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 811-06623

Nuveen California Select Tax-Free Income Portfolio
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman
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: March 31

Date of reporting period: March 31, 2018

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

 

Chairman’s Letter to Shareholders 4
   
Portfolio Managers’ Comments 5
   
Fund Leverage 10
   
Share Information 11
   
Risk Considerations 13
   
Performance Overview and Holding Summaries 14
   
Report of Independent Registered Public Accounting Firm 22
   
Portfolios of Investments 23
   
Statement of Assets and Liabilities 56
   
Statement of Operations 57
   
Statement of Changes in Net Assets 58
   
Financial Highlights 60
   
Notes to Financial Statements 66
   
Additional Fund Information 77
   
Glossary of Terms Used in this Report 78
   
Reinvest Automatically, Easily and Conveniently 80
   
Board Members & Officers 81

3

Chairman’s Letter to Shareholders

Dear Shareholders,

After a prolonged absence, volatility has returned to the markets in 2018. Last year, the markets seemed willing to shrug off any bad news. But in the first few months of 2018, a backdrop of greater economic uncertainty has made markets more reactive to daily headlines. As interest rates have moved off of historic lows and inflation has ticked higher, the economy’s ability to withstand tighter financial conditions is hard to predict. At the same time, there are concerns that the newly enacted tax reform could overheat the economy. How the U.S. Federal Reserve (Fed) will manage these conditions is under intense scrutiny, particularly in light of the Fed’s leadership change in February 2018.

Growth forecasts for the world’s major economies remain expansionary, although some indicators have pointed to slower momentum this year. Moreover, inflationary pressures and tightening financial conditions could become headwinds, and trade policy and geopolitics remain uncertain. A trade war has implications for both the supply and demand sides of the economy, which complicates the outlook for businesses, consumers and the economy as a whole.

While the risks surrounding trade, monetary and fiscal policy may have increased, there is still opportunity for upside. Recession risk continues to look low, global economies are still expanding and corporate profits have continued to be healthy. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.

Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. 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
May 21, 2018

4

Portfolio Managers’ Comments

Nuveen Select Tax-Free Income Portfolio (NXP)
Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
Nuveen Select Tax-Free Income Portfolio 3 (NXR)
Nuveen California Select Tax-Free Income Portfolio (NXC)
Nuveen New York Select Tax-Free Income Portfolio (NXN)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Michael S. Hamilton and Scott R. Romans, PhD, discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of the Nuveen Select Portfolios (the “Funds”). Michael has managed the three national Funds since 2016, while Scott has managed NXC since 2003 and NXN since 2011.

What factors affected the U.S. economy and national municipal bond market during the twelve-month reporting period ended March 31, 2018?

After hovering near an annual pace of 3% for most of the reporting period, U.S. gross domestic product (GDP) growth cooled to 2.3% in the first quarter of 2018, according to the Bureau of Economic Analysis “advance” estimate. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. A beginning-of-the-year slowdown was expected given the seasonal trend of slower first quarter growth seen over the past few years and the delayed impact of tax cuts on workers’ paychecks.

Nevertheless, consumer spending, boosted by employment and wage gains, continued to drive the economy. The Atlantic coast hurricanes in September and October 2017 temporarily weakened shopping and dining out activity, but rebuilding efforts had a positive impact on the economy. Although business investment slowed in early 2018 from the gains seen in the second half of 2017, business sentiment remained strong and hiring continued to boost employment. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.1% in March 2018 from 4.5% in March 2017 and job gains averaged around 188,000 per month for the past twelve months. While the jobs market has continued to tighten, wage growth has remained lackluster during this economic recovery. However, the January jobs report revealed an unexpected pickup in wages, which triggered a broad sell-off in equities, despite tame inflation readings. The Consumer Price Index (CPI) increased 2.4% over the twelve-month reporting period ended March 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.1% during the same period, slightly above the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%.

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers 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 Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. 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.

5

Portfolio Managers’ Comments (continued)

The housing market also continued to improve with low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 6.3% annual gain in February 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 6.5% and 6.8%, respectively.

With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Fed’s policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in March 2018, was the sixth rate hike since December 2015. In addition, in October 2017, the Fed began reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.

Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. At the March meeting, the Fed kept its projection for three interest rate increases in 2018. However, investors remained concerned that the 2017 Tax Cuts and Jobs Act fiscal stimulus and a recent pick-up in inflation have increased the risk of a Fed policy misstep.

The markets also continued to react to geopolitical news. Protectionist rhetoric had been garnering attention across Europe, as anti-European Union (EU) sentiment featured prominently (although did not win a majority) in the Dutch, French, German and Italian elections held in 2017 and early 2018. In March, the U.S.’s surprise announcement of steel and aluminum tariffs, followed by China’s retaliatory measures, sparked fears of a trade war and added uncertainty to the ongoing North American Free Trade Agreement (NAFTA) talks. Also in March 2018, the U.K. and EU agreed in principle to the Brexit transition terms, opening the door to the next round of negotiation dealing with trade and security issues. The U.S. Treasury issued additional sanctions on Russia (announced in April 2018, after the close of the reporting period) and speculation increased that Iran would be next.

The broad municipal bond market gained moderately in this reporting period, although not without volatility. For most of the reporting period, municipal bonds continued to rebound from the post-election sell-off in the fourth quarter of 2016. After President Trump’s surprising win, bond markets repriced his reflationary fiscal agenda, driving interest rates higher. Municipal bonds suffered a surge in investor outflows due to speculation that the Trump administration’s tax reform proposals could adversely impact municipal bonds.

However, the economy sustained its moderate growth with low inflation, an improving jobs market and modest wage growth, and progress on the White House’s agenda was slow. This backdrop helped municipal bond yields and valuations return to pre-election levels and reverse the trend of outflows. Fundamental credit conditions continued to be favorable overall, while the ongoing high-profile difficulties in Puerto Rico, Illinois and New Jersey were contained.

After the new administration’s health care and immigration reforms met obstacles, Congress refocused on tax reform initiatives in the latter months of 2017. Early drafts of the bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.

The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20 to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.

Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $406.9 billion in this reporting period, an 8.3% drop from the issuance for the twelve-month reporting period ended March 31, 2017. The robust pace of issuance seen since the low volume depths of 2011 began to moderate in 2017 as interest rates moved higher. Despite the increase, the overall level of interest rates still remained low, encouraging issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this

6

was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.

Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows steadily increased in 2017 overall.

How were the economic and market environments in California and New York during the twelve-month reporting period ended March 31, 2018?

California’s $2.6 trillion economy is the largest in the United States and ranks fifth in the world, according to the International Monetary Fund. California job growth continues to outpace the national average, driven by high technology, international trade and tourism but also supplemented by better residential construction and real estate conditions. As a result, the state’s non-seasonally adjusted unemployment rate was 4.3% as of March 2018, down from 5.0% the year prior, and the gap between California and the nation’s 4.1% unemployment rate is narrowing. According to the S&P CoreLogic Case-Shiller Index, home prices in San Diego, Los Angeles and San Francisco rose 7.6%, 8.3% and 10.1%, respectively, over the twelve months ended February 2018 (most recent data available at the time this report was prepared) compared with an average increase of 6.3% nationally. The enacted Fiscal Year 2018 General Fund budget totals $125.1 billion, which is 3% higher than the revised Fiscal Year 2017 budget. Strong revenue growth due to a recovering economy and the additional personal income tax revenue from the passage of Proposition 55 in November 2016 have aided in the state’s fiscal recovery. For Fiscal Year 2018-2019, the proposed General Fund Governor’s Budget totals $131.7 billion. The Governor’s Budget Proposal includes a $5.1 billion transfer to the Rainy Day Fund to reach its maximum constitutional goal of $13.5 billion (or 10% of General Fund revenues) for Fiscal Year 2019, and continues to pay down budgetary debt from past years. The proposal was finalized prior to the enactment of the federal tax reform legislation. The May Revision to the budget will include a preliminary analysis of the likely effects from the new federal tax reform on the state’s General Fund. As of February 2018, S&P’s affirmed its “AA-/stable” rating and outlook on California general obligation (GO) debt and Moody’s affirmed its state GO rating of Aa3 with stable outlook. During the twelve months ended March 31, 2018, municipal issuance in California totaled $59.4 billion, a gross issuance decrease of 13.9% from the twelve months ended March 31, 2017.

New York State’s $1.5 trillion economy represents 8.1% of U.S. gross domestic product and, according to the International Monetary Fund, would be the 11th largest economy in the world on a stand-alone basis. As of March 2018, the state’s unemployment rate registered 4.6%, above the national average of 4.1%. While New York State’s financial profile is still sturdier than it was several years ago, both Fiscal Year 2016 and Fiscal Year 2017 posted General Fund deficits. On a significantly positive note, New York State has collected approximately $10 billion in various settlements and assessments from the financial industry over the past three years. Proceeds from those settlements have been used to bolster reserves, foster economic development upstate and provide funds for the replacement of the Tappan Zee Bridge. The adopted $164 billion budget for Fiscal Year 2018 is 4% higher than the adopted Fiscal Year 2017 budget. The Fiscal Year 2018 budget contains no new taxes but does extend the “millionaire’s tax” surcharge for two years. The budget includes a $1.1 billion increase in education spending. New York is a high-income state, with per capita income at 122% of the U.S. average, the fourth-highest among the 50 states. New York is also a heavily indebted state. According to Moody’s, New York ranked fifth in the nation in debt per capita in 2016 (NY: $3,070; median: $1,006), seventh in debt per capita as a percentage of personal income (NY: 5.3%; median: 2.5%) and eighth in debt to gross state domestic product (NY: 4.2%; median: 2.2%). The state’s pensions have traditionally been well funded, though the funding ratios have declined in recent years. As of March 2018, Moody’s rates New York “Aa1” with a stable outlook. Moody’s upgraded New York State from Aa2 to Aa1 on June 16, 2014, citing the state’s sustained improvements in fiscal governance. S&P rates the state “AA+” with a stable outlook. S&P upgraded New York State from AA to AA+ on July 23, 2014, citing the state’s improved budget framework. New York municipal bond supply totaled $46.3 billion for the twelve-month period ended March 31, 2018, a 3.5% increase from the same period a year earlier. This ranked New York second among state issuers behind only California.

What key strategies were used to manage these Funds during the twelve-month reporting period ended March 31, 2018?

Municipal bonds benefited from a generally favorable macroeconomic backdrop, despite the uncertainties surrounding the tax reform bill and headline-driven noise about trade policy. Credit spreads narrowed, as sentiment improved after the fourth-quarter sell-off and municipal bond fund flows reversed from net negative to net positive. Rates in the short to intermediate range moved higher with the Fed’s rate hikes, while rates on the long end declined slightly amid low inflation, which resulted in a flatter yield curve

7

Portfolio Managers’ Comments (continued)

over this reporting period. California’s municipal bond market outperformed the broad market, while New York’s market slightly trailed the broad market during this reporting period.

We also note that California and New York are among the states with the highest personal income and property taxes, which will be more meaningfully affected by the new limits on SALT deductions (as discussed in the market conditions section of this commentary). While individual taxpayers in California and New York could see an increased tax burden, we also expect municipal bond demand to remain robust. In-state issues, which offer both state and federal tax advantages, are likely to be especially attractive to taxpayers in high income states. For state and local governments, the ability to raise taxes in the future may be more politically challenging. Bonds backed by tax revenues could face headwinds going forward, and state and local credit profiles could suffer if delays in tax increases hurt pension funding, capital investment or other government spending priorities.

During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.

Our trading activity continued to focus on pursuing the Funds’ investment objectives. NXP, NXQ and NXR focused on buying bonds primarily with short call structures, which offer lower duration profiles, to help maintain the Funds’ duration targets. These shorter effective duration bonds were also available at attractive yields because the Fed’s rate hikes were lifting interest rates on the shorter end of the yield curve. We particularly like lower rated, short call structure bonds. Nevertheless, longer duration bonds occasionally presented compelling long-term opportunities, such as purchases we made in “specialty state” issues. Specialty states, those states with high income tax rates, offer tax-exemption from both federal and state income taxes to in-state municipal bond buyers and, as a result, can experience periods of heightened demand. Specialty state municipal bonds also tend to trade at lower yields relative to non-specialty state issues, which can offer an attractive relative value opportunity over time. Two of the more recent specialty state purchases included credits issued for Oregon Facilities Authority Reed College and Oklahoma State Development Finance Authority Health System Revenue Bond Oklahoma University Medicine Project. To fund our buying during the reporting period, we mainly used the proceeds from called bonds and selling some very short-dated paper (due in one year or less). NXQ and NXR also sold some Buckeye Tobacco Settlement bonds after their strong price appreciation. Early in the reporting period, NXQ eliminated its remaining position in Puerto Rico sales tax bonds known as COFINA bonds.

For NXC and NXN, given our expectations for a flattening yield curve, we focused on buying longer maturity (20 years and longer) bonds, especially in the 25- to 30-year range. In the California Fund, we swapped some of the Fund’s tobacco settlement bonds for more favorable structures, further diversifying the Fund’s exposure across both 4% and 5.25% coupon structures. We also modestly added to NXC’s health care allocation and bought several high grade bonds, including credits issued for the local general obligation (GO), local utilities and transportation sectors. The New York Fund added to its tobacco holdings, as well as bought an A rated utility bond and several higher credit quality bonds from the local GO, utilities and transportation sectors. Both NXC and NXN had ample proceeds from called and maturing bonds to fund the new purchases.

As of March 31, 2018, NXP, NXQ and NXN continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.

How did the Funds perform during the twelve-month reporting period ended March 31, 2018?

The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended March 31, 2018. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification average.

For the twelve months ended March 31, 2018, the total returns on common share NAV for NXC and NXN outperformed the national S&P Municipal Bond Index and their respective state’s S&P Municipal Bond Index. The three national Funds, NXP, NXQ and NXR, outperformed the national S&P Municipal Bond Index during the twelve-month period.

The factors affecting performance in this reporting period included duration and yield curve positioning, and credit ratings allocations. In addition, the use of leverage affected the performance of NXP, NXQ, NXR and NXN. NXC did not use leverage in this reporting period. Leverage is discussed in more detail later in the Fund Leverage section of this report.

Duration and yield curve positioning contributed positively to the five Funds’ relative performance. In this reporting period, longer duration bonds performed better than those with shorter durations. All five Funds were positioned with overweight allocations to

8

long duration bonds and generally underweight allocations to shorter bonds, which was advantageous to performance. NXC was underweight the shorter duration buckets except at the very front of the yield curve (30 days and lower), where the Fund held an above-benchmark position as part of our income generation strategy.

The five Funds’ bias toward lower rated issues was another positive contributor to performance. The Funds held underweight allocations to AAA and AA rated credits and overweight allocations to A rated and below bonds, which was advantageous because the lower grade segments outperformed the high grade segments in this reporting period. NXC was particularly helped by exposures to BBB and below investment grade rated credits, and NXN benefited the most from its holdings in the BBB, below investment grade and non-rated categories.

Sector positioning had a muted impact on performance during the reporting period, as it was a slight detractor for NXQ and NXN and neutral for NXP, NXR, and NXC. NXP, NXQ and NXR, however, saw notable outperformance from our credit selection. Bonds bought early in the reporting period when interest rates were rising tended to underperform in this reporting period. But the relative drag was more than offset by strong performance from lower rated credits held during the reporting period, including the three Funds’ positions in Chicago, Chicago-related and Illinois bonds.

An Update Involving Puerto Rico

As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.

In June 2016, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) was signed into law. The legislation established an independent Financial Oversight and Management Board (FOMB) charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In May 2017, the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow.

