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Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Managers’ Comments | 5 |
| Fund Leverage | 10 |
| Share Information | 11 |
| Risk Considerations | 13 |
| Performance Overview and Holding Summaries | 14 |
| Report of Independent Registered Public Accounting Firm | 22 |
| Portfolios of Investments | 23 |
| Statement of Assets and Liabilities | 56 |
| Statement of Operations | 57 |
| Statement of Changes in Net Assets | 58 |
| Financial Highlights | 60 |
| Notes to Financial Statements | 66 |
| Additional Fund Information | 77 |
| Glossary of Terms Used in this Report | 78 |
| Reinvest Automatically, Easily and Conveniently | 80 |
| Board Members & Officers | 81 |
Chairman’s Letter to Shareholders
Dear Shareholders,
After a prolonged absence, volatility has returned to the markets in 2018. Last year, the markets seemed willing to shrug off any bad news. But in the first few months of 2018, a backdrop of greater economic uncertainty has made markets more reactive to daily headlines. As interest rates have moved off of historic lows and inflation has ticked higher, the economy’s ability to withstand tighter financial conditions is hard to predict. At the same time, there are concerns that the newly enacted tax reform could overheat the economy. How the U.S. Federal Reserve (Fed) will manage these conditions is under intense scrutiny, particularly in light of the Fed’s leadership change in February 2018.
Growth forecasts for the world’s major economies remain expansionary, although some indicators have pointed to slower momentum this year. Moreover, inflationary pressures and tightening financial conditions could become headwinds, and trade policy and geopolitics remain uncertain. A trade war has implications for both the supply and demand sides of the economy, which complicates the outlook for businesses, consumers and the economy as a whole.
While the risks surrounding trade, monetary and fiscal policy may have increased, there is still opportunity for upside. Recession risk continues to look low, global economies are still expanding and corporate profits have continued to be healthy. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.
Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
May 21, 2018
Portfolio Managers’ Comments
Nuveen Select Tax-Free Income Portfolio (NXP)
Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
Nuveen Select Tax-Free Income Portfolio 3 (NXR)
Nuveen California Select Tax-Free Income Portfolio (NXC)
Nuveen New York Select Tax-Free Income Portfolio (NXN)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Michael S. Hamilton and Scott R. Romans, PhD, discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of the Nuveen Select Portfolios (the “Funds”). Michael has managed the three national Funds since 2016, while Scott has managed NXC since 2003 and NXN since 2011.
What factors affected the U.S. economy and national municipal bond market during the twelve-month reporting period ended March 31, 2018?
After hovering near an annual pace of 3% for most of the reporting period, U.S. gross domestic product (GDP) growth cooled to 2.3% in the first quarter of 2018, according to the Bureau of Economic Analysis “advance” estimate. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. A beginning-of-the-year slowdown was expected given the seasonal trend of slower first quarter growth seen over the past few years and the delayed impact of tax cuts on workers’ paychecks.
Nevertheless, consumer spending, boosted by employment and wage gains, continued to drive the economy. The Atlantic coast hurricanes in September and October 2017 temporarily weakened shopping and dining out activity, but rebuilding efforts had a positive impact on the economy. Although business investment slowed in early 2018 from the gains seen in the second half of 2017, business sentiment remained strong and hiring continued to boost employment. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.1% in March 2018 from 4.5% in March 2017 and job gains averaged around 188,000 per month for the past twelve months. While the jobs market has continued to tighten, wage growth has remained lackluster during this economic recovery. However, the January jobs report revealed an unexpected pickup in wages, which triggered a broad sell-off in equities, despite tame inflation readings. The Consumer Price Index (CPI) increased 2.4% over the twelve-month reporting period ended March 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.1% during the same period, slightly above the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%.
| This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors. |
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Portfolio Managers’ Comments (continued)
The housing market also continued to improve with low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 6.3% annual gain in February 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 6.5% and 6.8%, respectively.
With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Fed’s policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in March 2018, was the sixth rate hike since December 2015. In addition, in October 2017, the Fed began reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.
Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. At the March meeting, the Fed kept its projection for three interest rate increases in 2018. However, investors remained concerned that the 2017 Tax Cuts and Jobs Act fiscal stimulus and a recent pick-up in inflation have increased the risk of a Fed policy misstep.
The markets also continued to react to geopolitical news. Protectionist rhetoric had been garnering attention across Europe, as anti-European Union (EU) sentiment featured prominently (although did not win a majority) in the Dutch, French, German and Italian elections held in 2017 and early 2018. In March, the U.S.’s surprise announcement of steel and aluminum tariffs, followed by China’s retaliatory measures, sparked fears of a trade war and added uncertainty to the ongoing North American Free Trade Agreement (NAFTA) talks. Also in March 2018, the U.K. and EU agreed in principle to the Brexit transition terms, opening the door to the next round of negotiation dealing with trade and security issues. The U.S. Treasury issued additional sanctions on Russia (announced in April 2018, after the close of the reporting period) and speculation increased that Iran would be next.
The broad municipal bond market gained moderately in this reporting period, although not without volatility. For most of the reporting period, municipal bonds continued to rebound from the post-election sell-off in the fourth quarter of 2016. After President Trump’s surprising win, bond markets repriced his reflationary fiscal agenda, driving interest rates higher. Municipal bonds suffered a surge in investor outflows due to speculation that the Trump administration’s tax reform proposals could adversely impact municipal bonds.
However, the economy sustained its moderate growth with low inflation, an improving jobs market and modest wage growth, and progress on the White House’s agenda was slow. This backdrop helped municipal bond yields and valuations return to pre-election levels and reverse the trend of outflows. Fundamental credit conditions continued to be favorable overall, while the ongoing high-profile difficulties in Puerto Rico, Illinois and New Jersey were contained.
After the new administration’s health care and immigration reforms met obstacles, Congress refocused on tax reform initiatives in the latter months of 2017. Early drafts of the bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.
The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20 to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.
Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $406.9 billion in this reporting period, an 8.3% drop from the issuance for the twelve-month reporting period ended March 31, 2017. The robust pace of issuance seen since the low volume depths of 2011 began to moderate in 2017 as interest rates moved higher. Despite the increase, the overall level of interest rates still remained low, encouraging issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this
was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows steadily increased in 2017 overall.
How were the economic and market environments in California and New York during the twelve-month reporting period ended March 31, 2018?
California’s $2.6 trillion economy is the largest in the United States and ranks fifth in the world, according to the International Monetary Fund. California job growth continues to outpace the national average, driven by high technology, international trade and tourism but also supplemented by better residential construction and real estate conditions. As a result, the state’s non-seasonally adjusted unemployment rate was 4.3% as of March 2018, down from 5.0% the year prior, and the gap between California and the nation’s 4.1% unemployment rate is narrowing. According to the S&P CoreLogic Case-Shiller Index, home prices in San Diego, Los Angeles and San Francisco rose 7.6%, 8.3% and 10.1%, respectively, over the twelve months ended February 2018 (most recent data available at the time this report was prepared) compared with an average increase of 6.3% nationally. The enacted Fiscal Year 2018 General Fund budget totals $125.1 billion, which is 3% higher than the revised Fiscal Year 2017 budget. Strong revenue growth due to a recovering economy and the additional personal income tax revenue from the passage of Proposition 55 in November 2016 have aided in the state’s fiscal recovery. For Fiscal Year 2018-2019, the proposed General Fund Governor’s Budget totals $131.7 billion. The Governor’s Budget Proposal includes a $5.1 billion transfer to the Rainy Day Fund to reach its maximum constitutional goal of $13.5 billion (or 10% of General Fund revenues) for Fiscal Year 2019, and continues to pay down budgetary debt from past years. The proposal was finalized prior to the enactment of the federal tax reform legislation. The May Revision to the budget will include a preliminary analysis of the likely effects from the new federal tax reform on the state’s General Fund. As of February 2018, S&P’s affirmed its “AA-/stable” rating and outlook on California general obligation (GO) debt and Moody’s affirmed its state GO rating of Aa3 with stable outlook. During the twelve months ended March 31, 2018, municipal issuance in California totaled $59.4 billion, a gross issuance decrease of 13.9% from the twelve months ended March 31, 2017.
New York State’s $1.5 trillion economy represents 8.1% of U.S. gross domestic product and, according to the International Monetary Fund, would be the 11th largest economy in the world on a stand-alone basis. As of March 2018, the state’s unemployment rate registered 4.6%, above the national average of 4.1%. While New York State’s financial profile is still sturdier than it was several years ago, both Fiscal Year 2016 and Fiscal Year 2017 posted General Fund deficits. On a significantly positive note, New York State has collected approximately $10 billion in various settlements and assessments from the financial industry over the past three years. Proceeds from those settlements have been used to bolster reserves, foster economic development upstate and provide funds for the replacement of the Tappan Zee Bridge. The adopted $164 billion budget for Fiscal Year 2018 is 4% higher than the adopted Fiscal Year 2017 budget. The Fiscal Year 2018 budget contains no new taxes but does extend the “millionaire’s tax” surcharge for two years. The budget includes a $1.1 billion increase in education spending. New York is a high-income state, with per capita income at 122% of the U.S. average, the fourth-highest among the 50 states. New York is also a heavily indebted state. According to Moody’s, New York ranked fifth in the nation in debt per capita in 2016 (NY: $3,070; median: $1,006), seventh in debt per capita as a percentage of personal income (NY: 5.3%; median: 2.5%) and eighth in debt to gross state domestic product (NY: 4.2%; median: 2.2%). The state’s pensions have traditionally been well funded, though the funding ratios have declined in recent years. As of March 2018, Moody’s rates New York “Aa1” with a stable outlook. Moody’s upgraded New York State from Aa2 to Aa1 on June 16, 2014, citing the state’s sustained improvements in fiscal governance. S&P rates the state “AA+” with a stable outlook. S&P upgraded New York State from AA to AA+ on July 23, 2014, citing the state’s improved budget framework. New York municipal bond supply totaled $46.3 billion for the twelve-month period ended March 31, 2018, a 3.5% increase from the same period a year earlier. This ranked New York second among state issuers behind only California.
What key strategies were used to manage these Funds during the twelve-month reporting period ended March 31, 2018?
Municipal bonds benefited from a generally favorable macroeconomic backdrop, despite the uncertainties surrounding the tax reform bill and headline-driven noise about trade policy. Credit spreads narrowed, as sentiment improved after the fourth-quarter sell-off and municipal bond fund flows reversed from net negative to net positive. Rates in the short to intermediate range moved higher with the Fed’s rate hikes, while rates on the long end declined slightly amid low inflation, which resulted in a flatter yield curve
Portfolio Managers’ Comments (continued)
over this reporting period. California’s municipal bond market outperformed the broad market, while New York’s market slightly trailed the broad market during this reporting period.
We also note that California and New York are among the states with the highest personal income and property taxes, which will be more meaningfully affected by the new limits on SALT deductions (as discussed in the market conditions section of this commentary). While individual taxpayers in California and New York could see an increased tax burden, we also expect municipal bond demand to remain robust. In-state issues, which offer both state and federal tax advantages, are likely to be especially attractive to taxpayers in high income states. For state and local governments, the ability to raise taxes in the future may be more politically challenging. Bonds backed by tax revenues could face headwinds going forward, and state and local credit profiles could suffer if delays in tax increases hurt pension funding, capital investment or other government spending priorities.
During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. NXP, NXQ and NXR focused on buying bonds primarily with short call structures, which offer lower duration profiles, to help maintain the Funds’ duration targets. These shorter effective duration bonds were also available at attractive yields because the Fed’s rate hikes were lifting interest rates on the shorter end of the yield curve. We particularly like lower rated, short call structure bonds. Nevertheless, longer duration bonds occasionally presented compelling long-term opportunities, such as purchases we made in “specialty state” issues. Specialty states, those states with high income tax rates, offer tax-exemption from both federal and state income taxes to in-state municipal bond buyers and, as a result, can experience periods of heightened demand. Specialty state municipal bonds also tend to trade at lower yields relative to non-specialty state issues, which can offer an attractive relative value opportunity over time. Two of the more recent specialty state purchases included credits issued for Oregon Facilities Authority Reed College and Oklahoma State Development Finance Authority Health System Revenue Bond Oklahoma University Medicine Project. To fund our buying during the reporting period, we mainly used the proceeds from called bonds and selling some very short-dated paper (due in one year or less). NXQ and NXR also sold some Buckeye Tobacco Settlement bonds after their strong price appreciation. Early in the reporting period, NXQ eliminated its remaining position in Puerto Rico sales tax bonds known as COFINA bonds.
