||
1,000 | Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2013, 5.000%, 12/01/29 | 12/23 at 100.00 | BB+ | 1,048,700 | ||||||||||||||
85 | Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 | 9/21 at 100.00 | BBB+ | 104,967 | ||||||||||||||
1,000 | Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35 | 10/15 at 100.00 | BB | 1,003,980 | ||||||||||||||
1,215 | Sacramento Area Flood Control Agency, California, Spcial Assessment Bonds, Natomas Basin Local Assessment District, Series 2014, 5.000%, 10/01/32 – BAM Insured | No Opt. Call | AA | 1,437,758 | ||||||||||||||
1,000 | San Diego Unified Port District, California, Revenue Bonds, Refunding Series 2013A, 5.000%, 9/01/27 | 9/23 at 100.00 | A+ | 1,196,060 | ||||||||||||||
1,500 | San Francisco City and County, California, General Obligation Bonds, Road Repaving & Street Safety, Series 2013C, 5.000%, 6/15/28 | 6/21 at 100.00 | AA+ | 1,793,565 | ||||||||||||||
550 | San Jose, California, Airport Revenue Bonds, Refunding Series 2014A, 5.000%, 3/01/25 (Alternative Minimum Tax) | 3/24 at 100.00 | A2 | 666,474 | ||||||||||||||
1,925 | Santa Clarita Community College District, California, General Obligation Bonds, Series 2013, 3.000%, 8/01/27 | 8/23 at 100.00 | AA | 1,981,595 | ||||||||||||||
550 | Southern California Public Power Authority, Milford Wind Corridor Phase II Project Revenue Bond, Series 2011-1, 5.250%, 7/01/28 | No Opt. Call | AA– | 662,514 | ||||||||||||||
500 | Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.400%, 9/01/32 | 9/21 at 100.00 | BBB+ | 636,865 | ||||||||||||||
750 | Western Municipal Water District Facilities Authority, California, Water Revenue Bonds, Series 2009B, 5.000%, 10/01/34 | 10/19 at 100.00 | AA+ | 861,908 | ||||||||||||||
33,940 | Total California | 38,093,646 |
Nuveen Investments | 17 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Colorado – 2.7% | ||||||||||||||||||
$ | 750 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3364, 18.819%, 10/01/31 (IF) (4) | 11/23 at 100.00 | A+ | $ | 1,341,240 | ||||||||||||
1,635 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 5.000%, 12/01/28 (UB) (4) | 12/22 at 100.00 | A– | 1,894,556 | ||||||||||||||
1,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 3367, 20.464%, 7/01/21 (IF) (4) | No Opt. Call | AA– | 1,914,480 | ||||||||||||||
500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.750%, 5/15/36 | 5/18 at 100.00 | A– | 553,860 | ||||||||||||||
1,000 | Denver City and County, Colorado, Airport System Revenue Bonds, | No Opt. Call | A+ | 1,255,440 | ||||||||||||||
524 | Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 | 3/20 at 100.00 | N/R | 588,022 | ||||||||||||||
500 | Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40 | 12/20 at 100.00 | N/R | 563,630 | ||||||||||||||
1,000 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30 | 7/20 at 100.00 | Baa3 | 1,187,180 | ||||||||||||||
500 | Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 | 12/20 at 100.00 | N/R | 544,860 | ||||||||||||||
7,409 | Total Colorado | 9,843,268 | ||||||||||||||||
Connecticut – 0.2% | ||||||||||||||||||
670 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, | No Opt. Call | AAA | 860,615 | ||||||||||||||
Delaware – 0.4% | ||||||||||||||||||
1,440 | Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, | 3/22 at 100.00 | BBB | 1,524,254 | ||||||||||||||
District of Columbia – 0.3% | ||||||||||||||||||
450 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.750%, 5/15/40 | 5/15 at 100.00 | Baa1 | 450,108 | ||||||||||||||
575 | District of Columbia, Revenue Bonds, Association of Amercian Medical Colleges, | 10/23 at 100.00 | A+ | 681,967 | ||||||||||||||
1,025 | Total District of Columbia | 1,132,075 | ||||||||||||||||
Florida – 6.8% | ||||||||||||||||||
1,440 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 5.250%, 9/01/30 | 9/20 at 100.00 | BBB– | 1,512,346 | ||||||||||||||
750 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 | 9/23 at 100.00 | BBB– | 794,513 | ||||||||||||||
1,000 | Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/23 – AGM Insured (Alternative Minimum Tax) | 9/21 at 100.00 | AA | 1,163,670 | ||||||||||||||
Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A: | ||||||||||||||||||
700 | 5.000%, 4/01/25 – AGM Insured (Alternative Minimum Tax) | 4/23 at 100.00 | AA | 805,126 | ||||||||||||||
475 | 5.000%, 4/01/38 – AGM Insured (Alternative Minimum Tax) | 4/23 at 100.00 | AA | 527,003 |
18 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Florida (continued) | ||||||||||||||||||
$ | 500 | Capital Trust Agency, Florida, Senior Housing Revenue Bonds, Faulk Senior Residences Project, Series 2014, 6.500%, 12/01/34 | 12/22 at 102.00 | N/R | $ | 509,395 | ||||||||||||
540 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A, 5.750%, 7/01/24 | No Opt. Call | N/R | 568,447 | ||||||||||||||
135 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008-1, 6.450%, 1/01/39 (Alternative Minimum Tax) | 7/17 at 100.00 | AA+ | 141,132 | ||||||||||||||
2,000 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.125%, 6/01/27 (Alternative Minimum Tax) | 6/21 at 100.00 | AA+ | 2,304,980 | ||||||||||||||
885 | Gulf Breeze, Florida, Revenue Improvement Non-Ad Valorem Bonds, Series 2007, 5.000%, 12/01/32 – AMBAC Insured | 12/17 at 100.00 | N/R | 917,595 | ||||||||||||||
3,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.500%, 10/01/28 (Alternative Minimum Tax) | 10/23 at 100.00 | A | 3,614,400 | ||||||||||||||
2,000 | Hillsborough County, Florida, Solid Waste and Resource Recovery Revenue Bonds, | 9/16 at 100.00 | AA | 2,124,500 | ||||||||||||||
2,000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A, 5.000%, 6/15/24 | 6/22 at 100.00 | BB | 2,146,360 | ||||||||||||||
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014: | ||||||||||||||||||
900 | 5.000%, 10/01/27 | 10/24 at 100.00 | BBB+ | 1,060,002 | ||||||||||||||
920 | 5.000%, 10/01/28 | 10/24 at 100.00 | BBB+ | 1,075,508 | ||||||||||||||
500 | 5.000%, 10/01/30 | 10/24 at 100.00 | BBB+ | 580,185 | ||||||||||||||
2,000 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 (Pre-refunded 11/01/16) – AMBAC Insured | 11/16 at 100.00 | A1 (5) | 2,159,820 | ||||||||||||||
500 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2008B, 5.250%, 5/01/31 – AGC Insured | 5/18 at 100.00 | AA | 555,485 | ||||||||||||||
1,145 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/28 (Alternative Minimum Tax) | 10/24 at 100.00 | A | 1,357,043 | ||||||||||||||
400 | Sanibel, Florida, General Obligation Bonds, Series 2006, 4.350%, 2/01/36 – AMBAC Insured | 8/16 at 100.00 | N/R | 414,776 | ||||||||||||||
5 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 | 5/17 at 100.00 | N/R | 3,670 | ||||||||||||||
15 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 | 5/19 at 100.00 | N/R | 8,974 | ||||||||||||||
10 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 | 5/22 at 100.00 | N/R | 4,433 | ||||||||||||||
5 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/17 (6) | No Opt. Call | N/R | — | ||||||||||||||
5 | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.375%, 5/01/17 (6) | No Opt. Call | N/R | 5,081 | ||||||||||||||
10 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | No Opt. Call | N/R | 9,996 | ||||||||||||||
35 | Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.375%, 5/01/17 (6) | No Opt. Call | N/R | 23,557 | ||||||||||||||
21,875 | Total Florida | 24,387,997 |
Nuveen Investments | 19 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Georgia – 1.1% | ||||||||||||||||||
$ | 1,155 | Athens-Clarke County Unified Government Development Authority, Georgia, Revenue Bonds, University of Georgia Athletic Association Project, Series 2011, 5.250%, 7/01/28 | 7/21 at 100.00 | Aa3 | $ | 1,351,235 | ||||||||||||
650 | Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC Project, Series 2007, 5.250%, 7/01/27 | 7/17 at 100.00 | Aa3 | 707,733 | ||||||||||||||
500 | La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A, 5.500%, 7/01/38 | 7/18 at 100.00 | Aa2 | 560,640 | ||||||||||||||
