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 811-06548

Nuveen 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: September 30, 2016

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
8
   
Share Information
9
   
Risk Considerations
11
   
Performance Overview and Holding Summaries
12
   
Shareholder Meeting Report
20
   
Portfolios of Investments
21
   
Statement of Assets and Liabilities
54
   
Statement of Operations
55
   
Statement of Changes in Net Assets
56
   
Financial Highlights
58
   
Notes to Financial Statements
64
   
Additional Fund Information
76
   
Glossary of Terms Used in this Report
77
   
Reinvest Automatically, Easily and Conveniently
79
   
Annual Investment Management Agreement Approval Process
80

NUVEEN
3


Chairman's Letter to Shareholders
Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year winds down, 2016 looks on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets. Currently, with the economy modestly growing, the return to "full" employment and a recent uptick in inflation, the Fed may be encouraged to again raise its target rate at the December 2016 meeting, after remaining on hold for nearly a year.
Global conditions continue to look subdued by comparison. Investors continue to adjust to the idea of a slower Chinese economy, which has helped commodity prices stabilize and lift global inflation expectations. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced a new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.
Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook with the U.S. transitioning to a new presidential administration followed by key elections across Europe in 2017, we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. 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
November 22, 2016

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 Investments, Inc. Portfolio managers Michael S. Hamilton and Scott R. Romans, PhD, discuss key investment strategies and the six-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 key strategies were used to manage these Funds during the six-month reporting period ended September 30, 2016?
Municipal bond market conditions were favorable for the asset class over the six-month reporting period. Municipal bond yields fell and prices rose (as bond yields and prices move in opposite directions), in concert with the trajectory of U.S. Treasuries. The flattening yield curve, caused by rising rates on the short end of the yield curve and rallying rates on the long end, also supported municipal bond performance over 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.
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. In NXP, NXQ and NXR, to help maintain the Funds' duration targets, we primarily bought shorter duration bonds, namely those with one- to three-year maturities. NXQ also added small positions in some longer duration bonds that we found attractive. Additionally during this reporting period, we sought to take advantage of a temporary opportunity in the municipal money markets, as yields on variable rate demand notes (VRDNs) rose in anticipation of some new money market regulations taking effect in October 2016 (subsequent to the close of this reporting period). We bought seven-day VRDNs, which we considered short-term holdings to help keep the Funds fully invested and contribute income to support their dividends.
 
 
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. Ratings are not covered by the report of independent registered public accounting firm.
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)
In NXC and NXN, our buying activity was concentrated in two areas during this reporting period. First, we looked for high quality bonds issued by large issuers that would likely maintain their liquidity, even if market conditions turned more volatile. Our second emphasis was on selectively buying bonds offering compelling yields in exchange for taking appropriate credit risk. In NXC, we added below investment grade hospital and tobacco securitization bonds, while NXN bought a mix of BBB rated and sub- investment grade airport and charter school credits.
To fund these purchases, we mostly used the proceeds from called and maturing bonds. Market conditions continued to be favorable for refunding activity, as issuers continued to refinance bonds to lower their debt costs. As such, call activity provided ample cash for our trading activities. NXP, NXQ and NXR also continued to trim exposures to long duration, zero coupon Puerto Rico sales tax bonds (known as COFINA bonds) to help reduce the Funds' durations. NXC and NXN sold some very short maturity bonds.
As of September 30, 2016, 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. For duration management purposes, NXP and NXR held forward interest rate swaps during the reporting period. During this reporting period, we reduced the Funds' swap positions, decreasing the amount of hedge in the portfolios. The swap positions had a negative impact on the two Funds' performance over this reporting period but nevertheless worked as intended to shorten the durations of these two Funds and bring them within our target range.
How did the Funds perform during the six-month reporting period ended September 30, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year and ten-year periods ended September 30, 2016. Each Fund's returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification average.
For the six months ended September 30, 2016, the total returns on common share NAV for these five Funds outperformed the returns for their respective state's S&P Municipal Bond Index as well as that of the national S&P Municipal Bond Index. For this same period, NXP, NXQ and NXR bested the average return for the Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average and NXC and NXN lagged the Lipper California Municipal Debt Funds and the Lipper New York Municipal Debt Funds classification average returns, respectively.
The main contributor to the five Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve with corresponding underweights to the shorter end of the curve (although NXP, NXQ and NXR were overweighted in maturities under two years), which resulted in longer durations than the benchmark. This positioning was advantageous in this reporting period as longer dated bonds generally outperformed shorter dated bonds as the yield curve flattened. NXP, NXQ and NXR's allocation to zero coupon bonds, which have very long maturities, was particularly beneficial to performance.
Credit ratings exposure was a secondary driver of the Funds' performance during this reporting period. Credit spread contraction and investor demand for higher yielding securities continued to support the outperformance of lower rated municipal bonds over this reporting period. The Funds were positioned with overweight allocations to the lower-quality categories and underweight allocations to the highest quality categories, which was beneficial to performance.
Sector performance was mixed over this reporting period. The three national Funds were aided by their underweight allocations to the tax-supported sector. Within the tax-supported segment, the Funds' overweight exposures to dedicated tax credits, specifically zero coupon Puerto Rico COFINA bonds, contributed positively to performance, offsetting an underweight in appropriation bonds, which detracted from performance. Elsewhere, overweight exposures to the health care (particularly hospitals) and transportation (especially tollroads) sectors also boosted the performance of NXP, NXQ and NXR. NXC and NXN benefited from outperformance in the tobacco, higher education and health care sectors.