In mid-September 2017, Puerto Rico was severely impacted by two hurricanes within the span of just two weeks causing massive damage across the island. The disruption in the local economy caused by the hurricanes and anticipated incoming federal aid created the need for revised fiscal plans for all Puerto Rican entities. These revised plans have not yet been approved by the Oversight Board. Importantly, federal resources dedicated to rebuilding and recovery efforts will not be available for bondholders in the revised fiscal plans. As of April 2018 (subsequent to the close of this reporting period), Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.

In terms of Puerto Rico holdings, shareholders should note that NXC, NXN and NXP had no exposure to Puerto Rico debt as of the end of this reporting period, while NXQ and NXR had allocations of 0.40% and 0.48%, respectively, at the end of the reporting period, which were all insured. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.

9

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a negligible impact on the performance of NXP, NXQ and NXR during the current reporting period. The impact of leverage on NXN over the reporting period was positive, while NXC did not use leverage during the reporting period.

As of March 31, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.

 

      NXP     NXQ     NXR     NXC     NXN  
Effective Leverage*     0.89 %   1.44 %   0.00 %   0.00 %   4.06 %

 

* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio.

10

Share Information

DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of March 31, 2018. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to shareholders were as shown in the accompanying table.

 

    Per Share Amounts  
Monthly Distributions (Ex-Dividend Date)     NXP     NXQ     NXR     NXC     NXN  
April 2017   $ 0.0455   $ 0.0420   $ 0.0435   $ 0.0495   $ 0.0460  
May     0.0455     0.0420     0.0435     0.0495     0.0460  
June     0.0455     0.0420     0.0435     0.0495     0.0460  
July     0.0455     0.0420     0.0435     0.0495     0.0460  
August     0.0455     0.0420     0.0435     0.0495     0.0460  
September     0.0455     0.0420     0.0435     0.0480     0.0460  
October     0.0455     0.0420     0.0435     0.0480     0.0460  
November     0.0455     0.0420     0.0435     0.0480     0.0460  
December     0.0455     0.0420     0.0435     0.0465     0.0420  
January     0.0455     0.0420     0.0435     0.0465     0.0420  
February     0.0455     0.0420     0.0435     0.0465     0.0420  
March 2018     0.0455     0.0420     0.0435     0.0440     0.0420  
Total Monthly Per Share Distributions   $ 0.5460   $ 0.5040   $ 0.5220   $ 0.5750   $ 0.5360  
Ordinary Income Distribution*   $ 0.0085   $ 0.0201   $ 0.0169   $ 0.0025   $ 0.0008  
Total Distributions from Net Investment Income   $ 0.5545   $ 0.5241   $ 0.5389   $ 0.5775   $ 0.5368  
Total Distributions from Long-Term Capital Gains*   $   $   $   $ 0.0565   $  
Total Distributions   $ 0.5545   $ 0.5241   $ 0.5389   $ 0.6340   $ 0.5368  
                                 
Yields                                
Market Yield**     3.89 %   3.74 %   3.67 %   3.80 %   3.88 %
Taxable-Equivalent Yield**     5.12 %   4.92 %   4.83 %   5.70 %   5.59 %

 

* Distribution paid in December 2017.
   
** Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. 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. It is based on a combined federal and state income tax rate of 24.0%, 24.0%, 24.0%, 33.3% and 30.6% for NXP, NXQ, NXR, NXC and NXN, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.

Each Fund in this report 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 each 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 a 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 a 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. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

11

Share Information (continued)

As of March 31, 2018, the Funds had positive UNII balances for tax purposes. NXP, NXQ and NXR had positive UNII balances, while NXC and NXN had negative UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each 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 each 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.

EQUITY SHELF PROGRAM

During the current reporting period, NXC was authorized by the Securities and Exchange Commission to issue additional shares through an equity shelf program (Shelf Offering). Under this program, NXC, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per share. The total amount of shares authorized under this Shelf Offering is shown in the accompanying table:

 

      NXC  
Additional authorized shares     600,000 *

 

* Represents additional authorized shares for the period August 16, 2017 through March 31, 2018.

During the current reporting period, NXC sold shares through its Shelf Offering at a weighted average premium to its NAV per share as shown in the accompanying table.

         
      NXC  
Shares sold through Shelf Offering     60,043  
Weighted average premium to NAV per share sold     2.41%

Refer to the Notes to Financial Statements, Note 4 – Fund Shares, Shares Equity Shelf Programs and Offering Costs for further details on Shelf Offerings and the Fund’s transactions.

SHARE REPURCHASES

During August 2017, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of March 31, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

 

  NXP   NXQ   NXR   NXC   NXN  
Shares cumulatively repurchased and retired          
Shares authorized for repurchase 1,655,000   1,770,000   1,305,000   630,000   390,000  

OTHER SHARE INFORMATION

As of March 31, 2018, and during the current reporting period, the Funds’ share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

                                 
      NXP     NXQ     NXR     NXC     NXN  
NAV   $ 15.12   $ 14.52   $ 15.39   $ 15.02   $ 13.93  
Share price   $ 14.02   $ 13.47   $ 14.23   $ 13.90   $ 12.98  
Premium/(Discount) to NAV     (7.28 )%   (7.23 )%   (7.54 )%   (7.46 )%   (6.82 )%
12-month average premium/(discount) to NAV     (5.29 )%   (5.83 )%   (5.71 )%   (0.12 )%   (3.36 )%

12

Risk Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Select Tax-Free Income Portfolio (NXP)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NXP.

Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NXQ.

Nuveen Select Tax-Free Income Portfolio 3 (NXR)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NXR.

Nuveen California Select Tax-Free Income Portfolio (NXC)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NXC.

Nuveen New York Select Tax-Free Income Portfolio (NXN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NXN.

13

 

NXP Nuveen Select Tax-Free Income Portfolio
  Performance Overview and Holding Summaries as of March 31, 2018

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

Average Annual Total Returns as of March 31, 2018

 

  Average Annual  
    1-Year   5-Year   10-Year  
NXP at NAV   4.52%   4.09%   5.11%  
NXP at Share Price   3.83%   3.34%   4.50%  
S&P Municipal Bond Index   2.53%   2.76%   4.42%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

14

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

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 99.1%  
Corporate Bonds 0.1%  
Other Assets Less Liabilities 0.8%  
Net Assets 100%  

 

     
Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 10.0%  
AAA 5.0%  
AA 35.8%  
A 25.7%  
BBB 15.9%  
BB or Lower 6.6%  
N/R (not rated) 1.0%  
Total 100%  

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/Limited 22.7%  
Transportation 16.3%  
Health Care 13.9%  
Tax Obligation/General 13.2%  
U.S. Guaranteed 12.4%  
Education and Civic Organizations 8.2%  
Other 13.3%  
Total 100%  

 

States and Territories    
(% of total municipal bonds)    
California 17.4%  
Illinois 12.1%  
Texas 10.0%  
New Jersey 9.6%  
Colorado 6.2%  
Ohio 4.1%  
Arizona 3.4%  
New York 3.1%  
Missouri 2.8%  
Iowa 2.7%  
Washington 2.5%  
Virginia 2.4%  
Michigan 2.4%  
Oregon 2.3%  
Other 19.0%  
Total 100%  

15

 

NXQ Nuveen Select Tax-Free Income Portfolio 2
  Performance Overview and Holding Summaries as of March 31, 2018

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

Average Annual Total Returns as of March 31, 2018

 

  Average Annual
    1-Year   5-Year   10-Year  
NXQ at NAV   3.98%   4.18%   4.90%  
NXQ at Share Price   4.32%   3.43%   4.36%  
S&P Municipal Bond Index   2.53%   2.76%   4.42%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

16

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

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 98.6%  
Corporate Bonds 0.1%  
Other Assets Less Liabilities 1.3%  
Net Assets 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 7.5%  
AAA 3.4%  
AA 31.4%  
A 31.7%  
BBB 18.3%  
BB or Lower 7.0%  
N/R (not rated) 0.7%  
Total 100%  

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/General 19.4%  
Transportation 18.4%  
Health Care 16.3%  
Tax Obligation/Limited 15.7%  
U.S. Guaranteed 8.7%  
Consumer Staples 5.4%  
Education and Civic Organizations 5.1%  
Utilities 5.1%  
Other 5.9%  
Total 100%  

 

States and Territories    
(% of total municipal bonds)    
California 14.9%  
Illinois 12.9%  
Texas 10.9%  
Colorado 7.5%  
Pennsylvania 4.4%  
Nevada 4.3%  
Arizona 3.7%  
New Jersey 3.6%  
Washington 3.4%  
Massachusetts 3.0%  
Wisconsin 3.0%  
Ohio 2.7%  
Iowa 2.5%  
Indiana 2.2%  
Guam 1.9%  
Other 19.1%  
Total 100%  

17

 

NXR Nuveen Select Tax-Free Income Portfolio 3
  Performance Overview and Holding Summaries as of March 31, 2018

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

Average Annual Total Returns as of March 31, 2018

 

  Average Annual
    1-Year   5-Year 10-Year  
NXR at NAV   4.19%   4.49% 5.33%  
NXR at Share Price   3.87%   3.76% 4.82%  
S&P Municipal Bond Index   2.53%   2.76% 4.42%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

18

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

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 99.1%  
Corporate Bonds 0.0%  
Other Assets Less Liabilities 0.9%  
Net Assets 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 13.0%  
AAA 2.4%  
AA 27.5%  
A 29.6%  
BBB 18.7%  
BB or Lower 7.4%  
N/R (not rated) 1.4%  
Total 100%  

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/Limited 19.8%  
Tax Obligation/General 17.5%  
Transportation 16.1%  
U.S. Guaranteed 13.9%  
Health Care 12.4%  
Consumer Staples 6.5%  
Other 13.0%  
Total 100%  

 

States and Territories    
(% of total municipal bonds)    
California 22.6%  
Illinois 11.3%  
Texas 10.9%  
Pennsylvania 6.9%  
Colorado 6.2%  
Ohio 5.6%  
Washington 4.2%  
New Jersey 2.7%  
Virginia 2.6%  
Massachusetts 2.2%  
Nevada 2.0%  
New York 1.8%  
Guam 1.8%  
Other 19.2%  
Total 100%  

19

 

NXC Nuveen California Select Tax-Free
  Income Portfolio
  Performance Overview and Holding Summaries as of March 31, 2018

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

Average Annual Total Returns as of March 31, 2018

 

  Average Annual  
    1-Year   5-Year   10-Year  
NXC at NAV   4.37%   4.09%   5.61%  
NXC at Share Price   (2.23)%   3.46%   4.96%  
S&P Municipal Bond California Index   2.93%   3.30%   4.86%  
S&P Municipal Bond Index   2.53%   2.76%   4.42%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

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

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 91.9%  
Short-Term Municipal Bonds 1.1%  
Other Assets Less Liabilities 7.0%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/General 22.9%  
Tax Obligation/Limited 20.4%  
Water and Sewer 16.1%  
Health Care 10.8%  
U.S. Guaranteed 8.1%  
Transportation 7.2%  
Consumer Staples 6.9%  
Other 7.6%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 6.3%  
AAA 13.1%  
AA 47.3%  
A 14.9%  
BBB 7.3%  
BB or Lower 9.8%  
N/R (not rated) 1.3%  
Total 100%  

20

 

NXN Nuveen New York Select Tax-Free
  Income Portfolio
  Performance Overview and Holding Summaries as of March 31, 2018

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

Average Annual Total Returns as of March 31, 2018

 

  Average Annual
    1-Year   5-Year 10-Year  
NXN at NAV   3.05%   2.96% 4.44%  
NXN at Share Price   (1.41)%   1.45% 3.84%  
S&P Municipal Bond New York Index   2.27%   2.77% 4.32%  
S&P Municipal Bond Index   2.53%   2.76% 4.42%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

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

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 99.8%  
Other Assets Less Liabilities 1.0%  
Net Assets Plus Floating Rate Obligations 100.8%  
Floating Rate Obligations (0.8)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/Limited 20.0%  
Education and Civic Organizations 19.8%  
Transportation 17.2%  
U.S. Guaranteed 11.8%  
Utilities 9.7%  
Water and Sewer 7.2%  
Consumer Staples 5.6%  
Other 8.7%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 11.6%  
AAA 21.8%  
AA 36.0%  
A 6.3%  
BBB 12.8%  
BB or Lower 7.2%  
N/R (not rated) 4.3%  
Total 100%  

21

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Nuveen Select Tax-Free Income Portfolio
Nuveen Select Tax-Free Income Portfolio 2
Nuveen Select Tax-Free Income Portfolio 3
Nuveen California Select Tax-Free Income Portfolio
Nuveen New York Select Tax-Free Income Portfolio

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Select Tax-Free Income Portfolio, Nuveen Select Tax-Free Income Portfolio 2, Nuveen Select Tax-Free Income Portfolio 3, Nuveen California Select Tax-Free Income Portfolio, and Nuveen New York Select Tax-Free Income Portfolio (the “Funds”) as of March 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of March 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended March 31, 2014 were audited by other independent registered public accountants whose report, dated May 27, 2014 expressed an unqualified opinion on those financial highlights.

Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois
May 25, 2018

 

22

 

 

NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 99.2%            
      MUNICIPAL BONDS – 99.1%            
      Alaska – 0.3%            
$ 775   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 5/18 at 100.00   B3 $ 774,969  
      Arizona – 3.3%            
  2,500   Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 2011B-1&2, 5.250%, 3/01/39 3/21 at 100.00   A   2,682,350  
  320   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 3.000%, 7/01/22, 144A No Opt. Call   BB   311,632  
  255   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F, 3.000%, 7/01/26 No Opt. Call   AA–   250,234  
  350   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A, 4.000%, 7/01/22 No Opt. Call   AA–   368,263  
  2,530   Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20 10/18 at 100.00   AAA   2,573,465  
  355   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A No Opt. Call   BB+   353,630  
  1,000   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 5.000%, 1/01/38 1/27 at 100.00   AA–   1,130,600  
  625   Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 10/20 at 100.00   A–   671,025  
  7,935   Total Arizona         8,341,199  
      Arkansas – 0.8%            
  6,555   Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured No Opt. Call   Aa2   1,914,257  
      California – 17.3%            
  4,245   Anaheim City School District, Orange County, California, General Obligation Bonds, Election 2002 Series 2007, 0.000%, 8/01/31 – AGM Insured No Opt. Call   AA   2,694,386  
  2,840   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured No Opt. Call   AA   1,821,690  
  3,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) 4/23 at 100.00   AA– (4)   3,433,440  
  2,310   California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33 7/23 at 100.00   AA–   2,603,000  
  1,630   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 11/23 at 100.00   A+   1,820,205  
  2,745   California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/29 10/19 at 100.00   AA–   2,880,603  
  1,500   California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A, 6.250%, 8/15/28 (Pre-refunded 8/15/18) 8/18 at 100.00   AA– (4)   1,526,640  
  895   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4)   954,553  
  2,645   Cypress Elementary School District, Orange County, California, General Obligation Bonds, Series 2009A, 0.000%, 5/01/34 – AGM Insured No Opt. Call   AA   1,490,352  
  800   East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B, 5.000%, 8/01/24 (Pre-refunded 8/01/19) – AGC Insured 8/19 at 100.00   AA (4)   836,008  
  2,710   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured No Opt. Call   A+   1,994,452  
23

 

NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 3,030   Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured No Opt. Call   Aa2 $ 2,478,601  
  1,000   Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, Refunding Series 2007, 0.000%, 8/01/23 – NPFG Insured No Opt. Call   A+   869,130  
  1,160   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5) 8/35 at 100.00   Aa1   958,624  
  5,395   Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/32 – NPFG Insured 8/18 at 49.01   Aa2   2,604,382  
  590   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   N/R (4)   636,758  
  4,390   Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured No Opt. Call   AA–   2,983,093  
  1,700   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM) No Opt. Call   A+ (4)   1,050,447  
  8,000   Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/33 No Opt. Call   AA–   4,650,959  
  1,350   San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42 7/27 at 100.00   A   1,536,125  
  2,110   Sierra Sands Unified School District, Kern County, California, General Obligation Bonds, Election of 2006, Series 2006A, 0.000%, 11/01/28 – FGIC Insured No Opt. Call   AA   1,500,316  
  1,195   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 5/18 at 100.00   B–   1,195,012  
  1,150   Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured No Opt. Call   AAA   781,103  
  56,390   Total California         43,299,879  
      Colorado – 6.2%            
  500   Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/21, 144A No Opt. Call   N/R   541,815  
  1,780   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   1,910,955  
  1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   1,047,630  
  2,630   Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B, 5.000%, 12/01/42 12/27 at 100.00   Aa3   3,001,856  
  1,935   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   2,124,166  
  250   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/29 – NPFG Insured No Opt. Call   A–   169,780  
  12,500   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured 9/26 at 54.77   A–   5,038,124  
  2,000   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/32 – NPFG Insured 9/20 at 50.83   A–   951,280  
  620   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/35 12/25 at 100.00   N/R   694,375  
  23,215   Total Colorado         15,479,981  
      Connecticut – 0.8%            
  1,890   Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/32 10/23 at 100.00   AA   2,055,205  
24

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Guam – 2.1%            
$ 1,500   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 11/25 at 100.00   A $ 1,558,425  
  1,650   Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26 5/21 at 100.00   A–   1,771,803  
  1,740   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/25 7/23 at 100.00   A–   1,922,369  
  4,890   Total Guam         5,252,597  
      Idaho – 1.3%            
  3,000   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 5.000%, 3/01/44 3/24 at 100.00   A–   3,233,340  
      Illinois – 12.0%            
      Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A:            
  2,565   0.000%, 4/01/20 – NPFG Insured No Opt. Call   Baa2   2,426,157  
  2,000   0.000%, 4/01/23 – NPFG Insured No Opt. Call   Baa2   1,691,720  
  725   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   850,686  
  735   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   BB–   713,126  
  735   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C, 5.000%, 12/01/30 12/27 at 100.00   B   747,348  
  360   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   410,036  
  55   Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured No Opt. Call   Baa2   34,223  
  645   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2016C, 5.000%, 1/01/20 No Opt. Call   A   680,269  
  880   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB+   989,375  
      Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013:            
  2,100   4.000%, 8/15/33 8/22 at 100.00   AA+   2,159,262  
  2,245   5.000%, 8/15/43 8/22 at 100.00   AA+   2,427,406  
  260   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 7/23 at 100.00   A–   290,090  
  2,100   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 8/18 at 100.00   BBB+   2,120,349  
  1,000   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   1,068,740  
  1,270   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 No Opt. Call   BBB   1,293,914  
  2,190   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 No Opt. Call   BBB   2,290,828  
  1,000   Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General Obligation Bonds, Series 2008, 0.000%, 2/01/24 – AGM Insured No Opt. Call   Aa3   833,960  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
  1,720   0.000%, 12/15/29 – NPFG Insured No Opt. Call   Baa2   1,025,412  
  765   0.000%, 6/15/30 No Opt. Call   BB+   443,448  
  45   0.000%, 6/15/30 (ETM) No Opt. Call   N/R (4)   31,671  
  6,070   0.000%, 12/15/31 – NPFG Insured No Opt. Call   Baa2   3,250,971  
  5,000   0.000%, 12/15/36 – NPFG Insured No Opt. Call   Baa2   2,037,000  
  1,775   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28 3/25 at 100.00   A   1,991,515  
  310   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 10/23 at 100.00   A–   349,754  
  36,550   Total Illinois         30,157,260  
25

 

NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Indiana – 1.5%            
$ 2,855   Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2010, 5.250%, 7/15/25 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4) $ 3,034,808  
  750   Purdue University, Indiana, University Revenue Bonds, Student Facility System Series 2009A, 5.000%, 7/01/23 (Pre-refunded 1/01/19) 1/19 at 100.00   AAA   769,170  
  3,605   Total Indiana         3,803,978  
      Iowa – 2.7%            
  710   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A 6/18 at 105.00   B   747,566  
  830   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/37) No Opt. Call   B   870,919  
  1,000   Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38 6/18 at 100.00   B+   1,002,250  
  4,000   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 6/18 at 100.00   BB–   4,037,240  
  6,540   Total Iowa         6,657,975  
      Kentucky – 1.1%            
  2,500   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 8/21 at 100.00   A   2,661,425  
      Massachusetts – 1.7%            
  1,625   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A+   1,794,260  
  400   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L, 3.625%, 7/01/37 7/27 at 100.00   BBB+   390,488  
  500   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   504,225  
  1,525   Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) 12/18 at 100.00   AA   1,544,856  
  4,050   Total Massachusetts         4,233,829  
      Michigan – 2.4%            
  355   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A   382,626  
  1,500   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   AA+ (4)   1,515,030  
  4,000   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   4,109,120  
  5,855   Total Michigan         6,006,776  
      Mississippi – 1.0%            
  2,400   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 9/18 at 100.00   BBB   2,450,256  
      Missouri – 2.7%            
  360   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 10/18 at 100.00   AA+   366,131  
      Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:            
  1,165   0.000%, 4/15/23 – AMBAC Insured No Opt. Call   AA   1,021,938  
  5,000   0.000%, 4/15/30 – AMBAC Insured No Opt. Call   AA–   3,320,750  
  2,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/38 11/23 at 100.00   A2   2,172,940  
  8,525   Total Missouri         6,881,759  
26

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nevada – 1.7%            
$ 275   Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/37 9/27 at 100.00   BBB+ $ 303,875  
  750   Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, 15.953%, 7/01/42, 144A, (IF) 1/20 at 100.00   Aa3   953,588  
  1,250   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 1/20 at 100.00   Aa3   1,320,150  
  1,500   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) 6/19 at 100.00   BBB+ (4)   1,610,415  
  3,775   Total Nevada         4,188,028  
      New Jersey – 9.6%            
  940   New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   AA   1,036,294  
  1,035   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 3/21 at 100.00   A–   1,095,527  
  1,380   New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/23 No Opt. Call   A–   1,506,670  
  260   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/29 – AGM Insured 7/25 at 100.00   AA   295,797  
  35,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/34 – AGM Insured No Opt. Call   AA   17,511,197  
  2,500   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 (Pre-refunded 4/26/18) 4/18 at 100.00   B (4)   2,499,925  
  41,115   Total New Jersey         23,945,410  
      New Mexico – 0.4%            
  1,000   New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) 6/18 at 100.00   N/R   1,000,550  
      New York – 3.1%            
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:            
  475   5.250%, 2/15/47 2/21 at 100.00   AA–   508,454  
  25   5.250%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (4)   27,399  
  1,100   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2002D-1, 5.000%, 11/01/27 11/22 at 100.00   AA–   1,223,266  
      New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A:            
  1,035   5.750%, 6/15/40 (Pre-refunded 6/15/18) 6/18 at 100.00   N/R (4)   1,043,849  
  1,250   5.750%, 6/15/40 6/18 at 100.00   AAA   1,260,013  
  2,875   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31 7/18 at 100.00   AA   2,907,804  
  780   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   Baa1   857,875  
  7,540   Total New York         7,828,660  
      North Carolina – 0.4%            
  1,000   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 6.750%, 1/01/24 (Pre-refunded 1/01/19) 1/19 at 100.00   AAA   1,037,700  
      Ohio – 4.0%            
  2,250   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured 2/19 at 100.00   AA (4)   2,331,180  
27

 

NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
$ 1,670   6.000%, 6/01/42 5/18 at 100.00   B– $ 1,659,579  
  1,000   6.500%, 6/01/47 5/18 at 100.00   B–   1,006,260  
  1,975   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   B–   1,984,816  
  1,500   Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2011A, 5.750%, 11/15/21 11/20 at 100.00   A+   1,639,050  
  1,105   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 2/23 at 100.00   Aa3   1,197,566  
  1,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21), (6) No Opt. Call   D   316,250  
  10,500   Total Ohio         10,134,701  
      Oklahoma – 0.2%            
  435   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.000%, 8/15/38 (WI/DD, Settling 4/04/18) 8/28 at 100.00   Baa3   477,008  
      Oregon – 2.2%            
  590   Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/36 6/27 at 100.00   AA+   674,299  
  500   Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26 6/23 at 100.00   AAA   566,890  
      Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A:            
  1,365   4.000%, 7/01/41 7/27 at 100.00   Aa2   1,437,209  
  1,590   5.000%, 7/01/47 7/27 at 100.00   Aa2   1,828,373  
  1,000   Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B, 5.000%, 10/01/40 10/26 at 100.00   A   1,138,540  
  5,045   Total Oregon         5,645,311  
      Pennsylvania – 2.0%            
  1,225   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/37 1/24 at 100.00   A   1,349,950  
  2,090   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Carnegie Mellon University, Series 2009, 5.000%, 8/01/21 2/19 at 100.00   AA   2,147,809  
      Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2:            
  555   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   599,877  
  295   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   318,854  
  640   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   A2 (4)   691,750  
  4,805   Total Pennsylvania         5,108,240  
      Tennessee – 1.3%            
  3,000   Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015A, 5.000%, 7/01/45 7/25 at 100.00   A+   3,377,550  
      Texas – 9.9%            
  250   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB+ (4)   277,205  
  110   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/33 7/25 at 100.00   BBB+   122,707  
  1,000   Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Series 2008, 5.250%, 12/01/48 (Pre-refunded 12/01/18) 12/18 at 100.00   AA+ (4)   1,023,820  
  5,565   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53 10/23 at 100.00   BBB+   6,285,945  
  1,250   Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 4.000%, 10/01/35 10/27 at 100.00   AAA   1,330,263  
28

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 3,415   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured No Opt. Call   Baa2 $ 2,110,777  
  4,230   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured 11/24 at 52.47   Baa2   1,720,003  
  4,015   Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/38 – NPFG Insured 11/30 at 61.17   AA   1,536,822  
  2,260   Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 11/20 at 100.00   A3   2,424,144  
  2,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 1/25 at 100.00   A1   2,425,780  
  5,000   Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26 12/22 at 100.00   A3   5,518,149  
  29,095   Total Texas         24,775,615  
      Virginia – 2.4%            
  2,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5) 10/28 at 100.00   BBB+   2,517,000  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  1,000   5.250%, 1/01/32 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,093,170  
  1,205   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,349,528  
  1,010   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,104,819  
  5,215   Total Virginia         6,064,517  
      Washington – 2.5%            
  1,280   Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18 No Opt. Call   Aa2   1,302,182  
  990   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A   1,057,389  
  2,115   Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2009, 5.000%, 11/01/28 11/19 at 100.00   A+   2,199,600  
  2,115   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/27 – NPFG Insured No Opt. Call   AA+   1,601,436  
  6,500   Total Washington         6,160,607  
      West Virginia – 0.7%            
  1,500   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   1,661,355  
      Wisconsin – 1.5%            
  1,500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 11/26 at 100.00   AA–   1,684,350  
  1,645   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 6/22 at 100.00   A3   1,742,318  
  420   Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26 6/18 at 100.00   AA+   421,176  
  3,565   Total Wisconsin         3,847,844  
$ 298,765   Total Municipal Bonds (cost $225,020,334)         248,457,781  
29

 

NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.1%                
      Transportation – 0.1%                
$ 203   Las Vegas Monorail Company, Senior Interest Bonds (7), (8) 5.500%   7/15/19   N/R $ 130,275  
  56   Las Vegas Monorail Company, Senior Interest Bonds (7), (8) 5.500%   7/15/55   N/R   27,806  
$ 259   Total Corporate Bonds (cost $17,310)             158,081  
      Total Long-Term Investments (cost $225,037,644)             248,615,862  
      Other Assets Less Liabilities – 0.8%             1,935,313  
      Net Assets – 100%           $ 250,551,175  

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(7) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(8) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

30

 

NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 98.7%            
      MUNICIPAL BONDS – 98.6%            
      Alaska – 0.4%            
$ 1,000   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 5/18 at 100.00   B3 $ 1,000,020  
      Arizona – 3.6%            
  2,500   Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 2011B-1&2, 5.250%, 3/01/39 3/21 at 100.00   A   2,682,350  
  1,590   Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20 10/18 at 100.00   AAA   1,617,316  
  365   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A No Opt. Call   BB+   363,591  
  1,000   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 5.000%, 1/01/38 1/27 at 100.00   AA–   1,130,600  
  600   Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 10/20 at 100.00   A–   644,184  
  2,250   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 No Opt. Call   BBB+   2,673,405  
  215   Sedona Wastewater Municipal Property Corporation, Arizona Excise Tax Revenue Bonds, Series 1998, 0.000%, 7/01/20 – NPFG Insured No Opt. Call   Baa2   205,334  
  8,520   Total Arizona         9,316,780  
      California – 14.7%            
  11,000   Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured No Opt. Call   AA   4,550,260  
  1,500   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 12/18 at 100.00   B2   1,520,130  
  60   California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured 6/18 at 100.00   AA–   60,156  
  2,440   Eureka Unified School District, Humboldt County, California, General Obligation Bonds, Series 2002, 0.000%, 8/01/27 – AGM Insured No Opt. Call   AA   1,817,946  
  3,290   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/24 – NPFG Insured No Opt. Call   AA–   2,767,647  
  1,000   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 5/18 at 100.00   B–   1,000,010  
  3,030   Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured No Opt. Call   Aa2   2,478,601  
  1,495   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/33 – FGIC Insured No Opt. Call   Aa2   877,027  
  1,160   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (4) 8/35 at 100.00   Aa1   958,624  
  450   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 No Opt. Call   A   633,623  
  1,195   Palmdale School District, Los Angeles County, California, General Obligation Bonds, Series 2003, 0.000%, 8/01/28 – AGM Insured No Opt. Call   AA   863,579  
  590   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   N/R (5)   636,758  
  4,620   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured No Opt. Call   A   3,845,734  
  4,400   Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured No Opt. Call   AA–   2,989,888  
31

 

NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 2,500   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM) No Opt. Call   A+ (5) $ 1,544,775  
  2,755   Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured No Opt. Call   Aa3   2,234,746  
  1,395   San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42 7/27 at 100.00   A   1,587,329  
      San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B:            
  1,000   0.000%, 8/01/30 – AGM Insured 8/18 at 50.12   AA   498,290  
  1,890   0.000%, 8/01/31 – AGM Insured 8/18 at 47.14   AA   885,711  
  6,025   Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/30 No Opt. Call   AA   4,005,119  
  2,080   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 5/18 at 100.00   B–   2,080,021  
  53,875   Total California         37,835,974  
      Colorado – 7.4%            
  500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 7/19 at 100.00   BBB+   518,185  
  1,975   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   2,069,069  
  1,580   Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B, 5.000%, 12/01/42 12/27 at 100.00   Aa3   1,803,396  
  1,935   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   2,124,166  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  5,140   0.000%, 9/01/24 – NPFG Insured No Opt. Call   A–   4,344,482  
  8,100   0.000%, 9/01/29 – NPFG Insured No Opt. Call   A–   5,500,872  
  4,475   0.000%, 9/01/33 – NPFG Insured No Opt. Call   A–   2,555,001  
  23,705   Total Colorado         18,915,171  
      Connecticut – 1.0%            
  2,490   Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/33 10/23 at 100.00   AA   2,701,127  
      Florida – 1.6%            
      Broward County, Florida, Airport System Revenue Bonds, Series 2017:            
  1,155   5.000%, 10/01/42 (Alternative Minimum Tax) 10/27 at 100.00   A+   1,293,923  
  1,040   5.000%, 10/01/47 (Alternative Minimum Tax) 10/27 at 100.00   A+   1,161,534  
  1,500   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 11/24 at 100.00   A2   1,629,960  
  3,695   Total Florida         4,085,417  
      Guam – 1.9%            
  1,500   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 11/25 at 100.00   A   1,558,425  
  1,675   Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26 5/21 at 100.00   A–   1,798,649  
  1,460   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 7/26 at 100.00   A–   1,555,250  
  4,635   Total Guam         4,912,324  
      Idaho – 1.7%            
  4,000   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 5.000%, 3/01/44 3/24 at 100.00   A–   4,311,120  
32