750 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2008C, 5.000%, 9/01/38 | 9/18 at 100.00 | AA+ | 842,610 | ||||||||||||||
530 | Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38 | No Opt. Call | Aa2 | 607,094 | ||||||||||||||
3,585 | Total Georgia | 4,069,312 | ||||||||||||||||
Guam – 2.0% | ||||||||||||||||||
420 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/21 | No Opt. Call | A | 488,729 | ||||||||||||||
1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 4.500%, 7/01/18 | No Opt. Call | A– | 1,089,830 | ||||||||||||||
1,515 | Guam Government, General Obligation Bonds, 2009 Series A, 6.000%, 11/15/19 | No Opt. Call | BB– | 1,694,118 | ||||||||||||||
Guam International Airport Authority, Revenue Bonds, Series 2013C: | ||||||||||||||||||
1,000 | 5.000%, 10/01/21 (Alternative Minimum Tax) | No Opt. Call | BBB | 1,161,330 | ||||||||||||||
1,000 | 6.000%, 10/01/23 (Alternative Minimum Tax) | 8/18 at 100.00 | BBB | 1,145,030 | ||||||||||||||
Guam Power Authority, Revenue Bonds, Series 2012A: | ||||||||||||||||||
500 | 5.000%, 10/01/22 – AGM Insured | No Opt. Call | AA | 613,125 | ||||||||||||||
235 | 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 267,841 | ||||||||||||||
450 | Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/24 | 7/23 at 100.00 | A– | 534,780 | ||||||||||||||
6,120 | Total Guam | 6,994,783 | ||||||||||||||||
Hawaii – 1.5% | ||||||||||||||||||
600 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.250%, 7/01/27 | 7/23 at 100.00 | BB+ | 676,920 | ||||||||||||||
1,500 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Refunding Series 2007B, 4.600%, 5/01/26 – FGIC Insured (Alternative Minimum Tax) | 3/17 at 100.00 | Baa1 | 1,559,265 | ||||||||||||||
1,000 | Hawaii State Department of Transportation – Airports Division, Lease Revenue Certificates of Participation, Series 2013, 5.250%, 8/01/24 (Alternative Minimum Tax) | 8/23 at 100.00 | A– | 1,216,090 | ||||||||||||||
1,600 | Hawaii State, General Obligation Bonds, Series 2011DZ, 5.000%, 12/01/30 | 12/21 at 100.00 | AA | 1,916,048 | ||||||||||||||
4,700 | Total Hawaii | 5,368,323 | ||||||||||||||||
Idaho – 1.1% | ||||||||||||||||||
750 | Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Series 2008, 7.375%, 6/01/34 | 6/18 at 100.00 | A3 | 892,950 | ||||||||||||||
1,000 | Idaho Housing and Finance Association, Economic Development Facilities Recovery Zone Revenue Bonds, TDF Facilities Project, Series 2010A, 6.500%, 2/01/26 | 2/21 at 100.00 | AA– | 1,239,860 | ||||||||||||||
15 | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2008A-1, 6.250%, 7/01/38 (Alternative Minimum Tax) | 1/17 at 100.00 | AAA | 15,167 |
20 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Idaho (continued) | ||||||||||||||||||
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A: | ||||||||||||||||||
$ | 430 | 4.750%, 9/01/25 | 9/22 at 100.00 | Baa1 | $ | 479,368 | ||||||||||||
1,070 | 4.600%, 9/01/27 | 9/22 at 100.00 | Baa1 | 1,164,642 | ||||||||||||||
3,265 | Total Idaho | 3,791,987 | ||||||||||||||||
Illinois – 6.2% | ||||||||||||||||||
1,000 | Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 6.000%, 11/01/35 | 11/20 at 100.00 | BBB | 1,147,130 | ||||||||||||||
750 | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Pullman Park/Chicago Redevelopment Project, Series 2013A, 7.125%, 3/15/33 | 10/18 at 100.00 | N/R | 779,025 | ||||||||||||||
2,395 | Cook County Forest Preserve District, Illinois, General Obligation Bonds, Limited Tax Ptoject & Refunding Series 2012B, 5.000%, 12/15/32 | 6/22 at 100.00 | AA | 2,755,879 | ||||||||||||||
500 | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 | 10/20 at 100.00 | B3 | 546,915 | ||||||||||||||
965 | Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 6.875%, 10/01/31 | 10/21 at 100.00 | BBB– | 1,114,816 | ||||||||||||||
360 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122, 17.478%, 9/01/32 (IF) (4) | 9/22 at 100.00 | BBB | 486,382 | ||||||||||||||
750 | Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21 | 8/18 at 100.00 | AA– | 852,240 | ||||||||||||||
650 | Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 | 1/18 at 100.00 | Baa2 | 705,491 | ||||||||||||||
960 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | 1,140,720 | ||||||||||||||
700 | Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23 | 8/18 at 100.00 | BBB+ | 790,888 | ||||||||||||||
420 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 18.039%, 1/01/21 (IF) | No Opt. Call | AA– | 677,170 | ||||||||||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||||||||||||||
1,000 | 5.250%, 6/01/21 | No Opt. Call | A | 1,203,830 | ||||||||||||||
1,000 | 5.500%, 6/01/23 | 6/21 at 100.00 | A– | 1,197,700 | ||||||||||||||
190 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1991, 6.700%, 11/01/21 – FGIC Insured | No Opt. Call | AA | 225,617 | ||||||||||||||
500 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured | No Opt. Call | AA | 732,740 | ||||||||||||||
3,100 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/29 – NPFG Insured | No Opt. Call | AA | 4,279,116 | ||||||||||||||
750 | Southwestern Illinois Development Authority, Local Goverment Program Bonds, St. Clair County Community Unit School District 19 Mascoutah, Series 2009, 5.750%, 2/01/29 – AGC Insured | 2/19 at 100.00 | AA | 875,310 | ||||||||||||||
St Clair County, Illinois, Highway Revenue Bonds, Series 2013A: | ||||||||||||||||||
825 | 5.500%, 1/01/38 | 1/23 at 100.00 | AA– | 985,446 | ||||||||||||||
1,500 | 4.250%, 1/01/38 | 1/23 at 100.00 | AA– | 1,589,115 | ||||||||||||||
18,315 | Total Illinois | 22,085,530 |
Nuveen Investments | 21 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Indiana – 2.6% | ||||||||||||||||||
$ | 750 | Columbus, Indiana, General Obligation Bonds, Series 2009, 4.500%, 7/15/23 | 7/19 at 100.00 | N/R | $ | 825,765 | ||||||||||||
1,000 | Fishers Redevelopment District, Indiana, General Obligation Bonds, Saxony Project Series 2009, 5.250%, 7/15/34 | 1/20 at 100.00 | AA | 1,147,800 | ||||||||||||||
705 | Hendricks County, Indiana, Redevelopment District Tax Increment Revenue Bonds, Refunding Series 2010B, 6.450%, 1/01/23 | 1/16 at 100.00 | Baa2 | 720,707 | ||||||||||||||
1,500 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012A, 5.000%, 2/01/25 | 2/22 at 100.00 | BBB+ | 1,773,765 | ||||||||||||||
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2014A: | ||||||||||||||||||
560 | 5.000%, 2/01/26 | 2/24 at 100.00 | BBB+ | 655,329 | ||||||||||||||
425 | 5.000%, 2/01/27 | 2/24 at 100.00 | BBB+ | 494,292 | ||||||||||||||
525 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 | 10/19 at 100.00 | BB– | 539,485 | ||||||||||||||
460 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax) | 1/17 at 100.00 | BBB | 495,622 | ||||||||||||||
400 | Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/28 (Alternative Minimum Tax) | 9/24 at 100.00 | BBB | 466,144 | ||||||||||||||
630 | Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Union Hospital, Series 1993, 5.125%, 9/01/18 – NPFG Insured | 4/15 at 100.00 | A3 | 632,545 | ||||||||||||||
1,000 | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A, 5.250%, 1/01/32 | 7/23 at 100.00 | A+ | 1,198,370 | ||||||||||||||
250 | Merrillville Multi-School Building Corporation, Lake County, Indiana, First Mortgage Revenue Bonds, Series 2008, 5.250%, 7/15/22 | 1/18 at 100.00 | AA+ | 280,825 | ||||||||||||||
8,205 | Total Indiana | 9,230,649 | ||||||||||||||||
Iowa – 1.6% | ||||||||||||||||||
Des Moines Airport Authority, Iowa, Revenue Bonds, Refunding Capital Loan Notes Series 2012: | ||||||||||||||||||
1,000 | 5.000%, 6/01/27 (Alternative Minimum Tax) | 6/22 at 100.00 | A2 | 1,124,950 | ||||||||||||||
1,000 | 5.000%, 6/01/28 (Alternative Minimum Tax) | 6/22 at 100.00 | A2 | 1,119,250 | ||||||||||||||
1,000 | Des Moines Independent Community School District, Polk and Warren Counties, Iowa, School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2014, 5.000%, 6/01/22 – BAM Insured | No Opt. Call | AA | 1,223,740 | ||||||||||||||