6
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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 and NXN had no exposure to Puerto Rico debt during this reporting period, while, NXP, NXQ and NXR had allocations of 0.7%, 0.8% and 1.8%, respectively, at the end of the reporting period. 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 pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016 (subsequent to the close of this reporting period), the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

NUVEEN
7


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 positive impact on the performance of NXP, NXQ and NXR during the current reporting period. The impact of leverage on NXR over the reporting period was negligible, while NXC did not use leverage during the reporting period.
As of September 30, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

   
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Effective Leverage*
   
1.24
%
   
1.76
%
   
0.50
%
   
0.00
%
   
8.38
%

*
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.

8
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Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of September 30, 2016. 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 2016
   
0.0455
   
0.0420
   
0.0435
   
0.0525
   
0.0460
 
Total Distributions from Net Investment Income
 
$
0.2730
 
$
0.2645
 
$
0.2710
 
$
0.3150
 
$
0.2760
 
                                 
Yields
                               
Market Yield*
   
3.56
%
 
3.46
%
 
3.38
%
 
3.68
%
 
3.77
%
Taxable-Equivalent Yield*
   
4.94
%
 
4.81
%
 
4.69
%
 
5.64
%
 
5.60
%

*
Market Yield is based on the Fund's current annualized monthly distribution 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.
As of September 30, 2016, the Funds had positive UNII balances, based upon our best estimate, 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.

NUVEEN
9


Share Information (Unaudited) (continued)
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 September 30, 2016, 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
0
0
0
0
0
 
Shares authorized for repurchase
1,655,000
1,770,000
1,305,000
630,000
390,000
 
OTHER SHARE INFORMATION
As of September 30, 2016, 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
 
$
15.82
 
$
15.16
 
$
16.11
 
$
15.87
 
$
14.65
 
Share price
 
$
15.32
 
$
14.55
 
$
15.45
 
$
17.13
 
$
14.66
 
Premium/(Discount) to NAV
   
(3.16
)%
 
(4.02
)%
 
(4.10
)%
 
7.94
%
 
0.07
%
6-month average premium/(discount) to NAV
   
(2.91
)%
 
(3.17
)%
 
(3.84
)%
 
4.61
%
 
(1.44
)%

10
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
11


NXP
 
 
Nuveen Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2016
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 September 30, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NXP at NAV
4.11%
 
9.65%
6.79%
5.42%
 
NXP at Share Price
4.72%
 
17.26%
6.29%
5.54%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
3.04%
 
7.36%
6.08%
5.10%
 
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
12
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
96.1%
Corporate Bonds
0.1%
Short-Term Municipal Bonds
3.5%
Other Assets Less Liabilities
0.3%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
21.0%
AA
42.7%
A
18.5%
BBB
9.0%
BB or Lower
8.1%
N/R (not rated)
0.7%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
25.5%
Transportation
17.5%
Health Care
14.6%
Tax Obligation/General
13.3%
U.S. Guaranteed
9.6%
Consumer Staples
6.7%
Other
12.8%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
20.8%
Illinois
11.0%
New Jersey
9.7%
Texas
9.2%
Colorado
4.6%
Michigan
4.2%
Virginia
4.0%
Florida
3.8%
New York
3.8%
North Carolina
3.2%
Missouri
3.1%
Massachusetts
3.1%
Other
19.5%
Total
100%

1
Excluding investments in derivatives.

NUVEEN
13


NXQ
 
 
Nuveen Select Tax-Free Income Portfolio 2
 
Performance Overview and Holding Summaries as of September 30, 2016
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 September 30, 2016

 
Cumulative
 
Average Annual  
 
6-Month
 
1-Year
5-Year
10-Year
 
NXQ at NAV
3.67%
 
8.64%
6.83%
4.99%
 
NXQ at Share Price
4.84%
 
15.20%
6.86%
5.46%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
3.04%
 
7.36%
6.08%
5.10%
 
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages 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
93.7%
Corporate Bonds
0.1%
Short-Term Municipal Bonds
3.5%
Other Assets Less Liabilities
2.7%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
18.8%
AA
39.9%
A
22.4%
BBB
9.0%
BB or Lower
8.8%
N/R (not rated)
1.1%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
19.6%
Health Care
18.0%
Transportation
17.0%
Tax Obligation/Limited
17.0%
U.S. Guaranteed
8.2%
Consumer Staples
6.6%
Other
13.6%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
20.0%
Illinois
12.8%
Texas
10.3%
Colorado
8.6%
Michigan
4.6%
Ohio
4.5%
Indiana
4.3%
Nevada
4.1%
Washington
3.6%
New Jersey
3.6%
Arizona
3.2%
New York
3.2%
Other
17.2%
Total
100%