For NXC and NXN, given our expectations for a flattening yield curve, we focused on buying longer maturity (20 years and longer) bonds, especially in the 25- to 30-year range. In the California Fund, we swapped some of the Fund’s tobacco settlement bonds for more favorable structures, further diversifying the Fund’s exposure across both 4% and 5.25% coupon structures. We also modestly added to NXC’s health care allocation and bought several high grade bonds, including credits issued for the local general obligation (GO), local utilities and transportation sectors. The New York Fund added to its tobacco holdings, as well as bought an A rated utility bond and several higher credit quality bonds from the local GO, utilities and transportation sectors. Both NXC and NXN had ample proceeds from called and maturing bonds to fund the new purchases.
As of March 31, 2018, NXP, NXQ and NXN continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the twelve-month reporting period ended March 31, 2018?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended March 31, 2018. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification average.
For the twelve months ended March 31, 2018, the total returns on common share NAV for NXC and NXN outperformed the national S&P Municipal Bond Index and their respective state’s S&P Municipal Bond Index. The three national Funds, NXP, NXQ and NXR, outperformed the national S&P Municipal Bond Index during the twelve-month period.
The factors affecting performance in this reporting period included duration and yield curve positioning, and credit ratings allocations. In addition, the use of leverage affected the performance of NXP, NXQ, NXR and NXN. NXC did not use leverage in this reporting period. Leverage is discussed in more detail later in the Fund Leverage section of this report.
Duration and yield curve positioning contributed positively to the five Funds’ relative performance. In this reporting period, longer duration bonds performed better than those with shorter durations. All five Funds were positioned with overweight allocations to
long duration bonds and generally underweight allocations to shorter bonds, which was advantageous to performance. NXC was underweight the shorter duration buckets except at the very front of the yield curve (30 days and lower), where the Fund held an above-benchmark position as part of our income generation strategy.
The five Funds’ bias toward lower rated issues was another positive contributor to performance. The Funds held underweight allocations to AAA and AA rated credits and overweight allocations to A rated and below bonds, which was advantageous because the lower grade segments outperformed the high grade segments in this reporting period. NXC was particularly helped by exposures to BBB and below investment grade rated credits, and NXN benefited the most from its holdings in the BBB, below investment grade and non-rated categories.
Sector positioning had a muted impact on performance during the reporting period, as it was a slight detractor for NXQ and NXN and neutral for NXP, NXR, and NXC. NXP, NXQ and NXR, however, saw notable outperformance from our credit selection. Bonds bought early in the reporting period when interest rates were rising tended to underperform in this reporting period. But the relative drag was more than offset by strong performance from lower rated credits held during the reporting period, including the three Funds’ positions in Chicago, Chicago-related and Illinois bonds.
An Update Involving Puerto Rico
As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) was signed into law. The legislation established an independent Financial Oversight and Management Board (FOMB) charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In May 2017, the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow.
In mid-September 2017, Puerto Rico was severely impacted by two hurricanes within the span of just two weeks causing massive damage across the island. The disruption in the local economy caused by the hurricanes and anticipated incoming federal aid created the need for revised fiscal plans for all Puerto Rican entities. These revised plans have not yet been approved by the Oversight Board. Importantly, federal resources dedicated to rebuilding and recovery efforts will not be available for bondholders in the revised fiscal plans. As of April 2018 (subsequent to the close of this reporting period), Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
In terms of Puerto Rico holdings, shareholders should note that NXC, NXN and NXP had no exposure to Puerto Rico debt as of the end of this reporting period, while NXQ and NXR had allocations of 0.40% and 0.48%, respectively, at the end of the reporting period, which were all insured. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a negligible impact on the performance of NXP, NXQ and NXR during the current reporting period. The impact of leverage on NXN over the reporting period was positive, while NXC did not use leverage during the reporting period.
As of March 31, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
| NXP | NXQ | NXR | NXC | NXN | ||||||||||||
| Effective Leverage* | 0.89 | % | 1.44 | % | 0.00 | % | 0.00 | % | 4.06 | % |
| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. |
Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of March 31, 2018. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to shareholders were as shown in the accompanying table.
| Per Share Amounts | ||||||||||||||||
| Monthly Distributions (Ex-Dividend Date) | NXP | NXQ | NXR | NXC | NXN | |||||||||||
| April 2017 | $ | 0.0455 | $ | 0.0420 | $ | 0.0435 | $ | 0.0495 | $ | 0.0460 | ||||||
| May | 0.0455 | 0.0420 | 0.0435 | 0.0495 | 0.0460 | |||||||||||
| June | 0.0455 | 0.0420 | 0.0435 | 0.0495 | 0.0460 | |||||||||||
| July | 0.0455 | 0.0420 | 0.0435 | 0.0495 | 0.0460 | |||||||||||
| August | 0.0455 | 0.0420 | 0.0435 | 0.0495 | 0.0460 | |||||||||||
| September | 0.0455 | 0.0420 | 0.0435 | 0.0480 | 0.0460 | |||||||||||
| October | 0.0455 | 0.0420 | 0.0435 | 0.0480 | 0.0460 | |||||||||||
| November | 0.0455 | 0.0420 | 0.0435 | 0.0480 | 0.0460 | |||||||||||
| December | 0.0455 | 0.0420 | 0.0435 | 0.0465 | 0.0420 | |||||||||||
| January | 0.0455 | 0.0420 | 0.0435 | 0.0465 | 0.0420 | |||||||||||
| February | 0.0455 | 0.0420 | 0.0435 | 0.0465 | 0.0420 | |||||||||||
| March 2018 | 0.0455 | 0.0420 | 0.0435 | 0.0440 | 0.0420 | |||||||||||
| Total Monthly Per Share Distributions | $ | 0.5460 | $ | 0.5040 | $ | 0.5220 | $ | 0.5750 | $ | 0.5360 | ||||||
| Ordinary Income Distribution* | $ | 0.0085 | $ | 0.0201 | $ | 0.0169 | $ | 0.0025 | $ | 0.0008 | ||||||
| Total Distributions from Net Investment Income | $ | 0.5545 | $ | 0.5241 | $ | 0.5389 | $ | 0.5775 | $ | 0.5368 | ||||||
| Total Distributions from Long-Term Capital Gains* | $ | — | $ | — | $ | — | $ | 0.0565 | $ | — | ||||||
| Total Distributions | $ | 0.5545 | $ | 0.5241 | $ | 0.5389 | $ | 0.6340 | $ | 0.5368 | ||||||
| Yields | ||||||||||||||||
| Market Yield** | 3.89 | % | 3.74 | % | 3.67 | % | 3.80 | % | 3.88 | % | ||||||
| Taxable-Equivalent Yield** | 5.12 | % | 4.92 | % | 4.83 | % | 5.70 | % | 5.59 | % | ||||||
| * | Distribution paid in December 2017. |
| ** | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 24.0%, 24.0%, 24.0%, 33.3% and 30.6% for NXP, NXQ, NXR, NXC and NXN, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower. |
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
Share Information (continued)
As of March 31, 2018, the Funds had positive UNII balances for tax purposes. NXP, NXQ and NXR had positive UNII balances, while NXC and NXN had negative UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
EQUITY SHELF PROGRAM
During the current reporting period, NXC was authorized by the Securities and Exchange Commission to issue additional shares through an equity shelf program (Shelf Offering). Under this program, NXC, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per share. The total amount of shares authorized under this Shelf Offering is shown in the accompanying table:
| NXC | ||||
| Additional authorized shares | 600,000 | * |
| * | Represents additional authorized shares for the period August 16, 2017 through March 31, 2018. |
During the current reporting period, NXC sold shares through its Shelf Offering at a weighted average premium to its NAV per share as shown in the accompanying table.
| NXC | ||||
| Shares sold through Shelf Offering | 60,043 | |||
| Weighted average premium to NAV per share sold | 2.41% |
Refer to the Notes to Financial Statements, Note 4 – Fund Shares, Shares Equity Shelf Programs and Offering Costs for further details on Shelf Offerings and the Fund’s transactions.
SHARE REPURCHASES
During August 2017, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of March 31, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.
| NXP | NXQ | NXR | NXC | NXN | ||||||
| Shares cumulatively repurchased and retired | — | — | — | — | — | |||||
| Shares authorized for repurchase | 1,655,000 | 1,770,000 | 1,305,000 | 630,000 | 390,000 |
OTHER SHARE INFORMATION
As of March 31, 2018, and during the current reporting period, the Funds’ share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
| NXP | NXQ | NXR | NXC | NXN | ||||||||||||
| NAV | $ | 15.12 | $ | 14.52 | $ | 15.39 | $ | 15.02 | $ | 13.93 | ||||||
| Share price | $ | 14.02 | $ | 13.47 | $ | 14.23 | $ | 13.90 | $ | 12.98 | ||||||
| Premium/(Discount) to NAV | (7.28 | )% | (7.23 | )% | (7.54 | )% | (7.46 | )% | (6.82 | )% | ||||||
| 12-month average premium/(discount) to NAV | (5.29 | )% | (5.83 | )% | (5.71 | )% | (0.12 | )% | (3.36 | )% |
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.