745 | Des Moines, Iowa, Aviation System Revenue Bonds, Refunding Capital Loan Notes Series 2010B, 5.750%, 6/01/33 – AGM Insured (Alternative Minimum Tax) | 6/20 at 100.00 | AA | 850,425 | ||||||||||||||
1,240 | State University of Iowa, Revenue Bonds, Academic Building Series 2014A-SUI, 3.000%, 7/01/27 | 7/24 at 100.00 | Aa1 | 1,305,608 | ||||||||||||||
4,985 | Total Iowa | 5,623,973 | ||||||||||||||||
Kansas – 0.9% | ||||||||||||||||||
1,500 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2014A, 5.000%, 9/01/29 | 9/24 at 100.00 | AAA | 1,881,825 | ||||||||||||||
1,240 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H, 5.375%, 3/01/30 | 3/20 at 100.00 | A+ | 1,415,286 | ||||||||||||||
2,740 | Total Kansas | 3,297,111 |
22 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Kentucky – 0.2% | ||||||||||||||||||
$ | 590 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17 | No Opt. Call | Baa3 | $ | 646,569 | ||||||||||||
Louisiana – 1.8% | ||||||||||||||||||
835 | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Series 2007, 5.000%, 7/01/16 – CIFG Insured | No Opt. Call | N/R | 879,155 | ||||||||||||||
3,000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38 | 5/17 at 100.00 | Baa1 | 3,167,040 | ||||||||||||||
50 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.375%, 5/15/31 | 5/21 at 100.00 | Baa1 | 60,452 | ||||||||||||||
2,000 | Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A, 5.500%, 5/15/30 | 5/20 at 100.00 | A– | 2,254,460 | ||||||||||||||
5,885 | Total Louisiana | 6,361,107 | ||||||||||||||||
Maine – 0.2% | ||||||||||||||||||
645 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 – AGM Insured (Alternative Minimum Tax) | 11/21 at 100.00 | AA+ | 702,760 | ||||||||||||||
Maryland – 1.4% | ||||||||||||||||||
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A: | ||||||||||||||||||
375 | 5.250%, 9/01/19 – SYNCORA GTY Insured | 9/16 at 100.00 | Ba1 | 395,348 | ||||||||||||||
140 | 5.250%, 9/01/39 – SYNCORA GTY Insured | 9/16 at 100.00 | Ba1 | 143,560 | ||||||||||||||
500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36 | 1/22 at 100.00 | Baa2 | 589,270 | ||||||||||||||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2012: | ||||||||||||||||||
1,000 | 5.000%, 7/01/25 | 7/22 at 100.00 | BBB | 1,132,850 | ||||||||||||||
1,000 | 5.000%, 7/01/26 | 7/22 at 100.00 | BBB | 1,127,180 | ||||||||||||||
500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.000%, 1/01/19 | 1/18 at 100.00 | BBB | 540,920 | ||||||||||||||
1,000 | Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2014C-2, 5.000%, 8/01/23 | No Opt. Call | AAA | 1,274,920 | ||||||||||||||
4,515 | Total Maryland | 5,204,048 | ||||||||||||||||
Massachusetts – 1.4% | ||||||||||||||||||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.000%, 4/01/31 | 4/21 at 100.00 | AA– | 1,159,290 | ||||||||||||||
750 | Massachusetts Development Finance Agency, Revenue Bonds, The Sabis International Charter School, Series 2009A, 8.000%, 4/15/31 | 10/19 at 100.00 | BBB | 890,423 | ||||||||||||||
1,085 | Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2012J, 5.000%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | AA | 1,215,352 | ||||||||||||||
300 | Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6) | 1/18 at 100.00 | N/R | 774 | ||||||||||||||
535 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.696%, 12/15/34 (IF) (4) | 12/19 at 100.00 | AAA | 808,701 | ||||||||||||||
1,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2014F, 4.000%, 11/01/29 | 11/22 at 100.00 | AA+ | 1,098,430 | ||||||||||||||
4,670 | Total Massachusetts | 5,172,970 |
Nuveen Investments | 23 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Michigan – 0.9% | ||||||||||||||||||
$ | 475 | Michigan Finance AuthorIty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Series 2011, 7.750%, 7/15/26 | 7/21 at 100.00 | B– | $ | 458,261 | ||||||||||||
750 | Michigan Higher Education Facilities Authority, Limited Obligation Revenue Bonds, Alma College Project, Series 2008, 5.500%, 6/01/28 | 6/18 at 100.00 | Baa1 | 806,970 | ||||||||||||||
300 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/18 at 100.00 | BB– | 294,384 | ||||||||||||||
1,330 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/31 | 3/24 at 100.00 | A1 | 1,553,387 | ||||||||||||||
2,855 | Total Michigan | 3,113,002 | ||||||||||||||||
Minnesota – 1.4% | ||||||||||||||||||
2,500 | Elk River Independent School District 728, Minnesota, General Obligation Bonds, School Building Series 2015.A, 4.000%, 2/01/26 (WI/DD, Settling 2/19/15) | 2/24 at 100.00 | Aa2 | 2,869,350 | ||||||||||||||
835 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 4.500%, 8/01/26 | 8/22 at 100.00 | BBB– | 897,917 | ||||||||||||||
1,165 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 4.000%, 1/01/24 | 1/23 at 100.00 | N/R | 1,194,812 | ||||||||||||||
4,500 | Total Minnesota | 4,962,079 | ||||||||||||||||
Mississippi – 1.6% | ||||||||||||||||||
750 | Medical Center Educational Building Corporation, Revenue Bonds, University of Mississippi Medical Center Facilities Expansion and Renovation Project, Series 2012A, 5.000%, 6/01/41 | 6/22 at 100.00 | Aa2 | 855,510 | ||||||||||||||
1,190 | Mississippi Development Bank, Special Obligation Bonds, Harrison County, Mississippi Highway Refunding Project, Series 2013A, 5.000%, 1/01/26 | No Opt. Call | AA– | 1,503,922 | ||||||||||||||
3,000 | Mississippi Development Bank, Special Obligation Bonds, Jackson Public School District General Obligation Project, Series 2008, 5.375%, 4/01/24 – AGM Insured | No Opt. Call | A2 | 3,357,810 | ||||||||||||||
4,940 | Total Mississippi | 5,717,242 | ||||||||||||||||
Missouri – 0.7% | ||||||||||||||||||
2,000 | Kansas City, Missouri, Airport Revenue Bonds, Refunding General Improvement Series 2013A, 5.250%, 9/01/25 (Alternative Minimum Tax) | 9/21 at 100.00 | A+ | 2,339,080 | ||||||||||||||
287 | Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28 | No Opt. Call | N/R | 222,089 | ||||||||||||||
2,287 | Total Missouri | 2,561,169 | ||||||||||||||||
Nebraska – 0.1% | ||||||||||||||||||
285 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Refunding Series 2008B, 6.125%, 8/15/31 | 8/17 at 100.00 | A2 | 313,617 | ||||||||||||||
Nevada – 0.0% | ||||||||||||||||||
70 | Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008, 6.750%, 9/01/27 | 9/18 at 100.00 | N/R | 75,559 | ||||||||||||||
New Hampshire – 0.2% | ||||||||||||||||||
580 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 5.000%, 7/01/27 | No Opt. Call | A– | 659,941 |
24 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
New Jersey – 1.7% | ||||||||||||||||||
$ | 1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, | No Opt. Call | A2 | $ | 1,145,760 | ||||||||||||
310 | New Jersey Turnpike Authority, Revenue Bonds, Tender Option | 7/22 at 100.00 | A+ | 477,881 | ||||||||||||||
2,800 | Paterson, New Jersey, General Obligation Bonds, General Improvement Series 2013, 5.000%, 1/15/26 | 1/23 at 100.00 | AA | 3,253,712 | ||||||||||||||
1,780 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, First Subordinate Capital Appreciation Series 2007-1B, 0.000%, 6/01/41 | 6/17 at 26.26 | A– | 433,199 | ||||||||||||||
1,125 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 | 6/17 at 100.00 | B2 | 912,240 | ||||||||||||||
7,015 | Total New Jersey | 6,222,792 | ||||||||||||||||
New Mexico – 0.6% | ||||||||||||||||||
1,430 | New Mexico Finance Authority, New Mexico, State Transportation Revenue Bonds, Senior Lien, Refunding Series 2014B-1, 5.000%, 6/15/27 | 6/24 at 100.00 | AAA | 1,783,725 | ||||||||||||||
400 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds CL 1, Series 2008A-2, 5.600%, 1/01/39 (Alternative Minimum Tax) | 1/18 at 102.00 | AA+ | 422,544 | ||||||||||||||
1,830 | Total New Mexico | 2,206,269 | ||||||||||||||||
New York – 6.7% | ||||||||||||||||||
1,500 | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014, 5.250%, 11/01/34 | 11/24 at 100.00 | BB | 1,655,295 | ||||||||||||||
Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and University System, Series 2014A: | ||||||||||||||||||
425 | 4.000%, 1/01/21 | No Opt. Call | BBB– | 461,576 | ||||||||||||||