NUVEEN
15


NXR
 
 
Nuveen Select Tax-Free Income Portfolio 3
 
Performance Overview and Holding Summaries as of September 30, 2016
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 September 30, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NXR at NAV
3.95%
 
10.07%
7.17%
5.62%
 
NXR at Share Price
5.59%
 
16.86%
6.86%
5.96%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
3.04%
 
7.36%
6.08%
5.10%
 
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages 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
95.4%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
2.8%
Other Assets Less Liabilities
1.8%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
18.1%
AA
48.5%
A
13.4%
BBB
9.8%
BB or Lower
9.1%
N/R (not rated)
1.1%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
25.0%
Tax Obligation/General
17.0%
Transportation
16.1%
Health Care
11.4%
U.S. Guaranteed
9.2%
Consumer Staples
7.7%
Water and Sewer
5.7%
Utilities
5.5%
Other
2.4%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
24.3%
Illinois
13.3%
Texas
10.8%
Colorado
5.9%
Ohio
4.2%
Michigan
3.9%
Florida
3.8%
Washington
3.7%
Virginia
3.3%
New York
3.1%
Indiana
3.0%
New Jersey
2.7%
Other
18.0%
Total
100%

1
Excluding investments in derivatives.

NUVEEN
17


NXC
 
 
Nuveen California Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2016
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 September 30, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NXC at NAV
3.23%
 
8.32%
7.07%
5.68%
 
NXC at Share Price
4.59%
 
17.42%
10.67%
7.24%
 
S&P Municipal Bond California Index
2.41%
 
6.03%
5.56%
5.05%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper California Municipal Debt Funds Classification Average
3.56%
 
9.32%
8.48%
5.71%
 
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages 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
96.7%
Short-Term Municipal Bonds
2.5%
Other Assets Less Liabilities
0.8%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
31.1%
Tax Obligation/Limited
17.3%
Water and Sewer
13.3%
Health Care
11.4%
U.S. Guaranteed
8.8%
Transportation
6.7%
Consumer Staples
5.2%
Other
6.2%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
18.2%
AA
44.0%
A
19.3%
BBB
8.9%
BB or Lower
8.2%
N/R (not rated)
1.4%
Total
100%

18
NUVEEN


NXN
 
 
Nuveen New York Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2016
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 September 30, 2016

 
Cumulative
 
Average Annual  
 
6-Month
 
1-Year
5-Year
10-Year
 
NXN at NAV
2.73%
 
6.25%
4.73%
4.65%
 
NXN at Share Price
6.25%
 
14.42%
6.00%
5.38%
 
S&P Municipal Bond New York Index
2.31%
 
5.61%
4.47%
4.67%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper New York Municipal Debt Funds Classification Average
3.59%
 
8.88%
7.00%
5.25%
 
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages 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
99.7%
Short-Term Municipal Bonds
0.9%
Other Assets Less Liabilities
1.1%
Net Assets Plus Floating Rate Obligations
101.7%
Floating Rate Obligations
(1.7)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Education and Civic Organizations
26.8%
Tax Obligation/Limited
26.0%
U.S. Guaranteed
12.6%
Transportation
10.6%
Utilities
6.3%
Water and Sewer
5.0%
Other
12.7%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
32.9%
AA
35.7%
A
14.3%
BBB
5.6%
BB or Lower
7.4%
N/R (not rated)
4.1%
Total
100%

NUVEEN
19

 

Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 3, 2016 for NXP, NXQ, NXR, NXC and NXN; at this meeting the shareholders were asked to elect Board Members.

   
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
   
Common
   
Common
   
Common
   
Common
   
Common
 
   
shares
   
shares
   
shares
   
shares
   
shares
 
Approval of the Board Members was reached as follows:
                   