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois – 12.7%            
$ 1,615   Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A, 0.000%, 4/01/23 – NPFG Insured No Opt. Call   Baa2 $ 1,366,064  
  750   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   880,020  
  735   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   BB–   713,126  
  760   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C, 5.000%, 12/01/30 12/27 at 100.00   B   772,768  
  365   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   415,731  
  1,340   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2016C, 5.000%, 1/01/20 No Opt. Call   A   1,413,271  
  435   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured 6/18 at 100.00   AA   436,383  
  1,335   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%, 1/01/27 – NPFG Insured 6/18 at 100.00   BBB+   1,336,789  
  2,245   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/43 8/22 at 100.00   AA+   2,427,406  
  1,750   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 8/18 at 100.00   BBB+   1,766,958  
  1,315   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 No Opt. Call   BBB   1,339,761  
  2,190   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 No Opt. Call   BBB   2,290,828  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
  6,350   0.000%, 12/15/31 – NPFG Insured No Opt. Call   Baa2   3,400,933  
  1,350   0.000%, 6/15/35 – NPFG Insured No Opt. Call   Baa2   594,054  
  5,000   0.000%, 12/15/36 – NPFG Insured No Opt. Call   Baa2   2,037,000  
  9,370   0.000%, 6/15/39 – NPFG Insured No Opt. Call   Baa2   3,336,844  
  5,045   Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured 6/18 at 100.00   AA   5,052,467  
  1,135   Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002B, 0.000%, 12/01/18 – RAAI Insured No Opt. Call   AA   1,118,554  
  1,825   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28 3/25 at 100.00   A   2,047,614  
  44,910   Total Illinois         32,746,571  
      Indiana – 2.2%            
  1,600   Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series 2008B, 0.000%, 6/01/30 – AGM Insured No Opt. Call   AA   1,042,976  
  2,040   Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40 6/25 at 100.00   AA   2,278,782  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:            
  355   5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA (5)   365,384  
  1,470   5.500%, 1/01/38 – AGC Insured 1/19 at 100.00   AA   1,510,219  
  450   Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.000%, 1/15/19 No Opt. Call   N/R   454,172  
  5,915   Total Indiana         5,651,533  
      Iowa – 2.5%            
  710   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A 6/18 at 105.00   B   747,566  
  830   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/37) No Opt. Call   B   870,919  
33

 

NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa (continued)            
$ 2,000   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Refunding Series 2010, 5.750%, 9/01/30 (Pre-refunded 9/01/20) 9/20 at 100.00   N/R (5) $ 2,188,040  
  1,645   Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38 6/18 at 100.00   B+   1,648,701  
  1,000   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 6/18 at 100.00   BB–   1,009,310  
  6,185   Total Iowa         6,464,536  
      Kansas – 0.1%            
  230   Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 6/18 at 100.00   BB+   230,334  
      Kentucky – 1.3%            
  2,500   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 8/21 at 100.00   A   2,661,425  
  805   Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43 (4) 7/31 at 100.00   Baa3   751,588  
  3,305   Total Kentucky         3,413,013  
      Louisiana – 0.8%            
  1,870   Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured 12/27 at 100.00   AA   2,146,087  
      Maryland – 0.4%            
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2012B, 5.000%, 7/01/27 7/22 at 100.00   AA–   1,115,850  
      Massachusetts – 3.0%            
  2,200   Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41 7/22 at 100.00   AAA   2,423,828  
  1,675   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A+   1,849,468  
  2,250   Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2014M-4, 5.000%, 7/01/44 7/23 at 100.00   AA–   2,477,093  
  400   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L, 3.625%, 7/01/37 7/27 at 100.00   BBB+   390,488  
  500   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (5)   504,225  
  7,025   Total Massachusetts         7,645,102  
      Michigan – 0.8%            
  355   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A   382,626  
  1,000   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   AA+ (5)   1,010,020  
  385   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38 10/25 at 100.00   Aa2   433,256  
  250   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   256,820  
  1,990   Total Michigan         2,082,722  
      Mississippi – 0.5%            
  1,170   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 9/18 at 100.00   BBB   1,194,500  
      Missouri – 0.1%            
  270   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 10/18 at 100.00   AA+   274,598  
34

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nebraska – 0.6%            
$ 545   Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 4.125%, 11/01/36 11/25 at 100.00   A– $ 560,533  
  1,000   Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/40 1/22 at 100.00   A+   1,080,240  
  1,545   Total Nebraska         1,640,773  
      Nevada – 4.3%            
  990   Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/37 9/27 at 100.00   BBB+   1,093,950  
  1,325   Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) 7/19 at 100.00   AAA   1,384,320  
  1,250   Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, 15.953%, 7/01/42, 144A (IF) 1/20 at 100.00   Aa3   1,589,313  
  1,000   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 1/20 at 100.00   Aa3   1,056,120  
  3,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/34 12/24 at 100.00   AA+   3,398,430  
  2,500   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 6/18 at 100.00   Baa2   2,502,150  
  10,065   Total Nevada         11,024,283  
      New Jersey – 3.5%            
  2,000   New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 12/26 at 100.00   A–   2,276,760  
  2,165   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 3/21 at 100.00   A–   2,291,609  
  1,250   New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured No Opt. Call   A–   1,316,913  
  2,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/29 6/25 at 100.00   A–   2,206,220  
  1,000   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29 (Pre-refunded 4/26/18) 4/18 at 100.00   BBB– (5)   1,003,240  
  8,415   Total New Jersey         9,094,742  
      New Mexico – 1.1%            
  800   New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group, Series 2013, 5.000%, 7/01/42 7/22 at 100.00   BBB   835,664  
  1,000   New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) 6/18 at 100.00   N/R   1,000,550  
  1,000   New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) 8/19 at 100.00   A1   1,039,090  
  2,800   Total New Mexico         2,875,304  
      New York – 1.6%            
  475   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 2/21 at 100.00   AA–   508,454  
  25   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (5)   27,399  
  1,250   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 11/22 at 100.00   AA–   1,393,513  
  1,005   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31 7/18 at 100.00   AA   1,016,467  
  1,135   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   Baa1   1,248,318  
  3,890   Total New York         4,194,151  
35

 

NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio – 2.7%            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
$ 2,475   5.875%, 6/01/30 5/18 at 100.00   B– $ 2,463,095  
  875   5.750%, 6/01/34 5/18 at 100.00   B–   859,688  
  2,115   5.875%, 6/01/47 5/18 at 100.00   B–   2,091,206  
  1,105   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 2/23 at 100.00   Aa3   1,197,566  
  1,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21), (6) No Opt. Call   D   316,250  
  7,570   Total Ohio         6,927,805  
      Oklahoma – 0.2%            
  450   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.000%, 8/15/38 (WI/DD, Settling 4/04/18) 8/28 at 100.00   Baa3   493,457  
      Oregon – 1.7%            
  915   Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/36 6/27 at 100.00   AA+   1,045,735  
  60   Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A, 0.000%, 6/15/40 (4) 6/27 at 100.00   Aa1   61,621  
  500   Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26 6/23 at 100.00   AAA   566,890  
      Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A:            
  1,090   4.000%, 7/01/41 7/27 at 100.00   Aa2   1,147,661  
  1,275   5.000%, 7/01/47 7/27 at 100.00   Aa2   1,466,148  
  3,840   Total Oregon         4,288,055  
      Pennsylvania – 4.4%            
  1,255   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/37 1/24 at 100.00   A   1,383,010  
  2,250   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Carnegie Mellon University, Series 2009, 5.000%, 8/01/21 2/19 at 100.00   AA   2,312,235  
      Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2:            
  555   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (5)   599,877  
  300   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (5)   324,258  
  645   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   A2 (5)   697,155  
  2,970   Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A, 5.000%, 7/01/40 7/24 at 100.00   A+   3,295,126  
  2,500   State Public School Building Authority, Pennsylvania, School Revenue Bonds, Harrisburg School District, Refunding Series 2009A, 4.750%, 11/15/29 (Pre-refunded 5/15/19) – AGC Insured 5/19 at 100.00   AA (5)   2,584,500  
  10,475   Total Pennsylvania         11,196,161  
      Puerto Rico – 0.4%            
  1,035   Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20 6/18 at 100.00   AA–   1,077,300  
      South Carolina – 1.4%            
  3,400   South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – BHAC Insured 1/19 at 100.00   AA+ (5)   3,499,450  
      South Dakota – 0.3%            
  600   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/35 11/25 at 100.00   A+   670,434  
      Tennessee – 0.9%            
  2,020   Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015A, 5.000%, 7/01/45 7/25 at 100.00   A+   2,274,217  
36

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas – 10.7%            
$ 250   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB+ (5) $ 277,205  
  240   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/35 7/25 at 100.00   BBB+   266,414  
  3,000   Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Series 2008, 5.250%, 12/01/48 (Pre-refunded 12/01/18) 12/18 at 100.00   AA+ (5)   3,071,460  
  5,560   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53 10/23 at 100.00   BBB+   6,280,294  
  1,160   Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 6/25 at 100.00   AA   1,288,714  
  1,250   Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 4.000%, 10/01/35 10/27 at 100.00   AAA   1,330,263  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:            
  630   0.000%, 11/15/24 – NPFG Insured No Opt. Call   Baa2   496,553  
  12,480   0.000%, 11/15/41 – NPFG Insured 11/31 at 53.78   Baa2   3,755,482  
  575   Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/24 – AMBAC Insured No Opt. Call   A2   479,291  
  2,255   Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 11/20 at 100.00   A3   2,418,781  
  1,025   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 1/23 at 100.00   A1   1,116,399  
  200   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 5/26 at 100.00   AA–   203,746  
  5,000   Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26 12/22 at 100.00   A3   5,518,150  
  2,000   Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010, 0.000%, 8/15/31 No Opt. Call   AAA   1,077,680  
  35,625   Total Texas         27,580,432  
      Virginia – 1.8%            
  1,500   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 10/26 at 100.00   AA   1,907,880  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  1,000   5.250%, 1/01/32 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,093,170  
  410   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   459,175  
  1,010   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,104,819  
  3,920   Total Virginia         4,565,044  
      Washington – 3.4%            
  855   Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/19 No Opt. Call   Aa2   896,202  
  4,000   Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, Series 2013A, 5.750%, 1/01/45 1/23 at 100.00   BBB+   4,406,600  
  990   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A   1,057,389  
  2,185   Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2009, 5.000%, 11/01/28 11/19 at 100.00   A+   2,272,400  
  8,030   Total Washington         8,632,591  
37

 

NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin – 2.9%            
$ 2,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A+ $ 2,150,480  
  2,355   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 11/26 at 100.00   AA–   2,644,430  
  1,645   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 6/22 at 100.00   A3   1,742,318  
  1,000   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 (Pre-refunded 5/01/19) 5/19 at 100.00   Aa2 (5)   1,047,030  
  7,000   Total Wisconsin         7,584,258  
$ 286,470   Total Municipal Bonds (cost $234,047,500)         253,661,236  

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.1%                
      Transportation – 0.1%                
$ 318   Las Vegas Monorail Company, Senior Interest Bonds (7), (8) 5.500%   7/15/19   N/R $ 203,756  
  87   Las Vegas Monorail Company, Senior Interest Bonds (7), (8) 5.500%   7/15/55   N/R   43,490  
$ 405   Total Corporate Bonds (cost $27,074)             247,246  
      Total Long-Term Investments (cost $234,074,574)             253,908,482  
      Other Assets Less Liabilities – 1.3%             3,341,830  
      Net Assets – 100%           $ 257,250,312  

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(7) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(8) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

38

 

NXR Nuveen Select Tax-Free Income Portfolio 3
  Portfolio of Investments
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 99.1%            
      MUNICIPAL BONDS – 99.1%            
      Alaska – 1.3%            
$ 2,675   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 5/18 at 100.00   B3 $ 2,675,054  
      Arizona – 1.0%            
  1,770   Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20 10/18 at 100.00   AAA   1,800,409  
  280   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A No Opt. Call   BB+   278,919  
  2,050   Total Arizona         2,079,328  
      California – 22.4%            
  12,500   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured No Opt. Call   AA   6,304,624  
  1,000   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 12/18 at 100.00   B2   1,013,420  
  1,125   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 6/18 at 100.00   BBB+   1,125,788  
  890   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4)   949,221  
  215   California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29 6/18 at 100.00   Baa2   215,204  
  2,275   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/28 – NPFG Insured No Opt. Call   AA–   1,633,746  
  3,370   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured No Opt. Call   A+   2,480,185  
  1,750   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 5/18 at 100.00   B+   1,751,750  
  4,055   Kern Community College District, California, General Obligation Bonds, Series 2003A, 0.000%, 3/01/28 – FGIC Insured No Opt. Call   Aa2   2,980,628  
  1,160   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5) 8/35 at 100.00   Aa1   958,624  
  11,985   Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002, Series 2007C, 0.000%, 8/01/32 – AGM Insured No Opt. Call   AA   7,269,620  
  3,000   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured No Opt. Call   A   2,403,210  
  8,040   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM) No Opt. Call   A+ (4)   4,967,995  
  1,500   Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/32 – AGM Insured No Opt. Call   AA   917,565  
  8,000   Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/32 No Opt. Call   AA–   4,879,920  
  3,940   Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and 1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured No Opt. Call   A+   2,043,717  
  1,030   Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Arlington Redevelopment Project, Hunter Park/Northside Redevelopment Project, Magnolia Center Redevelopment Project, 5.000%, 8/01/37 – NPFG Insured 6/18 at 100.00   A–   1,032,009  
  765   San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42 7/27 at 100.00   A   870,471  
39

 

NXR Nuveen Select Tax-Free Income Portfolio 3
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 1,080   San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   AAA $ 1,083,046  
  67,680   Total California         44,880,743  
      Colorado – 6.2%            
  1,540   Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured 6/18 at 100.00   BBB–   1,540,123  
  500   Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/22, 144A No Opt. Call   N/R   547,280  
  2,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   2,095,260  
  790   Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B, 5.000%, 12/01/42 12/27 at 100.00   Aa3   901,698  
  1,935   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   2,124,166  
  1,295   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured No Opt. Call   A–   773,296  
  5,520   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured 9/20 at 63.98   A–   3,322,654  
  1,000   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/33 12/25 at 100.00   N/R   1,126,460  
  14,580   Total Colorado         12,430,937  
      Connecticut – 1.7%            
  1,500   Connecticut State, General Obligation Bonds, Refunding Series 2010C, 5.000%, 12/01/20 12/19 at 100.00   A+   1,576,155  
  1,640   Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/33 10/23 at 100.00   AA   1,779,056  
  3,140   Total Connecticut         3,355,211  
      Florida – 0.2%            
  390   Broward County, Florida, Airport System Revenue Bonds, Series 2017, 5.000%, 10/01/42 (Alternative Minimum Tax) 10/27 at 100.00   A+   436,909  
      Guam – 1.7%            
  1,250   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 11/25 at 100.00   A   1,298,688  
  2,000   Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.125%, 11/01/31 5/21 at 100.00   A–   2,185,460  
  3,250   Total Guam         3,484,148  
      Idaho – 1.6%            
  3,000   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 5.000%, 3/01/44 3/24 at 100.00   A–   3,233,340  
      Illinois – 11.2%            
  575   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   674,682  
  295   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C, 5.000%, 12/01/30 12/27 at 100.00   B   299,956  
  3,900   Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/28 – FGIC Insured No Opt. Call   Baa2   2,426,736  
  535   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2016C, 5.000%, 1/01/20 No Opt. Call   A   564,254  
  870   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured 6/18 at 100.00   AA   872,767  
  260   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 7/23 at 100.00   A–   290,090  
40

