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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06623

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

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

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

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2016

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.




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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
8
   
Share Information
9
   
Risk Considerations
11
   
Performance Overview and Holding Summaries
12
   
Shareholder Meeting Report
20
   
Portfolios of Investments
21
   
Statement of Assets and Liabilities
54
   
Statement of Operations
55
   
Statement of Changes in Net Assets
56
   
Financial Highlights
58
   
Notes to Financial Statements
64
   
Additional Fund Information
76
   
Glossary of Terms Used in this Report
77
   
Reinvest Automatically, Easily and Conveniently
79
   
Annual Investment Management Agreement Approval Process
80

NUVEEN
3


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

4
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Portfolio Managers' Comments
Nuveen Select Tax-Free Income Portfolio (NXP)
Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
Nuveen Select Tax-Free Income Portfolio 3 (NXR)
Nuveen California Select Tax-Free Income Portfolio (NXC)
Nuveen New York Select Tax-Free Income Portfolio (NXN)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Michael S. Hamilton and Scott R. Romans, PhD, discuss key investment strategies and the six-month performance of the Nuveen Select Portfolios (the "Funds"). Michael has managed the three national Funds since 2016, while Scott has managed NXC since 2003 and NXN since 2011.
Effective May 31, 2016, Tom Spalding retired from Nuveen Asset Management. Michael S. Hamilton has taken over portfolio management responsibilities for NXP, NXQ and NXR.
What key strategies were used to manage these Funds during the six-month reporting period ended September 30, 2016?
Municipal bond market conditions were favorable for the asset class over the six-month reporting period. Municipal bond yields fell and prices rose (as bond yields and prices move in opposite directions), in concert with the trajectory of U.S. Treasuries. The flattening yield curve, caused by rising rates on the short end of the yield curve and rallying rates on the long end, also supported municipal bond performance over this reporting period. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations. In NXP, NXQ and NXR, to help maintain the Funds' duration targets, we primarily bought shorter duration bonds, namely those with one- to three-year maturities. NXQ also added small positions in some longer duration bonds that we found attractive. Additionally during this reporting period, we sought to take advantage of a temporary opportunity in the municipal money markets, as yields on variable rate demand notes (VRDNs) rose in anticipation of some new money market regulations taking effect in October 2016 (subsequent to the close of this reporting period). We bought seven-day VRDNs, which we considered short-term holdings to help keep the Funds fully invested and contribute income to support their dividends.
 
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN
5


Portfolio Managers' Comments (continued)
In NXC and NXN, our buying activity was concentrated in two areas during this reporting period. First, we looked for high quality bonds issued by large issuers that would likely maintain their liquidity, even if market conditions turned more volatile. Our second emphasis was on selectively buying bonds offering compelling yields in exchange for taking appropriate credit risk. In NXC, we added below investment grade hospital and tobacco securitization bonds, while NXN bought a mix of BBB rated and sub- investment grade airport and charter school credits.
To fund these purchases, we mostly used the proceeds from called and maturing bonds. Market conditions continued to be favorable for refunding activity, as issuers continued to refinance bonds to lower their debt costs. As such, call activity provided ample cash for our trading activities. NXP, NXQ and NXR also continued to trim exposures to long duration, zero coupon Puerto Rico sales tax bonds (known as COFINA bonds) to help reduce the Funds' durations. NXC and NXN sold some very short maturity bonds.
As of September 30, 2016, NXP, NXQ, NXR and NXN continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. For duration management purposes, NXP and NXR held forward interest rate swaps during the reporting period. During this reporting period, we reduced the Funds' swap positions, decreasing the amount of hedge in the portfolios. The swap positions had a negative impact on the two Funds' performance over this reporting period but nevertheless worked as intended to shorten the durations of these two Funds and bring them within our target range.
How did the Funds perform during the six-month reporting period ended September 30, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year and ten-year periods ended September 30, 2016. Each Fund's returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification average.
For the six months ended September 30, 2016, the total returns on common share NAV for these five Funds outperformed the returns for their respective state's S&P Municipal Bond Index as well as that of the national S&P Municipal Bond Index. For this same period, NXP, NXQ and NXR bested the average return for the Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average and NXC and NXN lagged the Lipper California Municipal Debt Funds and the Lipper New York Municipal Debt Funds classification average returns, respectively.
The main contributor to the five Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve with corresponding underweights to the shorter end of the curve (although NXP, NXQ and NXR were overweighted in maturities under two years), which resulted in longer durations than the benchmark. This positioning was advantageous in this reporting period as longer dated bonds generally outperformed shorter dated bonds as the yield curve flattened. NXP, NXQ and NXR's allocation to zero coupon bonds, which have very long maturities, was particularly beneficial to performance.
Credit ratings exposure was a secondary driver of the Funds' performance during this reporting period. Credit spread contraction and investor demand for higher yielding securities continued to support the outperformance of lower rated municipal bonds over this reporting period. The Funds were positioned with overweight allocations to the lower-quality categories and underweight allocations to the highest quality categories, which was beneficial to performance.
Sector performance was mixed over this reporting period. The three national Funds were aided by their underweight allocations to the tax-supported sector. Within the tax-supported segment, the Funds' overweight exposures to dedicated tax credits, specifically zero coupon Puerto Rico COFINA bonds, contributed positively to performance, offsetting an underweight in appropriation bonds, which detracted from performance. Elsewhere, overweight exposures to the health care (particularly hospitals) and transportation (especially tollroads) sectors also boosted the performance of NXP, NXQ and NXR. NXC and NXN benefited from outperformance in the tobacco, higher education and health care sectors.