William C. Hunter
                   
For
   
14,747,835
     
16,024,050
     
11,823,858
     
5,531,516
     
2,943,816
 
Withhold
   
315,617
     
277,054
     
255,896
     
232,992
     
450,722
 
Total
   
15,063,452
     
16,301,104
     
12,079,754
     
5,764,508
     
3,394,538
 
Judith M. Stockdale
                                       
For
   
14,758,343
     
15,987,412
     
11,811,692
     
5,501,640
     
2,938,510
 
Withhold
   
305,109
     
313,692
     
268,062
     
262,868
     
456,028
 
Total
   
15,063,452
     
16,301,104
     
12,079,754
     
5,764,508
     
3,394,538
 
Carole E. Stone
                                       
For
   
14,757,668
     
16,034,612
     
11,807,273
     
5,540,966
     
2,943,581
 
Withhold
   
305,784
     
266,492
     
272,481
     
223,542
     
450,957
 
Total
   
15,063,452
     
16,301,104
     
12,079,754
     
5,764,508
     
3,394,538
 
Margaret L. Wolff
                                       
For
   
14,762,859
     
16,045,746
     
11,816,051
     
5,536,179
     
2,945,908
 
Withhold
   
300,593
     
255,358
     
263,703
     
228,329
     
448,630
 
Total
   
15,063,452
     
16,301,104
     
12,079,754
     
5,764,508
     
3,394,538
 

20
NUVEEN


NXP
   
 
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 96.2%
             
     
MUNICIPAL BONDS – 96.1%
             
     
Alaska – 1.0%
             
$
2,675
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
12/16 at 100.00
 
B3
 
$
2,650,283
 
     
Arizona – 2.4%
             
 
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
   
2,809,875
 
 
2,530
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
   
2,735,563
 
 
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
 
A3
   
700,844
 
 
5,655
 
Total Arizona
         
6,246,282
 
     
Arkansas – 0.8%
             
 
6,555
 
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured
No Opt. Call
 
Aa2
   
2,192,516
 
     
California – 20.7%
             
 
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
   
2,092,900
 
 
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
   
2,763,198
 
 
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
   
1,867,357
 
 
3,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
 
AA–
   
3,582,570
 
 
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–
   
2,728,041
 
 
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+
   
1,956,326
 
 
2,745
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/29
10/19 at 100.00
 
AA–
   
3,074,647
 
 
1,500
 
California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A, 6.250%, 8/15/28 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
   
1,651,890
 
 
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)
   
1,041,592
 
 
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
   
1,521,298
 
 
800
 
East Side Union High School District, Santa Clara County, California, General Obligation
8/19 at 100.00
 
AA (4)
   
892,632
 
     
Bonds, 2008 Election Series 2010B, 5.000%, 8/01/24 (Pre-refunded 8/01/19) – AGC Insured
             
 
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+
   
2,047,134
 
 
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
 
B
   
1,414,683
 
 
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
   
1,302,135
 
 
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
 
Aa3
   
2,450,725
 
 
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–
   
871,720
 

NUVEEN
21


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
             
$
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
 
AA
 
$
1,004,200
 
 
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
   
2,484,937
 
 
590
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
   
676,895
 
 
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+
   
3,074,536
 
 
1,700
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)
No Opt. Call
 
AA– (4)
   
1,143,454
 
 
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–
   
2,594,948
 
 
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–
   
4,857,840
 
 
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
   
3,646,951
 
 
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
   
1,518,250
 
 
1,195
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/16 at 100.00
 
B–
   
1,195,060
 
 
1,150
 
Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured
No Opt. Call
 
AAA
   
781,805
 
 
66,685
 
Total California
         
54,237,724
 
     
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
 
A–
   
2,023,557
 
 
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–
   
1,103,970
 
 
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
   
2,242,026
 
 
250
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
171,940
 
 
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–
   
4,789,375
 
 
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–
   
888,780
 
 
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
   
725,239
 
 
20,085
 
Total Colorado
         
11,944,887
 
     
Florida – 3.8%
             
 
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)
   
3,085,531
 
 
2,500
 
JEA St. Johns River Power Park System, Florida, Revenue Bonds, 2012-Issue 2 Series 25, 5.000%, 10/01/16
No Opt. Call
 
AA
   
2,500,300
 
 
4,240
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2007A, 5.000%, 4/01/23 (Pre-refunded 4/01/17) – AMBAC Insured
4/17 at 100.00
 
AA– (4)
   
4,329,082
 
 
9,730
 
Total Florida
         
9,914,913
 

22
NUVEEN

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois – 10.9%
             
     
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–
 
$
2,350,207
 
 
2,000
 
0.000%, 4/01/23 – NPFG Insured
No Opt. Call
 
AA–
   
1,650,040
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
B+
   
664,800
 
 
360
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46
12/26 at 100.00
 
B+
   
371,524
 
 
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–
   
33,231
 
 
1,370
 
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2008B, 5.000%, 1/01/20 – AGM Insured
1/17 at 100.00
 
AA
   
1,384,412
 
 
2,100
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 4.000%, 8/15/33
No Opt. Call
 
AA+
   
2,281,839
 
 
260
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
   
315,398
 
 
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+
   
2,220,393
 
 
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)
   
1,168,880
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.432%, 7/01/46 (Pre-refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
   
1,116,612
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB+
   
2,498,286
 
 
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
   
838,270
 
 
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–
   
1,502,733
 
 
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)
   
466,602
 
     
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–
   
1,056,665
 
 
810
 
0.000%, 6/15/30 – NPFG Insured
No Opt. Call
 
AA–
   
489,038
 
 
6,070
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
   
3,447,274
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
2,217,100
 
 
1,775
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
   
2,155,844
 
 
310
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
   
373,451
 
 
34,460
 
Total Illinois
         
28,602,599
 
     
Indiana – 0.8%
             
 
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
   
295,699
 
 
485
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
   
492,949
 
 
515
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
   
525,254
 
 
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
   
817,973
 
 
2,020
 
Total Indiana
         
2,131,875
 


NUVEEN
23


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Iowa – 2.5%
             
$
1,540
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B+
 
$
1,595,224
 
 
1,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
12/16 at 100.00
 
B+
   
1,000,040
 
 
4,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
   
4,026,120
 
 
6,540
 
Total Iowa
         
6,621,384
 
     
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+
   
2,756,250
 
     
Massachusetts – 1.3%
             
 
1,075
 
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Series 2006, 5.000%, 5/01/18 – AMBAC Insured
5/17 at 100.00
 