| NXP | Nuveen Select Tax-Free Income Portfolio |
| Performance Overview and Holding Summaries as of March 31, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2018
| Average Annual | |||||||
| 1-Year | 5-Year | 10-Year | |||||
| NXP at NAV | 4.52% | 4.09% | 5.11% | ||||
| NXP at Share Price | 3.83% | 3.34% | 4.50% | ||||
| S&P Municipal Bond Index | 2.53% | 2.76% | 4.42% | ||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | ||
| (% of net assets) | ||
| Long-Term Municipal Bonds | 99.1% | |
| Corporate Bonds | 0.1% | |
| Other Assets Less Liabilities | 0.8% | |
| Net Assets | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 10.0% | |
| AAA | 5.0% | |
| AA | 35.8% | |
| A | 25.7% | |
| BBB | 15.9% | |
| BB or Lower | 6.6% | |
| N/R (not rated) | 1.0% | |
| Total | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Tax Obligation/Limited | 22.7% | |
| Transportation | 16.3% | |
| Health Care | 13.9% | |
| Tax Obligation/General | 13.2% | |
| U.S. Guaranteed | 12.4% | |
| Education and Civic Organizations | 8.2% | |
| Other | 13.3% | |
| Total | 100% |
| States and Territories | ||
| (% of total municipal bonds) | ||
| California | 17.4% | |
| Illinois | 12.1% | |
| Texas | 10.0% | |
| New Jersey | 9.6% | |
| Colorado | 6.2% | |
| Ohio | 4.1% | |
| Arizona | 3.4% | |
| New York | 3.1% | |
| Missouri | 2.8% | |
| Iowa | 2.7% | |
| Washington | 2.5% | |
| Virginia | 2.4% | |
| Michigan | 2.4% | |
| Oregon | 2.3% | |
| Other | 19.0% | |
| Total | 100% |
| NXQ | Nuveen Select Tax-Free Income Portfolio 2 |
| Performance Overview and Holding Summaries as of March 31, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2018
| Average Annual | |||||||
| 1-Year | 5-Year | 10-Year | |||||
| NXQ at NAV | 3.98% | 4.18% | 4.90% | ||||
| NXQ at Share Price | 4.32% | 3.43% | 4.36% | ||||
| S&P Municipal Bond Index | 2.53% | 2.76% | 4.42% | ||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | ||
| (% of net assets) | ||
| Long-Term Municipal Bonds | 98.6% | |
| Corporate Bonds | 0.1% | |
| Other Assets Less Liabilities | 1.3% | |
| Net Assets | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 7.5% | |
| AAA | 3.4% | |
| AA | 31.4% | |
| A | 31.7% | |
| BBB | 18.3% | |
| BB or Lower | 7.0% | |
| N/R (not rated) | 0.7% | |
| Total | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Tax Obligation/General | 19.4% | |
| Transportation | 18.4% | |
| Health Care | 16.3% | |
| Tax Obligation/Limited | 15.7% | |
| U.S. Guaranteed | 8.7% | |
| Consumer Staples | 5.4% | |
| Education and Civic Organizations | 5.1% | |
| Utilities | 5.1% | |
| Other | 5.9% | |
| Total | 100% |
| States and Territories | ||
| (% of total municipal bonds) | ||
| California | 14.9% | |
| Illinois | 12.9% | |
| Texas | 10.9% | |
| Colorado | 7.5% | |
| Pennsylvania | 4.4% | |
| Nevada | 4.3% | |
| Arizona | 3.7% | |
| New Jersey | 3.6% | |
| Washington | 3.4% | |
| Massachusetts | 3.0% | |
| Wisconsin | 3.0% | |
| Ohio | 2.7% | |
| Iowa | 2.5% | |
| Indiana | 2.2% | |
| Guam | 1.9% | |
| Other | 19.1% | |
| Total | 100% |
| NXR | Nuveen Select Tax-Free Income Portfolio 3 |
| Performance Overview and Holding Summaries as of March 31, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2018
| Average Annual | ||||||
| 1-Year | 5-Year | 10-Year | ||||
| NXR at NAV | 4.19% | 4.49% | 5.33% | |||
| NXR at Share Price | 3.87% | 3.76% | 4.82% | |||
| S&P Municipal Bond Index | 2.53% | 2.76% | 4.42% | |||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | ||
| (% of net assets) | ||
| Long-Term Municipal Bonds | 99.1% | |
| Corporate Bonds | 0.0% | |
| Other Assets Less Liabilities | 0.9% | |
| Net Assets | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 13.0% | |
| AAA | 2.4% | |
| AA | 27.5% | |
| A | 29.6% | |
| BBB | 18.7% | |
| BB or Lower | 7.4% | |
| N/R (not rated) | 1.4% | |
| Total | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Tax Obligation/Limited | 19.8% | |
| Tax Obligation/General | 17.5% | |
| Transportation | 16.1% | |
| U.S. Guaranteed | 13.9% | |
| Health Care | 12.4% | |
| Consumer Staples | 6.5% | |
| Other | 13.0% | |
| Total | 100% |
| States and Territories | ||
| (% of total municipal bonds) | ||
| California | 22.6% | |
| Illinois | 11.3% | |
| Texas | 10.9% | |
| Pennsylvania | 6.9% | |
| Colorado | 6.2% | |
| Ohio | 5.6% | |
| Washington | 4.2% | |
| New Jersey | 2.7% | |
| Virginia | 2.6% | |
| Massachusetts | 2.2% | |
| Nevada | 2.0% | |
| New York | 1.8% | |
| Guam | 1.8% | |
| Other | 19.2% | |
| Total | 100% |
| NXC | Nuveen California Select Tax-Free |
| Income Portfolio | |
| Performance Overview and Holding Summaries as of March 31, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2018
| Average Annual | |||||||
| 1-Year | 5-Year | 10-Year | |||||
| NXC at NAV | 4.37% | 4.09% | 5.61% | ||||
| NXC at Share Price | (2.23)% | 3.46% | 4.96% | ||||
| S&P Municipal Bond California Index | 2.93% | 3.30% | 4.86% | ||||
| S&P Municipal Bond Index | 2.53% | 2.76% | 4.42% | ||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | ||
| (% of net assets) | ||
| Long-Term Municipal Bonds | 91.9% | |
| Short-Term Municipal Bonds | 1.1% | |
| Other Assets Less Liabilities | 7.0% | |
| Net Assets | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Tax Obligation/General | 22.9% | |
| Tax Obligation/Limited | 20.4% | |
| Water and Sewer | 16.1% | |
| Health Care | 10.8% | |
| U.S. Guaranteed | 8.1% | |
| Transportation | 7.2% | |
| Consumer Staples | 6.9% | |
| Other | 7.6% | |
| Total | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 6.3% | |
| AAA | 13.1% | |
| AA | 47.3% | |
| A | 14.9% | |
| BBB | 7.3% | |
| BB or Lower | 9.8% | |
| N/R (not rated) | 1.3% | |
| Total | 100% |
| NXN | Nuveen New York Select Tax-Free |
| Income Portfolio | |
| Performance Overview and Holding Summaries as of March 31, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2018
| Average Annual | ||||||
| 1-Year | 5-Year | 10-Year | ||||
| NXN at NAV | 3.05% | 2.96% | 4.44% | |||
| NXN at Share Price | (1.41)% | 1.45% | 3.84% | |||
| S&P Municipal Bond New York Index | 2.27% | 2.77% | 4.32% | |||
| S&P Municipal Bond Index | 2.53% | 2.76% | 4.42% | |||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | ||
| (% of net assets) | ||
| Long-Term Municipal Bonds | 99.8% | |
| Other Assets Less Liabilities | 1.0% | |
| Net Assets Plus Floating Rate Obligations | 100.8% | |
| Floating Rate Obligations | (0.8)% | |
| Net Assets | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Tax Obligation/Limited | 20.0% | |
| Education and Civic Organizations | 19.8% | |
| Transportation | 17.2% | |
| U.S. Guaranteed | 11.8% | |
| Utilities | 9.7% | |
| Water and Sewer | 7.2% | |
| Consumer Staples | 5.6% | |
| Other | 8.7% | |
| Total | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 11.6% | |
| AAA | 21.8% | |
| AA | 36.0% | |
| A | 6.3% | |
| BBB | 12.8% | |
| BB or Lower | 7.2% | |
| N/R (not rated) | 4.3% | |
| Total | 100% |
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
Nuveen Select Tax-Free Income Portfolio
Nuveen Select Tax-Free Income Portfolio 2
Nuveen Select Tax-Free Income Portfolio 3
Nuveen California Select Tax-Free Income Portfolio
Nuveen New York Select Tax-Free Income Portfolio
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Select Tax-Free Income Portfolio, Nuveen Select Tax-Free Income Portfolio 2, Nuveen Select Tax-Free Income Portfolio 3, Nuveen California Select Tax-Free Income Portfolio, and Nuveen New York Select Tax-Free Income Portfolio (the “Funds”) as of March 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of March 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended March 31, 2014 were audited by other independent registered public accountants whose report, dated May 27, 2014 expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
May 25, 2018
| NXP | Nuveen Select Tax-Free Income Portfolio |
| Portfolio of Investments | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 99.2% | |||||||||
| MUNICIPAL BONDS – 99.1% | |||||||||
| Alaska – 0.3% | |||||||||
| $ | 775 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 | 5/18 at 100.00 | B3 | $ | 774,969 | |||
| Arizona – 3.3% | |||||||||
| 2,500 | Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 2011B-1&2, 5.250%, 3/01/39 | 3/21 at 100.00 | A | 2,682,350 | |||||
| 320 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 3.000%, 7/01/22, 144A | No Opt. Call | BB | 311,632 | |||||
| 255 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F, 3.000%, 7/01/26 | No Opt. Call | AA– | 250,234 | |||||
| 350 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A, 4.000%, 7/01/22 | No Opt. Call | AA– | 368,263 | |||||
| 2,530 | Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20 | 10/18 at 100.00 | AAA | 2,573,465 | |||||
| 355 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A | No Opt. Call | BB+ | 353,630 | |||||
| 1,000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 5.000%, 1/01/38 | 1/27 at 100.00 | AA– | 1,130,600 | |||||
| 625 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 | 10/20 at 100.00 | A– | 671,025 | |||||
| 7,935 | Total Arizona | 8,341,199 | |||||||
| Arkansas – 0.8% | |||||||||
| 6,555 | Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured | No Opt. Call | Aa2 | 1,914,257 | |||||
| California – 17.3% | |||||||||
| 4,245 | Anaheim City School District, Orange County, California, General Obligation Bonds, Election 2002 Series 2007, 0.000%, 8/01/31 – AGM Insured | No Opt. Call | AA | 2,694,386 | |||||
| 2,840 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured | No Opt. Call | AA | 1,821,690 | |||||
| 3,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) | 4/23 at 100.00 | AA– (4) | 3,433,440 | |||||
| 2,310 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33 | 7/23 at 100.00 | AA– | 2,603,000 | |||||
| 1,630 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 | 11/23 at 100.00 | A+ | 1,820,205 | |||||
| 2,745 | California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/29 | 10/19 at 100.00 | AA– | 2,880,603 | |||||
| 1,500 | California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A, 6.250%, 8/15/28 (Pre-refunded 8/15/18) | 8/18 at 100.00 | AA– (4) | 1,526,640 | |||||
| 895 | California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) | 8/19 at 100.00 | N/R (4) | 954,553 | |||||
| 2,645 | Cypress Elementary School District, Orange County, California, General Obligation Bonds, Series 2009A, 0.000%, 5/01/34 – AGM Insured | No Opt. Call | AA | 1,490,352 | |||||
| 800 | East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B, 5.000%, 8/01/24 (Pre-refunded 8/01/19) – AGC Insured | 8/19 at 100.00 | AA (4) | 836,008 | |||||
| 2,710 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured | No Opt. Call | A+ | 1,994,452 |
| NXP | Nuveen Select Tax-Free Income Portfolio |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 3,030 | Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured | No Opt. Call | Aa2 | $ | 2,478,601 | |||
| 1,000 | Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, Refunding Series 2007, 0.000%, 8/01/23 – NPFG Insured | No Opt. Call | A+ | 869,130 | |||||
| 1,160 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5) | 8/35 at 100.00 | Aa1 | 958,624 | |||||
| 5,395 | Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/32 – NPFG Insured | 8/18 at 49.01 | Aa2 | 2,604,382 | |||||
| 590 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) | 11/19 at 100.00 | N/R (4) | 636,758 | |||||
| 4,390 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured | No Opt. Call | AA– | 2,983,093 | |||||
| 1,700 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM) | No Opt. Call | A+ (4) | 1,050,447 | |||||
| 8,000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/33 | No Opt. Call | AA– | 4,650,959 | |||||
| 1,350 | San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | A | 1,536,125 | |||||
| 2,110 | Sierra Sands Unified School District, Kern County, California, General Obligation Bonds, Election of 2006, Series 2006A, 0.000%, 11/01/28 – FGIC Insured | No Opt. Call | AA | 1,500,316 | |||||
| 1,195 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 | 5/18 at 100.00 | B– | 1,195,012 | |||||
| 1,150 | Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured | No Opt. Call | AAA | 781,103 | |||||
| 56,390 | Total California | 43,299,879 | |||||||
| Colorado – 6.2% | |||||||||
| 500 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/21, 144A | No Opt. Call | N/R | 541,815 | |||||
| 1,780 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 1,910,955 | |||||
| 1,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20 at 100.00 | AA– | 1,047,630 | |||||
| 2,630 | Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B, 5.000%, 12/01/42 | 12/27 at 100.00 | Aa3 | 3,001,856 | |||||
| 1,935 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23 at 100.00 | A | 2,124,166 | |||||
| 250 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A– | 169,780 | |||||
| 12,500 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured | 9/26 at 54.77 | A– | 5,038,124 | |||||
| 2,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/32 – NPFG Insured | 9/20 at 50.83 | A– | 951,280 | |||||
| 620 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/35 | 12/25 at 100.00 | N/R | 694,375 | |||||
| 23,215 | Total Colorado | 15,479,981 | |||||||
| Connecticut – 0.8% | |||||||||
| 1,890 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/32 | 10/23 at 100.00 | AA | 2,055,205 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Guam – 2.1% | |||||||||
| $ | 1,500 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 | 11/25 at 100.00 | A | $ | 1,558,425 | |||
| 1,650 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26 | 5/21 at 100.00 | A– | 1,771,803 | |||||