435 | 4.000%, 1/01/22 | No Opt. Call | BBB– | 470,183 | ||||||||||||||
445 | 4.000%, 1/01/23 | No Opt. Call | BBB– | 481,699 | ||||||||||||||
460 | 4.000%, 1/01/24 | No Opt. Call | BBB– | 496,878 | ||||||||||||||
750 | Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, | 7/22 at 100.00 | AA+ | 884,588 | ||||||||||||||
1,750 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015A, 5.000%, 3/15/25 | No Opt. Call | AAA | 2,228,083 | ||||||||||||||
675 | Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A, 5.250%, 2/01/27 | 2/17 at 100.00 | BB+ | 697,714 | ||||||||||||||
250 | Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30 | 2/21 at 100.00 | Aa2 | 302,488 | ||||||||||||||
500 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 18.225%, 10/01/16 (IF) | No Opt. Call | AA+ | 675,220 | ||||||||||||||
New York City, New York, General Obligation Bonds, Fiscal 2012 Series F: | ||||||||||||||||||
1,000 | 5.000%, 8/01/24 | No Opt. Call | AA | 1,210,020 | ||||||||||||||
2,000 | 5.000%, 8/01/25 | No Opt. Call | AA | 2,399,060 | ||||||||||||||
500 | New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2005B, 5.500%, 10/15/27 | No Opt. Call | AAA | 685,840 | ||||||||||||||
Newburgh, Orange County, New York, General Obligation Bonds, Deficit Liquidation, Series 2012B: | ||||||||||||||||||
605 | 5.000%, 6/15/24 | 6/22 at 100.00 | Baa3 | 673,704 | ||||||||||||||
635 | 5.000%, 6/15/25 | 6/22 at 100.00 | Baa3 | 693,611 |
Nuveen Investments | 25 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
New York (continued) | ||||||||||||||||||
$ | 915 | Newburgh, Orange County, New York, General Obligation Bonds, Series 2012A, 5.000%, 6/15/25 – AGC Insured | 6/22 at 100.00 | Baa3 | $ | 999,455 | ||||||||||||
Niagara Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2014: | ||||||||||||||||||
150 | 5.000%, 5/15/20 | No Opt. Call | BBB+ | 174,470 | ||||||||||||||
3,400 | 4.000%, 5/15/29 | 5/15 at 100.00 | BBB+ | 3,407,412 | ||||||||||||||
1,250 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty-Ninth Series 2011, 5.000%, 10/15/24 (Alternative Minimum Tax) | 10/21 at 100.00 | AA– | 1,463,838 | ||||||||||||||
1,000 | Rockland County, New York, General Obligation Bonds, Refunding Series 2013, 5.000%, 3/01/17 | No Opt. Call | Baa2 | 1,065,160 | ||||||||||||||
Saratoga County Capital Resource Corporation, New York, Revenue Bonds, Skidmore College, Refunding Series 2014B: | ||||||||||||||||||
300 | 5.000%, 7/01/30 | 7/24 at 100.00 | A1 | 357,042 | ||||||||||||||
300 | 5.000%, 7/01/31 | 7/24 at 100.00 | A1 | 355,671 | ||||||||||||||
450 | Saratoga County Water and Sewer Authority, New York, Revenue Bonds, | 9/18 at 100.00 | AA– | 506,403 | ||||||||||||||
1,000 | Syracuse, New York, General Obligation Bonds, Airport Terminal Security Access Improvement Series 2011A, 5.000%, 11/01/36 (Alternative Minimum Tax) | 11/21 at 100.00 | A1 | 1,104,020 | ||||||||||||||
450 | Westchester County Local Development Corporation, New York, Revenue Refunding Bonds, Kendal on Hudson Project, Series 2013, 3.000%, 1/01/18 | No Opt. Call | BBB | 465,354 | ||||||||||||||
21,145 | Total New York | 23,914,784 | ||||||||||||||||
North Carolina – 3.4% | ||||||||||||||||||
665 | Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.802%, 7/01/38 (IF) (4) | 7/20 at 100.00 | AAA | 999,116 | ||||||||||||||
2,000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/34 (UB) (4) | 1/19 at 100.00 | AA– | 2,266,820 | ||||||||||||||
2,000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.000%, 1/15/31 | 1/21 at 100.00 | AA– | 2,268,060 | ||||||||||||||
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A: | ||||||||||||||||||
1,000 | 5.000%, 1/01/25 | 7/22 at 100.00 | A– | 1,193,710 | ||||||||||||||
1,500 | 5.000%, 1/01/26 | 7/22 at 100.00 | A– | 1,775,895 | ||||||||||||||
350 | North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 – FGIC Insured | No Opt. Call | A3 | 444,707 | ||||||||||||||
500 | North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2008A, 5.250%, 1/01/20 | 1/18 at 100.00 | A– | 565,470 | ||||||||||||||
340 | North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Tender Option Bond Trust 11808, 22.741%, 6/01/18 (IF) | No Opt. Call | AA | 573,549 | ||||||||||||||
2,000 | North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/34 | 11/16 at 100.00 | AA– | 2,086,560 | ||||||||||||||
10,355 | Total North Carolina | 12,173,887 | ||||||||||||||||
North Dakota – 0.5% | ||||||||||||||||||
1,500 | University of North Dakota, Housing and Auxiliary Faciilities Revenue Bonds, Refunding Series 2012, 5.000%, 4/01/32 | 4/22 at 100.00 | Aa3 | 1,724,505 |
26 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Ohio – 1.8% | ||||||||||||||||||
$ | 550 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27 | 2/23 at 100.00 | BB+ | $ | 595,353 | ||||||||||||
3,045 | Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2014A, 3.000%, 3/01/28 | 3/23 at 100.00 | AA+ | 3,162,994 | ||||||||||||||
500 | Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2014A, 5.000%, 6/01/25 | 6/23 at 100.00 | AA+ | 606,195 | ||||||||||||||
1,810 | University of Akron, Ohio, General Receipts Bonds, Series 2010A, 5.000%, 1/01/24 – AGM Insured | No Opt. Call | AA | 2,091,636 | ||||||||||||||
5,905 | Total Ohio | 6,456,178 | ||||||||||||||||
Oklahoma – 0.2% | ||||||||||||||||||
500 | Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2008A, 5.875%, 1/01/28 (Pre-refunded 1/01/18) | 1/18 at 100.00 | A (5) | 575,035 | ||||||||||||||
Oregon – 1.0% | ||||||||||||||||||
1,000 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B, 5.000%, 6/15/27 (Pre-refunded 6/15/17) – AGM Insured | 6/17 at 100.00 | AA+ (5) | 1,105,470 | ||||||||||||||
750 | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 5.000%, 9/01/21 | No Opt. Call | A– | 864,413 | ||||||||||||||
1,000 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/24 | 4/21 at 100.00 | AAA | 1,222,310 | ||||||||||||||
410 | Oregon Special Districts Association, Certificates of Participation, Flexlease Program, Series 2013A, 4.000%, 1/01/24 | 1/16 at 102.00 | N/R | 426,400 | ||||||||||||||
3,160 | Total Oregon | 3,618,593 | ||||||||||||||||
Pennsylvania – 4.5% | ||||||||||||||||||
1,000 | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.000%, 12/01/26 | No Opt. Call | AA– | 1,167,800 | ||||||||||||||
850 | Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Renaissance Academy Charter School Project, Series 2014, 5.000%, 10/01/34 | 10/24 at 100.00 | BBB– | 924,392 | ||||||||||||||
1,130 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1998A, 5.500%, 8/01/28 – AMBAC Insured | No Opt. Call | A2 | 1,392,838 | ||||||||||||||
1,050 | Hempfield Area School District, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 2011, 5.250%, 3/15/25 – AGM Insured | 3/21 at 100.00 | AA | 1,243,379 | ||||||||||||||
1,140 | Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0065, 18.078%, 7/01/36 (IF) | 1/22 at 100.00 | AA– | 1,716,794 | ||||||||||||||
825 | Lycoming County Authority, Pennsylvania, Revenue Bonds, AICUP FInancing Program-Lycoming College, Series 2013M-M1, 5.250%, 11/01/43 | 11/23 at 100.00 | A | 962,082 | ||||||||||||||
1,250 | Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Refunding Series 2011, 5.500%, 7/01/26 | 7/21 at 100.00 | A | 1,465,050 | ||||||||||||||
1,000 | Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Refunding Bonds, Aqua Pennsylvania, Inc. Project, Series 2010A, 5.000%, 12/01/34 (Alternative Minimum Tax) | 12/20 at 100.00 | AA– | 1,117,660 | ||||||||||||||
1,600 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.000%, 6/15/23 | 6/20 at 100.00 | BB– | 1,669,440 | ||||||||||||||
1,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Nineth Series, 2010, 5.000%, 8/01/30 | 8/20 at 100.00 | A– | 1,115,250 |
Nuveen Investments | 27 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||
$ | 1,000 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2007B, 5.500%, 7/01/26 | 7/17 at 100.00 | BB+ | $ | 1,054,780 | ||||||||||||
870 | Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.000%, 4/01/23 | 4/19 at 100.00 | A+ | 1,025,513 | ||||||||||||||