A–
   
1,100,682
 
 
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)
   
535,975
 
 
1,775
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax)
12/18 at 100.00
 
AA–
   
1,862,064
 
 
3,350
 
Total Massachusetts
         
3,498,721
 
     
Michigan – 4.1%
             
 
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
   
402,517
 
 
1,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
 
AA+
   
1,609,560
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 (Pre-refunded 11/14/16) – FGIC Insured
11/16 at 100.00
 
AA– (4)
   
2,508,250
 
 
2,075
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%, 7/01/25 (Pre-refunded 11/14/16) – NPFG Insured
11/16 at 100.00
 
AA– (4)
   
2,081,184
 
 
1,780
 
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41
11/26 at 100.00
 
A
   
2,110,172
 
 
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)
   
2,128,460
 
 
10,210
 
Total Michigan
         
10,840,143
 
     
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–
   
1,804,471
 
     
Missouri – 3.1%
             
 
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+
   
387,850
 
     
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
   
1,034,357
 
 
5,000
 
0.000%, 4/15/30 – AMBAC Insured
No Opt. Call
 
AA–
   
3,409,300
 
 
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
   
2,305,380
 
 
910
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016, 4.000%, 5/15/39 (WI/DD, Settling 10/13/16)
5/26 at 100.00
 
A+
   
966,975
 
 
9,435
 
Total Missouri
         
8,103,862
 

24
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Nevada – 1.7%
             
$
750
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, 17.526%, 7/01/42 (IF)
1/20 at 100.00
 
A+
 
$
1,182,030
 
 
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
 
A+
   
1,390,650
 
 
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)
   
1,777,500
 
 
3,500
 
Total Nevada
         
4,350,180
 
     
New Jersey – 9.7%
             
 
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
   
1,085,512
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
12/16 at 100.00
 
AA–
   
2,572,848
 
 
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–
   
1,149,926
 
 
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
   
313,076
 
 
35,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/34 – AGM Insured
No Opt. Call
 
AA
   
17,873,800
 
 
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–
   
2,433,825
 
 
42,285
 
Total New Jersey
         
25,428,987
 
     
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
   
1,011,550
 
     
New York – 3.7%
             
 
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
   
576,235
 
 
1,810
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
   
1,838,634
 
 
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
   
3,920,401
 
 
840
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
 
AAA
   
859,446
 
 
1,660
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
   
1,698,296
 
 
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
   
912,031
 
 
9,215
 
Total New York
         
9,805,043
 
     
North Carolina – 1.4%
             
 
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
   
1,125,950
 
 
2,440
 
Union County, North Carolina, General Obligation Bonds, Series 2007D, 5.000%, 3/01/21 (Pre-refunded 3/01/17) – NPFG Insured
3/17 at 100.00
 
Aaa
   
2,483,700
 
 
3,440
 
Total North Carolina
         
3,609,650
 
     
Ohio – 2.3%
             
     
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–
   
1,664,623
 
 
1,000
 
6.500%, 6/01/47
6/17 at 100.00
 
B–
   
1,017,590
 

NUVEEN
25


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Ohio (continued)
             
$
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–
 
$
2,027,476
 
 
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+
   
1,266,308
 
 
5,750
 
Total Ohio
         
5,975,997
 
     
Oklahoma – 0.4%
             
 
1,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36 (Pre-refunded 11/02/16)
11/16 at 100.00
 
BBB+ (4)
   
1,004,120
 
     
Pennsylvania – 0.6%
             
 
1,490
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
   
1,670,722
 
     
Puerto Rico – 0.7%
             
 
7,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
   
1,891,125
 
     
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)
   
301,275
 
 
110
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/33
7/25 at 100.00
 
BBB+
   
129,977
 
 
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+
   
6,411,269
 
 
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–
   
2,100,635
 
 
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–
   
1,645,047
 
 
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
   
1,602,547
 
 
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
   
2,589,824
 
 
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
   
2,607,040
 
 
5,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26
No Opt. Call
 
A3
   
5,804,950
 
 
830
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41
11/21 at 100.00
 
BBB–
   
919,565
 
 
27,675
 
Total Texas
         
24,112,129
 
     
Virginia – 4.0%
             
 
1,000
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB (4)
   
1,043,520
 
 
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+
   
2,415,580
 
 
1,500
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2009B, 5.000%, 8/01/17
No Opt. Call
 
AA+
   
1,553,025
 
      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
   
1,142,140
 
 
1,470
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,759,002
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,167,277
 
 
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+
   
1,431,116
 
 
9,370
 
Total Virginia
         
10,511,660
 

 
26
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Washington – 2.6%
             
$
1,280
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18
No Opt. Call
 
Aa2
 
$
1,385,267
 
 
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
   
1,117,670
 
 
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)
   
2,631,075
 
 
2,115
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/27 – NPFG Insured
No Opt. Call
 
