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, 2017

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

NUVEEN
3


Chairman's Letter to Shareholders
Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news, interest rates are higher amid the Federal Reserve (Fed) rate hikes and inflation is ticking higher.
The Trump administration's early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House's pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted its second and third interest rate hikes in December 2016 and March 2017, respectively, a vote of confidence that its employment and inflation targets are on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump's win and the U.K.'s decision to leave the European Union (or "Brexit") remained in the minority in the Dutch general election in March and France's presidential election in May, easing the political uncertainty surrounding Germany's elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with "hard" data such as consumer and business spending to gauge the economy's progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump's other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. 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 22, 2017

4
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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, an affiliate of Nuveen, LLC. Portfolio managers Michael S. Hamilton and Scott R. Romans, PhD, review 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.
Effective May 31, 2016, Tom Spalding retired from Nuveen Asset Management. Michael S. Hamilton has taken over portfolio management responsibilities for NXP, NXQ and NXR.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended March 31, 2017?
The U.S. economy continued to expand at its below-trend rate but showed some signs of strengthening in the latter months of the reporting period. For 2016 as a whole, the Bureau of Economic Analysis reported that the economy grew at an annual rate of 1.6%, as measured by real gross domestic product (GDP), which 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. Despite a boost in third-quarter GDP from a short-term jump in exports, economic activity in the other three calendar quarters of 2016 stayed near or below the 2% growth mark.
In the first quarter of 2017, growth slackened to an annual rate of 0.7%, tempered by a slowdown in consumer and government spending, according to the government's "advance" estimate. The deceleration in first-quarter GDP growth, followed by a reacceleration in the spring and summer, has been a trend over the past few years. Moreover, other signs of positive momentum remain. The labor market continued to tighten, inflation ticked higher, and consumer and business confidence surveys reflected optimism about the economy's prospects. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.5% in March 2017 from 5.0% in March 2016 and job gains averaged around 200,000 per month for the past twelve months. Higher oil prices helped drive a steady increase in inflation over this reporting period. The twelve-month change in the Consumer Price Index (CPI) rose from the low of 0.8% in July 2016 to 2.4% over the twelve-month reporting period ended March 2017 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.0% during the same period, equal to the Federal Reserve's (Fed) unofficial longer term inflation objective of 2.0%. The housing market
 
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 (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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN
5


Portfolio Managers' Comments (continued)
also continued to improve, with historically 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 5.8% annual gain in February 2017 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 5.2% and 5.9%, respectively.
The U.S. economic outlook struck a more optimistic tone, prompting the Fed's policy making committee to raise its main benchmark interest rate in December 2016 and again in March 2017. These moves were widely expected by the markets and additional increases are anticipated in 2017 as the Fed seeks to gradually "normalize" interest rates.
The political environment was another major influence on the markets over the reporting period. In the U.S., the surprising election of Donald Trump boosted consumer, business and market sentiment, on hopes that Trump's policy agenda of tax reform, infrastructure spending and reduced regulation would reignite the economy. While U.S. stocks rallied particularly strongly in the months following the election, the advance slowed as concerns about the new administration's immigration policy and the Republican's health care bill began to weigh on the markets. Prior to the U.S. presidential election, Britain's vote to leave the European Union, known as Brexit, roiled the markets in late June and July 2016. Although world stock markets largely recovered, sterling dropped to a 31-year low and remained volatile as the U.K. prepared for exit negotiations. Investors also worried whether the undercurrent of populism and nationalism supporting President Trump and Brexit victories could spread across Europe, where several countries have key elections in 2017.
The municipal bond market encountered elevated volatility over the twelve-month reporting period, driven by a sell-off and widening credit spreads following the surprise election results. Prior to the election, municipal bond mutual funds had been drawing steady inflows from September 2015 to October 2016, which kept demand outpacing supply and supported prices. However, beginning in mid-October, demand began to soften in anticipation of a Fed rate hike. Municipal bond prices continued to fall in November 2016 after President Trump's win triggered rising inflation and interest rate expectations as well as speculation on tax code changes, and in December 2016 due to tax-loss selling. A sharp rise in interest rates after the election fueled a reversal in municipal bond fund flow. Municipal bond funds experienced large outflows in the fourth quarter of 2016, especially in the high yield municipal segment, which drove mutual fund managers to sell positions to help meet investor redemptions. At the same time, new issuance spiked in October 2016, further contributing to excess supply and exacerbating falling prices and credit spread widening. However, stabilizing market conditions in December gave way to a rally in the first quarter of 2017. Concerns that the new administration's fiscal, tax and health care policy agenda could have a potentially negative impact on municipal bonds eased somewhat. By the end of the reporting period, interest rates stayed at a higher level than where they began.
In the reporting period overall, municipal bond issuance nationwide totaled $432.7 billion, an 11.2% gain from the issuance for the twelve-month period ended March 31, 2016. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the low interest rate environment. 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. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this was an overall positive technical factor on municipal bond investment performance in recent years. However, as interest rates moved higher, the pace of refunding deals began to moderate.
Although the municipal bond market experienced widening credit spreads over a short period after the election, the trend was more attributable to technical conditions than a change in the fundamental backdrop. Despite the U.S. economy's rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.

6
NUVEEN


How were the economic and market environments in California and New York during the twelve-month reporting period ended March 31, 2017?
California's $2.46 trillion economy is the largest in the United States and ranks sixth 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 unemployment rate improved to 4.9% as of March 2017, down from 5.6% the year prior, and the gap between the state's and the nation's 4.5% unemployment rate is narrowing. According to the S&P CoreLogic Case-Shiller Index, home prices in San Diego, Los Angeles and San Francisco rose 6.5%, 5.1% and 6.4%, respectively, over the twelve months ended February 2017 (most recent data available at the time this report was prepared) compared with an average increase of 5.8% nationally. Continued winter storms have improved California's water supply levels and weakened the drought. According to the U.S. Drought Monitor as of March 7, 2017, approximately 8% of California is suffering from the drought. This is a vast improvement from the start of the rainy season in early October 2016, when 83.6% of the state was under drought. Governor Brown has not officially declared the five-year drought over as the emergency drought conservation measures remain in place. The enacted Fiscal 2017 General Fund budget totals $122.5 billion, which is 6% higher than the revised Fiscal Year 2016 budget. For Fiscal Year 2017-2018, the proposed General Fund Governor's Budget totals $122.5 billion and projects a $1.6 billion deficit because of slowed economic growth, resulting in lagging revenues and higher-than-expected expenditures. On July 2, 2015, S&P upgraded its rating on California general obligation (GO) debt to "AA-/STABLE" from "A+/CreditWatch Positive" citing "improved fiscal sustainability." Moody's upgraded the state GO to Aa3 with stable outlook from A1 in June 2014 citing "the State's rapidly improving financial position." During the twelve months ended March 31, 2017, municipal issuance in California totaled $66.8 billion, a gross issuance increase of 28.8% from the twelve months ended March 31, 2016. For this reporting period, California was the largest state issuer in the nation, representing approximately 15.4% of total issuance nationwide.
New York State's $1.4 trillion economy represents 8.1% of U.S. gross domestic product and, according to the International Monetary Fund, would be the eleventh largest economy in the world on a stand-alone basis. As of March 2017, the state's unemployment rate registered 4.3%, slightly below the national average of 4.5%. The state's budget picture has improved considerably over the past few years. Revenues have been increased through tax hikes and expenditures have been more tightly controlled. On a significant positive note, New York State has collected approximately $8.7 billion in various settlements and assessments from the financial industry over the past two 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 $156 billion budget for Fiscal Year 2017 is 9% higher than the adopted Fiscal Year 2016 budget and contains no new taxes. The budget also includes a $1.5 billion increase in education spending. New York is both a high income state, with per-capita income at 121% of the U.S. average, the fourth-highest among the 50 states, and a heavily indebted state. According to Moody's, New York ranked fifth in the nation in debt-per-capita in 2015 (NY: $3,021; median: $1,025), sixth in debt-per-capita as a percentage of personal income (NY: 5.4%; median: 2.5%) and ninth in debt-to-gross state domestic product (NY: 4.3%; median: 2.2%). The state's pensions have traditionally been well-funded, though they did decline with the stock market financial crisis. As of February 2017, Moody's rates New York "Aa1" with a stable outlook. S&P rates the state "AA+" with a stable outlook. New York municipal bond supply totaled $43.7 billion for the twelve-month period ended March 31, 2017, a gross issuance decrease of 2.2% from the same period a year earlier. This ranked New York third among state issuers behind California and Texas.
What key strategies were used to manage these Funds during the twelve-month reporting period ended March 31, 2017?
The broad municipal bond market ended the reporting period in positive territory, as a rally in the latter months of the period helped recoup the losses from the post-election sell-off. Although interest rates were higher by the end of the reporting period, tightening credit spreads and a moderately flattening yield curve helped support municipal bond performance in general. California's municipal bond market lagged the broad market, while New York's market performed similarly to the broad market during this reporting period. 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.

NUVEEN
7


Portfolio Managers' Comments (continued)
Our trading activity continued to focus on pursuing the Funds' investment objectives. Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations. NXP, NXQ and NXR primarily bought shorter duration bonds, namely those with one- to three-year maturities, to help maintain the Funds' duration targets. Additionally, for the three national Funds, we selected some individual credits with attractive long-term stories trading at good relative values, including specialty state hospital bonds, Guam credits and local general obligation (GO) bonds issued for Chicago Board of Education and Chicago O'Hare airport. First Energy bonds were a meaningful detractor of underperformance for the reporting period (as described in the performance analysis of this commentary). These purchases were funded mainly from the proceeds of called and maturing bonds. We also reduced the three Funds' exposure to Puerto Rico with the sale of sales-tax revenue bonds known as COFINA bonds. Because the COFINA bonds were zero coupon, long-duration bonds, their elimination from the portfolio helped maintain the Funds' duration targets without the use of additional hedging and we closed the interest rate swap positions in NXP and NXR.
For NXC and NXN, the Funds' trading activity increased meaningfully from October through December 2016. We sold some lower coupon bonds that were bought during the summer when interest rates were lower and used the proceeds to buy similarly structured bonds with higher coupons, to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds' income distribution capabilities. We also modified the Funds' credit ratings allocations, moving some of the AAA exposure into higher yielding, BBB rated and below investment grade bonds. In the first half of the reporting period, called and maturing bonds provided most of the proceeds to buy new bonds. As interest rates rose and call activity moderated somewhat in the second half of the reporting period, we funded new additions using the cash from selling high-quality issues.
As of March 31, 2017, NXP, NXQ, NXR 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. Also for duration management purposes, NXP and NXR held forward interest rate swaps during the reporting period. We began reducing the Funds' swap positions early in the reporting period and, by the end of the period, closed the hedge positions in the portfolios. Swaps had a positive impact on the Funds' performance during the reporting period. Leverage is discussed in more detail later in this report.
How did the Funds perform during the twelve-month reporting period ended March 31, 2017?
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, 2017. Each Fund's returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes.
For the twelve months ended March 31, 2017, the total returns on common share NAV for NXC outperformed and NXN matched their respective state's S&P Municipal Bond Index. Compared to the national S&P Municipal Bond Index, NXQ outperformed, NXR, NXC and NXN underperformed and NXP performed in line with the national index over the twelve-month reporting period.
The factors affecting performance in this reporting period included duration and yield curve positioning, credit ratings allocations and sector exposures. 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 was a positive contributor to the five Funds' performance in this reporting period. NXP, NXQ and NXR's overweight allocations to the longest (14 years and longer) and shortest (zero to two years) ends of the yield curve and underweight allocation to the four- to 12-year segment were advantageous to performance. In the twelve-month reporting period overall, the "belly" of the yield curve, generally four to 10 years, was the weakest performing segment. NXC and NXN also benefited from their overall duration and yield curve positioning.
In this reporting period, lower rated bonds tended to perform better than high-quality bonds. The Funds' credit ratings allocations were a positive contributor overall to performance, given their overall bias toward lower rated issues. In particular, NXP, NXQ and NXR were aided by an underweight allocation to AAA rated credits and an overweight allocation to B rated bonds, although an overweight exposure to the AA rated category detracted slightly.

