UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06548

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

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

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: March 31

Date of reporting period: March 31, 2018

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.





ITEM 1. REPORTS TO STOCKHOLDERS.

 

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Table of Contents

 

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

3

Chairman’s Letter to Shareholders

Dear Shareholders,

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

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

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

Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
May 21, 2018

4

Portfolio Managers’ Comments

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

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

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

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

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

 

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

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

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

5

Portfolio Managers’ Comments (continued)

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

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

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

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

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

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

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

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

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

6

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

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

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

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

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

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

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

7

Portfolio Managers’ Comments (continued)

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

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

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

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

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

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

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

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

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

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

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

8

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

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

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

An Update Involving Puerto Rico

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

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

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

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

9

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

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

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

 

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

 

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

10

Share Information

DISTRIBUTION INFORMATION

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

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

 

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

 

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

Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

11

Share Information (continued)

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

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

EQUITY SHELF PROGRAM

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

 

      NXC  
Additional authorized shares     600,000 *

 

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

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

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

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

SHARE REPURCHASES

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

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

 

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

OTHER SHARE INFORMATION

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

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

12

Risk Considerations

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

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

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

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

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

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

13

 

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

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

Average Annual Total Returns as of March 31, 2018

 

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

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

14

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

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

 

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

 

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

 

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

 

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

15

 

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

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

Average Annual Total Returns as of March 31, 2018

 

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

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

16

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

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

 

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

 

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

 

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

 

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

17

 

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

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

Average Annual Total Returns as of March 31, 2018

 

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

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

18

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

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

 

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

 

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

 

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

 

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

19

 

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

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

Average Annual Total Returns as of March 31, 2018

 

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

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

 

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

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

 

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

 

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

 

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

20

 

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

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

Average Annual Total Returns as of March 31, 2018

 

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

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

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

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

 

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

 

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

 

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

21

Report of Independent Registered Public Accounting Firm

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

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

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

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

/s/ KPMG LLP

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

Chicago, Illinois
May 25, 2018

 

22

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

See accompanying notes to financial statements.

30

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

See accompanying notes to financial statements.

38

 

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

 

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

 

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

 

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

 

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

 

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

 

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

5/18 at 100.00

  B–  

1,455,858

 

 
42

 

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

 

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

 

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

 

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

 

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

See accompanying notes to financial statements.

45

 

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

 

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

 

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

 

 

 

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

 

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

 

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

 

49

 

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

 

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

 

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

See accompanying notes to financial statements.

50

 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 99.8%            
      MUNICIPAL BONDS – 99.8%            
      Consumer Staples – 5.6%            
$ 435   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 6/18 at 100.00   BB+ $ 435,061  
  150   Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 5/18 at 100.00   B–   150,021  
  275   Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 5/18 at 100.00   B–   272,429  
      New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1:            
  470   5.625%, 6/01/35 No Opt. Call   BBB   518,965  
  1,530   5.750%, 6/01/43 No Opt. Call   BBB   1,689,105  
  2,860   Total Consumer Staples         3,065,581  
      Education and Civic Organizations – 19.8%            
  165   Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 6/18 at 100.00   B   143,576  
  280   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 12/20 at 100.00   B+   293,658  
      Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A:            
  75   5.000%, 4/15/33 4/23 at 100.00   BB+   77,524  
  110   5.000%, 4/15/43 4/23 at 100.00   BB+   112,949