| 1,740 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/25 | 7/23 at 100.00 | A– | 1,922,369 | |||||
| 4,890 | Total Guam | 5,252,597 | |||||||
| Idaho – 1.3% | |||||||||
| 3,000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 5.000%, 3/01/44 | 3/24 at 100.00 | A– | 3,233,340 | |||||
| Illinois – 12.0% | |||||||||
| Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A: | |||||||||
| 2,565 | 0.000%, 4/01/20 – NPFG Insured | No Opt. Call | Baa2 | 2,426,157 | |||||
| 2,000 | 0.000%, 4/01/23 – NPFG Insured | No Opt. Call | Baa2 | 1,691,720 | |||||
| 725 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 850,686 | |||||
| 735 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 | 12/21 at 100.00 | BB– | 713,126 | |||||
| 735 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C, 5.000%, 12/01/30 | 12/27 at 100.00 | B | 747,348 | |||||
| 360 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 | 12/26 at 100.00 | B | 410,036 | |||||
| 55 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured | No Opt. Call | Baa2 | 34,223 | |||||
| 645 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2016C, 5.000%, 1/01/20 | No Opt. Call | A | 680,269 | |||||
| 880 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB+ | 989,375 | |||||
| Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013: | |||||||||
| 2,100 | 4.000%, 8/15/33 | 8/22 at 100.00 | AA+ | 2,159,262 | |||||
| 2,245 | 5.000%, 8/15/43 | 8/22 at 100.00 | AA+ | 2,427,406 | |||||
| 260 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 290,090 | |||||
| 2,100 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | 2,120,349 | |||||
| 1,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 1,068,740 | |||||
| 1,270 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 | No Opt. Call | BBB | 1,293,914 | |||||
| 2,190 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 | No Opt. Call | BBB | 2,290,828 | |||||
| 1,000 | Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General Obligation Bonds, Series 2008, 0.000%, 2/01/24 – AGM Insured | No Opt. Call | Aa3 | 833,960 | |||||
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | |||||||||
| 1,720 | 0.000%, 12/15/29 – NPFG Insured | No Opt. Call | Baa2 | 1,025,412 | |||||
| 765 | 0.000%, 6/15/30 | No Opt. Call | BB+ | 443,448 | |||||
| 45 | 0.000%, 6/15/30 (ETM) | No Opt. Call | N/R (4) | 31,671 | |||||
| 6,070 | 0.000%, 12/15/31 – NPFG Insured | No Opt. Call | Baa2 | 3,250,971 | |||||
| 5,000 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | Baa2 | 2,037,000 | |||||
| 1,775 | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28 | 3/25 at 100.00 | A | 1,991,515 | |||||
| 310 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 | 10/23 at 100.00 | A– | 349,754 | |||||
| 36,550 | Total Illinois | 30,157,260 |
| NXP | Nuveen Select Tax-Free Income Portfolio |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Indiana – 1.5% | |||||||||
| $ | 2,855 | Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2010, 5.250%, 7/15/25 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | $ | 3,034,808 | |||
| 750 | Purdue University, Indiana, University Revenue Bonds, Student Facility System Series 2009A, 5.000%, 7/01/23 (Pre-refunded 1/01/19) | 1/19 at 100.00 | AAA | 769,170 | |||||
| 3,605 | Total Indiana | 3,803,978 | |||||||
| Iowa – 2.7% | |||||||||
| 710 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A | 6/18 at 105.00 | B | 747,566 | |||||
| 830 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/37) | No Opt. Call | B | 870,919 | |||||
| 1,000 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38 | 6/18 at 100.00 | B+ | 1,002,250 | |||||
| 4,000 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 6/18 at 100.00 | BB– | 4,037,240 | |||||
| 6,540 | Total Iowa | 6,657,975 | |||||||
| Kentucky – 1.1% | |||||||||
| 2,500 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 | 8/21 at 100.00 | A | 2,661,425 | |||||
| Massachusetts – 1.7% | |||||||||
| 1,625 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | A+ | 1,794,260 | |||||
| 400 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L, 3.625%, 7/01/37 | 7/27 at 100.00 | BBB+ | 390,488 | |||||
| 500 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A– (4) | 504,225 | |||||
| 1,525 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) | 12/18 at 100.00 | AA | 1,544,856 | |||||
| 4,050 | Total Massachusetts | 4,233,829 | |||||||
| Michigan – 2.4% | |||||||||
| 355 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A | 382,626 | |||||
| 1,500 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured | 7/18 at 100.00 | AA+ (4) | 1,515,030 | |||||
| 4,000 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 4,109,120 | |||||
| 5,855 | Total Michigan | 6,006,776 | |||||||
| Mississippi – 1.0% | |||||||||
| 2,400 | Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 | 9/18 at 100.00 | BBB | 2,450,256 | |||||
| Missouri – 2.7% | |||||||||
| 360 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 | 10/18 at 100.00 | AA+ | 366,131 | |||||
| Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1: | |||||||||
| 1,165 | 0.000%, 4/15/23 – AMBAC Insured | No Opt. Call | AA | 1,021,938 | |||||
| 5,000 | 0.000%, 4/15/30 – AMBAC Insured | No Opt. Call | AA– | 3,320,750 | |||||
| 2,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/38 | 11/23 at 100.00 | A2 | 2,172,940 | |||||
| 8,525 | Total Missouri | 6,881,759 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Nevada – 1.7% | |||||||||
| $ | 275 | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/37 | 9/27 at 100.00 | BBB+ | $ | 303,875 | |||
| 750 | Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, 15.953%, 7/01/42, 144A, (IF) | 1/20 at 100.00 | Aa3 | 953,588 | |||||
| 1,250 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 | 1/20 at 100.00 | Aa3 | 1,320,150 | |||||
| 1,500 | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) | 6/19 at 100.00 | BBB+ (4) | 1,610,415 | |||||
| 3,775 | Total Nevada | 4,188,028 | |||||||
| New Jersey – 9.6% | |||||||||
| 940 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | AA | 1,036,294 | |||||
| 1,035 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 | 3/21 at 100.00 | A– | 1,095,527 | |||||
| 1,380 | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/23 | No Opt. Call | A– | 1,506,670 | |||||
| 260 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/29 – AGM Insured | 7/25 at 100.00 | AA | 295,797 | |||||
| 35,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/34 – AGM Insured | No Opt. Call | AA | 17,511,197 | |||||
| 2,500 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 (Pre-refunded 4/26/18) | 4/18 at 100.00 | B (4) | 2,499,925 | |||||
| 41,115 | Total New Jersey | 23,945,410 | |||||||
| New Mexico – 0.4% | |||||||||
| 1,000 | New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) | 6/18 at 100.00 | N/R | 1,000,550 | |||||
| New York – 3.1% | |||||||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
| 475 | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 508,454 | |||||
| 25 | 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (4) | 27,399 | |||||
| 1,100 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2002D-1, 5.000%, 11/01/27 | 11/22 at 100.00 | AA– | 1,223,266 | |||||
| New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A: | |||||||||
| 1,035 | 5.750%, 6/15/40 (Pre-refunded 6/15/18) | 6/18 at 100.00 | N/R (4) | 1,043,849 | |||||
| 1,250 | 5.750%, 6/15/40 | 6/18 at 100.00 | AAA | 1,260,013 | |||||
| 2,875 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31 | 7/18 at 100.00 | AA | 2,907,804 | |||||
| 780 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | Baa1 | 857,875 | |||||
| 7,540 | Total New York | 7,828,660 | |||||||
| North Carolina – 0.4% | |||||||||
| 1,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 6.750%, 1/01/24 (Pre-refunded 1/01/19) | 1/19 at 100.00 | AAA | 1,037,700 | |||||
| Ohio – 4.0% | |||||||||
| 2,250 | American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 2,331,180 |
| NXP | Nuveen Select Tax-Free Income Portfolio |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio (continued) | |||||||||
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||
| $ | 1,670 | 6.000%, 6/01/42 | 5/18 at 100.00 | B– | $ | 1,659,579 | |||
| 1,000 | 6.500%, 6/01/47 | 5/18 at 100.00 | B– | 1,006,260 | |||||
| 1,975 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | B– | 1,984,816 | |||||
| 1,500 | Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2011A, 5.750%, 11/15/21 | 11/20 at 100.00 | A+ | 1,639,050 | |||||
| 1,105 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 | 2/23 at 100.00 | Aa3 | 1,197,566 | |||||
| 1,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21), (6) | No Opt. Call | D | 316,250 | |||||
| 10,500 | Total Ohio | 10,134,701 | |||||||
| Oklahoma – 0.2% | |||||||||
| 435 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.000%, 8/15/38 (WI/DD, Settling 4/04/18) | 8/28 at 100.00 | Baa3 | 477,008 | |||||
| Oregon – 2.2% | |||||||||
| 590 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/36 | 6/27 at 100.00 | AA+ | 674,299 | |||||
| 500 | Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26 | 6/23 at 100.00 | AAA | 566,890 | |||||
| Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A: | |||||||||
| 1,365 | 4.000%, 7/01/41 | 7/27 at 100.00 | Aa2 | 1,437,209 | |||||
| 1,590 | 5.000%, 7/01/47 | 7/27 at 100.00 | Aa2 | 1,828,373 | |||||
| 1,000 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B, 5.000%, 10/01/40 | 10/26 at 100.00 | A | 1,138,540 | |||||
| 5,045 | Total Oregon | 5,645,311 | |||||||
| Pennsylvania – 2.0% | |||||||||
| 1,225 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/37 | 1/24 at 100.00 | A | 1,349,950 | |||||
| 2,090 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Carnegie Mellon University, Series 2009, 5.000%, 8/01/21 | 2/19 at 100.00 | AA | 2,147,809 | |||||
| Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2: | |||||||||
| 555 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 599,877 | |||||
| 295 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 318,854 | |||||
| 640 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A2 (4) | 691,750 | |||||
| 4,805 | Total Pennsylvania | 5,108,240 | |||||||
| Tennessee – 1.3% | |||||||||
| 3,000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A+ | 3,377,550 | |||||
| Texas – 9.9% | |||||||||
| 250 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | BBB+ (4) | 277,205 | |||||
| 110 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/33 | 7/25 at 100.00 | BBB+ | 122,707 | |||||
| 1,000 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Series 2008, 5.250%, 12/01/48 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA+ (4) | 1,023,820 | |||||
| 5,565 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53 | 10/23 at 100.00 | BBB+ | 6,285,945 | |||||
| 1,250 | Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 4.000%, 10/01/35 | 10/27 at 100.00 | AAA | 1,330,263 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Texas (continued) | |||||||||
| $ | 3,415 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured | No Opt. Call | Baa2 | $ | 2,110,777 | |||
| 4,230 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured | 11/24 at 52.47 | Baa2 | 1,720,003 | |||||
| 4,015 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/38 – NPFG Insured | 11/30 at 61.17 | AA | 1,536,822 | |||||
| 2,260 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | 11/20 at 100.00 | A3 | 2,424,144 | |||||
| 2,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 | 1/25 at 100.00 | A1 | 2,425,780 | |||||
| 5,000 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26 | 12/22 at 100.00 | A3 | 5,518,149 | |||||
| 29,095 | Total Texas | 24,775,615 | |||||||
| Virginia – 2.4% | |||||||||
| 2,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5) | 10/28 at 100.00 | BBB+ | 2,517,000 | |||||
| Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | |||||||||
| 1,000 | 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,093,170 | |||||
| 1,205 | 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,349,528 | |||||
| 1,010 | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,104,819 | |||||
| 5,215 | Total Virginia | 6,064,517 | |||||||
| Washington – 2.5% | |||||||||
| 1,280 | Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18 | No Opt. Call | Aa2 | 1,302,182 | |||||
| 990 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A | 1,057,389 | |||||
| 2,115 | Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2009, 5.000%, 11/01/28 | 11/19 at 100.00 | A+ | 2,199,600 | |||||
| 2,115 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/27 – NPFG Insured | No Opt. Call | AA+ | 1,601,436 | |||||
| 6,500 | Total Washington | 6,160,607 | |||||||
| West Virginia – 0.7% | |||||||||
| 1,500 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | 6/23 at 100.00 | A | 1,661,355 | |||||
| Wisconsin – 1.5% | |||||||||
| 1,500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 | 11/26 at 100.00 | AA– | 1,684,350 | |||||
| 1,645 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 | 6/22 at 100.00 | A3 | 1,742,318 | |||||
| 420 | Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26 | 6/18 at 100.00 | AA+ | 421,176 | |||||
| 3,565 | Total Wisconsin | 3,847,844 | |||||||
| $ | 298,765 | Total Municipal Bonds (cost $225,020,334) | 248,457,781 |
| NXP | Nuveen Select Tax-Free Income Portfolio |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | |||||||||||
| Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | ||||||
| CORPORATE BONDS – 0.1% | |||||||||||
| Transportation – 0.1% | |||||||||||
| $ | 203 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/19 | N/R | $ | 130,275 | ||||