8
NUVEEN


Sector performance mirrored the trend in credit quality performance. Specifically, sectors with higher concentrations of lower rated bonds, such as tobacco and health care, outperformed, while pre-refunded and tax-supported sectors fared less well, due to their bonds' higher credit ratings.
NXP, NXR and NXQ were hurt by overweight allocations to the pre-refunded sector. An underweight allocation to the housing sector, especially single-family housing, was detrimental to NXP and NXR's performance. NXP, NXQ and NXR benefited from their weightings to the transportation sector, particularly the over weighting to toll road bonds. The three national Funds also suffered weak results from energy supplier First Energy. Although it represented a small weighting in the three Funds, First Energy was a meaningful detractor during this reporting period. The credit performed poorly as the company seeks to exit the power generation business, which has increased uncertainty about its financial health. The sector positioning in NXC and NXN also generated mixed results in the reporting period.
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: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
In terms of Puerto Rico holdings, shareholders should note that NXC, NXN and NXP had no exposure to Puerto Rico debt during this reporting period, while NXQ and NXR had allocations of 0.85% and 0.49%, 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 rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund's shares.

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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 slightly negative, while NXC did not use leverage during the reporting period.
As of March 31, 2017, the Funds' percentages of leverage are as shown in the accompanying table.

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Effective Leverage*
   
1.31
%
 
1.84
%
 
0.52
%
 
0.00
%
 
5.58
%

*
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
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Share  Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of March 31, 2017. 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 2016
 
$
0.0455
 
$
0.0445
 
$
0.0455
 
$
0.0525
 
$
0.0460
 
May
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
June
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
July
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
August
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
September
   
0.0455
   
0.0420
   
0.0435
   
0.0525
   
0.0460
 
October
   
0.0455
   
0.0420
   
0.0435
   
0.0525
   
0.0460
 
November
   
0.0455
   
0.0420
   
0.0435
   
0.0525
   
0.0460
 
December
   
0.0455
   
0.0420
   
0.0435
   
0.0495
   
0.0460
 
January
   
0.0455
   
0.0420
   
0.0435
   
0.0495
   
0.0460
 
February
   
0.0455
   
0.0420
   
0.0435
   
0.0495
   
0.0460
 
March 2017
   
0.0455
   
0.0420
   
0.0435
   
0.0495
   
0.0460
 
Total Monthly Per Share Distributions
 
$
0.5460
 
$
0.5165
 
$
0.5320
 
$
0.6180
 
$
0.5520
 
Ordinary Income Distribution*
 
$
0.0043
 
$
 
$
0.0011
 
$
 
$
 
Total Distributions from Net Investment Income
 
$
0.5503
 
$
0.5165
 
$
0.5331
 
$
0.6180
 
$
0.5520
 
Total Distributions from Long-Term Capital Gains*
 
$
 
$
 
$
 
$
0.0980
 
$
 
Total Distributions
 
$
0.5503
 
$
0.5165
 
$
0.5331
 
$
0.7160
 
$
0.5520
 

Yields
                               
Market Yield**
   
3.89
%
 
3.76
%
 
3.67
%
 
4.01
%
 
4.03
%
Taxable-Equivalent Yield**
   
5.40
%
 
5.22
%
 
5.10
%
 
6.14
%
 
6.00
%

*
Distribution paid in December 2016.
   
**
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 28.0%, 28.0%, 28.0%, 34.7% and 32.8% 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.

NUVEEN
11


Share Information (Unaudited) (continued)
As of March 31, 2017, the Funds had positive UNII balances for tax purposes. NXP, NXQ, NXR and NXN had positive UNII balances while NXC had a negative UNII balance 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 filed an initial registration statement with the Securities and Exchange Commission to issue additional shares through an equity shelf program, which is not yet effective. 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.
SHARE REPURCHASES
During August 2016, 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, 2017, 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, 2017, 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
 
$
15.00
 
$
14.47
 
$
15.29
 
$
15.00
 
$
14.04
 
Share price
 
$
14.03
 
$
13.41
 
$
14.21
 
$
14.83
 
$
13.69
 
Premium/(Discount) to NAV
   
(6.47
)%
 
(7.33
)%
 
(7.06
)%
 
(1.13
)%
 
(2.49
)%
12-month average premium/(discount) to NAV
   
(4.50
)%
 
(4.94
)%
 
(5.35
)%
 
(2.97
)%
 
(2.76
)%

12
NUVEEN


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.

NUVEEN
13


NXP
 
 
Nuveen Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of March 31, 2017
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, 2017

 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NXP at NAV
0.55%
4.81%
4.84%
 
NXP at Share Price
(2.20)%
3.60%
4.17%
 
S&P Municipal Bond Index
0.55%
3.41%
4.26%
 
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
NUVEEN


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

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.4%
Corporate Bonds
0.1%
Other Assets Less Liabilities
2.5%
Net Assets
100%

Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
19.2%
AA
43.0%
A
18.4%
BBB
10.3%
BB or Lower
8.4%
N/R (not rated)
0.7%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
25.7%
Transportation
15.8%
Tax Obligation/General
13.4%
U.S. Guaranteed
12.4%
Health Care
11.9%
Consumer Staples
7.1%
Other
13.7%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
21.1%
Illinois
12.2%
New Jersey
10.0%
Texas
9.5%
New York
5.0%
Colorado
4.7%
Virginia
4.0%
Washington
3.6%
Ohio
3.6%
Michigan
3.5%
Missouri
2.8%
Iowa
2.7%
Other
17.3%
Total
100%

NUVEEN
15


NXQ
 
 
Nuveen Select Tax-Free Income Portfolio 2
 
Performance Overview and Holding Summaries as of March 31, 2017
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, 2017

 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NXQ at NAV
0.69%
5.01%
4.46%
 
NXQ at Share Price
(1.56)%
4.01%
4.19%
 
S&P Municipal Bond Index
0.55%
3.41%
4.26%
 
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
NUVEEN


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

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
98.1%
Corporate Bonds
0.1%
Other Assets Less Liabilities
1.8%
Net Assets
100%

Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
18.1%
AA
40.7%
A
20.4%
BBB
11.5%
BB or Lower
8.4%
N/R (not rated)
0.9%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
19.4%
Transportation
16.6%
Tax Obligation/Limited
15.8%
Health Care
13.3%
U.S. Guaranteed
12.7%
Consumer Staples
6.8%
Utilities
6.6%
Other
8.8%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
17.7%
Illinois
13.3%
Texas
11.2%
Colorado
6.8%
Washington
4.5%
Nevada
4.1%
Pennsylvania
4.0%
Michigan
3.8%
Ohio
3.7%
New Jersey
3.5%
Arizona
3.3%
New York
3.2%
Indiana
2.6%
Other
18.3%
Total
100%

NUVEEN
17


NXR
 
 
Nuveen Select Tax-Free Income Portfolio 3
 
Performance Overview and Holding Summaries as of March 31, 2017
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, 2017

 
Average Annual
 
1-Year
5-Year
10-Year
 
NXR at NAV
0.37%
5.28%
5.04%
 
NXR at Share Price
(1.09)%
4.09%
4.72%
 
S&P Municipal Bond Index
0.55%
3.41%
4.26%
 

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
NUVEEN


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

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.9%
Corporate Bonds
0.0%
Other Assets Less Liabilities
2.1%
Net Assets
100%

Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
18.5%
AA
42.3%
A
17.7%
BBB
10.7%
BB or Lower
9.7%
N/R (not rated)
1.1%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
22.8%
Tax Obligation/General
17.9%
Transportation
14.8%
U.S. Guaranteed
10.1%
Health Care
9.9%
Consumer Staples
7.9%
Utilities
7.4%
Other
9.2%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
23.4%
Illinois
12.9%
Texas
10.8%
Pennsylvania
6.7%
Colorado
6.0%
Ohio
5.8%
Washington
4.7%
New York
4.2%
New Jersey
3.7%
Virginia
3.3%
Other
18.5%
Total
100%

NUVEEN
19


NXC
 
 
Nuveen California Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of March 31, 2017
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, 2017

 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NXC at NAV
0.20%
5.00%
5.17%
 
NXC at Share Price
(6.98)%
5.23%
5.57%
 
S&P Municipal Bond California Index
0.17%
4.09%
4.59%
 
S&P Municipal Bond Index
0.55%
3.41%
4.26%
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.5%
Other Assets Less Liabilities
2.5%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
25.4%
Tax Obligation/Limited
18.1%
Water and Sewer
13.6%
Health Care
13.0%
U.S. Guaranteed
9.7%
Transportation
6.9%
Consumer Staples
6.6%
Other
6.7%
Total
100%

Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
19.3%
AA
43.7%
A
15.2%
BBB
10.6%
BB or Lower
10.0%
N/R (not rated)
1.2%
Total
100%

20
NUVEEN


NXN
 
 
Nuveen New York Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of March 31, 2017
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, 2017

 
Average Annual
 
1-Year
5-Year
10-Year
 
NXN at NAV
0.40%
3.48%
4.23%
 
NXN at Share Price
1.26%
3.80%
4.20%
 
S&P Municipal Bond New York Index
0.40%
3.37%
4.27%
 
S&P Municipal Bond Index
0.55%
3.41%
4.26%
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
100.0%
Short-Term Municipal Bonds
0.9%
Other Assets Less Liabilities
0.9%
Net Assets Plus Floating Rate Obligations
101.8%
Floating Rate Obligations
(1.8)%
Net Assets
100%


Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
26.2%
Education and Civic Organizations
24.5%
Transportation
14.8%
U.S. Guaranteed
10.3%
Utilities
10.0%
Other
14.2%
Total
100%

Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
33.0%
AA
36.4%
A
13.8%
BBB
5.7%
BB or Lower
6.9%
N/R (not rated)
4.2%
Total
100%

NUVEEN
21


Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders 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:
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, 2017, and 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 financial highlights for each of the years in the three-year period then ended. 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. The financial highlights for the periods presented through March 31, 2014 were audited by other auditors whose report dated May 27, 2014 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of March 31, 2017, 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 three-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
May 25, 2017

22
NUVEEN


NXP
   
 
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments
March 31, 2017

                   
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.5%
           
     
MUNICIPAL BONDS – 97.4%
           
     
Alaska – 1.0%
           
$
2,675
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
6/17 at 100.00
 
B3
$
2,533,921
 
     
Arizona – 2.6%
           
 
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
 
2,687,175
 
 
2,530
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
 
2,678,334
 
 
355
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21
No Opt. Call
 
BB+
 
346,246
 
 
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–
 
683,025
 
 
6,010
 
Total Arizona
       
6,394,780
 
     
Arkansas – 0.7%
           
 
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
 
1,765,720
 
     
California – 20.5%
           
 
2,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured
10/17 at 100.00
 
Aaa
 
2,047,020
 
 
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
 
2,524,119
 
 
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
 
1,652,965
 
 
3,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013 S-4, 5.000%, 4/01/38
4/23 at 100.00
 
AA–
 
3,369,240
 
 
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–
 
2,602,261
 
 
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+
 
1,827,540
 
 
2,745
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/29
10/19 at 100.00
 
AA–
 
3,000,779
 
 
1,500
 
California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008B, 6.250%, 8/15/28 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
 
1,608,765
 
 
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)
 
1,010,598
 
 
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
 
1,358,155
 
 
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)
 
872,344
 
 
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+
 
1,855,727
 
 
1,395
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27
6/17 at 100.00
 
B1
 
1,397,567
 
 
2,350
 
Golden Valley Unified School District, Madera County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/29 – AGM Insured
8/17 at 56.07
 
AA
 
1,311,441
 
 
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
 
2,401,699
 

NUVEEN
23



NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
1,000
 
Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/23 – NPFG Insured
No Opt. Call
 
AA–
$
857,530
 
 
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
 
850,338
 
 
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
8/17 at 46.57
 
Aa2
 
2,498,101
 
 
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
 
Ba1 (4)
 
674,335
 
 
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
 
A+
 
2,743,443
 
 
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
 
AA– (4)
 
1,011,313
 
 
2,480
 
Port of Oakland, California, Revenue Bonds, Refunding Inter Lien Series 2007B, 5.000%,11/01/19 – NPFG Insured
11/17 at 100.00
 
AA–
 
2,539,842
 
 
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–
 
4,216,320
 
 
3,420
 
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
 
3,572,977
 
 
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
 
1,442,544
 
 
1,195
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
6/17 at 100.00
 
B–
 
1,158,481
 
 
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
 
716,554
 
 
66,685
 
Total California
       
51,121,998
 
     
Colorado – 4.6%
           
 
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+
 
1,860,598
 
 
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–
 
1,069,310
 
 
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
 
2,135,234
 
 
250
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
 
156,623
 
 
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
 
AA–
 
4,563,249
 
 
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
 
AA–
 
885,320
 
 
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
 
669,476
 
 
20,085
 
Total Colorado
       
11,339,810
 
     
Florida – 1.2%
           
 
2,990
 
Duval County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
Aa3 (4)
 