1,000 | West Chester Area School District, Chester and Delaware Counties, Pennsylvania, General Obligation Bonds, Refunding Series 2014AA, 5.000%, 5/15/27 | 11/24 at 100.00 | Aaa | 1,272,740 | ||||||||||||||
13,715 | Total Pennsylvania | 16,127,718 | ||||||||||||||||
Rhode Island – 1.5% | ||||||||||||||||||
4,045 | Narragansett Bay Commission, Rhode Island, Wastewater System Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/31 | 9/24 at 100.00 | AA– | 4,940,765 | ||||||||||||||
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | ||||||||||||||||||
130 | 6.000%, 6/01/23 (Pre-refunded 4/20/15) | 4/15 at 100.00 | A (5) | 130,741 | ||||||||||||||
150 | 6.125%, 6/01/32 (Pre-refunded 4/20/15) | 4/15 at 100.00 | BBB+ (5) | 150,645 | ||||||||||||||
4,325 | Total Rhode Island | 5,222,151 | ||||||||||||||||
South Carolina – 0.7% | ||||||||||||||||||
1,000 | Charleston County Airport District, South Carolina, Airport Revenue Bonds, | No Opt. Call | A1 | 1,200,890 | ||||||||||||||
500 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2011, 5.000%, 11/01/26 | 11/21 at 100.00 | AA– | 582,950 | ||||||||||||||
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, York Preparatory Academy Project, Series 2014A: | ||||||||||||||||||
320 | 5.750%, 11/01/23 | No Opt. Call | N/R | 339,146 | ||||||||||||||
180 | 7.000%, 11/01/33 | 11/24 at 100.00 | N/R | 200,727 | ||||||||||||||
250 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 | 10/19 at 100.00 | A1 | 286,583 | ||||||||||||||
2,250 | Total South Carolina | 2,610,296 | ||||||||||||||||
South Dakota – 0.5% | ||||||||||||||||||
South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds Series 2013B: | ||||||||||||||||||
440 | 5.000%, 6/01/24 | 6/23 at 100.00 | A– | 523,178 | ||||||||||||||
1,000 | 5.000%, 6/01/26 | 6/23 at 100.00 | A– | 1,173,150 | ||||||||||||||
1,440 | Total South Dakota | 1,696,328 | ||||||||||||||||
Tennessee – 0.3% | ||||||||||||||||||
1,000 | Claiborne County Industrial Development Board, Tennessee, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2010, 6.000%, 10/01/30 | 10/20 at 100.00 | N/R | 1,115,520 | ||||||||||||||
Texas – 10.1% | ||||||||||||||||||
750 | La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp Inc., Series 2009A, 6.000%, 8/15/29 | 8/19 at 100.00 | BBB | 855,600 | ||||||||||||||
1,385 | Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005A. Remarketed, 5.750%, 4/01/26 | 4/20 at 100.00 | Baa1 | 1,578,166 | ||||||||||||||
965 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2011, 4.800%, 8/15/21 | No Opt. Call | BBB | 1,088,877 |
28 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Texas (continued) | ||||||||||||||||||
$ | 675 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2010A, 4.300%, 12/01/16 | No Opt. Call | BBB– | $ | 713,003 | ||||||||||||
315 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A, 3.100%, 12/01/22 | No Opt. Call | BBB– | 312,534 | ||||||||||||||
2,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013A, 5.000%, 11/01/38 (Alternative Minimum Tax) | 11/20 at 100.00 | A+ | 2,254,060 | ||||||||||||||
2,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012F, 5.000%, 11/01/29 (Alternative Minimum Tax) | 11/20 at 100.00 | A+ | 2,309,320 | ||||||||||||||
1,000 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, | 9/23 at 100.00 | N/R | 1,235,850 | ||||||||||||||
1,500 | Frisco Independent School District, Collin and Denton Counties, Texas, General Obligation Bonds, Series 2008A, 6.000%, 8/15/38 | 8/18 at 100.00 | Aaa | 1,759,275 | ||||||||||||||
Harris County Water Control and Improvement District 74, Texas, General Obligation Bonds, Series 2010: | ||||||||||||||||||
195 | 5.000%, 8/01/36 | 2/18 at 100.00 | N/R | 210,251 | ||||||||||||||
1,515 | 5.200%, 8/01/39 | 2/18 at 100.00 | N/R | 1,642,593 | ||||||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C: | ||||||||||||||||||
605 | 5.000%, 11/15/26 | 11/24 at 100.00 | A3 | 728,559 | ||||||||||||||
650 | 5.000%, 11/15/27 | 11/24 at 100.00 | A3 | 775,392 | ||||||||||||||
600 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 0.000%, 11/15/18 – NPFG Insured | No Opt. Call | AA– | 541,074 | ||||||||||||||
1,315 | Houston Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2014B, 4.000%, 2/15/27 | 2/24 at 100.00 | AAA | 1,492,104 | ||||||||||||||
615 | Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2014A, 5.000%, 3/01/26 | 3/24 at 100.00 | AA+ | 765,472 | ||||||||||||||
1,630 | Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/29 (Alternative Minimum Tax) | 7/22 at 100.00 | A | 1,868,697 | ||||||||||||||
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B: | ||||||||||||||||||
490 | 4.000%, 8/15/25 | 8/19 at 100.00 | BBB+ | 510,423 | ||||||||||||||
250 | 4.125%, 8/15/26 | 8/19 at 100.00 | BBB+ | 260,683 | ||||||||||||||
Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2015: | ||||||||||||||||||
500 | 5.000%, 1/01/24 (WI/DD, Settling 2/03/15) | No Opt. Call | A | 605,155 | ||||||||||||||
300 | 5.000%, 1/01/25 (WI/DD, Settling 2/03/15) | 1/24 at 100.00 | A | 360,687 | ||||||||||||||
400 | Newark Cultural Education Facilities Finance Corporation, Texas, Lease Revenue Bonds, A.W. Brown-Fellowship Leadership Academy, Series 2012A, 6.000%, 8/15/32 | 2/15 at 103.00 | BBB– | 413,048 | ||||||||||||||
1,000 | North Texas Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2012A, 5.125%, 12/01/42 | 6/22 at 100.00 | BBB– | 1,108,250 | ||||||||||||||
375 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, | 1/18 at 100.00 | A3 | 417,960 | ||||||||||||||
825 | Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/21 | No Opt. Call | BBB+ | 992,211 | ||||||||||||||
600 | San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien | 11/23 at 100.00 | AA | 730,398 |
Nuveen Investments | 29 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Texas (continued) | ||||||||||||||||||
$ | 1,490 | San Jacinto River Authority, Texas, Special Project Revenue Bonds, Woodlands Water Supply System Project, Refunding Series 2014, 5.000%, 10/01/29 – BAM Insured | 10/23 at 100.00 | AA | $ | 1,772,281 | ||||||||||||
1,200 | Texas State, General Obligation Bonds, College Student Loan Series 2014, 6.000%, 8/01/25 (Alternative Minimum Tax) | 8/24 at 100.00 | AAA | 1,580,376 | ||||||||||||||
2,000 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding | 10/24 at 100.00 | AAA | 2,525,580 | ||||||||||||||
1,140 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/29 (WI/DD, Settling 2/04/15) | 8/24 at 100.00 | BBB+ | 1,328,978 | ||||||||||||||
2,000 | Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2011, 5.250%, 7/01/23 | 7/21 at 100.00 | Baa1 | 2,335,940 | ||||||||||||||
1,000 | Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 4.700%, 9/01/20 | 9/19 at 100.00 | BBB | 1,125,670 | ||||||||||||||
31,285 | Total Texas | 36,198,467 | ||||||||||||||||
Utah – 1.3% | ||||||||||||||||||
Utah Infrastructure Agency, Telecommunications and Franchise Tax Revenue, Series 2011A: | ||||||||||||||||||
500 | 5.250%, 10/15/33 – AGM Insured | 10/21 at 100.00 | AA | 579,730 | ||||||||||||||
520 | 5.400%, 10/15/36 – AGM Insured | 10/21 at 100.00 | AA | 605,530 | ||||||||||||||
435 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 5.750%, 7/15/20 | No Opt. Call | BBB– | 478,252 | ||||||||||||||
1,550 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30 | 7/20 at 100.00 | BB– | 1,573,777 | ||||||||||||||
80 | Utah State Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Series 2007A, 5.750%, 7/15/22 | 7/15 at 102.00 | N/R | 81,759 | ||||||||||||||
60 | Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.125%, 6/15/17 | No Opt. Call | BBB– | 62,361 | ||||||||||||||
750 | Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 3006, 18.100%, 6/15/26 – AGM Insured (IF) (4) | 6/18 at 100.00 | AAA | 1,110,060 | ||||||||||||||
3,895 | Total Utah | 4,491,469 | ||||||||||||||||
Virgin Islands – 0.8% | ||||||||||||||||||
500 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2009A-1, 5.000%, 10/01/24 | 10/19 at 100.00 | BBB | 558,490 | ||||||||||||||