AA+
   
1,700,333
 
 
6,885
 
Total Washington
         
6,834,345
 
     
West Virginia – 0.7%
             
 
1,500
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
   
1,771,275
 
     
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
   
1,850,428
 
 
490
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
12/16 at 100.00
 
AA
   
491,789
 
 
2,135
 
Total Wisconsin
         
2,342,217
 
$
304,370
 
Total Municipal Bonds (cost $215,265,088)
         
251,864,910
 
 
 
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
 
$
128,968
 
 
56
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
   
28,118
 
$
266
 
Total Corporate Bonds (cost $23,822)
           
157,086
 
     
Total Long-Term Investments (cost $215,288,910)
         
$
252,021,996
 
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 3.5%
             
     
MUNICIPAL BONDS – 3.5%
             
     
Massachusetts – 1.7%
             
$
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Variable Rate Demand Obligations, Refunding Senior Lien Series 2010A, 0.760%, 1/01/37 (9)
12/16 at 100.00
 
VMIG-1
 
$
4,500,000
 
     
North Carolina – 1.8%
             
 
4,745
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Variable Rate Demand Obligations, Series 2003-B, 0.820%, 8/15/34 – NPFG Insured (9)
12/16 at 100.00
 
A-1+
   
4,745,000
 
$
9,245
 
Total Short-Term Investments (cost $9,245,000)
         
9,245,000
 
     
Total Investments (cost $224,533,910) – 99.7%
         
261,266,996
 
     
Other Assets Less Liabilities – 0.3% (10)
         
875,397
 
     
Net Assets – 100%
       
$
262,142,393
 

NUVEEN
27


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

Investments in Derivatives as of September 30, 2016
Interest Rate Swaps

       
Fund
         
Fixed Rate
         
Unrealized
 
   
Notional
 
Pay/Receive
 
Floating Rate
 
Fixed Rate
 
Payment
 
Effective
 
Termination
 
Appreciation
 
Counterparty
 
Amount
 
Floating Rate
 
Index
 
(Annualized
)
Frequency
 
Date (11
)
Date
 
(Depreciation
)
JPMorgan Chase Bank, N.A.
 
$
7,000,000
   
Receive
   
Weekly USD-SIFMA
   
1.190
%
 
Quarterly
   
7/31/17
   
7/31/27
 
$
16,962
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
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 is not accruing income for either senior interest corporate bond.
(9)
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.
(10)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(11)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(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.
USD-SIFMA
United States Dollar-Securities Industry and Financial Markets Association
See accompanying notes to financial statements.
 
28
NUVEEN


NXQ
   
 
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 93.8%
             
     
MUNICIPAL BONDS – 93.7%
             
     
Alaska – 0.4%
             
$
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
12/16 at 100.00
 
B3
 
$
995,630
 
     
Arizona – 3.1%
             
 
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
   
2,809,875
 
 
1,590
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
   
1,719,188
 
 
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
 
A3
   
672,810
 
 
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+
   
2,857,163
 
 
215
 
Sedona Wastewater Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 1998, 0.000%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
   
198,935
 
 
7,155
 
Total Arizona
         
8,257,971
 
     
California – 17.7%
             
 
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
   
1,046,450
 
 
11,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured
No Opt. Call
 
AA
   
4,618,350
 
 
4,000
 
Arcadia Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/33 – AGM Insured
2/17 at 44.77
 
Aa1
   
1,781,760
 
 
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
   
1,545,810
 
 
500
 
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1998A, 5.250%, 12/01/16
11/16 at 100.00
 
A+
   
501,935
 
 
60
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
12/16 at 100.00
 
AA–
   
60,221
 
 
2,500
 
California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A, 6.250%, 8/15/28 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
   
2,753,150
 
 
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
   
1,843,444
 
 
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–
   
2,710,664
 
 
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–
   
1,000,220
 
 
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
 
Aa3
   
2,450,725
 
 
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
   
901,814
 
 
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
 
AA
   
1,004,200
 
 
450
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
   
654,323
 
 
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
   
869,972
 

NUVEEN
29


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
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
11/19 at 100.00
 
Ba1
 
$
676,895
 
 
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–
   
3,877,012
 
 
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+
   
3,081,540
 
 
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)
   
1,681,550
 
 
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–
   
2,652,497
 
 
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
 
A1
   
2,301,637
 
 
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
   
1,919,448
 
     
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
   
491,210
 
 
1,890
 
0.000%, 8/01/31 – AGM Insured
8/18 at 47.14
 
AA
   
873,123
 
 
6,025
 
Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/30
No Opt. Call
 
AA
   
4,070,189
 
 
2,080
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/16 at 100.00
 
B–
   
2,080,104
 
 
64,815
 
Total California
         
47,448,243
 
     
Colorado – 8.3%
             
 
500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
7/19 at 100.00
 
A–
   
554,945
 
 
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–
   
2,180,341
 
 
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–
   
1,023,950
 
 
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
   
2,242,026
 
 
2,230
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.750%, 12/01/35 (Pre-refunded 11/08/16) – SYNCORA GTY Insured
11/16 at 100.00
 
BBB– (4)
   
2,233,657
 
 
1,600
 
Denver, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/16 – NPFG Insured
No Opt. Call
 