3,022,083
 
     
Guam – 0.6%
           
 
1,500
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39
11/25 at 100.00
 
A
 
1,559,565
 

24
NUVEEN




 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois – 11.9%
           
     
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
 
AA–
$
2,374,241
 
 
2,000
 
0.000%, 4/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
1,625,340
 
 
725
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46
4/27 at 100.00
 
A
 
748,099
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
B+
 
596,401
 
 
360
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46
12/26 at 100.00
 
B
 
333,580
 
 
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
 
AA–
 
32,428
 
 
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
 
707,597
 
 
880
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38
1/27 at 100.00
 
BBB+
 
916,142
 
 
2,100
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 4.000%, 8/15/33
8/22 at 100.00
 
AA+
 
2,168,628
 
 
260
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
296,816
 
 
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+
 
2,166,192
 
 
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)
 
1,132,390
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.516%, 7/01/46 (Pre-Refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
 
1,071,798
 
 
1,270
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19
No Opt. Call
 
BBB
 
1,318,616
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB
 
2,318,684
 
 
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
 
Aa2
 
815,150
 
 
1,520
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured
No Opt. Call
 
AA–
 
1,515,790
 
 
470
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
469,154
 
     
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
 
AA–
 
997,806
 
 
810
 
0.000%, 6/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
455,666
 
 
6,070
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
 
3,161,681
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
 
1,961,650
 
 
1,775
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
 
2,019,471
 
 
310
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
 
351,050
 
 
36,610
 
Total Illinois
       
29,554,370
 
     
Indiana – 0.4%
           
 
270
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BB–
 
281,602
 
 
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
 
800,820
 
 
1,020
 
Total Indiana
       
1,082,422
 

NUVEEN
25



NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
 
   
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa – 2.6%
           
$
830
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B
$
840,998
 
 
710
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26
6/18 at 105.00
 
B
 
722,844
 
 
1,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
4/17 at 100.00
 
B+
 
999,960
 
 
4,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
3,999,840
 
 
6,540
 
Total Iowa
       
6,563,642
 
     
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+
 
2,625,125
 
     
Massachusetts – 1.4%
           
 
1,075
 
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Series 2006, 5.000%, 5/01/18 (Pre-refunded 5/01/17) – AMBAC Insured
5/17 at 100.00
 
A– (4)
 
1,078,859
 
 
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)
 
525,095
 
 
1,760
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax)
12/18 at 100.00
 
AA
 
1,807,960
 
 
3,335
 
Total Massachusetts
       
3,411,914
 
     
Michigan – 3.4%
           
 
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
 
382,949
 
 
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)
 
1,588,845
 
 
2,000
 
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)
 
2,088,420
 
 
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
 
4,404,439
 
 
7,855
 
Total Michigan
       
8,464,653
 
     
Minnesota – 0.7%
           
 
1,725
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2007A, 5.000%, 11/15/19 – NPFG Insured
11/17 at 100.00
 
AA–
 
1,767,608
 
     
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+
 
380,052
 
     
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
 
1,007,014
 
 
5,000
 
0.000%, 4/15/30 – AMBAC Insured
No Opt. Call
 
AA–
 
3,144,850
 
 
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
 
2,175,880
 
 
8,525
 
Total Missouri
       
6,707,796
 
     
Nevada – 1.7%
           
 
750
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, Tender Option Bond Trust Series 11823, 17.813%, 7/01/42 (IF)
1/20 at 100.00
 
Aa3
 
1,090,440
 
 
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
 
1,354,288
 

26
NUVEEN

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nevada (continued)
           
$
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)
$
1,721,175
 
 
3,500
 
Total Nevada
       
4,165,903
 
     
New Jersey – 9.8%
           
 
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
 
1,035,354
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
4/17 at 100.00
 
AA–
 
2,615,153
 
 
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–
 
1,082,827
 
 
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–
 
1,465,946
 
 
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
 
292,586
 
 
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
 
15,309,695
 
 
2,500
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
6/17 at 100.00
 
B
 
2,447,975
 
 
43,665
 
Total New Jersey
       
24,249,536
 
     
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)
9/17 at 100.00
 
N/R
 
1,002,530
 
     
New York – 4.8%
           
 
500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
 
554,505
 
 
1,810
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
4/17 at 100.00
 
A
 
1,823,195
 
 
2,285
 
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
 
2,416,662
 
 
3,625
 
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
 
3,834,851
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B:
           
 
1,660
 
4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
 
1,665,727
 
 
840
 
4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
AAA
 
842,856
 
 
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
 
877,672
 
 
11,500
 
Total New York
       
12,015,468
 
     
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
 
1,099,110
 
     
Ohio – 3.5%
           
 
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)
 
2,445,638
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
1,670
 
6.000%, 6/01/42
6/17 at 100.00
 
B–
 
1,620,718
 
 
1,000
 
6.500%, 6/01/47
6/17 at 100.00
 
B–
 
999,800
 
 
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–
 
1,974,961
 

NUVEEN
27



NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
March 31, 2017

                   
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
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
 
A+
$
1,207,942
 
 
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)
No Opt. Call
 
CCC+
 
355,000
 
 
9,000
 
Total Ohio
       
8,604,059
 
     
Oregon – 0.9%
           
 
580
 
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46
6/26 at 100.00
 
AA–
 
641,463
 
 
1,500
 
Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B, 5.000%, 10/01/40
10/26 at 100.00
 
A
 
1,694,760
 
 
2,080
 
Total Oregon
       
2,336,223
 
     
Pennsylvania – 1.6%
           
 
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–
 
2,233,938
 
 
935
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
 
1,019,627
 
 
555
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2, 5.000%, 12/01/30 (Pre-refunded 12/01/20)
12/20 at 100.00
 
N/R (4)
 
627,677
 
 
3,580
 
Total Pennsylvania
       
3,881,242
 
     
Texas – 9.2%
           
 
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)
 
290,968
 
 
110
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/33
7/25 at 100.00
 
BBB+
 
121,481
 
 
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)
 
1,069,910
 
 
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+
 
6,149,547
 
 
3,415
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
1,930,226
 
 
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
 
AA–
 
1,593,399
 
 
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
 
1,385,737
 
 
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
 
Baa1
 
2,447,399
 
 
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
 
2,451,260
 
 
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
 
5,495,799
 
 
27,845
 
Total Texas
       
22,935,726
 
     
Virginia – 3.9%
           
 
1,000
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007, 5.125%, 10/01/42 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB (4)
 
1,021,460
 
 
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+
 
2,250,760
 
 
1,500
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2009B, 5.000%, 8/01/17
No Opt. Call
 
AA+
 
1,521,525
 

28
NUVEEN



 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia (continued)
           
     
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
$
1,076,250
 
 
1,205
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
1,355,023
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
1,084,649
 
 
1,390
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
9/17 at 100.00
 
BBB+
 
1,403,553
 
 
9,105
 
Total Virginia
       
9,713,220
 
     
Washington – 3.6%
           
 
1,280
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18
No Opt. Call
 
Aa2
 
1,356,621
 
 
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
 
1,072,695
 
 
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+
 
2,254,357
 
 
2,500
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%,1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
 
AA+ (4)
 
2,577,750
 
 
2,115
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%,12/01/27 – NPFG Insured
No Opt. Call
 
AA+
 
1,573,687
 
 
9,000
 
Total Washington
       
8,835,110
 
     
West Virginia – 1.3%
           
 
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
 
1,674,720
 
 
1,500
 
West Virginia State School Building Authority, Capital Improvement Revenue Bonds, Series 2007A, 5.000%, 7/01/20 – NPFG Insured
7/17 at 100.00
 
AA–
 
1,516,260
 
 
3,000
 
Total West Virginia
       
3,190,980
 
     
Wisconsin – 0.9%
           
 
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
 
1,739,900
 
 
490
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
4/17 at 100.00
 
AA
 
491,651
 
 
2,135
 
Total Wisconsin
       
2,231,551
 
$
301,020
 
Total Municipal Bonds
       
242,176,065
 

                     
 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.1%
             
     
Transportation – 0.1%
             
$
210
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
 
N/R
$
126,491
 
 
56
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
 
27,610
 
$
266
 
Total Corporate Bonds – 0.1%
         
154,101
 
     
Total Long-Term Investments (cost $219,650,029)
         
242,330,166
 
     
Other Assets Less Liabilities – 2.5%
         
6,187,335
 
     
Net Assets – 100%
       
$
248,517,501
 

NUVEEN
29

NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
March 31, 2017

(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
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.
(8)
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.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
See accompanying notes to financial statements.
30
NUVEEN

NXQ
   
 
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 98.2%
           
     
MUNICIPAL BONDS – 98.1%
           
     
Alaska – 0.4%
           
$
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
6/17 at 100.00
 
B3
$
958,170
 
     
Arizona – 3.2%
           
 
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
 
2,687,175
 
 
1,590
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
 
1,683,222
 
 
365
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21
No Opt. Call
 
BB+
 
355,999
 
 
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–
 
655,704
 
 
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+
 
2,612,835
 
 
215
 
Sedona Wastewater Municipal Property Corporation (Arizona), Excise Tax Revenue Bonds, Series 1998, 0.000%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
198,959
 
 
7,520
 
Total Arizona
       
8,193,894
 
     
California – 17.4%
           
 
1,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured
10/17 at 100.00
 
Aaa (4)
 
1,023,510
 
 
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
 
3,972,210
 
 
4,000
 
Arcadia Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/33 – AGM Insured
8/33 at 100.00
 
Aa1
 
1,809,600
 
 
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
 
B3
 
1,526,925
 
 
60
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
4/17 at 100.00
 
AA–
 
60,224
 
 
2,500
 
California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008B, 6.250%, 8/15/28 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
 
2,681,275
 
 
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
 
1,766,414
 
 
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–
 
2,698,491
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
6/17 at 100.00
 
B–
 
988,270
 
 
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
 
2,401,699
 
 
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
 
800,647
 
 
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
 
850,338
 
 
450
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
 
613,769
 
 
1,195
 
Palmdale Elementary School District, Los Angeles County, California, General Obligation Bonds, Series 2003, 0.000%, 8/01/28 – AGM Insured
No Opt. Call
 
AA
 
825,100
 

NUVEEN
31

 
NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
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
 
Ba1 (4)
$
674,335
 
 
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
 
AA–
 
3,711,246
 
 
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
 
A+
 
2,749,692
 
 
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
 
AA– (4)
 
1,487,225
 
 
2,535
 
Port of Oakland, California, Revenue Bonds, Refunding Inter Lien Series 2007B, 5.000%, 11/01/19 – NPFG Insured
11/17 at 100.00
 
AA–
 
2,596,170
 
 
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
 
2,197,443
 
 
1,800
 
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
 
1,880,514
 
     
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
 
492,330
 
 
1,890
 
0.000%, 8/01/31 – AGM Insured
8/18 at 47.14
 
AA
 
875,127
 
 
6,025
 
Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/30
No Opt. Call
 
AA
 
3,777,796
 
 
2,080
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
6/17 at 100.00
 
B–
 
2,016,435
 
 
64,315
 
Total California
       
44,476,785
 
     
Colorado – 6.7%
           
 
500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
7/19 at 100.00
 
BBB+
 
518,790
 
 
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–
 
2,111,887
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
 
1,003,610
 
 
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
 
2,135,234
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
5,140
 
0.000%, 9/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
4,040,451
 
 
8,100
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
 
5,074,567
 
 
4,475
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
2,303,999
 
 
23,125
 
Total Colorado
       
17,188,538
 
     
Connecticut – 0.8%
           
 
1,945
 
Connecticut Health and Educational Facilities Authority, Auction Rate Revenue Bonds, Yale University, Series 2007Z-2, 5.050%, 7/01/42
7/17 at 100.00
 
AAA
 
1,964,956
 
     
Florida – 1.2%
           
 
1,495
 
Duval County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
Aa3 (4)
 
1,511,041
 
 
1,500
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45
11/24 at 100.00
 
A2
 
1,616,025
 
 
2,995
 
Total Florida
       
3,127,066
 
     
Guam – 1.2%
           
 
1,500
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39
11/25 at 100.00
 
A
 
1,559,565
 
 
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–
 
1,538,373
 
 
2,960
 
Total Guam
       
3,097,938
 

32
NUVEEN



 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois – 13.0%
           
$
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
 
AA–
$
1,312,462
 
 
750
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46
4/27 at 100.00
 
A
 
773,895
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
B+
 
596,401
 
 
365
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46
12/26 at 100.00
 
B
 
338,213
 
 
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
 
1,470,047
 
 
1,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
4/17 at 100.00
 
AA
 
1,002,280
 
 
1,515
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%, 1/01/27 – NPFG Insured
1/18 at 100.00
 
AA–
 
1,547,709
 
 
470
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 (Pre-refunded 5/15/17) – NPFG Insured
5/17 at 100.00
 