| 56 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/55 | N/R | 27,806 | ||||||
| $ | 259 | Total Corporate Bonds (cost $17,310) | 158,081 | ||||||||
| Total Long-Term Investments (cost $225,037,644) | 248,615,862 | ||||||||||
| Other Assets Less Liabilities – 0.8% | 1,935,313 | ||||||||||
| Net Assets – 100% | $ | 250,551,175 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (5) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (6) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
| (7) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
| (8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ETM | Escrowed to maturity. |
| IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| NXQ | Nuveen Select Tax-Free Income Portfolio 2 |
| Portfolio of Investments | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 98.7% | |||||||||
| MUNICIPAL BONDS – 98.6% | |||||||||
| Alaska – 0.4% | |||||||||
| $ | 1,000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 5/18 at 100.00 | B3 | $ | 1,000,020 | |||
| Arizona – 3.6% | |||||||||
| 2,500 | Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 2011B-1&2, 5.250%, 3/01/39 | 3/21 at 100.00 | A | 2,682,350 | |||||
| 1,590 | Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20 | 10/18 at 100.00 | AAA | 1,617,316 | |||||
| 365 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A | No Opt. Call | BB+ | 363,591 | |||||
| 1,000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 5.000%, 1/01/38 | 1/27 at 100.00 | AA– | 1,130,600 | |||||
| 600 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 | 10/20 at 100.00 | A– | 644,184 | |||||
| 2,250 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | No Opt. Call | BBB+ | 2,673,405 | |||||
| 215 | Sedona Wastewater Municipal Property Corporation, Arizona Excise Tax Revenue Bonds, Series 1998, 0.000%, 7/01/20 – NPFG Insured | No Opt. Call | Baa2 | 205,334 | |||||
| 8,520 | Total Arizona | 9,316,780 | |||||||
| California – 14.7% | |||||||||
| 11,000 | Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured | No Opt. Call | AA | 4,550,260 | |||||
| 1,500 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 | 12/18 at 100.00 | B2 | 1,520,130 | |||||
| 60 | California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured | 6/18 at 100.00 | AA– | 60,156 | |||||
| 2,440 | Eureka Unified School District, Humboldt County, California, General Obligation Bonds, Series 2002, 0.000%, 8/01/27 – AGM Insured | No Opt. Call | AA | 1,817,946 | |||||
| 3,290 | Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/24 – NPFG Insured | No Opt. Call | AA– | 2,767,647 | |||||
| 1,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 | 5/18 at 100.00 | B– | 1,000,010 | |||||
| 3,030 | Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured | No Opt. Call | Aa2 | 2,478,601 | |||||
| 1,495 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/33 – FGIC Insured | No Opt. Call | Aa2 | 877,027 | |||||
| 1,160 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (4) | 8/35 at 100.00 | Aa1 | 958,624 | |||||
| 450 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 | No Opt. Call | A | 633,623 | |||||
| 1,195 | Palmdale School District, Los Angeles County, California, General Obligation Bonds, Series 2003, 0.000%, 8/01/28 – AGM Insured | No Opt. Call | AA | 863,579 | |||||
| 590 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) | 11/19 at 100.00 | N/R (5) | 636,758 | |||||
| 4,620 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured | No Opt. Call | A | 3,845,734 | |||||
| 4,400 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured | No Opt. Call | AA– | 2,989,888 |
| NXQ | Nuveen Select Tax-Free Income Portfolio 2 |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 2,500 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM) | No Opt. Call | A+ (5) | $ | 1,544,775 | |||
| 2,755 | Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured | No Opt. Call | Aa3 | 2,234,746 | |||||
| 1,395 | San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | A | 1,587,329 | |||||
| San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B: | |||||||||
| 1,000 | 0.000%, 8/01/30 – AGM Insured | 8/18 at 50.12 | AA | 498,290 | |||||
| 1,890 | 0.000%, 8/01/31 – AGM Insured | 8/18 at 47.14 | AA | 885,711 | |||||
| 6,025 | Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/30 | No Opt. Call | AA | 4,005,119 | |||||
| 2,080 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 | 5/18 at 100.00 | B– | 2,080,021 | |||||
| 53,875 | Total California | 37,835,974 | |||||||
| Colorado – 7.4% | |||||||||
| 500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 | 7/19 at 100.00 | BBB+ | 518,185 | |||||
| 1,975 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20 at 100.00 | AA– | 2,069,069 | |||||
| 1,580 | Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B, 5.000%, 12/01/42 | 12/27 at 100.00 | Aa3 | 1,803,396 | |||||
| 1,935 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23 at 100.00 | A | 2,124,166 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | |||||||||
| 5,140 | 0.000%, 9/01/24 – NPFG Insured | No Opt. Call | A– | 4,344,482 | |||||
| 8,100 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A– | 5,500,872 | |||||
| 4,475 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A– | 2,555,001 | |||||
| 23,705 | Total Colorado | 18,915,171 | |||||||
| Connecticut – 1.0% | |||||||||
| 2,490 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/33 | 10/23 at 100.00 | AA | 2,701,127 | |||||
| Florida – 1.6% | |||||||||
| Broward County, Florida, Airport System Revenue Bonds, Series 2017: | |||||||||
| 1,155 | 5.000%, 10/01/42 (Alternative Minimum Tax) | 10/27 at 100.00 | A+ | 1,293,923 | |||||
| 1,040 | 5.000%, 10/01/47 (Alternative Minimum Tax) | 10/27 at 100.00 | A+ | 1,161,534 | |||||
| 1,500 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 | 11/24 at 100.00 | A2 | 1,629,960 | |||||
| 3,695 | Total Florida | 4,085,417 | |||||||
| Guam – 1.9% | |||||||||
| 1,500 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 | 11/25 at 100.00 | A | 1,558,425 | |||||
| 1,675 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26 | 5/21 at 100.00 | A– | 1,798,649 | |||||
| 1,460 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A– | 1,555,250 | |||||
| 4,635 | Total Guam | 4,912,324 | |||||||
| Idaho – 1.7% | |||||||||
| 4,000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 5.000%, 3/01/44 | 3/24 at 100.00 | A– | 4,311,120 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois – 12.7% | |||||||||
| $ | 1,615 | Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A, 0.000%, 4/01/23 – NPFG Insured | No Opt. Call | Baa2 | $ | 1,366,064 | |||
| 750 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 880,020 | |||||
| 735 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 | 12/21 at 100.00 | BB– | 713,126 | |||||
| 760 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C, 5.000%, 12/01/30 | 12/27 at 100.00 | B | 772,768 | |||||
| 365 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 | 12/26 at 100.00 | B | 415,731 | |||||
| 1,340 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2016C, 5.000%, 1/01/20 | No Opt. Call | A | 1,413,271 | |||||
| 435 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured | 6/18 at 100.00 | AA | 436,383 | |||||
| 1,335 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%, 1/01/27 – NPFG Insured | 6/18 at 100.00 | BBB+ | 1,336,789 | |||||
| 2,245 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/43 | 8/22 at 100.00 | AA+ | 2,427,406 | |||||
| 1,750 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | 1,766,958 | |||||
| 1,315 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 | No Opt. Call | BBB | 1,339,761 | |||||
| 2,190 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 | No Opt. Call | BBB | 2,290,828 | |||||
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | |||||||||
| 6,350 | 0.000%, 12/15/31 – NPFG Insured | No Opt. Call | Baa2 | 3,400,933 | |||||
| 1,350 | 0.000%, 6/15/35 – NPFG Insured | No Opt. Call | Baa2 | 594,054 | |||||
| 5,000 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | Baa2 | 2,037,000 | |||||
| 9,370 | 0.000%, 6/15/39 – NPFG Insured | No Opt. Call | Baa2 | 3,336,844 | |||||
| 5,045 | Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured | 6/18 at 100.00 | AA | 5,052,467 | |||||
| 1,135 | Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002B, 0.000%, 12/01/18 – RAAI Insured | No Opt. Call | AA | 1,118,554 | |||||
| 1,825 | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28 | 3/25 at 100.00 | A | 2,047,614 | |||||
| 44,910 | Total Illinois | 32,746,571 | |||||||
| Indiana – 2.2% | |||||||||
| 1,600 | Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series 2008B, 0.000%, 6/01/30 – AGM Insured | No Opt. Call | AA | 1,042,976 | |||||
| 2,040 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40 | 6/25 at 100.00 | AA | 2,278,782 | |||||
| Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A: | |||||||||
| 355 | 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | AA (5) | 365,384 | |||||
| 1,470 | 5.500%, 1/01/38 – AGC Insured | 1/19 at 100.00 | AA | 1,510,219 | |||||
| 450 | Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.000%, 1/15/19 | No Opt. Call | N/R | 454,172 | |||||
| 5,915 | Total Indiana | 5,651,533 | |||||||
| Iowa – 2.5% | |||||||||
| 710 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A | 6/18 at 105.00 | B | 747,566 | |||||
| 830 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/37) | No Opt. Call | B | 870,919 |
| NXQ | Nuveen Select Tax-Free Income Portfolio 2 |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Iowa (continued) | |||||||||
| $ | 2,000 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Refunding Series 2010, 5.750%, 9/01/30 (Pre-refunded 9/01/20) | 9/20 at 100.00 | N/R (5) | $ | 2,188,040 | |||
| 1,645 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38 | 6/18 at 100.00 | B+ | 1,648,701 | |||||
| 1,000 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 6/18 at 100.00 | BB– | 1,009,310 | |||||
| 6,185 | Total Iowa | 6,464,536 | |||||||
| Kansas – 0.1% | |||||||||
| 230 | Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured | 6/18 at 100.00 | BB+ | 230,334 | |||||
| Kentucky – 1.3% | |||||||||
| 2,500 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 | 8/21 at 100.00 | A | 2,661,425 | |||||
| 805 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43 (4) | 7/31 at 100.00 | Baa3 | 751,588 | |||||
| 3,305 | Total Kentucky | 3,413,013 | |||||||
| Louisiana – 0.8% | |||||||||
| 1,870 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | 12/27 at 100.00 | AA | 2,146,087 | |||||
| Maryland – 0.4% | |||||||||
| 1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2012B, 5.000%, 7/01/27 | 7/22 at 100.00 | AA– | 1,115,850 | |||||
| Massachusetts – 3.0% | |||||||||
| 2,200 | Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41 | 7/22 at 100.00 | AAA | 2,423,828 | |||||
| 1,675 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | A+ | 1,849,468 | |||||
| 2,250 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2014M-4, 5.000%, 7/01/44 | 7/23 at 100.00 | AA– | 2,477,093 | |||||
| 400 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L, 3.625%, 7/01/37 | 7/27 at 100.00 | BBB+ | 390,488 | |||||
| 500 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A– (5) | 504,225 | |||||
| 7,025 | Total Massachusetts | 7,645,102 | |||||||
| Michigan – 0.8% | |||||||||
| 355 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A | 382,626 | |||||
| 1,000 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured | 7/18 at 100.00 | AA+ (5) | 1,010,020 | |||||
| 385 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38 | 10/25 at 100.00 | Aa2 | 433,256 | |||||
| 250 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 256,820 | |||||
| 1,990 | Total Michigan | 2,082,722 | |||||||
| Mississippi – 0.5% | |||||||||
| 1,170 | Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 | 9/18 at 100.00 | BBB | 1,194,500 | |||||
| Missouri – 0.1% | |||||||||
| 270 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 | 10/18 at 100.00 | AA+ | 274,598 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Nebraska – 0.6% | |||||||||
| $ | 545 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 4.125%, 11/01/36 | 11/25 at 100.00 | A– | $ | 560,533 | |||
| 1,000 | Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/40 | 1/22 at 100.00 | A+ | 1,080,240 | |||||
| 1,545 | Total Nebraska | 1,640,773 | |||||||
| Nevada – 4.3% | |||||||||
| 990 | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/37 | 9/27 at 100.00 | BBB+ | 1,093,950 | |||||
| 1,325 | Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AAA | 1,384,320 | |||||
| 1,250 | Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, 15.953%, 7/01/42, 144A (IF) | 1/20 at 100.00 | Aa3 | 1,589,313 | |||||
| 1,000 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 | 1/20 at 100.00 | Aa3 | 1,056,120 | |||||
| 3,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/34 | 12/24 at 100.00 | AA+ | 3,398,430 | |||||
| 2,500 | North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured | 6/18 at 100.00 | Baa2 | 2,502,150 | |||||
| 10,065 | Total Nevada | 11,024,283 | |||||||
| New Jersey – 3.5% | |||||||||
| 2,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 | 12/26 at 100.00 | A– | 2,276,760 | |||||
| 2,165 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 | 3/21 at 100.00 | A– | 2,291,609 | |||||
| 1,250 | New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured | No Opt. Call | A– | 1,316,913 | |||||
| 2,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/29 | 6/25 at 100.00 | A– | 2,206,220 | |||||