1,000 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Refunding Bonds, Series 2009C, 5.000%, 10/01/22 | 10/19 at 100.00 | Baa2 | 1,103,930 | ||||||||||||||
1,000 | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, | No Opt. Call | Baa3 | 1,145,360 | ||||||||||||||
2,500 | Total Virgin Islands | 2,807,780 | ||||||||||||||||
Virginia – 2.4% | ||||||||||||||||||
1,300 | Alexandria, Virginia, General Obligation Bonds, Capital Improvement Series 2014B, 4.000%, 1/15/27 | 1/25 at 100.00 | AAA | 1,525,615 | ||||||||||||||
Fredericksburg Economic Development Authority, Virginia, Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2014: | ||||||||||||||||||
600 | 5.000%, 6/15/31 | 6/24 at 100.00 | Baa1 | 682,428 | ||||||||||||||
1,400 | 5.000%, 6/15/33 | 6/24 at 100.00 | Baa1 | 1,583,890 |
30 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Virginia (continued) | ||||||||||||||||||
$ | 1,900 | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2008A, 5.375%, 10/01/28 (Alternative Minimum Tax) | 10/18 at 100.00 | AA– | $ | 2,139,913 | ||||||||||||
815 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.750%, 1/01/34 | No Opt. Call | AA | 1,149,166 | ||||||||||||||
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | ||||||||||||||||||
40 | 4.750%, 1/01/25 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | 44,232 | ||||||||||||||
1,400 | 5.000%, 1/01/27 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | 1,556,436 | ||||||||||||||
7,455 | Total Virginia | 8,681,680 | ||||||||||||||||
Washington – 4.7% | ||||||||||||||||||
980 | Central Puget Sound Regional Transit Authority, Washington, Sales and Use Tax Revenue Bonds, Series 2007A, 5.000%, 11/01/34 – AGM Insured | No Opt. Call | AAA | 1,077,716 | ||||||||||||||
1,700 | Chelan County Public Utility District 1, Washington, Consolidated System Revenue Bonds Series 2011A, 5.500%, 7/01/24 (Alternative Minimum Tax) | 7/21 at 100.00 | AA+ | 2,060,196 | ||||||||||||||
2,500 | Chelan County Public Utility District 1, Washington, Consolidated System Revenue Bonds Series 2011B, 5.500%, 7/01/26 (Alternative Minimum Tax) | 7/21 at 100.00 | AA+ | 2,998,825 | ||||||||||||||
1,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2012-D, 5.000%, 7/01/35 | 7/22 at 100.00 | Aa1 | 1,166,849 | ||||||||||||||
100 | Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.625%, 1/01/28 | 1/18 at 100.00 | N/R | 100,121 | ||||||||||||||
1,900 | King County, Washington, Sewer Revenue Bonds, Refunding Series 2011B, 5.000%, 1/01/31 | No Opt. Call | AA+ | 2,224,785 | ||||||||||||||
600 | King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.806%, 7/01/32 – AGM Insured (IF) (4) | 7/17 at 100.00 | AA+ | 791,088 | ||||||||||||||
750 | University of Washington, General Revenue Bonds, Tender Option Bond Tust 3005, 11.513%, 6/01/31 – AMBAC Insured (IF) | 6/17 at 100.00 | Aaa | 1,034,430 | ||||||||||||||
1,000 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | Baa3 (5) | 1,239,420 | ||||||||||||||
1,000 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2015B, 5.000%, 10/01/38 (WI/DD, Settling 2/05/15) (UB) | 4/25 at 100.00 | Aa2 | 1,184,740 | ||||||||||||||
1,550 | Washington State Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, Series 2008D, 6.375%, 10/01/36 | 10/18 at 100.00 | A+ | 1,831,557 | ||||||||||||||
1,000 | Washington State, General Obligation Bonds, Various Purpose, Refunding Series R-2015C, 5.000%, 7/01/27 | 1/25 at 100.00 | AA+ | 1,250,839 | ||||||||||||||
14,080 | Total Washington | 16,960,566 | ||||||||||||||||
West Virginia – 0.8% | ||||||||||||||||||
1,150 | West Virginia Higher Education Policy Commission, Revenue Bonds, Higher Education Facilities, Series 2012A, 5.000%, 4/01/29 | 4/22 at 100.00 | Aa3 | 1,356,609 | ||||||||||||||
1,250 | West Virginia Water Development Authority, Infrastructure Excess Lottery Revenue Bonds, Chesapeake Bay/Greenbrier River Projects, Series 2014A, 5.000%, 7/01/34 | 7/24 at 100.00 | AAA | 1,491,124 | ||||||||||||||
2,400 | Total West Virginia | 2,847,733 | ||||||||||||||||
Wisconsin – 3.0% | ||||||||||||||||||
350 | Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A, 5.500%, 10/01/22 | No Opt. Call | BB+ | 393,455 |
Nuveen Investments | 31 |
Municipal Total Return Managed Accounts Portfolio (continued)
Portfolio of Investments | January 31, 2015 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
Wisconsin (continued) | ||||||||||||||||||
$ | 1,820 | Public Finance Authority, Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/22 (Alternative Minimum Tax) | No Opt. Call | BBB | $ | 2,059,183 | ||||||||||||
1,880 | School Districts of Arcadia, Buffalo, and Trempealealu Counties, Wisconsin, Bond Anticipation Notes, Series 2014, 3.000%, 3/15/19 | 3/17 at 100.00 | A | 1,960,049 | ||||||||||||||
485 | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 4287, 17.826%, 10/01/20 (IF) (4) | No Opt. Call | Aa3 | 774,050 | ||||||||||||||
1,000 | Wisconsin Health and Edcuational Facilities Authority, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014, 5.125%, 5/01/29 | 5/24 at 100.00 | N/R | 1,075,609 | ||||||||||||||
500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust Series 2010- 3184, 18.483%, 11/15/17 (IF) | No Opt. Call | AA+ | 788,540 | ||||||||||||||
440 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 19.305%, 8/15/37 (IF) (4) | 2/20 at 100.00 | AA– | 704,669 | ||||||||||||||
1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.250%, 6/01/34 | 6/20 at 100.00 | AA– | 1,136,539 | ||||||||||||||
335 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014, 5.000%, 5/01/25 | 5/24 at 100.00 | BBB | 384,736 | ||||||||||||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
1,000 | 6.000%, 5/01/27 | 5/19 at 100.00 | AA– | 1,203,999 | ||||||||||||||
90 | 6.000%, 5/01/33 | 5/19 at 100.00 | AA– | 108,733 | ||||||||||||||
8,900 | Total Wisconsin | 10,589,562 | ||||||||||||||||
Wyoming – 1.1% | ||||||||||||||||||
1,000 | Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.000%, 9/15/26 | 3/21 at 100.00 | A3 | 1,176,189 | ||||||||||||||
2,000 | West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 6.375%, 6/01/26 | 6/21 at 100.00 | BBB | 2,364,719 | ||||||||||||||
250 | Wyoming Municipal Power Agency Power Supply System Revenue Bonds, 2008 Series A, 5.500%, 1/01/28 | 1/18 at 100.00 | A2 | 279,522 | ||||||||||||||
3,250 | Total Wyoming | 3,820,430 | ||||||||||||||||
$ | 308,386 | Total Long-Term Investments (cost $326,683,658) | 353,622,744 | |||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
SHORT-TERM INVESTMENTS – 1.0% | ||||||||||||||||||
MUNICIPAL BONDS – 1.0% | ||||||||||||||||||
California – 0.3% | ||||||||||||||||||
$ | 1,000 | Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Variable Rate Demand Obligations, Series 2012B-1, 0.370%, 7/01/27 (7) | 4/15 at 100.00 | VMIG-1 | $ | 1,000,020 | ||||||||||||
Massachusetts – 0.4% | ||||||||||||||||||
1,675 | Massachusetts State, General Obligation Bonds, Variable Rate Demand Obligations, Refunding Series 2012A, 0.500%, 2/01/16 (7) | 8/15 at 100.00 | AA+ | 1,676,658 |
32 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
North Carolina – 0.3% | ||||||||||||||||||
$ | 1,000 | University of North Carolina at Chapel Hill, General Revenue Bonds, Variable Rate Demand Obligations, Index Tender Series 2012B, 0.854%, 12/01/41 (7) | 6/17 at 100.00 | AAA | $ | 1,009,720 | ||||||||||||
$ | 3,675 | Total Short-Term Investments (cost $3,675,000) | 3,686,398 | |||||||||||||||
Total Investments (cost $330,358,658) – 99.8% | 357,309,142 | |||||||||||||||||
Floating Rate Obligations – (0.9)% | (3,310,000 | ) | ||||||||||||||||
Other Assets Less Liabilities – 1.1% | 4,139,680 | |||||||||||||||||
Net Assets – 100% | $ | 358,138,822 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
(6) | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
(7) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1993, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified buyers. |
(IF) | Inverse floating rate investment. |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
See accompanying notes to financial statements.