AA– (4)
 
472,406
 
 
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+
 
1,805,160
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.516%, 7/01/46 (Pre-Refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
 
1,071,798
 
 
1,035
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
4/17 at 100.00
 
BBB+
 
1,036,180
 
 
1,315
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19
No Opt. Call
 
BBB
 
1,365,338
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB
 
2,318,684
 
     
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
 
AA–
 
3,307,525
 
 
1,350
 
0.000%, 6/15/35 – NPFG Insured
No Opt. Call
 
AA–
 
572,805
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
 
1,961,650
 
 
9,370
 
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
 
AA–
 
3,222,437
 
 
5,045
 
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured
4/17 at 100.00
 
AA
 
5,047,369
 
     
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002B:
           
 
1,060
 
0.000%, 12/01/17 – RAAI Insured
No Opt. Call
 
AA
 
1,049,336
 
 
1,135
 
0.000%, 12/01/18 – RAAI Insured
No Opt. Call
 
AA
 
1,098,748
 
 
1,825
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
 
2,076,357
 
 
46,265
 
Total Illinois
       
33,446,800
 
     
Indiana – 2.5%
           
 
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
 
983,136
 
 
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
 
2,283,311
 
 
170
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BB–
 
176,979
 
 
355
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured
1/19 at 100.00
 
AA (4)
 
382,445
 
 
1,470
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
 
AA
 
1,567,711
 
 
1,085
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.000%, 1/15/19
No Opt. Call
 
N/R
 
1,109,966
 
 
6,720
 
Total Indiana
       
6,503,548
 

NUVEEN
33


     
NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa – 2.5%
           
$
830
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B
$
840,998
 
 
710
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26
6/18 at 105.00
 
B
 
722,844
 
 
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 (4)
 
2,294,740
 
 
1,645
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
4/17 at 100.00
 
B+
 
1,644,934
 
 
1,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
999,960
 
 
6,185
 
Total Iowa
       
6,503,476
 
     
Kansas – 0.1%
           
 
270
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
4/17 at 100.00
 
BB+
 
270,097
 
     
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+
 
2,625,125
 
 
805
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43 (5)
7/31 at 100.00
 
Baa3
 
660,994
 
 
3,305
 
Total Kentucky
       
3,286,119
 
     
Maryland – 0.3%
           
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
           
 
595
 
5.000%, 9/01/32 – SYNCORA GTY Insured
4/17 at 100.00
 
Ba1
 
596,327
 
 
100
 
5.250%, 9/01/39 – SYNCORA GTY Insured
4/17 at 100.00
 
Ba1
 
100,223
 
 
695
 
Total Maryland
       
696,550
 
     
Massachusetts – 0.2%
           
 
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)
 
525,095
 
     
Michigan – 3.7%
           
 
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
 
382,949
 
 
2,590
 
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)
 
2,743,406
 
 
385
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38
10/25 at 100.00
 
Aa2
 
426,703
 
 
1,250
 
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)
 
1,305,263
 
 
4,250
 
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
 
4,679,716
 
 
8,830
 
Total Michigan
       
9,538,037
 
     
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+
 
285,039
 
     
Nebraska – 0.2%
           
 
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–
 
549,698
 
     
Nevada – 4.0%
           
 
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
 
1,446,847
 

34
NUVEEN



 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nevada (continued)
           
$
1,250
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, Tender Option Bond Trust Series 11823, 17.813%, 7/01/42 (IF)
1/20 at 100.00
 
Aa3
$
1,817,400
 
 
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
 
1,083,430
 
 
3,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/34
12/24 at 100.00
 
Aa1
 
3,403,710
 
 
2,500
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
4/17 at 100.00
 
AA–
 
2,500,625
 
 
9,075
 
Total Nevada
       
10,252,012
 
     
New Jersey – 3.4%
           
 
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–
 
2,265,045
 
 
2,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31
12/26 at 100.00
 
A–
 
2,126,600
 
 
1,250
 
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured
No Opt. Call
 
A–
 
1,347,700
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/29
6/25 at 100.00
 
A–
 
2,087,640
 
 
1,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29
6/17 at 100.00
 
BBB–
 
1,003,570
 
 
8,415
 
Total New Jersey
       
8,830,555
 
     
New Mexico – 0.8%
           
 
1,000
 
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
9/17 at 100.00
 
N/R
 
1,002,530
 
 
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
 
Aa3 (4)
 
1,082,340
 
 
2,000
 
Total New Mexico
       
2,084,870
 
     
New York – 3.1%
           
 
500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
 
554,505
 
 
1,805
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
4/17 at 100.00
 
A
 
1,818,158
 
 
1,250
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
 
1,446,125
 
 
2,755
 
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
 
2,914,487
 
 
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
 
1,277,125
 
 
7,445
 
Total New York
       
8,010,400
 
     
Ohio – 3.7%
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
2,155
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
2,056,538
 
 
2,475
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
2,380,703
 
 
875
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
830,839
 
 
2,680
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
 
2,582,019
 
 
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
 
A+
 
1,207,942
 
 
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)
No Opt. Call
 
CCC+
 
355,000
 
 
10,290
 
Total Ohio
       
9,413,041
 

NUVEEN
35


NXQ
   
 
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Oklahoma – 1.1%
           
$
2,905
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
4/17 at 100.00
 
AA–
$
2,907,266
 
     
Oregon – 0.3%
           
 
600
 
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46
6/26 at 100.00
 
AA–
 
663,582
 
     
Pennsylvania – 3.9%
           
 
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–
 
2,404,958
 
 
945
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
 
1,030,532
 
 
555
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2, 5.000%, 12/01/30 (Pre-refunded 12/01/20)
12/20 at 100.00
 
N/R (4)
 
627,677
 
 
2,970
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A, 5.000%, 7/01/40
7/24 at 100.00
 
A+
 
3,291,027
 
 
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)
 
2,690,225
 
 
9,220
 
Total Pennsylvania
       
10,044,419
 
     
Puerto Rico – 0.9%
           
 
1,035
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20
4/17 at 100.00
 
AA–
 
1,058,567
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
 
1,162,600
 
 
11,035
 
Total Puerto Rico
       
2,221,167
 
     
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+ (4)
 
3,662,242
 
     
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+
 
663,870
 
     
Texas – 11.0%
           
 
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)
 
290,968
 
 
240
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/35
7/25 at 100.00
 
BBB+
 
263,069
 
 
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+ (4)
 
3,209,730
 
 
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+
 
6,144,020
 
 
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
 
1,263,692
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
           
 
630
 
0.000%, 11/15/24 – NPFG Insured
No Opt. Call
 
AA–
 
472,595
 
 
12,480
 
0.000%, 11/15/41 – NPFG Insured
11/31 at 53.78
 
AA–
 
3,533,962
 
 
975
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured
7/17 at 100.00
 
AA–
 
984,877
 
 
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
 
449,363
 
 
200
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/41
8/17 at 24.20
 
AAA
 
48,050
 
 
4,800
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/41 (Pre-refunded 8/15/17)
8/17 at 24.20
 
N/R (4)
 
1,157,088
 

36
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
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
 
Baa1
$
2,441,985
 
 
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
 
1,133,056
 
 
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–
 
203,206
 
 
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
 
5,495,798
 
 
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
 
1,058,940
 
 
40,350
 
Total Texas
       
28,150,399
 
     
Utah – 0.8%
           
 
5,465
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
6/17 at 38.77
 
AA–
 
2,113,971
 
     
Virginia – 2.2%
           
 
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
 
1,912,635
 
     
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
 
1,076,250
 
 
410
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
461,045
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
1,084,649
 
 
1,000
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
9/17 at 100.00
 
BBB+
 
1,009,750
 
 
4,920
 
Total Virginia
       
5,544,329
 
     
Washington – 4.4%
           
 
855
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/19
No Opt. Call
 
Aa2
 
935,225
 
 
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+
 
4,305,040
 
 
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
 
1,072,695
 
 
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+
 
2,328,970
 
 
2,500
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
 
AA+ (4)
 
2,577,750
 
 
10,530
 
Total Washington
       
11,219,680
 
     
Wisconsin – 2.0%
           
 
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+
 
2,176,320
 
 
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
 
1,739,900
 
 
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
 
AA– (4)
 
1,100,930
 
 
4,645
 
Total Wisconsin
       
5,017,150
 
$
308,340
 
Total Municipal Bonds
       
251,410,759
 

NUVEEN
37


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
March 31, 2017

 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.1%
             
     
TRANSPORTATION – 0.1%
             
$
328
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
 
N/R
$
197,838
 
 
87
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
 
43,183
 
$
415
 
Total Corporate Bonds – 0.1%
         
241,021
 
     
Total Long-Term Investments (cost $231,479,332) – 98.2%
         
251,651,780
 
     
Other Assets Less Liabilities – 1.8%
         
4,673,401
 
     
Net Assets – 100%
       
$
256,325,181
 

(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
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.
(8)
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.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
See accompanying notes to financial statements.
38
NUVEEN

NXR
   
 
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.9%
           
     
MUNICIPAL BONDS – 97.9%
           
     
Alaska – 1.3%
           
$
2,675
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
6/17 at 100.00
 
B3
$
2,563,105
 
     
Arizona – 1.1%
           
 
1,770
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
 
1,873,775
 
 
280
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21
No Opt. Call
 
BB+
 
273,095
 
 
2,050
 
Total Arizona
       
2,146,870
 
     
California – 22.9%
           
 
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
 
5,623,125
 
 
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
 
B3
 
1,017,950
 
 
1,125
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
4/17 at 100.00
 
B–
 
1,124,933
 
 
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)
 
1,004,952
 
 
230
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
4/17 at 100.00
 
Baa2
 
231,582
 
 
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–
 
1,560,491
 
 
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+
 
2,307,675
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
700
 
4.500%, 6/01/27
6/17 at 100.00
 
B1
 
701,288
 
 
2,090
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
 
2,089,896
 
 
4,055
 
Kern Community College District, California, General Obligation Bonds, Series 2003A, 0.000%, 3/01/28 – FGIC Insured
No Opt. Call
 
Aa2
 
2,845,880
 
 
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
 
850,338
 
 
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
 
6,708,961
 
 
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
 
AA–
 
2,313,210
 
 
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
 
AA– (4)
 
4,782,916
 
 
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
 
839,670
 
 
1,985
 
Port of Oakland, California, Revenue Bonds, Refunding Inter Lien Series 2007B, 5.000%, 11/01/19 – NPFG Insured
11/17 at 100.00
 
AA–
 
2,032,898
 
 
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–
 
4,498,480
 
 
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
 
AA–
 
1,788,918
 

NUVEEN
39


NXR
   
 
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
1,030
 
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
8/17 at 100.00
 
AA–
$
1,040,249
 
 
2,280
 
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
 
2,381,984
 
 
71,155
 
Total California
       
45,745,396
 
     
Colorado – 5.9%
           
 
1,540
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
4/17 at 100.00
 
BBB–
 
1,542,479
 
 
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–
 
2,138,620
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
 
1,003,610
 
 
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
 
2,135,234
 
 
1,295
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
700,582
 
 
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
 
AA–
 
3,138,672
 
 
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
 
1,088,240
 
 
14,290
 
Total Colorado
       
11,747,437
 
     
Connecticut – 0.8%
           
 
1,500
 
Connecticut State, General Obligation Bonds, Refunding Series 2010C, 5.000%, 12/01/20
12/19 at 100.00
 
AA–
 
1,644,750
 
     
District of Columbia – 0.9%
           
 
1,700
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 5.000%, 10/01/20 – AGM Insured
4/17 at 100.00
 
AA
 
1,705,576
 
     
Florida – 0.9%
           
 
1,825
 
Duval County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
Aa3 (4)
 
1,844,582
 
     
Guam – 0.6%
           
 
1,250
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39
11/25 at 100.00
 
A
 
1,299,638
 
     
Illinois – 12.7%
           
 
575
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46
4/27 at 100.00
 
A
 
593,320
 
 
3,900
 
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/28 – FGIC Insured
No Opt. Call
 
AA–
 
2,300,727
 
 
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
 
586,922
 
 
2,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 AGM Insured
4/17 at 100.00
 
AA
 
2,004,560
 
 
260
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
296,816
 
     
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)
 
109,790
 
 
1,495
 
5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured
5/18 at 100.00
 
AA (4)
 
1,563,202
 
 
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+
 
1,547,280
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.516%, 7/01/46 (Pre-Refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
 
1,071,798
 

40
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
750
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
4/17 at 100.00
 
BBB+
$
750,855
 
 
1,500
 
Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM)
4/17 at 100.00
 
N/R (4)
 