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B:            
$ 105   5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   AA (4) $ 105,432  
  1,495   5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   AA (4)   1,501,144  
  1,500   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 8/18 at 100.00   BBB+   1,514,535  
  1,235   Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM) No Opt. Call   N/R (4)   1,336,431  
  1,015   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 No Opt. Call   BBB   1,034,112  
  2,190   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 No Opt. Call   BBB   2,290,828  
  1,000   Kankakee & Will Counties Community Unit School District 5, Illinois, General Obligation Bonds, Series 2006, 0.000%, 5/01/23 – AGM Insured No Opt. Call   Aa3   859,240  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
  2,500   0.000%, 12/15/30 – NPFG Insured No Opt. Call   Baa2   1,413,625  
  4,775   0.000%, 12/15/31 – NPFG Insured No Opt. Call   Baa2   2,557,395  
  5,000   0.000%, 12/15/36 – NPFG Insured No Opt. Call   Baa2   2,037,000  
  2,000   0.000%, 6/15/37 – NPFG Insured No Opt. Call   Baa2   791,020  
  1,400   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28 3/25 at 100.00   A   1,570,772  
  310   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 10/23 at 100.00   A–   349,754  
  30,960   Total Illinois         22,489,773  
      Indiana – 1.6%            
  2,295   Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2010, 5.250%, 7/15/25 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   2,439,539  
  1,000   Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 7/15/28 – AGM Insured No Opt. Call   AA   736,230  
  3,295   Total Indiana         3,175,769  
      Iowa – 1.1%            
  570   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A 6/18 at 105.00   B   600,159  
  660   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/37) No Opt. Call   B   692,538  
  950   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 6/18 at 100.00   BB–   958,845  
  2,180   Total Iowa         2,251,542  
      Massachusetts – 2.1%            
  1,300   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A+   1,435,408  
  2,250   Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2014M-4, 5.000%, 7/01/44 7/23 at 100.00   AA–   2,477,093  
  400   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L, 3.625%, 7/01/37 7/27 at 100.00   BBB+   390,488  
  3,950   Total Massachusetts         4,302,989  
      Michigan – 1.0%            
  355   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A   382,626  
  1,295   Portage Public Schools, Kalamazoo County, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/21 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   AA (4)   1,298,548  
  250   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   256,820  
  1,900   Total Michigan         1,937,994  
41

 

NXR Nuveen Select Tax-Free Income Portfolio 3
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Mississippi – 0.9%            
$ 1,830   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 9/18 at 100.00   BBB $ 1,868,320  
      Missouri – 0.1%            
  270   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 10/18 at 100.00   AA+   274,598  
      Montana – 0.8%            
  1,440   Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010A, 4.750%, 1/01/40 1/20 at 100.00   AA–   1,490,659  
      Nebraska – 1.7%            
  2,600   Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/40 1/22 at 100.00   A+   2,808,624  
  500   Platte County School District 001, Columbus Public Schools, Nebraska, General Obligation Bonds, School Building Series 2014, 5.000%, 12/15/39 6/24 at 100.00   Aa2   561,280  
  3,100   Total Nebraska         3,369,904  
      Nevada – 2.0%            
  445   Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/37 9/27 at 100.00   BBB+   491,725  
  1,000   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 1/20 at 100.00   Aa3   1,056,120  
  2,500   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 6/18 at 100.00   Baa2   2,502,150  
  3,945   Total Nevada         4,049,995  
      New Jersey – 2.7%            
  1,850   New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/23 No Opt. Call   A–   2,019,812  
  305   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/28 – AGM Insured 7/25 at 100.00   AA   348,063  
  4,900   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/28 – AMBAC Insured No Opt. Call   A–   3,098,368  
  7,055   Total New Jersey         5,466,243  
      New Mexico – 0.5%            
  1,000   New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) 6/18 at 100.00   N/R   1,000,550  
      New York – 1.8%            
  1,250   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 11/22 at 100.00   AA–   1,393,513  
  850   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40 (Pre-refunded 6/15/18) 6/18 at 100.00   N/R (4)   857,268  
  1,020   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40 6/18 at 100.00   AAA   1,028,170  
  265   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   Baa1   291,458  
  3,385   Total New York         3,570,409  
      North Carolina – 0.3%            
  500   New Hanover County, North Carolina, General Obligation Bonds, School Series 2009, 4.000%, 6/01/21 (Pre-refunded 6/01/19) 6/19 at 100.00   AAA   513,510  
      Ohio – 5.5%            
  2,250   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured 2/19 at 100.00   AA (4)   2,331,180  
  1,465   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 6.000%, 6/01/42

5/18 at 100.00

  B–  

1,455,858

 

 
42

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
$ 3,720   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   B– $ 3,738,488  
  1,500   Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2011A, 5.750%, 11/15/21 11/20 at 100.00   A+   1,639,050  
  1,475   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 2/23 at 100.00   Aa3   1,598,561  
  1,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21), (6) No Opt. Call   D   316,250  
  11,410   Total Ohio         11,079,387  
      Oklahoma – 0.2%            
  345   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.000%, 8/15/38 (WI/DD, Settling 4/04/18) 8/28 at 100.00   Baa3   378,317  
      Oregon – 1.7%            
      Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A:            
  545   4.000%, 7/01/41 7/27 at 100.00   Aa2   573,831  
  635   5.000%, 7/01/47 7/27 at 100.00   Aa2   730,199  
  1,000   Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B, 5.000%, 10/01/40 10/26 at 100.00   A   1,138,540  
  750   Washington and Clackamas Counties School District 23J Tigard-Tualatin, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/30 6/27 at 100.00   AA+   891,008  
  2,930   Total Oregon         3,333,578  
      Pennsylvania – 6.8%            
  1,015   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/37 1/24 at 100.00   A   1,118,530  
  1,685   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Carnegie Mellon University, Series 2009, 5.000%, 8/01/21 2/19 at 100.00   AA   1,731,607  
      Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2:            
  370   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   399,918  
  200   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   216,172  
  430   5.000%, 12/01/30 (Pre-refunded 12/01/20) 12/20 at 100.00   A2 (4)   464,770  
  2,075   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Series 2009B, 5.000%, 12/01/22 12/19 at 100.00   A1   2,183,128  
  4,455   Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A, 5.000%, 7/01/40 7/24 at 100.00   A+   4,942,688  
  2,500   State Public School Building Authority, Pennsylvania, School Revenue Bonds, Harrisburg School District, Refunding Series 2009A, 4.750%, 11/15/29 (Pre-refunded 5/15/19) – AGC Insured 5/19 at 100.00   AA (4)   2,584,500  
  12,730   Total Pennsylvania         13,641,313  
      Puerto Rico – 0.5%            
  945   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured No Opt. Call   C   939,292  
      South Carolina – 1.5%            
  3,000   South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – BHAC Insured 1/19 at 100.00   AA+ (4)   3,087,750  
      South Dakota – 0.2%            
  400   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/35 11/25 at 100.00   A+   446,956  
      Tennessee – 0.4%            
  795   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   852,057  
43

 

NXR Nuveen Select Tax-Free Income Portfolio 3
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas – 10.8%            
$ 250   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB+ (4) $ 277,205  
  85   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/34 7/25 at 100.00   BBB+   94,586  
  3,000   Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Series 2008, 5.000%, 12/01/23 (Pre-refunded 12/01/18) 12/18 at 100.00   AA+ (4)   3,068,550  
  4,640   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53 10/23 at 100.00   BBB+   5,241,111  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:            
  1,405   0.000%, 11/15/32 – NPFG Insured 11/31 at 94.05   Baa2   767,509  
  2,510   0.000%, 11/15/36 – NPFG Insured 11/31 at 73.51   Baa2   1,050,485  
  2,235   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/32 – NPFG Insured 11/24 at 62.70   Baa2   1,090,345  
      Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A:            
  3,045   0.000%, 11/15/34 – NPFG Insured 11/30 at 78.27   AA   1,528,864  
  4,095   0.000%, 11/15/38 – NPFG Insured 11/30 at 61.17   AA   1,567,443  
  2,255   Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 11/20 at 100.00   A3   2,418,781  
  290   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.200%, 1/01/42 – AGC Insured 1/25 at 100.00   AA   348,423  
  2,000   Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32 12/22 at 100.00   A3   2,184,140  
  2,410   Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   1,957,932  
  28,220   Total Texas         21,595,374  
      Virginia – 2.6%            
  3,500   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/32 (5) 7/28 at 100.00   BBB   3,100,370  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  410   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   459,175  
  1,510   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,651,759  
  5,420   Total Virginia         5,211,304  
      Washington – 4.1%            
  1,020   Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18 No Opt. Call   Aa2   1,037,677  
  990   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A   1,057,389  
  4,000   Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/32 10/22 at 100.00   AA–   4,419,040  
  1,700   Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2009, 5.000%, 11/01/28 11/19 at 100.00   A+   1,768,000  
  7,710   Total Washington         8,282,106  
      Wisconsin – 0.9%            
  1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32 2/22 at 100.00   A–   1,343,425  
  415   Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26 6/18 at 100.00   AA+   416,162  
  1,665   Total Wisconsin         1,759,587  
$ 237,145   Total Municipal Bonds (cost $177,007,232)         198,944,946  
44

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0%                
      Transportation – 0.0%                
$ 90   Las Vegas Monorail Company, Senior Interest Bonds (7), (8) 5.500%   7/15/19   N/R $ 57,415  
  25   Las Vegas Monorail Company, Senior Interest Bonds (7), (8) 5.500%   7/15/55   N/R   12,255  
$ 115   Total Corporate Bonds (cost $7,627)             69,670  
      Total Long-Term Investments (cost $177,014,859)             199,014,616  
      Other Assets Less Liabilities – 0.9%             1,749,969  
      Net Assets – 100%           $ 200,764,585  

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(7) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(8) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

45

 

NXC Nuveen California Select Tax-Free
  Income Portfolio
  Portfolio of Investments
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 91.9%            
      MUNICIPAL BONDS – 91.9%            
      Consumer Staples – 6.4%            
$ 1,000   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46 6/18 at 100.00   CCC $ 999,920  
  50   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21 6/18 at 100.00   A   50,044  
  1,095   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 6/22 at 100.00   B   1,127,850  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  775   5.000%, 6/01/33 5/18 at 100.00   B+   775,775  
  660   5.750%, 6/01/47 5/18 at 100.00   B3   663,901  
  1,500   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 5/18 at 100.00   B–   1,500,015  
  1,000   Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37 5/18 at 100.00   BB+   1,002,290  
  6,080   Total Consumer Staples         6,119,795  
      Education and Civic Organizations – 3.1%            
  160   California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A , 7.250%, 6/01/43 6/22 at 102.00   N/R   183,451  
  60   California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A 7/25 at 100.00   BBB   64,932  
  385   California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/46 7/25 at 101.00   BBB   414,753  
  250   California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 7/21 at 100.00   BBB–   273,942  
  2,000   University of California, General Revenue Bonds, Limited Project Series 2016K, 4.000%, 5/15/46 5/26 at 100.00   AA–   2,070,060  
  2,855   Total Education and Civic Organizations         3,007,138  
      Health Care – 9.0%            
  1,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 11/26 at 100.00   AA–   1,130,560  
  2,500   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/41 11/25 at 100.00   AA–   2,819,975  
  115   California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2014A, 5.000%, 8/15/43 8/24 at 100.00   AA–   127,322  
  125   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 10/24 at 100.00   AA–   142,340  
  255   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 10/24 at 100.00   AA–   281,882  
  235   California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41 8/21 at 100.00   AA   252,663  
  35   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2017A, 5.000%, 7/01/42 7/27 at 100.00   Baa2   38,939  
  130   California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41 11/26 at 100.00   BBB–   141,992  
  1,000   California Public Finance Authority, Revenue Bonds, Sharp HealthCare, Series 2017A, 4.000%, 8/01/47 2/28 at 100.00   AA   1,023,660  
46

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 350   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/34 12/24 at 100.00   BB+ $ 382,616  
      California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:            
  825   5.000%, 12/01/46, 144A 6/26 at 100.00   BB   873,667  
  540   5.250%, 12/01/56, 144A 6/26 at 100.00   BB   579,188  
  670   San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 12/21 at 100.00   BB+   751,258  
  7,780   Total Health Care         8,546,062  
      Housing/Multifamily – 0.5%            
  395   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 8/22 at 100.00   BBB   428,058  
      California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:            
  25   5.250%, 8/15/39 8/24 at 100.00   BBB+   27,250  
  65   5.250%, 8/15/49 8/24 at 100.00   BBB+   70,388  
  485   Total Housing/Multifamily         525,696  
      Tax Obligation/General – 21.3%            
  1,000   California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34 8/25 at 100.00   AA–   1,149,080  
  1,650   California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39 11/19 at 100.00   AA–   1,746,376  
  1,965   California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 10/21 at 100.00   AA–   2,159,515  
  2,000   California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 4/01/35 4/22 at 100.00   AA–   2,238,540  
  1,080   Mountain View-Los Altos Union High School District, Santa Clara County, California, General Obligation Bonds, Capital Appreciation Series 1997C, 0.000%, 5/01/18 – NPFG Insured No Opt. Call   Aaa   1,078,747  
  7,575   Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/34 No Opt. Call   A   3,999,600  
  1,000   San Benito High School District, San Benito and Santa Clara Counties, California, General Obligation Bonds, 2016 Election Series 2017, 5.250%, 8/01/46 8/27 at 100.00   Aa3   1,188,110  
  8,075   San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44 No Opt. Call   AA   2,700,845  
  1,000   San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2016, Green Series 2017A-1, 5.000%, 8/01/47 8/27 at 100.00   AAA   1,163,400  
  1,000   Santa Barbara Unified School District, Santa Barbara County, California, General Obligation Bonds, Election of 2016 Series 2017A, 4.000%, 8/01/41 8/27 at 100.00   Aa2   1,065,700  
  2,000   West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured (4) 8/31 at 100.00   AA   1,810,720  
  28,345   Total Tax Obligation/General         20,300,633  
      Tax Obligation/Limited – 19.0%            
  1,000   Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured 6/18 at 100.00   AA   1,001,770  
  2,000   California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33 9/23 at 100.00   A+   2,271,280  
  360   Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured 6/18 at 100.00   A   360,162  
  270   Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27 10/18 at 100.00   A   275,125  
  3,000   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40 6/25 at 100.00   A+   3,383,940  
  1,215   Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured 6/18 at 100.00   Aa2   1,217,746  
47

 

 

 