Nuveen Investments | 33 |
Assets and Liabilities | January 31, 2015 (Unaudited) |
Assets | ||||
Long-term investments, at value (cost $326,683,658) | $ | 353,622,744 | ||
Short-term investments, at value (cost $3,675,000) | 3,686,398 | |||
Cash | 6,147,807 | |||
Receivable for: | ||||
Interest | 3,912,108 | |||
Investments sold | 2,344,931 | |||
Reimbursement from Adviser | 23,313 | |||
Shares sold | 2,518,636 | |||
Other assets | 30,835 | |||
Total assets | 372,286,772 | |||
Liabilities | ||||
Floating rate obligations | 3,310,000 | |||
Payable for: | ||||
Dividends | 639,683 | |||
Investments purchased | 8,537,900 | |||
Shares redeemed | 1,579,520 | |||
Accrued expenses: | ||||
Trustees fees | 8,669 | |||
Other | 72,178 | |||
Total liabilities | 14,147,950 | |||
Net assets | $ | 358,138,822 | ||
Shares outstanding | 32,137,983 | |||
Net asset value (“NAV”) per share | $ | 11.14 | ||
Net assets consist of: | ||||
Capital paid-in | $ | 335,554,959 | ||
Undistributed (Over-distribution of) net investment income | (618,072 | ) | ||
Accumulated net realized gain (loss) | (3,748,549 | ) | ||
Net unrealized appreciation (depreciation) | 26,950,484 | |||
Net assets | $ | 358,138,822 | ||
Authorized shares | Unlimited | |||
Par value per share | $ | 0.01 |
See accompanying notes to financial statements.
34 | Nuveen Investments |
Operations | Six Months Ended January 31, 2015 (Unaudited) |
Investment Income | $ | 7,154,291 | ||
Expenses | ||||
Shareholder servicing agent fees | 14,367 | |||
Interest expense on floating rate obligations | 7,343 | |||
Custodian fees | 38,262 | |||
Trustees fees | 5,657 | |||
Professional fees | 33,272 | |||
Shareholder reporting expenses | 21,919 | |||
Federal and state registration fees | 27,798 | |||
Other | 7,957 | |||
Total expenses before fee waiver/expense reimbursement | 156,575 | |||
Fee waiver/expense reimbursement | (149,232 | ) | ||
Net expenses | 7,343 | |||
Net investment income (loss) | 7,146,948 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from investments | 2,520,776 | |||
Change in net unrealized appreciation (depreciation) of investments | 12,377,861 | |||
Net realized and unrealized gain (loss) | 14,898,637 | |||
Net increase (decrease) in net assets from operations | $ | 22,045,585 |
See accompanying notes to financial statements.
Nuveen Investments | 35 |
Changes in Net Assets | (Unaudited) |
Six Months Ended 1/31/15 | Year Ended 7/31/14 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 7,146,948 | $ | 13,553,016 | ||||
Net realized gain (loss) from investments | 2,520,776 | (6,029,715 | ) | |||||
Change in net unrealized appreciation (depreciation) of investments | 12,377,861 | 24,472,038 | ||||||
Net increase (decrease) in net assets from operations | 22,045,585 | 31,995,339 | ||||||
Distributions to Shareholders | ||||||||
From net investment income | (7,260,442 | ) | (13,819,172 | ) | ||||
From accumulated net realized gains | — | (1,867,454 | ) | |||||
Decrease in net assets from distributions to shareholders | (7,260,442 | ) | (15,686,626 | ) | ||||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 50,325,323 | 125,999,383 | ||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,403,699 | 7,641,971 | ||||||
53,729,022 | 133,641,354 | |||||||
Cost of shares redeemed | (40,381,472 | ) | (123,616,188 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions | 13,347,550 | 10,025,166 | ||||||
Net increase (decrease) in net assets | 28,132,693 | 26,333,879 | ||||||
Net assets at the beginning of period | 330,006,129 | 303,672,250 | ||||||
Net assets at the end of period | $ | 358,138,822 | $ | 330,006,129 | ||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (618,072 | ) | $ | (504,578 | ) |
See accompanying notes to financial statements.
36 | Nuveen Investments |
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Nuveen Investments | 37 |
Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Year Ended July 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
2015(f) | $ | 10.67 | $ | 0.23 | $ | 0.47 | $ | 0.70 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | 11.14 | ||||||||||||||||
2014 | 10.13 | 0.45 | 0.61 | 1.06 | (0.46 | ) | (0.06 | ) | (0.52 | ) | 10.67 | |||||||||||||||||||||||
2013 | 11.13 | 0.46 | (0.82 | ) | (0.36 | ) | (0.47 | ) | (0.17 | ) | (0.64 | ) | 10.13 | |||||||||||||||||||||
2012 | 10.22 | 0.51 | 0.95 | 1.46 | (0.52 | ) | (0.03 | ) | (0.55 | ) | 11.13 | |||||||||||||||||||||||
2011 | 10.42 | 0.54 | (0.11 | ) | 0.43 | (0.54 | ) | (0.09 | ) | (0.63 | ) | 10.22 | ||||||||||||||||||||||
2010 | 9.80 | 0.52 | 0.60 | 1.12 | (0.50 | ) | — | (0.50 | ) | 10.42 |
38 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Expenses Excluding Interest | Net Investment Income (Loss) | Expenses | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||||
6.65 | % | $ | 358,139 | 0.09 | %** | 0.09 | %** | 4.08 | %** | — | %*** | — | % | 4.16 | %** | 15 | % | |||||||||||||||||||||
10.85 | 330,006 | 0.09 | 0.09 | 4.30 | — | * | — | 4.39 | 27 | |||||||||||||||||||||||||||||
(3.54 | ) | 303,672 | 0.09 | 0.09 | 4.08 | — | * | — | * | 4.17 | 25 | |||||||||||||||||||||||||||
14.66 | 268,776 | 0.12 | 0.12 | 4.64 | — | — | 4.75 | 29 | ||||||||||||||||||||||||||||||
4.38 | 173,359 | 0.09 | 0.08 | 5.25 | 0.01 | — | 5.33 | 17 | ||||||||||||||||||||||||||||||
11.68 | 140,543 | 0.17 | 0.17 | 4.89 | — | — | 5.06 | 40 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser. |
(d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(f) | For the six months ended January 31, 2015. |
* | Rounds to less than 0.1%. |
** | Annualized. |
*** | Annualized and rounds to less than 0.1%. |
See accompanying notes to financial statements.
Nuveen Investments | 39 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nuveen Managed Accounts Portfolios Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Municipal Total Return Managed Accounts Portfolio (the “Fund”), as a diversified fund. The Trust was organized as a Massachusetts business trust on November 14, 2006.