1,706,055
 
 
1,015
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19
No Opt. Call
 
BBB
 
1,053,854
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB
 
2,318,684
 
 
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
 
833,250
 
     
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
 
AA–
 
1,374,225
 
 
4,775
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
 
2,487,154
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
 
1,961,650
 
 
2,000
 
0.000%, 6/15/37 – NPFG Insured
No Opt. Call
 
AA–
 
763,220
 
 
1,400
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
 
1,592,822
 
 
310
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
 
351,050
 
 
33,860
 
Total Illinois
       
25,267,234
 
     
Indiana – 0.5%
           
 
270
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BB–
 
281,602
 
 
1,000
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 7/15/28 – AGM Insured
No Opt. Call
 
AA
 
721,560
 
 
1,270
 
Total Indiana
       
1,003,162
 
     
Iowa – 1.1%
           
 
660
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B
 
668,745
 
 
570
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26
6/18 at 105.00
 
B
 
580,311
 
 
950
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
949,962
 
 
2,180
 
Total Iowa
       
2,199,018
 
     
Maryland – 0.3%
           
 
550
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/23 – SYNCORA GTY Insured
4/17 at 100.00
 
Ba1
 
551,227
 
     
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
 
382,949
 
 
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)
 
1,352,252
 
 
250
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
 
Aaa
 
275,278
 
     
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
           
 
1,900
 
Total Michigan
       
2,010,479
 
     
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+
 
285,039
 
     
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–
 
1,514,938
 

NUVEEN
41



NXR
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nevada – 1.8%
           
$
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
$
1,083,430
 
 
2,500
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
4/17 at 100.00
 
AA–
 
2,500,625
 
 
3,500
 
Total Nevada
       
3,584,055
 
     
New Jersey – 3.6%
           
 
2,000
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/34 – NPFG Insured
4/17 at 100.00
 
AA–
 
2,047,260
 
 
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–
 
1,965,218
 
 
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
 
345,464
 
 
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–
 
2,926,427
 
 
9,055
 
Total New Jersey
       
7,284,369
 
     
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)
9/17 at 100.00
 
N/R
 
1,002,530
 
     
New York – 4.1%
           
 
300
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
4/17 at 100.00
 
AA–
 
300,585
 
 
1,250
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
 
1,446,125
 
 
1,870
 
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
 
1,977,749
 
 
1,500
 
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
 
1,586,835
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B:
           
 
1,660
 
4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
 
1,665,727
 
 
840
 
4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
AAA
 
842,856
 
 
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
 
298,183
 
 
7,685
 
Total New York
       
8,118,060
 
     
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
 
530,455
 
     
Ohio – 5.6%
           
 
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)
 
2,445,638
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
1,345
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
1,283,547
 
 
1,465
 
6.000%, 6/01/42
6/17 at 100.00
 
B–
 
1,421,768
 
 
435
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
 
419,096
 
 
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–
 
3,719,926
 
 
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
 
A+
 
1,612,411
 
 
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)
No Opt. Call
 
CCC+
 
355,000
 
 
11,690
 
Total Ohio
       
11,257,386
 

42
NUVEEN



 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Oregon – 1.6%
           
$
460
 
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46
6/26 at 100.00
 
AA–
$
508,746
 
 
1,500
 
Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B, 5.000%, 10/01/40
10/26 at 100.00
 
A
 
1,694,760
 
 
750
 
Washington and Clackamas Counties School District 23J Tigard-Tualatin, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/30 (WI/DD, Settling 4/04/17)
6/27 at 100.00
 
AA+
 
902,843
 
 
2,710
 
Total Oregon
       
3,106,349
 
     
Pennsylvania – 6.5%
           
 
2,435
 
Dauphin County Industrial Development Authority, Pennsylvania, Water Development Revenue Refunding Bonds, Dauphin Consolidated Water Supply Company, Series 1992B, 6.700%, 6/01/17
No Opt. Call
 
A–
 
2,455,527
 
 
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–
 
1,801,046
 
 
630
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
 
687,021
 
 
370
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2, 5.000%, 12/01/30 (Pre-refunded 12/01/20)
12/20 at 100.00
 
N/R (4)
 
418,452
 
 
4,455
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A, 5.000%, 7/01/40
7/24 at 100.00
 
A+
 
4,936,541
 
 
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)
 
2,690,225
 
 
12,075
 
Total Pennsylvania
       
12,988,812
 
     
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
 
CC
 
975,618
 
     
South Carolina – 1.6%
           
 
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)
 
3,231,390
 
     
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+
 
442,580
 
     
Tennessee – 0.4%
           
 
795
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
BBB+
 
830,998
 
     
Texas – 10.5%
           
 
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)
 
290,968
 
 
85
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/34
7/25 at 100.00
 
BBB+
 
93,488
 
 
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)
 
3,197,370
 
 
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+
 
5,127,386
 
     
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
 
AA–
 
721,130
 
 
2,510
 
0.000%, 11/15/36 – NPFG Insured
11/31 at 73.51
 
AA–
 
978,549
 
 
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
 
AA–
 
1,019,763
 
     
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
 
1,364,708
 
 
4,095
 
0.000%, 11/15/38 – NPFG Insured
11/30 at 61.17
 
AA
 
1,413,348
 

NUVEEN
43


NXR
Nuveen Select Tax-Free Income Portfolio 3
 
  Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
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
 
Baa1
$
2,441,985
 
 
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
 
355,395
 
 
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
 
2,129,340
 
 
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–
 
1,868,594
 
 
28,220
 
Total Texas
       
21,002,024
 
     
Utah – 1.1%
           
 
5,465
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
6/17 at 38.77
 
AA–
 
2,113,971
 
     
Virginia – 3.2%
           
 
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
 
2,793,210
 
 
1,500
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2009B, 5.000%, 8/01/17
No Opt. Call
 
AA+
 
1,521,525
 
     
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
 
461,045
 
 
1,510
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
1,621,604
 
 
6,920
 
Total Virginia
       
6,397,384
 
     
Washington – 4.6%
           
 
1,020
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18
No Opt. Call
 
Aa2
 
1,081,057
 
 
745
 
Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2015A, 5.000%, 5/01/17
No Opt. Call
 
AA
 
747,704
 
 
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
 
1,072,695
 
 
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–
 
4,411,360
 
 
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+
 
1,812,013
 
 
8,455
 
Total Washington
       
9,124,829
 
     
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–
 
1,325,800
 
 
485
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
4/17 at 100.00
 
AA
 
486,634
 
 
1,735
 
Total Wisconsin
       
1,812,434
 
$
242,065
 
Total Municipal Bonds
       
195,331,695
 

 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
 
Ratings (4)
 
Value
 
     
CORPORATE BONDS – 0.0%
             
     
TRANSPORTATION – 0.0%
             
$
93
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
 
N/R
$
55,747
 
 
25
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
 
12,168
 
$
118
 
Total Corporate Bonds – 0.0%
         
67,915
 
     
Total Long-Term Investments (cost $173,568,262) – 97.9%
         
195,399,610
 
     
Other Assets Less Liabilities – 2.1%
         
4,095,969
 
     
Net Assets – 100%
       
$
199,495,579
 

44
NUVEEN


(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
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.
(8)
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.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.

NUVEEN
45


NXC
   
 
Nuveen California Select Tax-Free Income Portfolio 
 
  Portfolio of Investments
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.5%
           
     
MUNICIPAL BONDS – 97.5%
           
     
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
6/17 at 100.00
 
CCC
$
968,040
 
 
65
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
4/17 at 100.00
 
BBB+
 
65,008
 
 
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–
 
1,108,173
 
 
1,450
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
 
B–
 
1,449,928
 
 
1,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
6/17 at 100.00
 
B–
 
1,454,160
 
 
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
6/17 at 100.00
 
BB+
 
999,970
 
 
6,110
 
Total Consumer Staples
       
6,045,279
 
     
Education and Civic Organizations – 3.6%
           
 
195
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2008A, 5.625%, 4/01/37
4/18 at 100.00
 
Aa3
 
203,668
 
 
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
 
180,947
 
 
60
 
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46
7/25 at 100.00
 
BBB
 
62,150
 
 
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
 
400,065
 
 
2,000
 
California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
 
Aa2
 
2,281,160
 
 
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–
 
281,665
 
 
3,050
 
Total Education and Civic Organizations
       
3,409,655
 
     
Health Care – 12.7%
           
 
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–
 
1,113,830
 
 
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–
 
2,773,000
 
 
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
 
126,433
 
 
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–
 
140,340
 
 
255
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA–
 
279,687
 
 
2,000
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2016A, 4.000%, 10/01/47
10/26 at 100.00
 
AA–
 
2,014,160
 
 
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
 
Aa3
 
255,501
 
 
130
 
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41
11/26 at 100.00
 
BBB–
 
142,068
 
 
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+
 
378,861
 

46
NUVEEN



 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
     
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
           
$
825
 
5.000%, 12/01/46
6/26 at 100.00
 
BB
$
863,231
 
 
540
 
5.250%, 12/01/56
6/26 at 100.00
 
BB
 
573,032
 
 
425
 
California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
 
BBB+
 
429,373
 
 
1,100
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
BBB–
 
1,196,965
 
 
670
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB+
 
779,719
 
 
800
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
BBB+
 
889,552
 
 
11,070
 
Total Health Care
       
11,955,752
 
     
Housing/Multifamily – 1.0%
           
 
360
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
391,273
 
 
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
 
432,355
 
     
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
 
27,358
 
 
65
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
70,693
 
 
845
 
Total Housing/Multifamily
       
921,679
 
     
Industrials – 1.1%
           
 
1,015
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)
No Opt. Call
 
BBB+
 
1,037,289
 
     
Tax Obligation/General – 24.8%
           
 
1,000
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34
8/25 at 100.00
 
AA–
 
1,141,710
 
 
1,650
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39
11/19 at 100.00
 
AA–
 
1,816,007
 
 
1,965
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
2,183,469
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 4/01/35
4/22 at 100.00
 
AA–
 
2,264,040
 
     
Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A:
           
 
2,375
 
0.000%, 8/01/17 – NPFG Insured
No Opt. Call
 
AA–
 
2,367,899
 
 
2,345
 
0.000%, 2/01/18 – NPFG Insured
No Opt. Call
 
AA–
 
2,323,590
 
     
Mountain View-Los Altos Union High School District, Santa Clara County, California, General Obligation Bonds, Capital Appreciation Series 1997C:
           
 
1,015
 
0.000%, 5/01/17 – NPFG Insured
No Opt. Call
 
Aaa
 
1,014,371
 
 
1,080
 
0.000%, 5/01/18 – NPFG Insured
No Opt. Call
 
Aaa
 
1,066,943
 
 
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+
 
3,503,888
 
 
8,075
 
San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44
No Opt. Call
 
Aa2
 
2,304,767
 
 
4,250
 
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
 
3,389,035
 
 
33,330
 
Total Tax Obligation/General
       
23,375,719
 
     
Tax Obligation/Limited – 17.7%
           
 
1,000
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
4/17 at 100.00
 
AA
 
1,001,840
 

NUVEEN
47



NXC
Nuveen California Select Tax-Free Income Portfolio
 
  Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
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+
$
2,340,960
 
 
360
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
4/17 at 101.00
 
A
 
364,532
 
 
1,000
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured
4/17 at 100.00
 
A
 
1,002,610
 
 
270
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
10/17 at 100.00
 
A
 
275,802
 
 
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+
 
3,330,600
 
 
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
4/17 at 100.00
 
Aa3
 
1,218,730
 
 
1,000
 
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38
6/26 at 100.00
 
AAA
 
1,161,820
 
 
135
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A
 
161,538
 
 
1,000
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34
3/18 at 100.00
 
A+
 
1,052,190
 
 
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+
 
58,649
 
 
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
 
64,667
 
     
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
 
374,259
 
 
320
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
342,310
 
 
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
 
35,512
 
 
425
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
457,398
 
 
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
 
21,284
 
 
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
 
1,542,969
 
 
65
 
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
8/24 at 100.00
 
N/R
 
68,796
 
     
Refunding Series 2014, 5.000%, 8/01/39
           
 
615
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
 
623,253
 
 
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
 
45,512
 
 
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
 
1,047,930
 
 
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
9/21 at 100.00
 
A–
 
82,118
 
 
15,390
 
Total Tax Obligation/Limited
       
16,675,279
 
     
Transportation – 6.8%
           
 
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
 
BB+
 
632,370
 

48
NUVEEN

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
     
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
$
1,101,320
 
 
1,170
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,340,095
 
 
1,175
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
1,345,187
 
 
800
 
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
5/25 at 100.00
 
AA
 
910,840
 
 
955
 
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
5/22 at 100.00
 
A+
 
1,051,025
 
 
5,630
 
Total Transportation
       
6,380,837
 
     
U.S. Guaranteed – 9.4% (5)
           