AA–
   
1,608,416
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
             
 
5,140
 
0.000%, 9/01/24 – NPFG Insured
No Opt. Call
 
AA–
   
4,262,294
 
 
8,100
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
5,570,856
 
 
4,475
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
   
2,656,987
 
 
26,955
 
Total Colorado
         
22,333,472
 
     
Connecticut – 0.7%
             
 
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
   
2,006,287
 
     
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)
   
1,542,765
 
 
1,500
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45
11/24 at 100.00
 
A2
   
1,735,335
 
 
2,995
 
Total Florida
         
3,278,100
 

30
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois – 12.3%
             
$
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–
 
$
1,332,407
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
B+
   
664,800
 
 
365
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46
12/26 at 100.00
 
B+
   
376,684
 
 
1,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
1/31 at 100.00
 
AA
   
1,003,070
 
 
1,515
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%, 1/01/27 – NPFG Insured
No Opt. Call
 
AA–
   
1,580,721
 
 
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)
   
482,248
 
 
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+
   
1,850,328
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.432%, 7/01/46 (Pre-refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
   
1,116,612
 
 
1,035
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
11/16 at 100.00
 
BBB+
   
1,037,246
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB+
   
2,498,286
 
     
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–
   
3,606,292
 
 
1,350
 
0.000%, 6/15/35 – NPFG Insured
No Opt. Call
 
AA–
   
637,038
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
2,217,100
 
 
9,370
 
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
 
AA–
   
3,707,334
 
 
5,045
 
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured
12/16 at 100.00
 
AA
   
5,050,852
 
     
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
   
1,011,420
 
 
1,135
 
0.000%, 12/01/18 – RAAI Insured
No Opt. Call
 
AA
   
1,038,854
 
 
2,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured
3/17 at 100.00
 
AA– (4)
   
2,035,500
 
 
1,825
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
   
2,216,572
 
 
44,860
 
Total Illinois
         
33,463,364
 
     
Indiana – 4.2%
             
 
1,600
 
Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series 2008B, 0.000%, 6/01/30 – AGM Insured
No Opt. Call
 
AA
   
1,098,640
 
 
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
   
2,421,235
 
 
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
   
185,344
 
 
1,075
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
 
AA+ (4)
   
1,080,655
 
 
485
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
   
492,949
 
 
515
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
   
525,254
 
 
2,000
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA– (4)
   
2,021,320
 
 
1,825
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
 
AA
   
2,016,972
 

NUVEEN
31


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana (continued)
             
$
1,490
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.000%, 1/15/19
No Opt. Call
 
N/R
 
$
1,562,950
 
 
11,200
 
Total Indiana
         
11,405,319
 
     
Iowa – 1.6%
             
 
1,540
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B+
   
1,595,224
 
 
1,645
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
12/16 at 100.00
 
B+
   
1,645,066
 
 
1,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
   
1,006,530
 
 
4,185
 
Total Iowa
         
4,246,820
 
     
Kansas – 0.1%
             
 
305
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
 
BB+
   
305,961
 
     
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+
   
2,756,250
 
 
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
   
709,028
 
 
3,305
 
Total Kentucky
         
3,465,278
 
     
Maryland – 0.3%
             
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
             
 
595
 
5.000%, 9/01/32 – SYNCORA GTY Insured
12/16 at 100.00
 
Ba1
   
596,720
 
 
100
 
5.250%, 9/01/39 – SYNCORA GTY Insured
12/16 at 100.00
 
Ba1
   
100,288
 
 
695
 
Total Maryland
         
697,008
 
     
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)
   
535,975
 
     
Michigan – 4.5%
             
 
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
   
402,517
 
 
2,590
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
 
AA+
   
2,779,174
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 (Pre-refunded 11/14/16) – FGIC Insured
11/16 at 100.00
 
AA– (4)
   
2,508,250
 
 
2,060
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%, 7/01/25 (Pre-refunded 11/14/16) – NPFG Insured
11/16 at 100.00
 
AA– (4)
   
2,066,139
 
 
1,830
 
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41
11/26 at 100.00
 
A
   
2,169,447
 
 
385
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38
10/25 at 100.00
 
Aa2
   
459,020
 
 
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)
   
1,330,288
 
 
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
   
285,153
 
 
11,220
 
Total Michigan
         
11,999,988
 

32
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Missouri – 0.5%
             
$
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+
 
$
290,887
 
 
935
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016, 4.000%, 5/15/39 (WI/DD, Settling 10/13/16)
5/26 at 100.00
 
A+
   
993,540
 
 
1,205
 
Total Missouri
         
1,284,427
 
     
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–
   
584,017
 
     
Nevada – 4.1%
             
 
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
   
1,480,383
 
 
1,250
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823, 17.526%, 7/01/42 (IF)
1/20 at 100.00
 
A+
   
1,970,050
 
 
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
 
A+
   
1,112,520
 
 
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
   
3,662,490
 
 
2,500
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
12/16 at 100.00
 
AA–
   
2,473,725
 
 
9,075
 
Total Nevada
         
10,699,168
 
     
New Jersey – 3.5%
             
 
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–
   
2,405,402
 
 
1,250
 
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured
No Opt. Call
 
A–
   
1,395,850
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42
No Opt. Call
 
A–
   
2,179,840
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/29
6/25 at 100.00
 