| 1,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29 (Pre-refunded 4/26/18) | 4/18 at 100.00 | BBB– (5) | 1,003,240 | |||||
| 8,415 | Total New Jersey | 9,094,742 | |||||||
| New Mexico – 1.1% | |||||||||
| 800 | New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group, Series 2013, 5.000%, 7/01/42 | 7/22 at 100.00 | BBB | 835,664 | |||||
| 1,000 | New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) | 6/18 at 100.00 | N/R | 1,000,550 | |||||
| 1,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | A1 | 1,039,090 | |||||
| 2,800 | Total New Mexico | 2,875,304 | |||||||
| New York – 1.6% | |||||||||
| 475 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 508,454 | |||||
| 25 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (5) | 27,399 | |||||
| 1,250 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 | 11/22 at 100.00 | AA– | 1,393,513 | |||||
| 1,005 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31 | 7/18 at 100.00 | AA | 1,016,467 | |||||
| 1,135 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | Baa1 | 1,248,318 | |||||
| 3,890 | Total New York | 4,194,151 |
| NXQ | Nuveen Select Tax-Free Income Portfolio 2 |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio – 2.7% | |||||||||
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||
| $ | 2,475 | 5.875%, 6/01/30 | 5/18 at 100.00 | B– | $ | 2,463,095 | |||
| 875 | 5.750%, 6/01/34 | 5/18 at 100.00 | B– | 859,688 | |||||
| 2,115 | 5.875%, 6/01/47 | 5/18 at 100.00 | B– | 2,091,206 | |||||
| 1,105 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 | 2/23 at 100.00 | Aa3 | 1,197,566 | |||||
| 1,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21), (6) | No Opt. Call | D | 316,250 | |||||
| 7,570 | Total Ohio | 6,927,805 | |||||||
| Oklahoma – 0.2% | |||||||||
| 450 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.000%, 8/15/38 (WI/DD, Settling 4/04/18) | 8/28 at 100.00 | Baa3 | 493,457 | |||||
| Oregon – 1.7% | |||||||||
| 915 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/36 | 6/27 at 100.00 | AA+ | 1,045,735 | |||||
| 60 | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A, 0.000%, 6/15/40 (4) | 6/27 at 100.00 | Aa1 | 61,621 | |||||
| 500 | Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26 | 6/23 at 100.00 | AAA | 566,890 | |||||
| Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A: | |||||||||
| 1,090 | 4.000%, 7/01/41 | 7/27 at 100.00 | Aa2 | 1,147,661 | |||||
| 1,275 | 5.000%, 7/01/47 | 7/27 at 100.00 | Aa2 | 1,466,148 | |||||
| 3,840 | Total Oregon | 4,288,055 | |||||||
| Pennsylvania – 4.4% | |||||||||
| 1,255 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/37 | 1/24 at 100.00 | A | 1,383,010 | |||||
| 2,250 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Carnegie Mellon University, Series 2009, 5.000%, 8/01/21 | 2/19 at 100.00 | AA | 2,312,235 | |||||
| Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2: | |||||||||
| 555 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (5) | 599,877 | |||||
| 300 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (5) | 324,258 | |||||
| 645 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A2 (5) | 697,155 | |||||
| 2,970 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A, 5.000%, 7/01/40 | 7/24 at 100.00 | A+ | 3,295,126 | |||||
| 2,500 | State Public School Building Authority, Pennsylvania, School Revenue Bonds, Harrisburg School District, Refunding Series 2009A, 4.750%, 11/15/29 (Pre-refunded 5/15/19) – AGC Insured | 5/19 at 100.00 | AA (5) | 2,584,500 | |||||
| 10,475 | Total Pennsylvania | 11,196,161 | |||||||
| Puerto Rico – 0.4% | |||||||||
| 1,035 | Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20 | 6/18 at 100.00 | AA– | 1,077,300 | |||||
| South Carolina – 1.4% | |||||||||
| 3,400 | South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – BHAC Insured | 1/19 at 100.00 | AA+ (5) | 3,499,450 | |||||
| South Dakota – 0.3% | |||||||||
| 600 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/35 | 11/25 at 100.00 | A+ | 670,434 | |||||
| Tennessee – 0.9% | |||||||||
| 2,020 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A+ | 2,274,217 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Texas – 10.7% | |||||||||
| $ | 250 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | BBB+ (5) | $ | 277,205 | |||
| 240 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/35 | 7/25 at 100.00 | BBB+ | 266,414 | |||||
| 3,000 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Series 2008, 5.250%, 12/01/48 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA+ (5) | 3,071,460 | |||||
| 5,560 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53 | 10/23 at 100.00 | BBB+ | 6,280,294 | |||||
| 1,160 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 1,288,714 | |||||
| 1,250 | Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 4.000%, 10/01/35 | 10/27 at 100.00 | AAA | 1,330,263 | |||||
| Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | |||||||||
| 630 | 0.000%, 11/15/24 – NPFG Insured | No Opt. Call | Baa2 | 496,553 | |||||
| 12,480 | 0.000%, 11/15/41 – NPFG Insured | 11/31 at 53.78 | Baa2 | 3,755,482 | |||||
| 575 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/24 – AMBAC Insured | No Opt. Call | A2 | 479,291 | |||||
| 2,255 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | 11/20 at 100.00 | A3 | 2,418,781 | |||||
| 1,025 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 | 1/23 at 100.00 | A1 | 1,116,399 | |||||
| 200 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 | 5/26 at 100.00 | AA– | 203,746 | |||||
| 5,000 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26 | 12/22 at 100.00 | A3 | 5,518,150 | |||||
| 2,000 | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010, 0.000%, 8/15/31 | No Opt. Call | AAA | 1,077,680 | |||||
| 35,625 | Total Texas | 27,580,432 | |||||||
| Virginia – 1.8% | |||||||||
| 1,500 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured | 10/26 at 100.00 | AA | 1,907,880 | |||||
| Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | |||||||||
| 1,000 | 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,093,170 | |||||
| 410 | 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 459,175 | |||||
| 1,010 | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,104,819 | |||||
| 3,920 | Total Virginia | 4,565,044 | |||||||
| Washington – 3.4% | |||||||||
| 855 | Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/19 | No Opt. Call | Aa2 | 896,202 | |||||
| 4,000 | Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, Series 2013A, 5.750%, 1/01/45 | 1/23 at 100.00 | BBB+ | 4,406,600 | |||||
| 990 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A | 1,057,389 | |||||
| 2,185 | Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2009, 5.000%, 11/01/28 | 11/19 at 100.00 | A+ | 2,272,400 | |||||
| 8,030 | Total Washington | 8,632,591 |
| NXQ | Nuveen Select Tax-Free Income Portfolio 2 |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Wisconsin – 2.9% | |||||||||
| $ | 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 | 10/21 at 100.00 | A+ | $ | 2,150,480 | |||
| 2,355 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 | 11/26 at 100.00 | AA– | 2,644,430 | |||||
| 1,645 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 | 6/22 at 100.00 | A3 | 1,742,318 | |||||
| 1,000 | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa2 (5) | 1,047,030 | |||||
| 7,000 | Total Wisconsin | 7,584,258 | |||||||
| $ | 286,470 | Total Municipal Bonds (cost $234,047,500) | 253,661,236 |
| Principal | |||||||||||
| Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | ||||||
| CORPORATE BONDS – 0.1% | |||||||||||
| Transportation – 0.1% | |||||||||||
| $ | 318 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/19 | N/R | $ | 203,756 | ||||
| 87 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/55 | N/R | 43,490 | ||||||
| $ | 405 | Total Corporate Bonds (cost $27,074) | 247,246 | ||||||||
| Total Long-Term Investments (cost $234,074,574) | 253,908,482 | ||||||||||
| Other Assets Less Liabilities – 1.3% | 3,341,830 | ||||||||||
| Net Assets – 100% | $ | 257,250,312 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (6) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
| (7) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
| (8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ETM | Escrowed to maturity. |
| IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| NXR | Nuveen Select Tax-Free Income Portfolio 3 |
| Portfolio of Investments | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 99.1% | |||||||||
| MUNICIPAL BONDS – 99.1% | |||||||||
| Alaska – 1.3% | |||||||||
| $ | 2,675 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 5/18 at 100.00 | B3 | $ | 2,675,054 | |||
| Arizona – 1.0% | |||||||||
| 1,770 | Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20 | 10/18 at 100.00 | AAA | 1,800,409 | |||||
| 280 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A | No Opt. Call | BB+ | 278,919 | |||||
| 2,050 | Total Arizona | 2,079,328 | |||||||
| California – 22.4% | |||||||||
| 12,500 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured | No Opt. Call | AA | 6,304,624 | |||||
| 1,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 | 12/18 at 100.00 | B2 | 1,013,420 | |||||
| 1,125 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 | 6/18 at 100.00 | BBB+ | 1,125,788 | |||||
| 890 | California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) | 8/19 at 100.00 | N/R (4) | 949,221 | |||||
| 215 | California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29 | 6/18 at 100.00 | Baa2 | 215,204 | |||||
| 2,275 | Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/28 – NPFG Insured | No Opt. Call | AA– | 1,633,746 | |||||
| 3,370 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured | No Opt. Call | A+ | 2,480,185 | |||||
| 1,750 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 | 5/18 at 100.00 | B+ | 1,751,750 | |||||
| 4,055 | Kern Community College District, California, General Obligation Bonds, Series 2003A, 0.000%, 3/01/28 – FGIC Insured | No Opt. Call | Aa2 | 2,980,628 | |||||
| 1,160 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5) | 8/35 at 100.00 | Aa1 | 958,624 | |||||
| 11,985 | Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002, Series 2007C, 0.000%, 8/01/32 – AGM Insured | No Opt. Call | AA | 7,269,620 | |||||
| 3,000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured | No Opt. Call | A | 2,403,210 | |||||
| 8,040 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM) | No Opt. Call | A+ (4) | 4,967,995 | |||||
| 1,500 | Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/32 – AGM Insured | No Opt. Call | AA | 917,565 | |||||
| 8,000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/32 | No Opt. Call | AA– | 4,879,920 | |||||
| 3,940 | Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and 1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured | No Opt. Call | A+ | 2,043,717 | |||||
| 1,030 | Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Arlington Redevelopment Project, Hunter Park/Northside Redevelopment Project, Magnolia Center Redevelopment Project, 5.000%, 8/01/37 – NPFG Insured | 6/18 at 100.00 | A– | 1,032,009 | |||||
| 765 | San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | A | 870,471 |
| NXR | Nuveen Select Tax-Free Income Portfolio 3 |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 1,080 | San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | AAA | $ | 1,083,046 | |||
| 67,680 | Total California | 44,880,743 | |||||||
| Colorado – 6.2% | |||||||||
| 1,540 | Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured | 6/18 at 100.00 | BBB– | 1,540,123 | |||||
| 500 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/22, 144A | No Opt. Call | N/R | 547,280 | |||||
| 2,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20 at 100.00 | AA– | 2,095,260 | |||||
| 790 | Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B, 5.000%, 12/01/42 | 12/27 at 100.00 | Aa3 | 901,698 | |||||
| 1,935 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23 at 100.00 | A | 2,124,166 | |||||
| 1,295 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A– | 773,296 | |||||
| 5,520 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured | 9/20 at 63.98 | A– | 3,322,654 | |||||
| 1,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/33 | 12/25 at 100.00 | N/R | 1,126,460 | |||||
| 14,580 | Total Colorado | 12,430,937 | |||||||
| Connecticut – 1.7% | |||||||||
| 1,500 | Connecticut State, General Obligation Bonds, Refunding Series 2010C, 5.000%, 12/01/20 | 12/19 at 100.00 | A+ | 1,576,155 | |||||
| 1,640 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/33 | 10/23 at 100.00 | AA | 1,779,056 | |||||
| 3,140 | Total Connecticut | 3,355,211 | |||||||
| Florida – 0.2% | |||||||||
| 390 | Broward County, Florida, Airport System Revenue Bonds, Series 2017, 5.000%, 10/01/42 (Alternative Minimum Tax) | 10/27 at 100.00 | A+ | 436,909 | |||||
| Guam – 1.7% | |||||||||
| 1,250 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 | 11/25 at 100.00 | A | 1,298,688 | |||||
| 2,000 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.125%, 11/01/31 | 5/21 at 100.00 | A– | 2,185,460 | |||||
| 3,250 | Total Guam | 3,484,148 | |||||||
| Idaho – 1.6% | |||||||||
| 3,000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 5.000%, 3/01/44 | 3/24 at 100.00 | A– | 3,233,340 | |||||
| Illinois – 11.2% | |||||||||
| 575 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 674,682 | |||||
| 295 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C, 5.000%, 12/01/30 | 12/27 at 100.00 | B | 299,956 | |||||
| 3,900 | Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/28 – FGIC Insured | No Opt. Call | Baa2 | 2,426,736 | |||||