 
2,805
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2008, 5.625%, 4/01/37 (Pre-refunded 4/01/18)
4/18 at 100.00
 
N/R (5)
 
2,937,957
 
 
210
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Calipatria State Prison, Series 1991A, 6.500%, 9/01/17 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
215,048
 
 
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
 
1,698,480
 
 
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– (5)
 
1,147,570
 
 
250
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 (Pre-refunded 5/01/17) – AMBAC Insured
5/17 at 100.00
 
A– (5)
 
250,888
 
     
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 (5)
 
36,966
 
 
80
 
5.125%, 9/01/36 (Pre-refunded 9/01/18)
9/18 at 100.00
 
N/R (5)
 
84,633
 
 
540
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
12/17 at 100.00
 
BB (5)
 
566,649
 
 
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
 
Ba1 (5)
 
569,950
 
 
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 (5)
 
447,387
 
 
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– (5)
 
189,603
 
 
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– (5)
 
30,030
 
     
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+ (5)
 
30,252
 
 
30
 
7.000%, 8/01/41 (Pre-refunded 2/01/21)
2/21 at 100.00
 
BBB+ (5)
 
36,302
 
 
225
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (5)
 
231,770
 
 
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– (5)
 
443,203
 
 
8,160
 
Total U.S. Guaranteed
       
8,916,688
 
     
Utilities – 0.8%
           
 
645
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
 
797,594
 
     
Water and Sewer – 13.2%
           
 
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–
 
1,126,030
 
 
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
 
1,763,701
 

NUVEEN
49
 


 
NXC
Nuveen California Select Tax-Free Income Portfolio
 
  Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
           
     
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
           
$
375
 
5.000%, 7/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
Baa3
$
390,413
 
 
1,160
 
5.000%, 11/21/45 (Alternative Minimum Tax)
7/22 at 100.00
 
Baa3
 
1,204,068
 
 
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–
 
2,252,320
 
 
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
 
2,317,080
 
 
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+
 
2,230,414
 
 
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
 
1,184,270
 
 
10,985
 
Total Water and Sewer
       
12,468,296
 
$
96,230
 
Total Long-Term Investments (cost $84,589,717)
       
91,984,067
 
     
Other Assets Less Liabilities – 2.5%
       
2,326,087
 
     
Net Assets – 100%
     
$
94,310,154
 

(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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(ETM)
Escrowed to maturity.
See accompanying notes to financial statements.

50
NUVEEN



NXN
Nuveen New York Select Tax-Free Income Portfolio
 
  Portfolio of Investments
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 100.0%
           
     
MUNICIPAL BONDS – 100.0%
           
     
Consumer Staples – 1.5%
           
$
435
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38
4/17 at 100.00
 
BB
$
435,044
 
 
150
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
6/17 at 100.00
 
B–
 
150,000
 
 
275
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
4/17 at 100.00
 
B–
 
269,231
 
 
860
 
Total Consumer Staples
       
854,275
 
     
Education and Civic Organizations – 24.7%
           
 
100
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
 
BBB
 
100,712
 
 
165
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
B
 
136,874
 
 
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
 
280,221
 
     
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+
 
74,183
 
 
110
 
5.000%, 4/15/43
4/23 at 100.00
 
BB+
 
105,666
 
 
430
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
 
AA
 
434,051
 
 
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–
 
163,757
 
 
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
 
AA–
 
1,151,910
 
     
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
 
23,157
 
 
25
 
5.000%, 7/01/33
7/25 at 100.00
 
Aa3
 
28,629
 
 
405
 
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – NPFG Insured
7/17 at 100.00
 
AA–
 
408,815
 
 
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
 
1,118,360
 
 
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–
 
663,153
 
 
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
 
AA–
 
328,924
 
 
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
 
AA–
 
1,344,406
 
 
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
 
1,991,825
 
 
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
 
126,391
 
 
250
 
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36
12/26 at 100.00
 
BB–
 
252,405
 
 
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
 
147,703
 

NUVEEN
51



NXN
Nuveen New York Select Tax-Free Income Portfolio 
 
  Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
$
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–
$
120,199
 
 
2,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41
7/21 at 100.00
 
AA–
 
2,222,119
 
     
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
4/17 at 100.00
 
BBB
 
501,170
 
 
430
 
4.750%, 1/01/42 – AMBAC Insured
4/17 at 100.00
 
BBB
 
430,284
 
 
300
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
4/17 at 100.00
 
AA–
 
300,828
 
 
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–
 
1,161,479
 
 
12,570
 
Total Education and Civic Organizations
       
13,617,221
 
     
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
 
542,164
 
     
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
 
107,737
 
 
240
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31
4/17 at 100.00
 
BB–
 
240,382
 
 
340
 
Total Health Care
       
348,119
 
     
Housing/Multifamily – 0.5%
           
 
275
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
11/17 at 100.00
 
Aa2
 
276,620
 
     
Industrials – 3.9%
           
 
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 (Alternative Minimum Tax)
1/25 at 100.00
 
N/R
 
169,043
 
 
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
11/24 at 100.00
 
N/R
 
1,955,414
 
 
2,025
 
Total Industrials
       
2,124,457
 
     
Long-Term Care – 0.4%
           
 
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
4/17 at 100.00
 
Baa1
 
100,087
 
 
25
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18
4/17 at 101.00
 
N/R
 
21,882
 
 
110
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.500%, 7/01/18
4/17 at 100.00
 
N/R
 
109,263
 
 
235
 
Total Long-Term Care
       
231,232
 
     
Tax Obligation/General – 2.4%
           
 
515
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25
12/17 at 100.00
 
AA
 
529,399
 
 
80
 
New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41
12/26 at 100.00
 
AA
 
91,317
 
 
600
 
Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 – AGM Insured
10/21 at 100.00
 
AA
 
679,230
 
 
1,195
 
Total Tax Obligation/General
       
1,299,946
 
     
Tax Obligation/Limited – 26.4%
           
 
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
 
1,180,967
 

52
NUVEEN



 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
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
$
1,156,460
 
 
1,000
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/25
No Opt. Call
 
A
 
1,100,040
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
2,272,377
 
 
1,500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
4/17 at 100.00
 
A
 
1,512,060
 
 
600
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
4/17 at 100.00
 
AA
 
602,046
 
 
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
 
1,130,870
 
 
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
 
1,132,410
 
 
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
 
512,969
 
 
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
 
993,554
 
 
535
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 11.923%, 5/01/38 (IF)
5/19 at 100.00
 
AAA
 
649,271
 
 
775
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB)
12/17 at 100.00
 
AAA
 
798,157
 
 
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+
 
641,381
 
 
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
 
885,501
 
 
13,200
 
Total Tax Obligation/Limited
       
14,568,063
 
     
Transportation – 15.0%
           
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38
5/24 at 100.00
 
AA–
 
1,148,130
 
 
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+
 
275,850
 
     
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–
 
362,702
 
 
685
 
5.000%, 8/01/31 (Alternative Minimum Tax)
8/21 at 100.00
 
BB–
 
717,469
 
 
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
 
1,041,466
 
 
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–
 
1,731,540
 
 
120
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Tender Option Bond Trust 2015-XF2178, 15.419%, 8/15/32 – AGM Insured (IF) (5)
8/17 at 100.00
 
AA
 
127,646
 
 
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–
 
1,143,180
 
     
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
4/17 at 100.00
 
Baa1
 
294,930
 
 
215
 
6.000%, 12/01/36
12/20 at 100.00
 
Baa1
 
242,511
 
 
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–
 
1,160,180
 
 
7,385
 
Total Transportation
       
8,245,604
 

NUVEEN
53


NXN
Nuveen New York Select Tax-Free Income Portfolio
 
  Portfolio of Investments (continued)
March 31, 2017

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed – 10.4% (6)
           
$
1,000
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter's Hospital, Series 2008A, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
11/17 at 100.00
 
N/R (6)
$
1,027,720
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
           
 
160
 
6.500%, 12/01/21 (Pre-refunded 12/01/18)
12/18 at 100.00
 
Baa3 (6)
 
172,051
 
 
210
 
6.125%, 12/01/29 (Pre-refunded 12/01/18)
12/18 at 100.00
 
Baa3 (6)
 
227,655
 
 
405
 
6.250%, 12/01/37 (Pre-refunded 12/01/18)
12/18 at 100.00
 
Baa3 (6)
 
439,883
 
 
1,595
 
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 (Pre-refunded 7/01/17) – NPFG Insured
7/17 at 100.00
 
AA– (6)
 
1,611,875
 
 
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
 
A3 (6)
 
860,513
 
 
745
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25 (Pre-refunded 12/01/17)
12/17 at 100.00
 
N/R (6)
 
766,478
 
 
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 (6)
 
142,998
 
 
425
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007B, 5.000%, 4/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
 
AA+ (6)
 
434,061
 
 
65
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
 
N/R (6)
 
66,373
 
 
5,480
 
Total U.S. Guaranteed
       
5,749,607
 
     
Utilities – 10.1%
           
 
550
 
Chautauqua County, New York, Industrial Development Agency, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
2/20 at 100.00
 
Baa3
 
575,680
 
 
35
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
 
36,467
 
 
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–
 
55,067
 
 
400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
 
426,712
 
 
865
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative Minimum Tax)
11/17 at 100.00
 
BB+
 
870,320
 
 
1,365
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41
12/23 at 100.00
 
AAA
 
1,551,841
 
 
1,750
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016B, 5.000%, 12/15/35
6/26 at 100.00
 
AAA
 
2,041,899
 
 
5,015
 
Total Utilities
       
5,557,986
 
     
Water and Sewer – 3.1%
           
 
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
 
229,586
 
 
275
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 15.287%, 6/15/37 (IF)
6/18 at 100.00
 
AA+
 
326,772
 
 
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 (WI/DD, Settling 4/13/17)
6/27 at 100.00
 
AAA
 
1,164,640
 
 
1,475
 
Total Water and Sewer
       
1,720,998
 
$
50,505
 
Total Long-Term Investments (cost $52,605,694)
       
55,136,292
 

54
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.9%
           
     
MUNICIPAL BONDS – 0.9%
           
     
Education and Civic Organizations – 0.9%
           
$
500
 
Syracuse Industrial Development Agency, Civic Facility Revenue, Syracuse University, Variable Rate Demand Bond Series 2005B, 0.800%, 12/01/35 (7)
6/17 at 100.00
 
A-1+
$
500,000
 
$
500
 
Total Short-Term Investments (cost $500,000)
       
500,000
 
     
Total Investments (cost $53,105,694) – 100.9%
       
55,636,292
 
     
Floating Rate Obligations – (1.8)%
       
(1,005,000)
 
     
Other Assets Less Liabilities – 0.9%
       
489,168
 
     
Net Assets – 100%
     
$
55,120,460
 

(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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.

NUVEEN
55


Statement of
   
 
Assets and Liabilities
March 31, 2017

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Assets
                               
Long-term investments, at value (cost $219,650,029, $231,479,332, $173,568,262, $84,589,717 and $52,605,694, respectively)
 
$
242,330,166
 
$
251,651,780
 
$
195,399,610
 
$
91,984,067
 
$
55,136,292
 
Short-term investments, at value (cost approximates value)
   
   
   
   
   
500,000
 
Cash
   
4,251,416
   
785,631
   
2,519,490
   
481,385
   
1,118,338
 
Receivable for:
                               
Interest
   
2,484,151
   
2,711,339
   
2,083,636
   
1,202,983
   
755,356
 
Investments sold
   
1,959,400
   
2,014,440
   
2,707,613
   
1,000,000
   
 
Other assets
   
52,367
   
54,471
   
41,794
   
23,349
   
16,416
 
Total assets
   
251,077,500
   
257,217,661
   
202,752,143
   
94,691,784
   
57,526,402
 
Liabilities
                               
Floating rate obligations
   
   
   
   
   
1,005,000
 
Payable for:
                               
Dividends
   
708,241
   
715,719
   
545,840
   
298,804
   
172,128
 
Investments purchased
   
1,688,577
   
   
2,569,482
   
   
1,165,580
 
Accrued expenses:
                               
Management fees
   
43,092
   
55,159
   
43,255
   
20,868
   
12,197
 
Professional fees
   
25,787
   
25,831
   
25,451
   
24,738
   
24,464
 
Trustees fees
   
47,884
   
50,022
   
37,162
   
18,226
   
11,183
 
Other
   
46,418
   
45,749
   
35,374
   
18,994
   
15,390
 
Total liabilities
   
2,559,999
   
892,480
   
3,256,564
   
381,630
   
2,405,942
 
Net assets
 
$
248,517,501
 
$
256,325,181
 
$
199,495,579
 
$
94,310,154
 
$
55,120,460
 
Shares outstanding
   
16,570,310
   
17,713,727
   
13,045,560
   
6,286,768
   
3,924,895
 
Net asset value ("NAV") per share outstanding
 
$
15.00
 
$
14.47
 
$
15.29
 
$
15.00
 
$
14.04
 
Net assets consist of:
                               
Shares, $0.01 par value per share
 
$
165,703
 
$
177,137
 
$
130,456
 
$
62,868
 
$
39,249
 
Paid-in surplus
   
230,107,428
   
245,888,662
   
179,537,045
   
87,570,147
   
53,856,609
 
Undistributed (Over-distribution of) net investment income
   
1,581,686
   
854,775
   
1,490,235
   
(105,514
)
 
38,520
 
Accumulated net realized gain (loss)
   
(6,017,453
)
 
(10,767,841
)
 
(3,493,505
)
 
(611,697
)
 
(1,344,516
)
Net unrealized appreciation (depreciation)
   
22,680,137
   
20,172,448
   
21,831,348
   
7,394,350
   
2,530,598
 
Net assets
 
$
248,517,501
 
$
256,325,181
 
$
199,495,579
 
$
94,310,154
 
$
55,120,460
 
Authorized shares
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
See accompanying notes to financial statements.
   