NXC Nuveen California Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 1,000   Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38 6/18 at 100.00   AAA $ 1,164,240  
  3,000   Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 7/27 at 100.00   AA+   3,494,310  
  1,000   Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34 6/18 at 100.00   A+   1,004,000  
  50   Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 9/21 at 100.00   BBB+   56,537  
  60   Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39 9/23 at 100.00   N/R   66,842  
      Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:            
  350   5.250%, 9/01/30 9/23 at 100.00   N/R   386,477  
  320   5.750%, 9/01/39 9/23 at 100.00   N/R   354,538  
  30   Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25 10/21 at 100.00   A   34,447  
  325   Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured No Opt. Call   Aa3   342,400  
  20   San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 9/25 at 100.00   N/R   21,712  
  1,365   San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42 4/22 at 100.00   AAA   1,489,611  
  65   San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39 8/24 at 100.00   N/R   70,796  
  40   Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26 4/21 at 100.00   N/R   45,187  
  1,000   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured 10/22 at 100.00   AA   1,055,200  
  16,470   Total Tax Obligation/Limited         18,096,320  
      Transportation – 6.7%            
  530   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 1/24 at 100.00   Baa3   625,320  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  1,000   5.000%, 1/15/42 – AGM Insured 1/24 at 100.00   AA   1,098,180  
  1,170   5.750%, 1/15/46 1/24 at 100.00   BBB–   1,340,949  
  1,175   6.000%, 1/15/53 1/24 at 100.00   BBB–   1,374,421  
  800   Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42 5/25 at 100.00   AA   908,408  
  955   Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax) 5/22 at 100.00   A+   1,043,118  
  5,630   Total Transportation         6,390,396  
      U.S. Guaranteed – 7.6% (5)            
  355   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   BBB   389,279  
  1,500   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 11/19 at 100.00   Aaa   1,612,590  
  1,000   Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.500%, 11/01/41 (Pre-refunded 11/01/20) 11/20 at 100.00   AA–   1,097,820  
      Irvine Unified School District Financing Authority, Orange County, California, Special Tax Bonds, Group II, Series 2006A:            
  35   5.000%, 9/01/26 (Pre-refunded 9/01/18) 9/18 at 100.00   N/R   35,503  
  80   5.125%, 9/01/36 (Pre-refunded 9/01/18) 9/18 at 100.00   N/R   81,190  
  135   National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21) 8/21 at 100.00   A   155,417  
48

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (5) (continued)            
$ 500   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19) 11/19 at 100.00   N/R $ 538,655  
  1,100   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20) 11/20 at 100.00   BBB–   1,215,555  
  415   Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18) 9/18 at 100.00   N/R   423,412  
  160   Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21) 9/21 at 100.00   A–   181,043  
  25   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   A–   28,448  
      San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:            
  25   7.000%, 8/01/33 (Pre-refunded 2/01/21) 2/21 at 100.00   BBB+   28,620  
  30   7.000%, 8/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   BBB+   34,344  
  360   Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39 (Pre-refunded 3/01/21) 3/21 at 100.00   A–   418,158  
  800   Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB+   899,984  
  70   Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32 (Pre-refunded 9/01/21) 9/21 at 100.00   N/R   80,686  
  6,590   Total U.S. Guaranteed         7,220,704  
      Utilities – 3.3%            
  645   Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37 No Opt. Call   A   819,492  
  2,000   Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/42 7/27 at 100.00   AA   2,331,300  
  2,645   Total Utilities         3,150,792  
      Water and Sewer – 15.0%            
  1,000   Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34 4/23 at 100.00   AA–   1,125,700  
  1,480   California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund Revenue Bonds, Green Series 2017, 5.000%, 10/01/33 4/27 at 100.00   AAA   1,772,433  
      California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:            
  375   5.000%, 7/01/37, 144A (Alternative Minimum Tax) 7/22 at 100.00   Baa3   401,111  
  1,160   5.000%, 11/21/45, 144A (Alternative Minimum Tax) 7/22 at 100.00   Baa3   1,236,502  
  2,000   Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41 3/22 at 100.00   AA–   2,170,380  
  2,000   Irvine Ranch Water District, California, Certificates of Participation, Irvine Ranch Water District Series 2016, 5.000%, 3/01/41 9/26 at 100.00   AAA   2,324,400  
  1,970   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44 7/24 at 100.00   AA+   2,207,050  
  1,000   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A, 5.000%, 7/01/41 1/27 at 100.00   AA+   1,158,620  
  620   Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47 6/27 at 100.00   AA   733,175  
  1,000   Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/31 12/25 at 100.00   Aa1   1,171,010  
  12,605   Total Water and Sewer         14,300,381  
$ 89,485   Total Long-Term Investments (cost $80,620,042)         87,657,917  

 

49

 

NXC Nuveen California Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 1.1%            
      MUNICIPAL BONDS – 1.1%            
      Health Care – 1.1%            
$ 1,000   California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange County, Variable Rate Demand Obligations, Series 2009C, 1.570%, 11/01/38 (6) 5/18 at 100.00   A-1+ $ 1,000,000  
$ 1,000   Total Short-Term Investments (cost $1,000,000)         1,000,000  
      Total Investments (cost $81,620,042) – 93.0%         88,657,917  
      Other Assets Less Liabilities – 7.0%         6,699,071  
      Net Assets – 100%       $ 95,356,988  

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

See accompanying notes to financial statements.

50

 

NXN Nuveen New York Select Tax-Free
  Income Portfolio
  Portfolio of Investments
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 99.8%            
      MUNICIPAL BONDS – 99.8%            
      Consumer Staples – 5.6%            
$ 435   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 6/18 at 100.00   BB+ $ 435,061  
  150   Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 5/18 at 100.00   B–   150,021  
  275   Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 5/18 at 100.00   B–   272,429  
      New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1:            
  470   5.625%, 6/01/35 No Opt. Call   BBB   518,965  
  1,530   5.750%, 6/01/43 No Opt. Call   BBB   1,689,105  
  2,860   Total Consumer Staples         3,065,581  
      Education and Civic Organizations – 19.8%            
  165   Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 6/18 at 100.00   B   143,576  
  280   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 12/20 at 100.00   B+   293,658  
      Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A:            
  75   5.000%, 4/15/33 4/23 at 100.00   BB+   77,524  
  110   5.000%, 4/15/43 4/23 at 100.00   BB+   112,949  
  150   Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 7/23 at 100.00   A–   163,691  
  1,000   Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured No Opt. Call   Baa2   1,179,620  
      Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2015A:            
  20   5.000%, 7/01/31 7/25 at 100.00   Aa3   22,768  
  25   5.000%, 7/01/33 7/25 at 100.00   Aa3   28,181  
  405   Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – NPFG Insured 6/18 at 100.00   Baa2   406,041  
  1,000   Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41 4/21 at 100.00   AAA   1,083,440  
  605   Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/40 7/25 at 100.00   A–   663,407  
  290   Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35 7/25 at 100.00   Aa2   330,133  
  1,185   Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2016A, 5.000%, 7/01/39 7/26 at 100.00   Aa2   1,361,577  
  1,800   Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   Aa1   1,916,657  
  120   Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph’s College, Series 2010, 5.250%, 7/01/35 7/20 at 100.00   Ba1   123,498  
  250   Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36, 144A 12/26 at 100.00   BB–   251,693  
  215   Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) 1/34 at 100.00   N/R   178,336  
  110   Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38 9/23 at 100.00   A–   120,049  
51

 

NXN Nuveen New York Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
      New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:            
$ 500   5.000%, 1/01/31 – AMBAC Insured 6/18 at 100.00   BBB $ 501,205  
  430   4.750%, 1/01/42 – AMBAC Insured 6/18 at 100.00   BBB   430,258  
  300   New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured 6/18 at 100.00   Baa1   300,426  
  1,005   New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2014A, 5.000%, 8/01/32 8/23 at 100.00   AA–   1,125,309  
  10,040   Total Education and Civic Organizations         10,813,996  
      Financials – 1.0%            
  450   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call   A   559,773  
      Health Care – 0.6%            
  100   Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32 7/20 at 100.00   A   105,629  
  230   Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 6/18 at 100.00   BB–   230,145  
  330   Total Health Care         335,774  
      Housing/Multifamily – 0.5%            
  275   New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) 6/18 at 100.00   Aa2   275,261  
      Industrials – 4.0%            
  160   Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35, 144A (Alternative Minimum Tax) 1/25 at 100.00   N/R   172,109  
  1,865   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 11/24 at 100.00   N/R   1,980,200  
  2,025   Total Industrials         2,152,309  
      Long-Term Care – 0.3%            
  100   Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 6/18 at 100.00   A3   100,108  
  15   Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18 6/18 at 100.00   N/R   14,621  
  55   Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.500%, 7/01/18 6/18 at 100.00   N/R   55,002  
  170   Total Long-Term Care         169,731  
      Tax Obligation/General – 2.3%            
  1,080   New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 12/26 at 100.00   AA   1,233,900  
      Tax Obligation/Limited – 19.9%            
  1,050   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/37 2/22 at 100.00   AAA   1,142,904  
  1,000   Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. Group A,B&C, 5.000%, 3/15/35 9/25 at 100.00   AAA   1,147,720  
  1,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/25 No Opt. Call   A   1,079,900  
  800   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/42 2/27 at 100.00   Aa3   911,696  
  760   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 2/21 at 100.00   AA–   828,332  
  1,000   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2, 5.000%, 7/15/40 7/25 at 100.00   AA   1,126,450  
52

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 1,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 5/23 at 100.00   AAA $ 1,112,950  
  450   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 2/24 at 100.00   AAA   505,967  
  875   New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.250%, 2/01/30 2/21 at 100.00   AAA   954,546  
  535   New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 10.584%, 5/01/38, 144A (IF) 5/19 at 100.00   AAA   589,522  
  570   New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (5) No Opt. Call   AA+   612,881  
  845   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured 10/22 at 100.00   AA   891,644  
  9,885   Total Tax Obligation/Limited         10,904,512  
      Transportation – 17.1%            
  1,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38 5/24 at 100.00   AA–   1,140,440  
  250   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 11/21 at 100.00   A+   271,208  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:            
  345   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   366,797  
  685   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   722,490  
  980   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   BBB   1,062,908  
  1,500   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/33 9/24 at 100.00   AA–   1,710,345  
  1,000   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Fourth Series 2015, 5.250%, 10/15/55 10/25 at 100.00   AA–   1,129,830  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
  290   6.500%, 12/01/28 6/18 at 100.00   Baa1   303,166  
  215   6.000%, 12/01/36 12/20 at 100.00   Baa1   236,818  
  1,095   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A, 5.000%, 11/15/47 5/27 at 100.00   AA–   1,255,341  
  1,000   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017B, 5.000%, 11/15/36 5/27 at 100.00   AA–   1,161,920  
  8,360   Total Transportation         9,361,263  
      U.S. Guaranteed – 11.8% (6)            
      Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:            
  130   6.500%, 12/01/21 (Pre-refunded 12/01/18) 12/18 at 100.00   Baa3   134,125  
  210   6.125%, 12/01/29 (Pre-refunded 12/01/18) 12/18 at 100.00   Baa3   216,218  
  405   6.250%, 12/01/37 (Pre-refunded 12/01/18) 12/18 at 100.00   Baa3   417,324  
  750   Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   A–   819,660  
  1,240   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3   1,374,379  
  400   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 (Pre-refunded 5/01/21) 5/21 at 100.00   A–   438,024  
  2,000   Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 7/21 at 100.00   AA–   2,202,759  
53

 

NXN Nuveen New York Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  March 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (6) (continued)            
$ 40   New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 13.277%, 6/15/37, 144A (Pre-refunded 6/15/18) (IF) 6/18 at 100.00   N/R $ 41,010  
  125   New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.250%, 2/01/30 (Pre-refunded 2/01/21) 2/21 at 100.00   N/R   136,473  
  600   Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 (Pre-refunded 10/01/21) – AGM Insured 10/21 at 100.00   AA   663,882  
  5,900   Total U.S. Guaranteed         6,443,854  
      Utilities – 9.7%            
  550   Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 2/20 at 100.00   Baa3   572,110  
  35   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 10/22 at 100.00   BBB   36,503  
  50   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 9/24 at 100.00   A–   55,484  
  180   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/42 9/27 at 100.00   A–   204,577  
  865   Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42, 144A (Alternative Minimum Tax) 6/18 at 100.00   BB+   865,536  
  1,365   Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 12/23 at 100.00   AAA   1,532,076  
  1,750   Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016B, 5.000%, 12/15/35 6/26 at 100.00   AAA   2,031,662  
  4,795   Total Utilities         5,297,948  
      Water and Sewer – 7.2%            
  200   Buffalo Municipal Water Finance Authority, New York, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/29 7/25 at 100.00   A   228,662  
  2,000   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series AA, 5.000%, 6/15/38 6/27 at 100.00   AA+   2,317,678  
  235   New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 13.277%, 6/15/37, 144A (IF) 6/18 at 100.00   AA+   240,934  
  1,000   New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects-Second Resolution Bonds, Subordinated SRF Series 2017A, 5.000%, 6/15/42 6/27 at 100.00   AAA   1,162,330  
  3,435   Total Water and Sewer         3,949,604  
$ 49,605   Total Long-Term Investments (cost $52,442,293)         54,563,506  
      Floating Rate Obligations – (0.8)%         (425,000 ) 
      Other Assets Less Liabilities – 1.0%         540,225  
      Net Assets – 100%       $ 54,678,731  
54

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) 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.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Note 3-Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

55

 

 

Statement of Assets and Liabilities
March 31, 2018

 

      NXP     NXQ     NXR     NXC     NXN  
Assets                                
Long-term investments, at value (cost $225,037,644, $234,074,574, $177,014,859, $80,620,042 and $52,442,293, respectively)   $ 248,615,862   $ 253,908,482   $ 199,014,616   $ 87,657,917   $ 54,563,506  
Short-term investments, at value (cost approximates value)                 1,000,000      
Cash     794,569     946,683     470,086     2,786,660     6,243  
Receivable for:                                
Interest     2,455,383     2,755,982     2,057,091     1,194,464     752,824  
Investments sold         989,760     265,000     3,000,000      
Deferred offering costs                 65,361      
Other assets     54,127     56,533     42,021     20,699     12,790  
Total assets     251,919,941     258,657,440     201,848,814     95,725,101     55,335,363  
Liabilities                                
Floating rate obligations                     425,000  
Payable for:                                
Dividends     708,996     716,039     547,193     268,978     157,642  
Investments purchased     467,764     483,894     370,985          
Accrued expenses:                                
Management fees     43,147     55,115     43,332     20,963     12,046  
Trustees fees     56,126     58,599     43,628     21,348     13,064  
Professional fees     26,316     26,364     26,008     25,346     25,094  
Other     66,417     67,117     53,083     31,478     23,786  
Total liabilities     1,368,766     1,407,128     1,084,229     368,113     656,632  
Net assets   $ 250,551,175   $ 257,250,312   $ 200,764,585   $ 95,356,988   $ 54,678,731  
Shares outstanding     16,570,310     17,713,727     13,045,560     6,349,932     3,924,895  
Net asset value (“NAV”) per share outstanding   $ 15.12   $ 14.52   $ 15.39   $ 15.02   $ 13.93  
Net assets consist of:                                
Shares, $0.01 par value per share   $ 165,703   $ 177,137   $ 130,456   $ 63,499   $ 39,249  
Paid-in surplus     230,107,246     245,888,467     179,536,881     88,427,486     53,856,609  
Undistributed (Over-distribution of) net investment income     1,649,761     617,271     1,600,931     (167,124 )   (51,798 )
Accumulated net realized gain (loss)     (4,949,753 )   (9,266,471 )   (2,503,440 )   (4,748 )   (1,286,542 )
Net unrealized appreciation (depreciation)     23,578,218     19,833,908     21,999,757     7,037,875     2,121,213  
Net assets   $ 250,551,175   $ 257,250,312   $ 200,764,585   $ 95,356,988   $ 54,678,731  
Authorized shares     Unlimited     Unlimited     Unlimited     Unlimited     Unlimited  

See accompanying notes to financial statements.