| 535 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2016C, 5.000%, 1/01/20 | No Opt. Call | A | 564,254 | |||||
| 870 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured | 6/18 at 100.00 | AA | 872,767 | |||||
| 260 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 290,090 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B: | |||||||||
| $ | 105 | 5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | AA (4) | $ | 105,432 | |||
| 1,495 | 5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | AA (4) | 1,501,144 | |||||
| 1,500 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | 1,514,535 | |||||
| 1,235 | Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM) | No Opt. Call | N/R (4) | 1,336,431 | |||||
| 1,015 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 | No Opt. Call | BBB | 1,034,112 | |||||
| 2,190 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 | No Opt. Call | BBB | 2,290,828 | |||||
| 1,000 | Kankakee & Will Counties Community Unit School District 5, Illinois, General Obligation Bonds, Series 2006, 0.000%, 5/01/23 – AGM Insured | No Opt. Call | Aa3 | 859,240 | |||||
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | |||||||||
| 2,500 | 0.000%, 12/15/30 – NPFG Insured | No Opt. Call | Baa2 | 1,413,625 | |||||
| 4,775 | 0.000%, 12/15/31 – NPFG Insured | No Opt. Call | Baa2 | 2,557,395 | |||||
| 5,000 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | Baa2 | 2,037,000 | |||||
| 2,000 | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | Baa2 | 791,020 | |||||
| 1,400 | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28 | 3/25 at 100.00 | A | 1,570,772 | |||||
| 310 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 | 10/23 at 100.00 | A– | 349,754 | |||||
| 30,960 | Total Illinois | 22,489,773 | |||||||
| Indiana – 1.6% | |||||||||
| 2,295 | Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2010, 5.250%, 7/15/25 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 2,439,539 | |||||
| 1,000 | Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 7/15/28 – AGM Insured | No Opt. Call | AA | 736,230 | |||||
| 3,295 | Total Indiana | 3,175,769 | |||||||
| Iowa – 1.1% | |||||||||
| 570 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A | 6/18 at 105.00 | B | 600,159 | |||||
| 660 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/37) | No Opt. Call | B | 692,538 | |||||
| 950 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 6/18 at 100.00 | BB– | 958,845 | |||||
| 2,180 | Total Iowa | 2,251,542 | |||||||
| Massachusetts – 2.1% | |||||||||
| 1,300 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | A+ | 1,435,408 | |||||
| 2,250 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2014M-4, 5.000%, 7/01/44 | 7/23 at 100.00 | AA– | 2,477,093 | |||||
| 400 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L, 3.625%, 7/01/37 | 7/27 at 100.00 | BBB+ | 390,488 | |||||
| 3,950 | Total Massachusetts | 4,302,989 | |||||||
| Michigan – 1.0% | |||||||||
| 355 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A | 382,626 | |||||
| 1,295 | Portage Public Schools, Kalamazoo County, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/21 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | AA (4) | 1,298,548 | |||||
| 250 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 256,820 | |||||
| 1,900 | Total Michigan | 1,937,994 |
| NXR | Nuveen Select Tax-Free Income Portfolio 3 |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Mississippi – 0.9% | |||||||||
| $ | 1,830 | Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 | 9/18 at 100.00 | BBB | $ | 1,868,320 | |||
| Missouri – 0.1% | |||||||||
| 270 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 | 10/18 at 100.00 | AA+ | 274,598 | |||||
| Montana – 0.8% | |||||||||
| 1,440 | Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010A, 4.750%, 1/01/40 | 1/20 at 100.00 | AA– | 1,490,659 | |||||
| Nebraska – 1.7% | |||||||||
| 2,600 | Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/40 | 1/22 at 100.00 | A+ | 2,808,624 | |||||
| 500 | Platte County School District 001, Columbus Public Schools, Nebraska, General Obligation Bonds, School Building Series 2014, 5.000%, 12/15/39 | 6/24 at 100.00 | Aa2 | 561,280 | |||||
| 3,100 | Total Nebraska | 3,369,904 | |||||||
| Nevada – 2.0% | |||||||||
| 445 | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/37 | 9/27 at 100.00 | BBB+ | 491,725 | |||||
| 1,000 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 | 1/20 at 100.00 | Aa3 | 1,056,120 | |||||
| 2,500 | North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured | 6/18 at 100.00 | Baa2 | 2,502,150 | |||||
| 3,945 | Total Nevada | 4,049,995 | |||||||
| New Jersey – 2.7% | |||||||||
| 1,850 | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/23 | No Opt. Call | A– | 2,019,812 | |||||
| 305 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/28 – AGM Insured | 7/25 at 100.00 | AA | 348,063 | |||||
| 4,900 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/28 – AMBAC Insured | No Opt. Call | A– | 3,098,368 | |||||
| 7,055 | Total New Jersey | 5,466,243 | |||||||
| New Mexico – 0.5% | |||||||||
| 1,000 | New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) | 6/18 at 100.00 | N/R | 1,000,550 | |||||
| New York – 1.8% | |||||||||
| 1,250 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 | 11/22 at 100.00 | AA– | 1,393,513 | |||||
| 850 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40 (Pre-refunded 6/15/18) | 6/18 at 100.00 | N/R (4) | 857,268 | |||||
| 1,020 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40 | 6/18 at 100.00 | AAA | 1,028,170 | |||||
| 265 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | Baa1 | 291,458 | |||||
| 3,385 | Total New York | 3,570,409 | |||||||
| North Carolina – 0.3% | |||||||||
| 500 | New Hanover County, North Carolina, General Obligation Bonds, School Series 2009, 4.000%, 6/01/21 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AAA | 513,510 | |||||
| Ohio – 5.5% | |||||||||
| 2,250 | American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 2,331,180 | |||||
| 1,465 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 6.000%, 6/01/42 |
5/18 at 100.00 |
B– |
1,455,858
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio (continued) | |||||||||
| $ | 3,720 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | B– | $ | 3,738,488 | |||
| 1,500 | Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2011A, 5.750%, 11/15/21 | 11/20 at 100.00 | A+ | 1,639,050 | |||||
| 1,475 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 | 2/23 at 100.00 | Aa3 | 1,598,561 | |||||
| 1,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21), (6) | No Opt. Call | D | 316,250 | |||||
| 11,410 | Total Ohio | 11,079,387 | |||||||
| Oklahoma – 0.2% | |||||||||
| 345 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.000%, 8/15/38 (WI/DD, Settling 4/04/18) | 8/28 at 100.00 | Baa3 | 378,317 | |||||
| Oregon – 1.7% | |||||||||
| Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A: | |||||||||
| 545 | 4.000%, 7/01/41 | 7/27 at 100.00 | Aa2 | 573,831 | |||||
| 635 | 5.000%, 7/01/47 | 7/27 at 100.00 | Aa2 | 730,199 | |||||
| 1,000 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B, 5.000%, 10/01/40 | 10/26 at 100.00 | A | 1,138,540 | |||||
| 750 | Washington and Clackamas Counties School District 23J Tigard-Tualatin, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 891,008 | |||||
| 2,930 | Total Oregon | 3,333,578 | |||||||
| Pennsylvania – 6.8% | |||||||||
| 1,015 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/37 | 1/24 at 100.00 | A | 1,118,530 | |||||
| 1,685 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Carnegie Mellon University, Series 2009, 5.000%, 8/01/21 | 2/19 at 100.00 | AA | 1,731,607 | |||||
| Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B-2: | |||||||||
| 370 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 399,918 | |||||
| 200 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 216,172 | |||||
| 430 | 5.000%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A2 (4) | 464,770 | |||||
| 2,075 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Series 2009B, 5.000%, 12/01/22 | 12/19 at 100.00 | A1 | 2,183,128 | |||||
| 4,455 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A, 5.000%, 7/01/40 | 7/24 at 100.00 | A+ | 4,942,688 | |||||
| 2,500 | State Public School Building Authority, Pennsylvania, School Revenue Bonds, Harrisburg School District, Refunding Series 2009A, 4.750%, 11/15/29 (Pre-refunded 5/15/19) – AGC Insured | 5/19 at 100.00 | AA (4) | 2,584,500 | |||||
| 12,730 | Total Pennsylvania | 13,641,313 | |||||||
| Puerto Rico – 0.5% | |||||||||
| 945 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured | No Opt. Call | C | 939,292 | |||||
| South Carolina – 1.5% | |||||||||
| 3,000 | South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – BHAC Insured | 1/19 at 100.00 | AA+ (4) | 3,087,750 | |||||
| South Dakota – 0.2% | |||||||||
| 400 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/35 | 11/25 at 100.00 | A+ | 446,956 | |||||
| Tennessee – 0.4% | |||||||||
| 795 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 852,057 |
| NXR | Nuveen Select Tax-Free Income Portfolio 3 |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Texas – 10.8% | |||||||||
| $ | 250 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | BBB+ (4) | $ | 277,205 | |||
| 85 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/34 | 7/25 at 100.00 | BBB+ | 94,586 | |||||
| 3,000 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Series 2008, 5.000%, 12/01/23 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA+ (4) | 3,068,550 | |||||
| 4,640 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53 | 10/23 at 100.00 | BBB+ | 5,241,111 | |||||
| Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | |||||||||
| 1,405 | 0.000%, 11/15/32 – NPFG Insured | 11/31 at 94.05 | Baa2 | 767,509 | |||||
| 2,510 | 0.000%, 11/15/36 – NPFG Insured | 11/31 at 73.51 | Baa2 | 1,050,485 | |||||
| 2,235 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/32 – NPFG Insured | 11/24 at 62.70 | Baa2 | 1,090,345 | |||||
| Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A: | |||||||||
| 3,045 | 0.000%, 11/15/34 – NPFG Insured | 11/30 at 78.27 | AA | 1,528,864 | |||||
| 4,095 | 0.000%, 11/15/38 – NPFG Insured | 11/30 at 61.17 | AA | 1,567,443 | |||||
| 2,255 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | 11/20 at 100.00 | A3 | 2,418,781 | |||||
| 290 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.200%, 1/01/42 – AGC Insured | 1/25 at 100.00 | AA | 348,423 | |||||
| 2,000 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32 | 12/22 at 100.00 | A3 | 2,184,140 | |||||
| 2,410 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured | No Opt. Call | A– | 1,957,932 | |||||
| 28,220 | Total Texas | 21,595,374 | |||||||
| Virginia – 2.6% | |||||||||
| 3,500 | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/32 (5) | 7/28 at 100.00 | BBB | 3,100,370 | |||||
| Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | |||||||||
| 410 | 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 459,175 | |||||
| 1,510 | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,651,759 | |||||
| 5,420 | Total Virginia | 5,211,304 | |||||||
| Washington – 4.1% | |||||||||
| 1,020 | Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18 | No Opt. Call | Aa2 | 1,037,677 | |||||
| 990 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A | 1,057,389 | |||||
| 4,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/32 | 10/22 at 100.00 | AA– | 4,419,040 | |||||
| 1,700 | Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2009, 5.000%, 11/01/28 | 11/19 at 100.00 | A+ | 1,768,000 | |||||
| 7,710 | Total Washington | 8,282,106 | |||||||
| Wisconsin – 0.9% | |||||||||
| 1,250 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32 | 2/22 at 100.00 | A– | 1,343,425 | |||||
| 415 | Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26 | 6/18 at 100.00 | AA+ | 416,162 | |||||
| 1,665 | Total Wisconsin | 1,759,587 | |||||||
| $ | 237,145 | Total Municipal Bonds (cost $177,007,232) | 198,944,946 |
| Principal | |||||||||||
| Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | ||||||
| CORPORATE BONDS – 0.0% | |||||||||||
| Transportation – 0.0% | |||||||||||
| $ | 90 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/19 | N/R | $ | 57,415 | ||||
| 25 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/55 | N/R | 12,255 | ||||||
| $ | 115 | Total Corporate Bonds (cost $7,627) | 69,670 | ||||||||
| Total Long-Term Investments (cost $177,014,859) | 199,014,616 | ||||||||||
| Other Assets Less Liabilities – 0.9% | 1,749,969 | ||||||||||
| Net Assets – 100% | $ | 200,764,585 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (5) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (6) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
| (7) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
| (8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ETM | Escrowed to maturity. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| NXC | Nuveen California Select Tax-Free |
| Income Portfolio | |
| Portfolio of Investments | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 91.9% | |||||||||
| MUNICIPAL BONDS – 91.9% | |||||||||
| Consumer Staples – 6.4% | |||||||||
| $ | 1,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46 | 6/18 at 100.00 | CCC | $ | 999,920 | |||
| 50 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21 | 6/18 at 100.00 | A | 50,044 | |||||
| 1,095 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 | 6/22 at 100.00 | B | 1,127,850 | |||||
| Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | |||||||||
| 775 | 5.000%, 6/01/33 | 5/18 at 100.00 | B+ | 775,775 | |||||