56
NUVEEN


Statement of
   
 
Operations
Year Ended March 31, 2017

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Investment Income
 
$
10,018,688
 
$
10,327,153
 
$
8,085,322
 
$
4,158,163
 
$
2,414,426
 
Expenses
                               
Management fees
   
523,155
   
667,670
   
525,862
   
255,190
   
147,802
 
Interest expense
   
   
   
   
   
11,641
 
Custodian fees
   
38,472
   
38,818
   
32,819
   
20,201
   
17,249
 
Trustees fees
   
7,611
   
7,811
   
6,116
   
2,960
   
1,753
 
Professional fees
   
32,417
   
32,739
   
30,806
   
27,331
   
26,152
 
Shareholder reporting expenses
   
41,201
   
40,147
   
28,944
   
15,516
   
12,121
 
Shareholder servicing agent fees
   
16,334
   
15,032
   
12,442
   
4,240
   
3,813
 
Stock exchange listing fees
   
7,600
   
7,600
   
7,600
   
7,618
   
7,602
 
Investor relations expenses
   
30,734
   
31,204
   
23,983
   
11,647
   
7,231
 
Other
   
18,558
   
17,996
   
16,407
   
14,666
   
13,462
 
Total expenses
   
716,082
   
859,017
   
684,979
   
359,369
   
248,826
 
Net investment income (loss)
   
9,302,606
   
9,468,136
   
7,400,343
   
3,798,794
   
2,165,600
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from:
                               
Investments
   
1,206,176
   
17,004
   
26,801
   
(131,725
)
 
(365,379
)
Swaps
   
(180,389
)
 
   
(87,611
)
 
   
 
Change in net unrealized appreciation (depreciation) of:
                               
Investments
   
(9,363,238
)
 
(7,540,888
)
 
(6,783,825
)
 
(3,435,731
)
 
(1,558,377
)
Swaps
   
443,326
   
   
299,545
   
   
 
Net realized and unrealized gain (loss)
   
(7,894,125
)
 
(7,523,884
)
 
(6,545,090
)
 
(3,567,456
)
 
(1,923,756
)
Net increase (decrease) in net assets from operations
 
$
1,408,481
 
$
1,944,252
 
$
855,253
 
$
231,338
 
$
241,844
 
See accompanying notes to financial statements.

NUVEEN
57



Statement of
 
 
Changes in Net Assets

   
NXP
 
NXQ
 
NXR
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
3/31/17
   
3/31/16
   
3/31/17
   
3/31/16
   
3/31/17
   
3/31/16
 
Operations
                                     
Net investment income (loss)
 
$
9,302,606
 
$
9,676,602
 
$
9,468,136
 
$
9,684,682
 
$
7,400,343
 
$
7,582,349
 
Net realized gain (loss) from:
                                     
Investments
   
1,206,176
   
(897,748
)
 
17,004
   
(476,182
)
 
26,801
   
493,045
 
Swaps
   
(180,389
)
 
(2,455,336
)
 
   
   
(87,611
)
 
(1,439,664
)
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(9,363,238
)
 
5,838,255
   
(7,540,888
)
 
4,461,815
   
(6,783,825
)
 
4,776,566
 
Swaps
   
443,326
   
2,088,861
   
   
   
299,545
   
1,319,464
 
Net increase (decrease) in net assets from operations
   
1,408,481
   
14,250,634
   
1,944,252
   
13,670,315
   
855,253
   
12,731,760
 
Distributions to Shareholders
                                     
From net investment income
   
(9,118,641
)
 
(9,319,144
)
 
(9,149,141
)
 
(9,521,129
)
 
(6,954,588
)
 
(7,289,860
)
From accumulated net realized gains
   
   
   
   
   
   
 
Decrease in net assets from distributions to shareholders
   
(9,118,641
)
 
(9,319,144
)
 
(9,149,141
)
 
(9,521,129
)
 
(6,954,588
)
 
(7,289,860
)
Capital Share Transactions
                                     
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
   
(7,710,160
)
 
4,931,490
   
(7,204,889
)
 
4,149,186
   
(6,099,335
)
 
5,441,900
 
Net assets at the beginning of period
   
256,227,661
   
251,296,171
   
263,530,070
   
259,380,884
   
205,594,914
   
200,153,014
 
Net assets at the end of period
 
$
248,517,501
 
$
256,227,661
 
$
256,325,181
 
$
263,530,070
 
$
199,495,579
 
$
205,594,914
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,581,686
 
$
1,618,764
 
$
854,775
 
$
592,060
 
$
1,490,235
 
$
1,241,908
 

See accompanying notes to financial statements.

58
NUVEEN



   
NXC
 
NXN
 
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
3/31/17
   
3/31/16
   
3/31/17
   
3/31/16
 
Operations
                         
Net investment income (loss)
 
$
3,798,794
 
$
4,025,873
 
$
2,165,600
 
$
2,236,810
 
Net realized gain (loss) from:
                         
Investments
   
(131,725
)
 
145,143
   
(365,379
)
 
21,067
 
Swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(3,435,731
)
 
1,041,495
   
(1,558,377
)
 
(48,449
)
Swaps
   
   
   
   
 
Net increase (decrease) in net assets from operations
   
231,338
   
5,212,511
   
241,844
   
2,209,428
 
Distributions to Common Shareholders
                         
From net investment income
   
(3,883,881
)
 
(4,087,892
)
 
(2,166,329
)
 
(2,166,034
)
From accumulated net realized gains
   
(616,049
)
 
(107,389
)
 
   
 
Decrease in net assets from distributions to common shareholders
   
(4,499,930
)
 
(4,195,281
)
 
(2,166,329
)
 
(2,166,034
)
Capital Share Transactions
                         
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
85,085
   
55,697
   
13,528
   
 
Net increase (decrease) in net assets from capital share transactions
   
85,085
   
55,697
   
13,528
   
 
Net increase (decrease) in net assets
   
(4,183,507
)
 
1,072,927
   
(1,910,957
)
 
43,394
 
Net assets at the beginning of period
   
98,493,661
   
97,420,734
   
57,031,417
   
56,988,023
 
Net assets at the end of period
 
$
94,310,154
 
$
98,493,661
 
$
55,120,460
 
$
57,031,417
 
Undistributed (Over-distribution of)net investment income at the end of period
 
$
(105,514
)
$
(19,828
)
$
38,520
 
$
39,249
 
See accompanying notes to financial statements.

NUVEEN
59

Financial
 
 
Highlights
Selected data for a share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
             
           
Net
         
From
             
       
Net
 
Realized/
     
From Net
 
Accumulated
         
Ending
 
   
Beginning
 
Investment
 
Unrealized
     
Investment
 
Net Realized
     
Ending
 
Share
 
   
NAV
 
Income (Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
NAV
 
Price
 
NXP
                                                       
Year Ended 3/31:   
                                                 
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
 
2013
   
14.55
   
0.69
   
0.48
   
1.17
   
(0.69
)
 
   
(0.69
)
 
15.03
   
14.63
 
                                                         
NXQ
                                                       
Year Ended 3/31:  
                                                 
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
 
2013
   
13.89
   
0.65
   
0.47
   
1.12
   
(0.63
)
 
   
(0.63
)
 
14.38
   
13.99
 

(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
NUVEEN


               
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
       
                                       
           
Based on
   
Ending
         
Net
   
Portfolio
 
     
Based on
   
Share
   
Net
         
Investment
   
Turnover
 
     
NAV
(a)
 
Price
(a)
 
Assets (000
)
 
Expenses
(b)
 
Income (Loss)
   
Rate
(c)
                                       
                                       
     
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
 
     
8.16
   
5.14
   
249,134
   
0.28
   
4.64
   
24
 
                                       
                                       
     
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
 
     
8.20
   
7.29
   
254,694
   
0.33
   
4.54
   
19
 

(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:
   
2017
%
2016
 
2015
 
2014
 
2013
 

NXQ
   
Year Ended 3/31:
   
2017
%
2016
 
2015
*
2014
*
2013
*

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

*
Rounds to less than 0.01%.
   

   
Ratios to
 
   
Average Net Assets
 
       
Net Investment
 
NXQ
 
Expense
(b)
Income (Loss
)
Year Ended 3/31:
             
2015
   
0.40
%
 
4.01
%
See accompanying notes to financial statements.

NUVEEN
61


Financial Highlights (continued)
Selected data for a share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
             
           
Net
         
From
             
       
Net
 
Realized/
     
From Net
 
Accumulated
         
Ending
 
   
Beginning
 
Investment
 
Unrealized
     
Investment
 
Net Realized
     
Ending
 
Share
 
   
NAV
 
Income (Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
NAV
 
Price
 
NXR
                                                       
Year Ended 3/31:   
                                                 
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
 
2013
   
14.43
   
0.66
   
0.51
   
1.17
   
(0.66
)
 
   
(0.66
)
 
14.94
   
14.48
 
                                                         
NXC
                                                       
Year Ended 3/31:   
                                                 
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
 
2013
   
15.07
   
0.69
   
0.64
   
1.33
   
(0.68
)
 
   
(0.68
)
 
15.72
   
15.07
 

(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
NUVEEN


               
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
       
                           
       
Based on
 
Ending
     
Net
 
Portfolio
 
   
Based on
 
Share
 
Net
     
Investment
 
Turnover
 
   
NAV
(a)
Price
(a)
Assets (000
)
Expenses
(b)
Income (Loss
)
Rate
(c)
                                       
                                       
     
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
 
     
8.20
   
5.54
   
194,920
   
0.33
   
4.45
   
28
 
                                       
                                       
     
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
 
     
8.98
   
6.43
   
98,595
   
0.37
   
4.44
   
19
 

(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:
   
2017
%
2016
 
2015
 
2014
 
2013
 

NXC
   
Year Ended 3/31:
   
2017
%
2016
 
2015
 
2014
0.01
 
2013
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
 
       
Net Investment
 
NXR
 
Expenses
(b)
Income (Loss
)
Year Ended 3/31:
             
2015
   
0.42
%
 
3.96
%
See accompanying notes to financial statements.

NUVEEN
63


Financial Highlights (continued)
Selected data for a share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
             
           
Net
       
From
             
       
Net
 
Realized/
     
From Net
 
Accumulated
         
Ending
 
   
Beginning
 
Investment
 
Unrealized
     
Investment
 
Net Realized
     
Ending
 
Share
 
   
NAV
 
Income (Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
NAV
 
Price
 
NXN
                                                       
Year Ended 3/31:
                                                 
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
 
2013
   
14.59
   
0.63
   
0.19
   
0.82
   
(0.65
)
 
(0.06
)
 
(0.71
)
 
14.70
   
14.87
 

(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
NUVEEN


           
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
     
                                       
     
Based on
 
Ending
   
Net
 
Portfolio
 
   
Based on
 
Share
 
Net
     
Investment
 
Turnover
 
   
NAV
(a)
Price
(a)
Assets (000
)
Expenses
(b)
Income (Loss
)
Rate
(c)
                                       
                                       
     
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
 
     
5.66
   
10.60
   
57,684
   
0.39
   
4.27
   
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:

NXN
   
Year Ended 3/31:
   
2017
0.02
%
2016
0.01
 
2015
0.01
 
2014
0.01
 
2013
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.