56

Statement of Operations
Year Ended March 31, 2018

 

      NXP     NXQ     NXR     NXC     NXN  
Investment Income   $ 9,953,720   $ 10,049,987   $ 7,886,623   $ 3,949,531   $ 2,264,824  
Expenses                                
Management fees     515,767     659,871     519,410     250,535     144,550  
Interest expense                     12,574  
Custodian fees     34,412     35,812     28,760     18,204     12,043  
Trustees fees     7,691     7,915     6,178     2,930     1,689  
Professional fees     31,236     31,383     29,784     33,940     26,628  
Shareholder reporting expenses     44,158     43,308     31,788     18,209     14,473  
Shareholder servicing agent fees     11,793     10,914     9,044     3,093     2,916  
Stock exchange listing fees     6,957     6,957     6,957     6,979     6,964  
Investor relations expenses     18,196     18,302     14,052     7,189     4,738  
Other     19,359     20,886     18,781     18,597     14,602  
Total expenses     689,569     835,348     664,754     359,676     241,177  
Net investment income (loss)     9,264,151     9,214,639     7,221,869     3,589,855     2,023,647  
Realized and Unrealized Gain (Loss)                                
Net realized gain (loss) from investments     1,059,679     1,332,796     908,980     960,773     50,892  
Change in net unrealized appreciation (depreciation) of investments     898,081     (338,540 )   168,409     (356,475 )   (409,385 )
Net realized and unrealized gain (loss)     1,957,760     994,256     1,077,389     604,298     (358,493 )
Net increase (decrease) in net assets from operations   $ 11,221,911   $ 10,208,895   $ 8,299,258   $ 4,194,153   $ 1,665,154  

See accompanying notes to financial statements.

57

Statement of Changes in Net Assets

 

      NXP   NXQ   NXR  
      Year
Ended
3/31/18
    Year
Ended
3/31/17
    Year
Ended
3/31/18
    Year
Ended
3/31/17
    Year
Ended
3/31/18
    Year
Ended
3/31/17
 
Operations                                      
Net investment income (loss)   $ 9,264,151   $ 9,302,606   $ 9,214,639   $ 9,468,136   $ 7,221,869   $ 7,400,343  
Net realized gain (loss) from:                                      
Investments     1,059,679     1,206,176     1,332,796     17,004     908,980     26,801  
Swaps         (180,389 )               (87,611 )
Change in net unrealized appreciation (depreciation) of:                                      
Investments     898,081     (9,363,238 )   (338,540 )   (7,540,888 )   168,409     (6,783,825 )
Swaps         443,326                 299,545  
Net increase (decrease) in net assets from operations     11,221,911     1,408,481     10,208,895     1,944,252     8,299,258     855,253  
Distributions to Shareholders                                      
From net investment income     (9,188,237 )   (9,118,641 )   (9,283,764 )   (9,149,141 )   (7,030,252 )   (6,954,588 )
From accumulated net realized gains                          
Decrease in net assets from distributions to shareholders     (9,188,237 )   (9,118,641 )   (9,283,764 )   (9,149,141 )   (7,030,252 )   (6,954,588 )
Capital Share Transactions                                      
Proceeds from shelf offering, net of offering costs                          
Net proceeds from shares issued to shareholders due to reinvestment of distributions                          
Net increase (decrease) in net assets from capital share transactions                          
Net increase (decrease) in net assets     2,033,674     (7,710,160 )   925,131     (7,204,889 )   1,269,006     (6,099,335 )
Net assets at the beginning of period     248,517,501     256,227,661     256,325,181     263,530,070     199,495,579     205,594,914  
Net assets at the end of period   $ 250,551,175   $ 248,517,501   $ 257,250,312   $ 256,325,181   $ 200,764,585   $ 199,495,579  
Undistributed (Over-distribution of) net investment income at the end of period   $ 1,649,761   $ 1,581,686   $ 617,271   $ 854,775   $ 1,600,931   $ 1,490,235  

See accompanying notes to financial statements.

58

               
      NXC     NXN  
      Year
Ended
3/31/18
    Year
Ended
3/31/17
    Year
Ended
3/31/18
    Year
Ended
3/31/17
 
Operations                          
Net investment income (loss)   $ 3,589,855   $ 3,798,794   $ 2,023,647   $ 2,165,600  
Net realized gain (loss) from:                          
Investments     960,773     (131,725 )   50,892     (365,379 )
Swaps                  
Change in net unrealized appreciation (depreciation) of:                          
Investments     (356,475 )   (3,435,731 )   (409,385 )   (1,558,377 )
Swaps                  
Net increase (decrease) in net assets from operations     4,194,153     231,338     1,665,154     241,844  
Distributions to Shareholders                          
From net investment income     (3,647,462 )   (3,883,881 )   (2,106,883 )   (2,166,329 )
From accumulated net realized gains     (357,827 )   (616,049 )        
Decrease in net assets from distributions to shareholders     (4,005,289 )   (4,499,930 )   (2,106,883 )   (2,166,329 )
Capital Share Transactions                          
Proceeds from shelf offering,net of offering costs     810,179              
Net proceeds from shares issued to shareholders due to reinvestment of distributions     47,791     85,085         13,528  
Net increase (decrease) in net assets from capital share transactions     857,970     85,085         13,528  
Net increase (decrease) in net assets     1,046,834     (4,183,507 )   (441,729 )   (1,910,957 )
Net assets at the beginning of period     94,310,154     98,493,661     55,120,460     57,031,417  
Net assets at the end of period   $ 95,356,988   $ 94,310,154   $ 54,678,731   $ 55,120,460  
Undistributed (Over-distribution of) net investment income at the end of period   $ (167,124 ) $ (105,514 ) $ (51,798 ) $ 38,520  

See accompanying notes to financial statements.

59

Financial Highlights

Selected data for a share outstanding throughout each period:

 

          Investment Operations     Less Distributions              
      Beginning
NAV
    Net
Investment
Income
(Loss)
    Net
Realized/
Unrealized
Gain (Loss)
    Total     From
Net
Investment
Income
    From
Accumulated
Net Realized
Gains
    Total     Ending
NAV
    Ending
Share
Price
 
NXP                                                        
Year Ended 3/31:                                                        
2018   $ 15.00   $ 0.56   $ 0.11   $ 0.67   $ (0.55 ) $   $ (0.55 ) $ 15.12   $ 14.02  
2017     15.46     0.56     (0.47 )   0.09     (0.55 )       (0.55 )   15.00     14.03  
2016     15.17     0.58     0.27     0.85     (0.56 )       (0.56 )   15.46     14.89  
2015     14.43     0.60     0.76     1.36     (0.62 )       (0.62 )   15.17     14.51  
2014     15.03     0.66     (0.62 )   0.04     (0.64 )       (0.64 )   14.43     13.48  
                                                         
NXQ                                                        
Year Ended 3/31:                                                        
2018     14.47     0.52     0.05     0.57     (0.52 )       (0.52 )   14.52     13.47  
2017     14.88     0.53     (0.42 )   0.11     (0.52 )       (0.52 )   14.47     13.41  
2016     14.64     0.55     0.23     0.78     (0.54 )       (0.54 )   14.88     14.13  
2015     13.83     0.58     0.83     1.41     (0.60 )       (0.60 )   14.64     13.94  
2014     14.38     0.62     (0.54 )   0.08     (0.63 )       (0.63 )   13.83     13.12  

 

(a) Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
  Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

60

 

 

    Ratios/Supplemental Data
Total Returns           Ratios to Average Net Assets        
Based
on
NAV
(a)   Based
on
Share
Price
(a)   Ending
Net
Assets
(000
)   Expenses (b)   Net
Investment
Income (Loss
)   Portfolio
Turnover
Rate
(c)
                                 
                                 
4.52 %   3.83 % $ 250,551     0.27 %   3.66 %   19 %
0.55     (2.20 )   248,518     0.28     3.64     28  
5.78     6.82     256,228     0.28     3.88     25  
9.52     12.42     251,296     0.32 (d)   4.01 (d)   28  
0.38     (3.37 )   239,151     0.29     4.60     40  
                                 
                                 
3.98     4.32     257,250     0.32     3.53     20  
0.69     (1.56 )   256,325     0.33     3.61     27  
5.46     5.46     263,530     0.33     3.76     23  
10.32     11.00     259,381     0.37 (d)   4.04 (d)   19  
0.73     (1.51 )   245,069     0.34     4.58     23  

 

(b) 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NXP        
Year Ended 3/31:        
2018     %
2017      
2016      
2015      
2014      

 

NXQ        
Year Ended 3/31:        
2018     %
2017      
2016      
2015     *
2014     *

 

(c) 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.
(d) During the fiscal year ended March 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:

 

      Ratios to
Average Net Assets
NXP     Expense (b)   Net Investment
Income (Loss
)
Year Ended 3/31:              
2015     0.35 %   3.98 %

 

    Ratios to
Average Net Assets
NXQ     Expense (b)   Net Investment
Income (Loss)
 
Year Ended 3/31:              
2015     0.40 %   4.01 %

 

* Rounds to less than 0.01%.

See accompanying notes to financial statements.

61

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

 

        Investment Operations   Less Distributions              
    Beginning
NAV
  Net
Investment
Income
(Loss)
  Net
Realized/
Unrealized
Gain (Loss)
  Total   From
Net
Investment
Income
  From
Accumulated
Net Realized
Gains
  Total   Premium
Per Share
Sold
through
Shelf
Offering
  Ending
NAV
  Ending
Share
Price
 
NXR                                                              
Year Ended 3/31:                                                              
2018   $ 15.29   $ 0.55   $ 0.09   $ 0.64   $ (0.54 ) $   $ (0.54 ) $   $ 15.39   $ 14.23  
2017     15.76     0.57     (0.51 )   0.06     (0.53 )       (0.53 )       15.29     14.21  
2016     15.34     0.58     0.40     0.98     (0.56 )       (0.56 )       15.76     14.89  
2015     14.46     0.60     0.89     1.49     (0.61 )       (0.61 )       15.34     14.78  
2014     14.94     0.64     (0.49 )   0.15     (0.63 )       (0.63 )       14.46     13.67  
                                                               
NXC                                                              
Year Ended 3/31:                                                              
2018     15.00     0.57     0.09     0.66     (0.58 )   (0.06 )   (0.64 )   —*     15.02     13.90  
2017     15.68     0.60     (0.56 )   0.04     (0.62 )   (0.10 )   (0.72 )       15.00     14.83  
2016     15.52     0.64     0.19     0.83     (0.65 )   (0.02 )   (0.67 )       15.68     16.70  
2015     14.83     0.66     0.82     1.48     (0.68 )   (0.11 )   (0.79 )       15.52     15.40  
2014     15.72     0.67     (0.63 )   0.04     (0.68 )   (0.25 )   (0.93 )       14.83     14.25  

 

(a) Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
  Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
62

 

    Ratios/Supplemental Data
Total Returns         Ratios to Average Net Assets      
Based
on
NAV
(a)   Based
on
Share
Price
(a)   Ending
Net
Assets
(000
)   Expenses (b)   Net
Investment
Income (Loss
)   Portfolio
Turnover
Rate
(c)
                                 
                                 
4.19 %   3.87 % $ 200,765     0.33 %   3.55 %   15 %
0.37     (1.09 )   199,496     0.33     3.61     29  
6.56     4.76     205,595     0.34     3.81     22  
10.46     12.87     200,153     0.38 (d)   3.99 (d)   21  
1.18     (1.02 )   188,653     0.35     4.51     30  
                                 
                                 
4.37     (2.23 )   95,357     0.37     3.73     20  
0.20     (6.98 )   94,310     0.37     3.89     24  
5.51     13.25     98,494     0.37     4.18     10  
10.20     13.84     97,421     0.37     4.30     7  
0.50     1.07     93,011     0.38     4.55     14  

 

(b) 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NXR        
Year Ended 3/31:        
2018     %
2017      
2016      
2015      
2014      

 

NXC        
Year Ended 3/31:        
2018     %
2017      
2016      
2015      
2014     0.01  

 

(c) 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.
   
(d) During the fiscal year ended March 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:

 

      Ratios to
Average Net Assets
 
NXR     Expenses(b)     Net Investment
Income (Loss)
 
Year Ended 3/31:              
2015     0.42 %   3.96 %

 

* Rounds to less than $0.01 per share.

See accompanying notes to financial statements.

63

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

 

          Investment Operations     Less Distributions              
      Beginning
NAV
    Net
Investment
Income
(Loss)
    Net
Realized/
Unrealized
Gain (Loss)
    Total     From
Net
Investment
Income
    From
Accumulated
Net Realized
Gains
    Total     Ending
NAV
    Ending
Share
Price
 
NXN                                                        
Year Ended 3/31:                                                        
2018   $ 14.04   $ 0.52   $ (0.09 ) $ 0.43   $ (0.54 ) $   $ (0.54 ) $ 13.93   $ 12.98  
2017     14.53     0.55     (0.49 )   0.06     (0.55 )       (0.55 )   14.04     13.69  
2016     14.52     0.57     (0.01 )   0.56     (0.55 )       (0.55 )   14.53     14.06  
2015     13.95     0.56     0.58     1.14     (0.57 )       (0.57 )   14.52     14.13  
2014     14.70     0.60     (0.72 )   (0.12 )   (0.63 )   *   (0.63 )   13.95     13.41  

 

(a) Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
  Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
64

 

      Ratios/Supplemental Data
Total Returns           Ratios to Average Net Assets      
Based
on
NAV
(a)   Based
on
Share
Price
(a)   Ending
Net
Assets
(000
)   Expenses (b)   Net
Investment
Income (Loss
)   Portfolio
Turnover
Rate
(c)
                                 
                                 
3.05 %   (1.41 )% $ 54,679     0.43 %   3.64 %   17 %
0.40     1.26     55,120     0.44     3.83     29  
3.98     3.63     57,031     0.42     3.97     14  
8.31     9.84     56,988     0.43     3.92     16  
(0.69 )   (5.46 )   54,751     0.43     4.35     26  

 

(b) 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NXN        
Year Ended 3/31:        
2018     0.02 %
2017     0.02  
2016     0.01  
2015     0.01  
2014     0.01  

 

(c) 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.
   
* Rounds to less than $0.01 per share.

See accompanying notes to financial statements.

65

Notes to Financial Statements

1. General Information and Significant Accounting Policies

General Information

Fund Information

The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

• Nuveen Select Tax-Free Income Portfolio (NXP)
• Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
• Nuveen Select Tax-Free Income Portfolio 3 (NXR)
• Nuveen California Select Tax-Free Income Portfolio (NXC)
• Nuveen New York Select Tax-Free Income Portfolio (NXN)

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NXP, NXQ, NXR, NXC, and NXN were organized as Massachusetts business trusts on January 29, 1992, March 30, 1992, May 28, 1992, March 30, 1992, and March 30, 1992, respectively.

The end of the reporting period for the Funds is March 31, 2018, and the period covered by these Notes to Financial Statements is the fiscal year ended March 31, 2018 (the “current fiscal period”).

Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income and stable dividends, exempt from regular federal and designated state income taxes, where applicable, consistent with the preservation of capital by investing primarily in a portfolio of municipal obligations.

Significant Accounting Policies
Each 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 Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“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 Funds have earmarked securities in their portfolios 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 following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

                     
      NXP     NXQ     NXR  
Outstanding when-issued/delayed delivery purchase commitments   $ 467,764   $ 483,894   $ 370,985  

Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.

66

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

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

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

Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

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

Netting Agreements
In the ordinary course of business, the Funds 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 each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

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

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

2. Investment Valuation and Fair Value Measurements

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

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels. 