| 660 | 5.750%, 6/01/47 | 5/18 at 100.00 | B3 | 663,901 | |||||
| 1,500 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 | 5/18 at 100.00 | B– | 1,500,015 | |||||
| 1,000 | Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37 | 5/18 at 100.00 | BB+ | 1,002,290 | |||||
| 6,080 | Total Consumer Staples | 6,119,795 | |||||||
| Education and Civic Organizations – 3.1% | |||||||||
| 160 | California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A , 7.250%, 6/01/43 | 6/22 at 102.00 | N/R | 183,451 | |||||
| 60 | California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A | 7/25 at 100.00 | BBB | 64,932 | |||||
| 385 | California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/46 | 7/25 at 101.00 | BBB | 414,753 | |||||
| 250 | California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 | 7/21 at 100.00 | BBB– | 273,942 | |||||
| 2,000 | University of California, General Revenue Bonds, Limited Project Series 2016K, 4.000%, 5/15/46 | 5/26 at 100.00 | AA– | 2,070,060 | |||||
| 2,855 | Total Education and Civic Organizations | 3,007,138 | |||||||
| Health Care – 9.0% | |||||||||
| 1,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 | 11/26 at 100.00 | AA– | 1,130,560 | |||||
| 2,500 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/41 | 11/25 at 100.00 | AA– | 2,819,975 | |||||
| 115 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2014A, 5.000%, 8/15/43 | 8/24 at 100.00 | AA– | 127,322 | |||||
| 125 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 | 10/24 at 100.00 | AA– | 142,340 | |||||
| 255 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 | 10/24 at 100.00 | AA– | 281,882 | |||||
| 235 | California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41 | 8/21 at 100.00 | AA | 252,663 | |||||
| 35 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 38,939 | |||||
| 130 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41 | 11/26 at 100.00 | BBB– | 141,992 | |||||
| 1,000 | California Public Finance Authority, Revenue Bonds, Sharp HealthCare, Series 2017A, 4.000%, 8/01/47 | 2/28 at 100.00 | AA | 1,023,660 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Health Care (continued) | |||||||||
| $ | 350 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/34 | 12/24 at 100.00 | BB+ | $ | 382,616 | |||
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: | |||||||||
| 825 | 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB | 873,667 | |||||
| 540 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 579,188 | |||||
| 670 | San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 | 12/21 at 100.00 | BB+ | 751,258 | |||||
| 7,780 | Total Health Care | 8,546,062 | |||||||
| Housing/Multifamily – 0.5% | |||||||||
| 395 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 | 8/22 at 100.00 | BBB | 428,058 | |||||
| California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A: | |||||||||
| 25 | 5.250%, 8/15/39 | 8/24 at 100.00 | BBB+ | 27,250 | |||||
| 65 | 5.250%, 8/15/49 | 8/24 at 100.00 | BBB+ | 70,388 | |||||
| 485 | Total Housing/Multifamily | 525,696 | |||||||
| Tax Obligation/General – 21.3% | |||||||||
| 1,000 | California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34 | 8/25 at 100.00 | AA– | 1,149,080 | |||||
| 1,650 | California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39 | 11/19 at 100.00 | AA– | 1,746,376 | |||||
| 1,965 | California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | AA– | 2,159,515 | |||||
| 2,000 | California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 4/01/35 | 4/22 at 100.00 | AA– | 2,238,540 | |||||
| 1,080 | Mountain View-Los Altos Union High School District, Santa Clara County, California, General Obligation Bonds, Capital Appreciation Series 1997C, 0.000%, 5/01/18 – NPFG Insured | No Opt. Call | Aaa | 1,078,747 | |||||
| 7,575 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/34 | No Opt. Call | A | 3,999,600 | |||||
| 1,000 | San Benito High School District, San Benito and Santa Clara Counties, California, General Obligation Bonds, 2016 Election Series 2017, 5.250%, 8/01/46 | 8/27 at 100.00 | Aa3 | 1,188,110 | |||||
| 8,075 | San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44 | No Opt. Call | AA | 2,700,845 | |||||
| 1,000 | San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2016, Green Series 2017A-1, 5.000%, 8/01/47 | 8/27 at 100.00 | AAA | 1,163,400 | |||||
| 1,000 | Santa Barbara Unified School District, Santa Barbara County, California, General Obligation Bonds, Election of 2016 Series 2017A, 4.000%, 8/01/41 | 8/27 at 100.00 | Aa2 | 1,065,700 | |||||
| 2,000 | West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured (4) | 8/31 at 100.00 | AA | 1,810,720 | |||||
| 28,345 | Total Tax Obligation/General | 20,300,633 | |||||||
| Tax Obligation/Limited – 19.0% | |||||||||
| 1,000 | Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured | 6/18 at 100.00 | AA | 1,001,770 | |||||
| 2,000 | California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33 | 9/23 at 100.00 | A+ | 2,271,280 | |||||
| 360 | Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured | 6/18 at 100.00 | A | 360,162 | |||||
| 270 | Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27 | 10/18 at 100.00 | A | 275,125 | |||||
| 3,000 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40 | 6/25 at 100.00 | A+ | 3,383,940 | |||||
| 1,215 | Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured | 6/18 at 100.00 | Aa2 | 1,217,746 |
| NXC | Nuveen California Select Tax-Free Income Portfolio |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/Limited (continued) | |||||||||
| $ | 1,000 | Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38 | 6/18 at 100.00 | AAA | $ | 1,164,240 | |||
| 3,000 | Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | AA+ | 3,494,310 | |||||
| 1,000 | Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34 | 6/18 at 100.00 | A+ | 1,004,000 | |||||
| 50 | Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 | 9/21 at 100.00 | BBB+ | 56,537 | |||||
| 60 | Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39 | 9/23 at 100.00 | N/R | 66,842 | |||||
| Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A: | |||||||||
| 350 | 5.250%, 9/01/30 | 9/23 at 100.00 | N/R | 386,477 | |||||
| 320 | 5.750%, 9/01/39 | 9/23 at 100.00 | N/R | 354,538 | |||||
| 30 | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25 | 10/21 at 100.00 | A | 34,447 | |||||
| 325 | Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured | No Opt. Call | Aa3 | 342,400 | |||||
| 20 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 21,712 | |||||
| 1,365 | San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42 | 4/22 at 100.00 | AAA | 1,489,611 | |||||
| 65 | San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39 | 8/24 at 100.00 | N/R | 70,796 | |||||
| 40 | Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26 | 4/21 at 100.00 | N/R | 45,187 | |||||
| 1,000 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured | 10/22 at 100.00 | AA | 1,055,200 | |||||
| 16,470 | Total Tax Obligation/Limited | 18,096,320 | |||||||
| Transportation – 6.7% | |||||||||
| 530 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 | 1/24 at 100.00 | Baa3 | 625,320 | |||||
| Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | |||||||||
| 1,000 | 5.000%, 1/15/42 – AGM Insured | 1/24 at 100.00 | AA | 1,098,180 | |||||
| 1,170 | 5.750%, 1/15/46 | 1/24 at 100.00 | BBB– | 1,340,949 | |||||
| 1,175 | 6.000%, 1/15/53 | 1/24 at 100.00 | BBB– | 1,374,421 | |||||
| 800 | Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42 | 5/25 at 100.00 | AA | 908,408 | |||||
| 955 | Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax) | 5/22 at 100.00 | A+ | 1,043,118 | |||||
| 5,630 | Total Transportation | 6,390,396 | |||||||
| U.S. Guaranteed – 7.6% (5) | |||||||||
| 355 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | BBB | 389,279 | |||||
| 1,500 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) | 11/19 at 100.00 | Aaa | 1,612,590 | |||||
| 1,000 | Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.500%, 11/01/41 (Pre-refunded 11/01/20) | 11/20 at 100.00 | AA– | 1,097,820 | |||||
| Irvine Unified School District Financing Authority, Orange County, California, Special Tax Bonds, Group II, Series 2006A: | |||||||||
| 35 | 5.000%, 9/01/26 (Pre-refunded 9/01/18) | 9/18 at 100.00 | N/R | 35,503 | |||||
| 80 | 5.125%, 9/01/36 (Pre-refunded 9/01/18) | 9/18 at 100.00 | N/R | 81,190 | |||||
| 135 | National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21) | 8/21 at 100.00 | A | 155,417 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| U.S. Guaranteed (5) (continued) | |||||||||
| $ | 500 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19) | 11/19 at 100.00 | N/R | $ | 538,655 | |||
| 1,100 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20) | 11/20 at 100.00 | BBB– | 1,215,555 | |||||
| 415 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18) | 9/18 at 100.00 | N/R | 423,412 | |||||
| 160 | Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21) | 9/21 at 100.00 | A– | 181,043 | |||||
| 25 | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A– | 28,448 | |||||
| San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D: | |||||||||
| 25 | 7.000%, 8/01/33 (Pre-refunded 2/01/21) | 2/21 at 100.00 | BBB+ | 28,620 | |||||
| 30 | 7.000%, 8/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | BBB+ | 34,344 | |||||
| 360 | Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39 (Pre-refunded 3/01/21) | 3/21 at 100.00 | A– | 418,158 | |||||
| 800 | Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | BBB+ | 899,984 | |||||
| 70 | Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32 (Pre-refunded 9/01/21) | 9/21 at 100.00 | N/R | 80,686 | |||||
| 6,590 | Total U.S. Guaranteed | 7,220,704 | |||||||
| Utilities – 3.3% | |||||||||
| 645 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37 | No Opt. Call | A | 819,492 | |||||
| 2,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/42 | 7/27 at 100.00 | AA | 2,331,300 | |||||
| 2,645 | Total Utilities | 3,150,792 | |||||||
| Water and Sewer – 15.0% | |||||||||
| 1,000 | Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34 | 4/23 at 100.00 | AA– | 1,125,700 | |||||
| 1,480 | California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund Revenue Bonds, Green Series 2017, 5.000%, 10/01/33 | 4/27 at 100.00 | AAA | 1,772,433 | |||||
| California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012: | |||||||||
| 375 | 5.000%, 7/01/37, 144A (Alternative Minimum Tax) | 7/22 at 100.00 | Baa3 | 401,111 | |||||
| 1,160 | 5.000%, 11/21/45, 144A (Alternative Minimum Tax) | 7/22 at 100.00 | Baa3 | 1,236,502 | |||||
| 2,000 | Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41 | 3/22 at 100.00 | AA– | 2,170,380 | |||||
| 2,000 | Irvine Ranch Water District, California, Certificates of Participation, Irvine Ranch Water District Series 2016, 5.000%, 3/01/41 | 9/26 at 100.00 | AAA | 2,324,400 | |||||
| 1,970 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | AA+ | 2,207,050 | |||||
| 1,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A, 5.000%, 7/01/41 | 1/27 at 100.00 | AA+ | 1,158,620 | |||||
| 620 | Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47 | 6/27 at 100.00 | AA | 733,175 | |||||
| 1,000 | Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/31 | 12/25 at 100.00 | Aa1 | 1,171,010 | |||||
| 12,605 | Total Water and Sewer | 14,300,381 | |||||||
| $ | 89,485 | Total Long-Term Investments (cost $80,620,042) | 87,657,917 |
| NXC | Nuveen California Select Tax-Free Income Portfolio |
| Portfolio of Investments (continued) | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| SHORT-TERM INVESTMENTS – 1.1% | |||||||||
| MUNICIPAL BONDS – 1.1% | |||||||||
| Health Care – 1.1% | |||||||||
| $ | 1,000 | California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange County, Variable Rate Demand Obligations, Series 2009C, 1.570%, 11/01/38 (6) | 5/18 at 100.00 | A-1+ | $ | 1,000,000 | |||
| $ | 1,000 | Total Short-Term Investments (cost $1,000,000) | 1,000,000 | ||||||
| Total Investments (cost $81,620,042) – 93.0% | 88,657,917 | ||||||||
| Other Assets Less Liabilities – 7.0% | 6,699,071 | ||||||||
| Net Assets – 100% | $ | 95,356,988 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (6) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
See accompanying notes to financial statements.
| NXN | Nuveen New York Select Tax-Free |
| Income Portfolio | |
| Portfolio of Investments | |
| March 31, 2018 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 99.8% | |||||||||
| MUNICIPAL BONDS – 99.8% | |||||||||
| Consumer Staples – 5.6% | |||||||||
| $ | 435 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 | 6/18 at 100.00 | BB+ | $ | 435,061 | |||
| 150 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | 5/18 at 100.00 | B– | 150,021 | |||||
| 275 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | 5/18 at 100.00 | B– | 272,429 | |||||
| New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1: | |||||||||
| 470 | 5.625%, 6/01/35 | No Opt. Call | BBB | 518,965 | |||||
| 1,530 | 5.750%, 6/01/43 | No Opt. Call | BBB | 1,689,105 | |||||
| 2,860 | Total Consumer Staples | 3,065,581 | |||||||
| Education and Civic Organizations – 19.8% | |||||||||
| 165 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 | 6/18 at 100.00 | B | 143,576 | |||||
| 280 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | 12/20 at 100.00 | B+ | 293,658 | |||||
| Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A: | |||||||||
| 75 | 5.000%, 4/15/33 | 4/23 at 100.00 | BB+ | 77,524 | |||||
| 110 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 112,949 | |||||