NUVEEN
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, 2017, and the period covered by these Notes to Financial Statements is the fiscal year ended March 31, 2017 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned 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:

     
NXR
   
NXN
 
Outstanding when-issued/delayed delivery purchase commitments
 
$
880,905
 
$
1,165,580
 
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.

66
NUVEEN


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

NUVEEN
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.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the 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*
 
$
 
$
242,176,065
 
$
 
$
242,176,065
 
Corporate Bonds**
   
   
   
154,101
***
 
154,101
 
Total
 
$
 
$
242,176,065
 
$
154,101
 
$
242,330,166
 
                           
NXQ
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
251,410,759
 
$
 
$
251,410,759
 
Corporate Bonds**
   
   
   
241,021
***
 
241,021
 
Total
 
$
 
$
251,410,759
 
$
241,021
 
$
251,651,780
 
                           
NXR
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
195,331,695
 
$
 
$
195,331,695
 
Corporate Bonds**
   
   
   
67,915
***
 
67,915
 
Total
 
$
 
$
195,331,695
 
$
67,915
 
$
195,399,610
 
                           
NXC
                         
Long-Term Investments**:
                         
Municipal Bonds
 
$
 
$
91,984,067
 
$
 
$
91,984,067
 
                           
NXN
                         
Long-Term Investments**:
                         
Municipal Bonds
 
$
 
$
55,136,292
 
$
 
$
55,136,292
 
Short-Term Investments**:
                         
Municipal Bonds
   
   
500,000
   
   
500,000
 
Total
 
$
 
$
55,636,292
 
$
 
$
55,636,292
 

*
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
NUVEEN


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

NUVEEN
69


Notes to Financial Statements (continued)
Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Floating Rate Obligations Outstanding
   
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Floating rate obligations: self-deposited Inverse Floaters
 
$
 
$
 
$
 
$
 
$
1,005,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
3,300,000
   
4,800,000
   
1,050,000
   
   
2,250,000
 
Total
 
$
3,300,000
 
$
4,800,000
 
$
1,050,000
 
$
 
$
3,255,000
 
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
 
$
 
$
 
$
 
$
 
$
1,005,000
 
Average annual interest rate and fees
   
%
 
%
 
%
 
%
 
1.16
%
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" or "credit recovery swap") (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
NUVEEN


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
   
3,300,000
   
4,800,000
   
1,050,000
   
   
360,000
 
Total
 
$
3,300,000
 
$
4,800,000
 
$
1,050,000
 
$
 
$
785,000
 
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.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which begin at a specified date in the future (the "effective date").
The amount of the payment obligation is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For an over-the-counter ("OTC") swap that is not cleared through a clearing house ("OTC Uncleared"), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."
Upon the execution of an OTC swap cleared through a clearing house ("OTC Cleared"), the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the

NUVEEN
71


Notes to Financial Statements (continued)
swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, NXP and NXR used forward interest rate swap contracts as part of their duration management in order to reduce their price volatility risk to movements in U.S. interest rates relative to their benchmarks. These contracts were terminated prior to the end of the reporting period.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
     
NXP
   
NXR
 
Average notional amount of interest rate swap contracts outstanding*
 
$
5,680,000
 
$
4,150,000
 

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
                   
               
Change in Net
 
           
Net Realized
 
Unrealized Appreciation
 
   
Underlying
 
Derivative
 
Gain (Loss) from
 
(Depreciation) of
 
Fund
 
Risk Exposure
 
Instrument
 
Swaps
 
Swaps
 
NXP
   
Interest rate
   
Swaps
 
$
(180,389
)
$
443,326
 
NXR
   
Interest rate
   
Swaps
 
$
(87,611
)
$
299,545
 
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
During the current reporting period, NXC filed an initial registration statement with the Securities and Exchange Commission ("SEC") to issue additional shares through an equity shelf program, which is not yet effective. Under this program the Fund, 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.
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
 
     
3/31/17
   
3/31/16
   
3/31/17
   
3/31/16
 
Shares issued to shareholders due to reinvestment of distributions
   
5,403
   
3,614
   
919
   
 

72
NUVEEN


5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Purchases
 
$
70,413,779
 
$
69,219,608
 
$
57,874,403
 
$
23,508,444
 
$
18,076,115
 
Sales and maturities
   
75,195,969
   
69,328,163
   
58,654,530
   
25,760,078
   
16,511,798
 
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.
As of March 31, 2017, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Cost of investments
 
$
217,957,530
 
$
230,208,037
 
$
171,684,995
 
$
84,522,791
 
$
52,114,401
 
Gross unrealized:
                               
Appreciation
 
$
25,235,445
 
$
22,340,980
 
$
24,352,068
 
$
7,732,426
 
$
2,619,095
 
Depreciation
   
(862,809
)
 
(897,237
)
 
(637,453
)
 
(271,150
)
 
(100,790
)
Net unrealized appreciation (depreciation) of investments
 
$
24,372,636
 
$
21,443,743
 
$
23,714,615
 
$
7,461,276
 
$
2,518,305
 
Permanent differences, primarily due to distribution reallocations, taxable market discount and expiration of capital loss carryforwards, resulted in reclassifications among the Funds' components of net assets as of March 31, 2017, the Funds' tax year end, as follows:

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Paid-in-surplus
 
$
 
$
(400,800
)
$
 
$
 
$
 
Undistributed (Over-distribution of) net investment income
   
(221,043
)
 
(56,280
)
 
(197,428
)
 
(599
)
 
 
Accumulated net realized gain (loss)
   
221,043
   
457,080
   
197,428
   
599
   
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2017, the Funds' tax year end, were as follows:

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Undistributed net tax-exempt income1
 
$
625,380
 
$
308,946
 
$
169,981
 
$
138,755
 
$
194,842
 
Undistributed net ordinary income2
   
17,756
   
18,511
   
4,470
   
   
3,188
 
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, 2017, paid on April 3, 2017.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

NUVEEN
73


Notes to Financial Statements (continued)
The tax character of distributions paid during the Funds' tax years ended March 31, 2017 and March 31, 2016, was designated for purposes of the dividends paid deduction as follows:

2017
   
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Distributions from net tax-exempt income3
 
$
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 gains4
   
   
   
   
615,450
   
 

2016
   
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Distributions from net tax-exempt income
 
$
9,246,154
 
$
9,538,842
 
$
7,319,179
 
$
4,115,952
 
$
2,166,034
 
Distributions from net ordinary income2
   
106,131
   
8,857
   
16,341
   
   
 
Distributions from net long-term capital gains
   
   
   
   
107,389
   
 

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, 2017, as Exempt Interest Dividends.
4
The Funds 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, 2017.

As of March 31, 2017, 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
   
6,017,453
   
10,432,099
   
3,493,505
   
1,311,188
 
Total
 
$
6,017,453
 
$
10,767,841
 
$
3,493,505
 
$
1,311,188
 
During the Funds' tax year ended, March 31, 2017, the following Funds utilized capital loss carryforwards as follows:
                     
     
NXP
   
NXQ
   
NXR
 
Utilized capital loss carryforwards
 
$
1,246,830
 
$
73,284
 
$
136,618
 
As of March 31, 2017, the Funds' tax year end, $400,800, of NXQ capital loss carryforward expired.
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
 
$
611,697
 
Late-year ordinary losses6
   
 

5
Capital losses incurred from November 1, 2016 through March 31, 2017, the Funds' tax year end.
6
Ordinary losses incurred from January 1, 2017 through March 31, 2017 and/or specified losses incurred from November 1, 2016 through March 31, 2017.
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 Managed Assets*
Fund-Level Fee
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
 

74
NUVEEN


For the period April 1, 2016 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund (excluding NXP) was calculated according to the following schedule:

 
NXQ
 
NXR
 
NXC
 
NXN
Average Daily Managed Assets*
Fund-Level Fee
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
 

Effective August 1, 2016, 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 Managed Assets*
Fund-Level Fee
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 managed assets:
   
Complex-Level Managed Asset Breakpoint Level*
Effective 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 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, 2017, the complex-level fee for each Fund was 0.1613%.

NUVEEN
75


Notes to Financial Statements (continued)
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
   
NXQ
   
NXN
 
Purchases
 
$
4,954,658
 
$
1,931,767
 
Sales
   
   
2,219,066
 
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. On December 31, 2016, (the only date utilized during the current fiscal period) the following funds borrowed the following amounts from the Unsecured Credit Line, each at an annualized interest rate of 2.02% on their respective balance.

     
NXQ
   
NXN
 
Outstanding balance at December 31, 2016
 
$
355,593
 
$
1,315,990
 
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.5 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 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. New Accounting Pronouncements
Amendments to Regulation S-X
In October 2016, the SEC adopted new rules and amended existing rules (together, the "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.
Accounting Standards Update 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board ("FASB") 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
NUVEEN


Additional Fund Information (Unaudited)

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

         
Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
KPMG LLP
State Street Bank
Chicago, IL 60606
One Lincoln Street
 
200 East Randolph Drive
& Trust Company
 
Boston, MA 02111
 
Chicago, IL 60601
Nuveen Funds
       
P.O. Box 43071
       
Providence, RI 02940-3071
       
(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.

NUVEEN
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.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, 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.

78
NUVEEN


Glossary of Terms Used in this Report (Unaudited) (continued)

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.

NUVEEN
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
NUVEEN


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 twelve. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") 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,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
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.
 
 
 
177
                   
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, American Board of Orthopaedic Surgery (since 2017); 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; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
 
 
177
                   
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; past Director (2005- 2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); 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.
 
 
 
177
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
 
 
 
177

NUVEEN
81


Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
                   
ALBIN F. MOSCHNER(2)
1952
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2016
Class III
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); 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). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016).
 
 
 
177
                   
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.
 
 
 
177
                   
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).
 
 
 
177
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc.(since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
 
 
 
177
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2008
Class II
 
Co-Founding Partner, Promus Capital (since 2008); 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).
 
 
 
177

82
NUVEEN



 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
                   
MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2016
Class I
 
Member of the Board of Directors (since 2013) 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.
 
 
 
177
Interested Board Members:
               
                   
WILLIAM ADAMS IV(3)
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2013
Class II
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016) of Nuveen Investments, Inc.; Executive Vice President (since February 2017) of Nuveen, LLC; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Co-President, Global Products and Solutions (since January 2017), formerly, Chief Executive Officer (2016- 2017), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).
 
 
 
177
                   
MARGO L. COOK(2)(3)
1964
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2016
Class III
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; Co-President, Global Products and Solutions (since January 2017), formerly, Co-Chief Executive Officer (2015-2016), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since February 2017) of Nuveen, LLC; Co-President (since October 2016), formerly Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst.
 
 
 
177
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(4)
 
During Past 5 Years
 
in Fund
                 
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.
 
 
 
76
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Vice President
 
 
 
1998
 
Senior Managing Director (since February 2017), formerly, Managing Director (2004-2017) of Nuveen.
 
 
 
178

NUVEEN
83


Board Members & Officers (Unaudited) (continued)
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
                   
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; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant.
 
 
 
178
             
 
Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen.; Chartered Financial Analyst.
 
 
 
178
NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
Vice President
and Treasurer
 
 
 
2016
                   
WALTER M. KELLY
197o
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.
 
 
 
178
                   
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 Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
 
 
 
76
                   
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.
 
 
 
178
                   
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); Vice President (since 2010) and Secretary (since 2016) of Nuveen Commodities Asset Management, LLC, formerly Assistant Secretary (2010-2016).
 
 
 
178
                   
KATHLEEN L. PRUDHOMME
1953
9o1 Marquette Avenue
Minneapolis, MN 554o2
 
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
178

84
NUVEEN


 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
                   
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; Managing Director (since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 
 
 
178
                   
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).
 
 
 
178
                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Vice President and
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.
 
 
 
178

(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.
(2)
On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016.
(3)
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. 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.

NUVEEN
85
 

Notes

86
NUVEEN
 

Notes

NUVEEN
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 management arm 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/cef

Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
EAN-B-0317D 157263




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.

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 and Jack B. Evans, 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.
 
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, 2017
 
$
24,090
   
$
0
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
March 31, 2016
 
$
23,270
   
$
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, 2017
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
March 31, 2016
 $                                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, 2017
 $                                0
 $                                      0
 $                                    0
 $                           0
March 31, 2016
 $                                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)). The members of the audit committee are Jack B. Evans, David J. Kundert, 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 herein 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
$13.28 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
2
$1.02 million
*
Assets are as of March 31, 2017.  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 REGISTRANT’S SECURITIES AS OF MARCH 31, 2017

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. 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 2, 2017

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 2, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: June 2, 2017