     
  Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
  Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
67

Notes to Financial Statements (continued)

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

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

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

 

NXP     Level 1     Level 2     Level 3     Total  
Long-Term Investments:                          
Municipal Bonds*   $   $ 248,457,781   $   $ 248,457,781  
Corporate Bonds**             158,081 ***   158,081  
Total   $   $ 248,457,781   $ 158,081   $ 248,615,862  
NXQ                          
Long-Term Investments:                          
Municipal Bonds*   $   $ 253,661,236   $   $ 253,661,236  
Corporate Bonds**             247,246 ***   247,246  
Total   $   $ 253,661,236   $ 247,246   $ 253,908,482  
NXR                          
Long-Term Investments:                          
Municipal Bonds*   $   $ 198,944,946   $   $ 198,944,946  
Corporate Bonds**             69,670 ***   69,670  
Total   $   $ 198,944,946   $ 69,670   $ 199,014,616  
NXC                          
Long-Term Investments**:                          
Municipal Bonds   $   $ 87,657,917   $   $ 87,657,917  
Short-Term Investments**:                          
Municipal Bonds         1,000,000         1,000,000  
Total   $   $ 88,657,917   $   $ 88,657,917  
NXN                          
Long-Term Investments**:                          
Municipal Bonds   $   $ 54,563,506   $   $ 54,563,506  

 

* Refer to the Fund’s Portfolio of Investments for state classifications.
** Refer to the Fund’s Portfolio of Investments for industry classifications.
*** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
68

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 Funds’ 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 Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

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

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

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

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a

69

Notes to Financial Statements (continued)

Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

 

Floating Rate Obligations Outstanding     NXP     NXQ     NXR     NXC     NXN  
Floating rate obligations: self-deposited Inverse Floaters   $   $   $   $   $ 425,000  
Floating rate obligations: externally-deposited Inverse Floaters     2,250,000     3,750,000             1,890,000  
Total   $ 2,250,000   $ 3,750,000   $   $   $ 2,315,000  

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

 

                                 
Self-Deposited Inverse Floaters     NXP     NXQ     NXR     NXC     NXN  
Average floating rate obligations outstanding   $   $   $   $   $ 836,562  
Average annual interest rate and fees     %   %   %   %   1.50 %

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

70

As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

 

                                 
Floating Rate Obligations – Recourse Trusts     NXP     NXQ     NXR     NXC     NXN  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters   $   $   $   $   $ 425,000  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters     2,250,000     3,750,000              
Total   $ 2,250,000   $ 3,750,000   $   $   $ 425,000  

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 each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

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

Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Shares Equity Shelf Program and Offering Costs
NXC has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during the current fiscal period.

Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized shares, shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current fiscal period were as follows:

 

      NXC
      Year
Ended
3/31/18
*
Additional authorized shares     600,000  
Shares sold     60,043  
Offering proceeds, net of offering costs   $ 810,179  

 

* Represents additional authorized shares for the period August 16, 2017 through March 31, 2018.
71

 

Notes to Financial Statements (continued)

Costs incurred by the Fund in connection with its initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.

Shares Transactions
Transactions in shares during the Funds’ current and prior fiscal period, where applicable, were as follows:

 

      NXC     NXN  
      Year     Year     Year     Year  
      Ended     Ended     Ended     Ended  
      3/31/18     3/31/17     3/31/18     3/31/17  
Shares:                          
Issued to shareholders due to reinvestment of distributions     3,121     5,403         919  
Sold through shelf offering     60,043         N/A     N/A  
Weighted average share:                          
Premium to NAV per shelf offering share sold     2.41 %   %   N/A     N/A  

N/A – The Fund is not authorized to issue additional shares through a shelf offering.

5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

 

      NXP     NXQ     NXR     NXC     NXN  
Purchases   $ 51,297,914   $ 50,705,468   $ 31,917,395   $ 18,635,589   $ 9,094,809  
Sales and maturities     48,219,410     49,877,417     30,622,847     23,636,838     9,437,980  

6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and 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, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of March 31, 2018.

 

      NXP     NXQ     NXR     NXC     NXN  
Tax cost of investments   $ 223,208,846   $ 233,141,025   $ 175,110,015   $ 81,575,731   $ 52,034,104  
Gross unrealized:                                
Appreciation   $ 26,724,240   $ 22,179,081   $ 24,954,953   $ 7,203,017   $ 2,174,622  
Depreciation     (1,317,224 )   (1,411,624 )   (1,050,352 )   (120,831 )   (69,468 )
Net unrealized appreciation (depreciation) of investments   $ 25,407,016   $ 20,767,457   $ 23,904,601   $ 7,082,186   $ 2,105,154  
72

Permanent differences, primarily due to distribution reallocations, taxable market discount and federal taxes paid, resulted in reclassifications among the Funds’ components of net assets as of March 31, 2018, the Funds’ tax year end, as follows:

 

      NXP     NXQ     NXR     NXC     NXN  
Paid-in-surplus   $ (182 ) $ (195 ) $ (164 ) $   $  
Undistributed (Over-distribution of) net investment income     (7,839 )   (168,379 )   (80,921 )   (4,003 )   (7,082 )
Accumulated net realized gain (loss)     8,021     168,574     81,085     4,003     7,082  

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2018, the Funds’ tax year end, were as follows:

 

      NXP     NXQ     NXR     NXC     NXN  
Undistributed net tax-exempt income1   $ 553,621   $ 426,599   $ 263,457   $ 53,622   $ 95,779  
Undistributed net ordinary income2     21,292     1,099     112     14,340      
Undistributed net long-term capital gains                      

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 1, 2018, paid on April 2, 2018.
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 Funds’ tax years ended March 31, 2018 and March 31, 2017, was designated for purposes of the dividends paid deduction as follows:

 

2018     NXP     NXQ     NXR     NXC     NXN  
Distributions from net tax-exempt income3   $ 9,047,389   $ 8,927,719   $ 6,809,782   $ 3,663,427   $ 2,119,394  
Distributions from net ordinary income2     140,848     356,046     220,470     16,317     3,188  
Distributions from net long-term capital gains4                 357,343      
2017     NXP     NXQ     NXR     NXC     NXN  
Distributions from net tax-exempt income   $ 9,047,389   $ 9,186,869   $ 6,966,329   $ 3,903,057   $ 2,166,287  
Distributions from net ordinary income2     71,252     6,556     14,350          
Distributions from net long-term capital gains                 615,450      

 

2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3 The Funds hereby designate these amounts paid during the fiscal year ended March 31, 2018, as Exempt Interest Dividends.
4 The Funds hereby designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended March 31, 2018.

As of March 31, 2018, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

 

      NXP     NXQ     NXR     NXN  
Expiration: March 31, 2019   $   $ 335,742   $   $  
Not subject to expiration     4,949,754     8,930,729     2,503,440     1,253,214  
Total   $ 4,949,754   $ 9,266,471   $ 2,503,440   $ 1,253,214  

During the Funds’ tax year ended March 31, 2018, the following Funds utilized capital loss carryforwards as follows:

 

      NXP     NXQ     NXR     NXN  
Utilized capital loss carryforwards   $ 1,067,699   $ 1,501,370   $ 990,065   $ 57,974  

The Funds have 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 following fiscal year. The following Fund has elected to defer losses as follows:

 

      NXC  
Post-October capital losses5   $ 4,748  
Late-year ordinary losses6      

 

5 Capital losses incurred from November 1, 2017 through March 31, 2018, the Funds’ tax year end.
6 Ordinary losses incurred from January 1, 2018 through March 31, 2018 and/or specified losses incurred from November 1, 2017 through March 31, 2018.
73

Notes to Financial Statements (continued)

7. Management Fees and Other Transactions with Affiliates

Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for NXP, is calculated according to the following schedule:

 

      NXP
Average Daily Net Assets     Fund-Level Fee Rate
For the first $125 million     0.0500 %
For the next $125 million     0.0375  
For the next $250 million     0.0250  
For the next $500 million     0.0125  

The annual fund-level fee, payable monthly, for each Fund (excluding NXP) is calculated according to the following schedule:

      NXQ
      NXR
      NXC
      NXN
Average Daily Net Assets     Fund-Level Fee Rate
For the first $125 million     0.1000 %
For the next $125 million     0.0875  
For the next $250 million     0.0750  
For the next $500 million     0.0625  
For the next $1 billion     0.0500  
For the next $3 billion     0.0250  
For managed assets over $5 billion     0.0125  

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily net assets: 

 

Complex-Level Eligible Asset Breakpoint Level*     Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion     0.2000 %
$56 billion     0.1996  
$57 billion     0.1989  
$60 billion     0.1961  
$63 billion     0.1931  
$66 billion     0.1900  
$71 billion     0.1851  
$76 billion     0.1806  
$80 billion     0.1773  
$91 billion     0.1691  
$125 billion     0.1599  
$200 billion     0.1505  
$250 billion     0.1469  
$300 billion     0.1445  

 

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain 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, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (orignally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2018, the complex-level fee for each Fund was 0.1595%.
74

Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.

During the current fiscal period, the following Funds engaged in inter-fund trades pursuant to these procedures as follows:

 

               
Inter-Fund Trades     NXP     NXQ  
Purchases   $   $ 1,289,153  
Sales     1,289,153      

8. Borrowing Arrangements

Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.

The Unsecured Credit Line was not renewed after its scheduled termination date on July 27, 2017.

Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2018 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% (1.25% prior to July 27, 2017) per annum or (b) the Fed Funds rate plus 1.00% (1.25% prior to July 27, 2017) per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the Funds utilized this facility. The Funds’ maximum outstanding balance during the utilization period was as follows:

                                 
      NXP     NXQ     NXR     NXC     NXN  
Maximum Outstanding Balance   $ 153,974   $ 1,279,453   $ 987,978   $ 562,493   $ 431,159  

During each Fund’s utilization periods, during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

                                 
      NXP     NXQ     NXR     NXC     NXN  
Average daily balance outstanding   $ 153,974   $ 1,279,453   $ 987,978   $ 562,493   $ 431,159  
Average annual interest rate     2.56 %   2.56 %   2.56 %   2.56 %   2.56 %

Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.

Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the

75

Notes to Financial Statements (continued)

Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

9. New Accounting Pronouncements

FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.

76

Additional Fund Information (Unaudited)

 

Board of Trustees          
Margo Cook*
Judith M. Stockdale
Jack B. Evans
Carole E. Stone
William C. Hunter
Terence J. Toth
Albin F. Moschner
Margaret L. Wolff
John K. Nelson
Robert L. Young
William J. Schneider
           
* Interested Board Member.        

 

         
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
& Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph Street
Chicago, IL 60601
Transfer Agent and
Shareholder Services
Computershare Trust
Company, N.A.
250 Royall Street
Canton, MA 02021
(800) 257-8787

 


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

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

CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 

      NXP     NXQ     NXR     NXC     NXN  
Shares repurchased                      

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.

77

Glossary of Terms Used in this Report (Unaudited)

 

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
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 market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
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 is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
 
 
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
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.
   
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
   
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.
78

 

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade California municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade New York municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a 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.
79

Reinvest Automatically, Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

 

Nuveen Closed-End Funds Automatic Reinvestment Plan

Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

 

80

 

Board Members & Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at eleven. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed
and Term(1)
  Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members:
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Chairman and
Board Member
 

1996
Class III
  Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.  

171
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

1999
Class III
  President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.  

171
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2003
Class I
  Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.  

171
                   
ALBIN F. MOSCHNER
1952
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2016
Class III
  Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996).  

171

 

81

Board Members & Officers (Unaudited) (continued)

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed
and Term(1)
  Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members (continued):
                   
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2013
Class II
  Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.  

171
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

1997
Class I
  Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).  

171
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2007
Class I
  Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).  

171
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2008
Class II
  Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its Investment Committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).  

171
                   
MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2016
Class I
  Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.  

171

 

82

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed
and Term(1)
  Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members (continued):
                   
ROBERT L. YOUNG(2)
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2017
Class II
  Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017).  

169
                   
Interested Board Member:                
                   
MARGO L. COOK(3)(4)
1964
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Board Member
 

2016
Class III
  President (since April 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; President, Global Products and Solutions (since July 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since February 2017) of Nuveen, LLC; President (since August 2017), formerly Co-President (October 2016- August 2017), formerly, Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst.  

171

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed(4)
  Principal
Occupation(s)
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Officer
                   
Officers of the Funds:                
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
 
Chief
Administrative
Officer
 

2007
  Senior Managing Director (since January 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC.  

75
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Vice President
and Controller
 

1998
  Managing Director (since 2014), formerly, Senior Vice President (2013- 2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen Securities, LLC Managing Director (since 2016) of Nuveen Alternative Investments, LLC; Certified Public Accountant.  

171
                   
NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Vice President
and Treasurer
 

2016
  Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen.; Chartered Financial Analyst.  

171
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 6o6o6
 
Chief Compliance
Officer and
Vice President
 

2003
  Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen.  

171

 

83

Board Members & Officers (Unaudited) (continued)

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed(4)
  Principal
Occupation(s)
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Officer
                   
Officers of the Funds (continued):            
                   
DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Vice President
 

2015
  Managing Director (since January 2017), formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006.  

75
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Vice President
 

2002
  Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.  

171
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 6o6o6
 
Vice President
and Assistant
Secretary
 

2007
  Senior Managing Director (since February 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since January 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016- 2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since February 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.  

171
                   
WILLIAM T. MEYERS
1966
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President
 

2018
  Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen, has held various positions with Nuveen since 1991.  

75
                   
MICHAEL A. PERRY
1967
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Vice President
 

2017
  Executive Vice President since February 2017, previously Managing Director from October 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since 2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC.  

75
                   
CHRISTOPHER M. ROHRBACHER
1971
333 W. Wacker Drive
Chicago, IL 6o6o6
 
Vice President
and Assistant
Secretary
 

2008
  Managing Director (since January 2017) of Nuveen Securities, LLC; 2008 Managing Director (since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC.  

171
                   
WILLIAM A. SIFFERMANN
1975
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Vice President
 

2017
  Managing Director (since February 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen.  

171
                   
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 6o6o6
 
Vice President
and Assistant
Secretary
 

2013
  Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).  

171

 

84

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed(4)
  Principal
Occupation(s)
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Officer
                   
Officers of the Funds (continued):            
                   
MARK L. WINGET
1968
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
and Assistant
Secretary
 

2008
  Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President (since 2010) and Associate General Counsel (since 2008) of Nuveen.  

171
                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Vice President
Secretary
 

1988
  Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst.  

171

 

 

 

(1) The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. Terence J. Toth has been appointed Chairman of the Board to take effect July 1, 2018.
   
(2) On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
   
(3) “Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
   
(4) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
85

Notes

86

Notes

87

 

Nuveen:
Serving Investors for Generations

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

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

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

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

 

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

EAN-B-0318D 491820-INV-Y-05/19

 

 




 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen California Select Tax-Free Income Portfolio

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
March 31, 2018
 
$
24,750
   
$
4,000
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
March 31, 2017
 
$
24,090
   
$
0
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
 
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.
     
         
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
 
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
 
         
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
 
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
 
         
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
 
represent all engagements pertaining to the Fund’s use of leverage.
     
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
       
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
March 31, 2018
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
March 31, 2017
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
 
NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
March 31, 2018
 $                                0
 $                                      0
 $                                    0
 $                           0
March 31, 2017
 $                                0
 $                                      0
 $                                    0
 $                           0
         
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
 

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth.
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.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

Scott R. Romans, PhD, Senior Vice President of Nuveen Asset Management, joined Nuveen Investments in 2000 as a senior analyst in the education sector. In 2003, he was assigned management responsibility for several closed- and open-ended municipal bond funds most of which are state funds covering California and other western states.   Currently, he manages investments for 14 Nuveen-sponsored investment companies.  He holds an undergraduate degree from the University of Pennsylvania and an MA and PhD from the University of Chicago.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Scott R. Romans
Registered Investment Company
13
$13.86 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
3
$4.4 million
*
Assets are as of March 31, 2018.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s pre-tax investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NXC SECURITIES AS OF MARCH 31, 2018

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Scott R. Romans
X
           
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.
 
ITEM 13. 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 because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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: 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.

(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 registrant specifically incorporates it by reference. 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 California Select Tax-Free Income Portfolio

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: June 7, 2018

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: June 7, 2018
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: June 7, 2018