The Fund is developed exclusively for use within separately managed accounts sponsored by Nuveen Investments, Inc. (“Nuveen”). The Fund is a specialized municipal bond fund to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund enables certain Nuveen municipal separately managed account investors to achieve greater diversification and return potential than smaller managed accounts might otherwise achieve by using lower quality, higher yielding securities and to gain access to special investment opportunities normally available only to institutional investors.
The end of the reporting period for the Fund is January 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2015 (“the current fiscal period”).
Investment Adviser
The Fund’s investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for the Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolio of the Fund.
Change in Control
On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser.
Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Fund’s investment management agreement and investment sub-advisory agreement, Fund shareholders were asked to approve a new investment management agreement with the Adviser and a new investment sub-advisory agreement with the Sub-Adviser. These new agreements were approved by shareholders of the Fund, and went into effect during the current fiscal period.
Investment Objectives and Principal Investment Strategies
The Fund’s primary investment objective is to seek attractive total return. The Fund also seeks to provide high current income exempt from regular federal income taxes. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will focus on securities with intermediate to longer term maturities and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of approximately 12 to 25 years.
The Fund invests in various types of municipal securities, including investment grade (rated BBB/Baa or better), below investment grade (rated BB/Ba or lower), and unrated municipal securities. The Fund may invest up to 50% of its net assets in below investment grade municipal bonds, but will normally invest 10-30% of its net assets in such bonds. Such securities are commonly referred to as “high yield” securities or “junk” bonds. The Fund may invest up to 5% of its net assets in defaulted bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 50% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
40 | Nuveen Investments |
The Fund may also make forward commitments in which the Fund agrees to buy a security for settlement in the future at a price agreed upon today.
The Fund’s most recent prospectus provides further description of the Fund’s investment objectives, principal investment strategies and principal risks.
Significant Accounting Policies
The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has instructed the custodian to earmark securities in the Fund’s portfolio with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:
Outstanding when-issued/delayed delivery purchase commitments | $ | 5,535,135 |
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Fund may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.
The Fund’s investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Nuveen Investments | 41 |
Notes to Financial Statements (Unaudited) (continued)
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Prices of fixed income securities are provided by a pricing service approved by the Fund’s Board of Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 353,622,744 | $ | — | $ | 353,622,744 | ||||||||
Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 3,686,398 | — | 3,686,398 | ||||||||||||
Total | $ | — | $ | 357,309,142 | $ | — | $ | 357,309,142 |
* | Refer to the Fund’s Portfolio of Investments for state classifications. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
42 | Nuveen Investments |
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
The Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by or at the direction of the Fund. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the certificate, or by a loan to the trust from a liquidity provider, or by the sale of assets from the trust, and (b) issues to a long-term investor (such the Fund) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The value of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
The inverse floater held by the Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the trustee of the special purpose trust transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
The Fund may purchase an inverse floating rate security in a secondary market transaction from a separate creator of the special purpose trust without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by transferring a fixed-rate bond that it owns into a special purpose trust created by itself or others and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”).
An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” Under U.S. GAAP, the Fund’s Statement of Assets and Liabilities shows for an externally-deposited inverse floater only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
In contrast, an investment in a self-deposited inverse floater is accounted for as a financing transaction. For such self-deposited inverse floaters, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund treating the short-term floating rate certificates issued by the trust as liabilities, at their liquidation value, on the Statement of Assets and Liabilities as “Floating rate obligations”. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the current fiscal period were as follows:
Average floating rate obligations outstanding | $ | 2,543,696 | ||
Average annual interest rate and fees | 0.57 | % |
Nuveen Investments | 43 |
Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the total amount of floating rate obligations issued by the Fund’s self-deposited inverse floaters and externally-deposited inverse floaters were as follows:
Floating rate obligations: self-deposited inverse floaters | $ | 3,310,000 | ||
Floating rate obligations: externally-deposited inverse floaters | 34,465,000 | |||
Total | $ | 37,775,000 |
The Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (trusts involving such agreements referred to herein as “Recourse Trusts”) by which the Fund agrees to reimburse the liquidity provider for the trust’s floating rate certificate, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, the Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of the Fund’s inverse floater investments as the Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, the Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
Maximum exposure to Recourse Trusts | $ | 26,970,000 |
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which the Fund invests, which are considered portfolio securities for financial reporting purposes, the Fund is authorized to invest in certain other derivative instruments. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Fund is authorized to invest in derivative instruments, and may do so in the future, it did not make any such investments during the current fiscal period.
4. Fund Shares
Transactions in Fund shares were as follows:
Six Months Ended 1/31/15 | Year Ended 7/31/14 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold | 4,620,247 | $ | 50,325,323 | 12,240,242 | $ | 125,999,383 | ||||||||||
Shares issued to shareholders due to reinvestment of distributions | 311,968 | 3,403,699 | 742,455 | 7,641,971 | ||||||||||||
Shares redeemed | (3,708,257 | ) | (40,381,472 | ) | (12,058,333 | ) | (123,616,188 | ) | ||||||||
Net increase (decrease) | 1,223,958 | $ | 13,347,550 | 924,364 | $ | 10,025,166 |
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period aggregated $65,475,696 and $49,167,991, respectively.
6. Income Tax Information
The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, the Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Fund. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally
44 | Nuveen Investments |
the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAV of the Fund.
As of January 31, 2015, the cost and unrealized appreciation (depreciation) of investments in securities, as determined on a federal income tax basis, were as follows:
Cost of investments | $ | 326,947,612 | ||
Gross unrealized: | ||||
Appreciation | $ | 27,371,316 | ||
Depreciation | (319,799 | ) | ||
Net unrealized appreciation (depreciation) of investments | $ | 27,051,517 |
Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution reallocations, resulted in reclassifications among the Fund’s components of net assets as of July 31, 2014, the Fund’s last tax year end, as follows:
Capital paid-in | $ | — | ||
Undistributed (Over-distribution of) net investment income | 9,364 | |||
Accumulated net realized gain (loss) | (9,364 | ) |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of July 31, 2014, the Fund’s last tax year end, were as follows:
Undistributed net tax-exempt income1 | $ | 599,600 | ||
Undistributed net ordinary income2 | 15,322 | |||
Undistributed net long-term capital gains | — |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period July 1, 2014 through July 31, 2014, and paid on August 1, 2014. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains if any. |
The tax character of distributions paid during the Fund’s last tax year ended July 31, 2014, was designated for purposes of the dividends paid deduction as follows:
Distributions from net tax-exempt income | $ | 13,683,963 | ||
Distributions from net ordinary income2 | 135,066 | |||
Distributions from net long-term capital gains | 1,878,881 |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of July 31, 2014, the Fund’s last tax year end, the Fund had unused capital loss carryforwards available for federal income purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
Capital losses to be carried forward – not subject to expiration | $ | 4,374,411 |
The Fund has elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The Fund has elected to defer losses as follows:
Post-October capital losses3 | $ | 1,898,725 | ||
Late-year ordinary losses4 | — |
3 | Capital losses incurred from November 1, 2013 through July 31, 2014, the Fund's last tax year end. |
4 | Ordinary losses incurred from January 1, 2014 through July 31, 2014, and specified losses incurred from November 1, 2013 through July 31, 2014. |
7. Management Fees and Other Transactions with Affiliates
The Adviser does not charge any management fees or other expenses directly to the Fund. The Adviser has agreed irrevocably during the existence of the Fund to waive all fees and pay or reimburse all expenses of the Fund (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). The Adviser and the Sub-Adviser are compensated for their services to the Fund from the fee charged at the separately managed account level.
Nuveen Investments | 45 |
Fund Information
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | Independent Registered PricewaterhouseCoopers LLP Chicago, IL 60606
Custodian State Street Bank & Trust Company Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 |
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Quarterly Form N-Q Portfolio of Investments Information: The Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
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Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
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FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. |
46 | Nuveen Investments |
Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Barclays 7-Year Municipal Bond Index: An unmanaged index composed of a broad range of investment-grade municipal bonds with maturity dates of approximately seven years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.
Total Investment Exposure: Total investment exposure is the fund’s assets managed by the Adviser that are attributable to leverage. For these purposes, leverage includes the fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
Nuveen Investments | 47 |
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Nuveen Investments: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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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. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $230 billion as of December 31, 2014. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf | ||||||||||||||
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Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
MSA-MAPS-0115P 6719-INV-B-03/16
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Managed Accounts Portfolios Trust
By | (Signature and Title) | /s/ Kevin J. McCarthy | ||||
Kevin J. McCarthy Vice President and Secretary |
Date: April 9, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | (Signature and Title) | /s/ Gifford R. Zimmerman | ||||
Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) |
Date: April 9, 2015
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: April 9, 2015