A–
   
2,309,680
 
 
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
 
B
   
1,008,450
 
 
8,415
 
Total New Jersey
         
9,299,222
 
     
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
   
1,011,550
 
     
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
   
576,235
 
 
1,805
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
   
1,833,555
 
 
1,250
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
   
1,521,025
 
 
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
   
2,979,505
 
 
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
   
1,327,121
 
 
7,445
 
Total New York
         
8,237,441
 

NUVEEN
33


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Ohio – 4.3%
             
     
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–
 
$
2,146,940
 
 
2,475
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
   
2,463,962
 
 
875
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
   
856,223
 
 
2,680
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
   
2,642,989
 
 
2,275
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health System Inc., Series 2007A, 5.250%, 1/15/46 (Pre-refunded 1/15/17)
1/17 at 100.00
 
A (4)
   
2,304,894
 
 
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+
   
1,266,308
 
 
11,565
 
Total Ohio
         
11,681,316
 
     
Oklahoma – 1.5%
             
 
1,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36 (Pre-refunded 11/02/16)
11/16 at 100.00
 
BBB+ (4)
   
1,004,120
 
 
2,905
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
2/17 at 100.00
 
AA
   
2,946,338
 
 
95
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42 (Pre-refunded 2/15/17)
2/17 at 100.00
 
N/R (4)
   
96,503
 
 
4,000
 
Total Oklahoma
         
4,046,961
 
     
Pennsylvania – 0.6%
             
 
1,500
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
   
1,681,935
 
     
Puerto Rico – 0.8%
             
 
1,035
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20
12/16 at 100.00
 
AA–
   
1,059,995
 
 
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
   
1,153,700
 
 
11,035
 
Total Puerto Rico
         
2,213,695
 
     
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+
   
712,380
 
     
Texas – 10.0%
             
 
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)
   
301,275
 
 
240
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/35
7/25 at 100.00
 
BBB+
   
281,539
 
 
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+
   
6,405,505
 
 
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
   
1,363,000
 
 
675
 
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Texas Children's Hospital, Series 1995, 5.500%, 10/01/16 – NPFG Insured (ETM)
No Opt. Call
 
N/R (4)
   
675,088
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
             
 
630
 
0.000%, 11/15/24 – NPFG Insured
No Opt. Call
 
AA–
   
485,988
 
 
12,480
 
0.000%, 11/15/41 – NPFG Insured
11/31 at 53.78
 
AA–
   
3,826,368
 
 
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–
   
1,004,757
 
 
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
   
472,851
 
 
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
   
47,768
 

34
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas (continued)
             
$
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)
 
$
1,148,928
 
 
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
   
2,584,095
 
 
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
   
1,193,725
 
 
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–
   
218,708
 
 
5,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26
No Opt. Call
 
A3
   
5,804,950
 
 
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
   
1,068,920
 
 
38,025
 
Total Texas
         
26,883,465
 
     
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–
   
2,103,260
 
      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
   
2,038,020
 
     
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
   
1,142,140
 
 
500
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
598,300
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,167,277
 
 
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+
   
1,029,580
 
 
5,010
 
Total Virginia
         
5,975,317
 
     
Washington – 3.5%
             
 
855
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/19
No Opt. Call
 
Aa2
   
957,267
 
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, Series 2013A, 5.750%, 1/01/45
1/23 at 100.00
 
A–
   
4,785,120
 
 
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
   
1,117,670
 
 
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)
   
2,631,075
 
 
8,345
 
Total Washington
         
9,491,132
 
     
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+
   
2,285,980
 
 
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
   
1,850,428
 
 
1,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
5/19 at 100.00
 
AA–
   
1,123,410
 
 
4,645
 
Total Wisconsin
         
5,259,818
 
$
299,010
 
Total Municipal Bonds (cost $219,154,380)
         
251,604,520
 

NUVEEN
35


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
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
 
$
201,712
 
 
87
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
   
43,977
 
$
415
 
Total Corporate Bonds (cost $37,260)
           
245,689
 
     
Total Long-Term Investments (cost $219,191,640)
           
251,850,209
 
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 3.5%
             
     
MUNICIPAL BONDS – 3.5%
             
     
California – 1.9%
             
$
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Variable Rate Demand Obligations, Series 2009H, 0.720%, 7/1/33 (9)
12/16 at 100.00
 
A-1+
 
$
5,000,000
 
     
North Carolina – 1.6%
             
 
4,380
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Variable Rate Demand Obligations, Series 2003-B, 0.820%, 8/15/34 – NPFG Insured (9)
12/16 at 100.00
 
A-1+
   
4,380,000
 
$
9,380
 
Total Short-Term Investments (cost $9,380,000)
         
9,380,000
 
     
Total Investments (cost $228,571,640) – 97.3%
         
261,230,209
 
     
Other Assets Less Liabilities – 2.7%
         
7,354,044
 
     
Net Assets – 100%
       
$
268,584,253
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
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)