6
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An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
In terms of Puerto Rico holdings, shareholders should note that NXC and NXN had no exposure to Puerto Rico debt during this reporting period, while, NXP, NXQ and NXR had allocations of 0.7%, 0.8% and 1.8%, respectively, at the end of the reporting period. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016 (subsequent to the close of this reporting period), the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

NUVEEN
7


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a positive impact on the performance of NXP, NXQ and NXR during the current reporting period. The impact of leverage on NXR over the reporting period was negligible, while NXC did not use leverage during the reporting period.
As of September 30, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

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

*
Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values.

8
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Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of September 30, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to shareholders were as shown in the accompanying table.

   
Per Share Amounts
 
Monthly Distributions (Ex-Dividend Date)
   
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
April 2016
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
May
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
June
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
July
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
August
   
0.0455
   
0.0445
   
0.0455
   
0.0525
   
0.0460
 
September 2016
   
0.0455
   
0.0420
   
0.0435
   
0.0525
   
0.0460
 
Total Distributions from Net Investment Income
 
$
0.2730
 
$
0.2645
 
$
0.2710
 
$
0.3150
 
$
0.2760
 
                                 
Yields
                               
Market Yield*
   
3.56
%
 
3.46
%
 
3.38
%
 
3.68
%
 
3.77
%
Taxable-Equivalent Yield*
   
4.94
%
 
4.81
%
 
4.69
%
 
5.64
%
 
5.60
%

*
Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 28.0%, 28.0%, 28.0%, 34.7% and 32.8% for NXP, NXQ, NXR, NXC and NXN, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of September 30, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NXP, NXQ, NXR and NXN had positive UNII balances while NXC had a negative UNII balance for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

NUVEEN
9


Share Information (Unaudited) (continued)
EQUITY SHELF PROGRAM
During the current reporting period, NXC filed an initial registration statement with the Securities and Exchange Commission to issue additional shares through an equity shelf program, which is not yet effective. Under this program NXC, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per share.
SHARE REPURCHASES
During August 2016, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of September 30, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

 
NXP
NXQ
NXR
NXC
NXN
 
Shares cumulatively repurchased and retired
0
0
0
0
0
 
Shares authorized for repurchase
1,655,000
1,770,000
1,305,000
630,000
390,000
 
OTHER SHARE INFORMATION
As of September 30, 2016, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
NAV
 
$
15.82
 
$
15.16
 
$
16.11
 
$
15.87
 
$
14.65
 
Share price
 
$
15.32
 
$
14.55
 
$
15.45
 
$
17.13
 
$
14.66
 
Premium/(Discount) to NAV
   
(3.16
)%
 
(4.02
)%
 
(4.10
)%
 
7.94
%
 
0.07
%
6-month average premium/(discount) to NAV
   
(2.91
)%
 
(3.17
)%
 
(3.84
)%
 
4.61
%
 
(1.44
)%

10
NUVEEN


Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Select Tax-Free Income Portfolio (NXP)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXP.
Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXQ.
Nuveen Select Tax-Free Income Portfolio 3 (NXR)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXR.
Nuveen California Select Tax-Free Income Portfolio (NXC)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXC.
Nuveen New York Select Tax-Free Income Portfolio (NXN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXN.

NUVEEN
11


NXP
 
 
Nuveen Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NXP at NAV
4.11%
 
9.65%
6.79%
5.42%
 
NXP at Share Price
4.72%
 
17.26%
6.29%
5.54%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
3.04%
 
7.36%
6.08%
5.10%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
12
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
96.1%
Corporate Bonds
0.1%
Short-Term Municipal Bonds
3.5%
Other Assets Less Liabilities
0.3%
Net Assets
100%

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

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

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

1
Excluding investments in derivatives.

NUVEEN
13


NXQ
 
 
Nuveen Select Tax-Free Income Portfolio 2
 
Performance Overview and Holding Summaries as of September 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2016

 
Cumulative
 
Average Annual  
 
6-Month
 
1-Year
5-Year
10-Year
 
NXQ at NAV
3.67%
 
8.64%
6.83%
4.99%
 
NXQ at Share Price
4.84%
 
15.20%
6.86%
5.46%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
3.04%
 
7.36%
6.08%
5.10%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
14
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
93.7%
Corporate Bonds
0.1%
Short-Term Municipal Bonds
3.5%
Other Assets Less Liabilities
2.7%
Net Assets
100%

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

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

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

NUVEEN
15


NXR
 
 
Nuveen Select Tax-Free Income Portfolio 3
 
Performance Overview and Holding Summaries as of September 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NXR at NAV
3.95%
 
10.07%
7.17%
5.62%
 
NXR at Share Price
5.59%
 
16.86%
6.86%
5.96%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
3.04%
 
7.36%
6.08%
5.10%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
16
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
95.4%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
2.8%
Other Assets Less Liabilities
1.8%
Net Assets
100%

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

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

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

1
Excluding investments in derivatives.

NUVEEN
17


NXC
 
 
Nuveen California Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NXC at NAV
3.23%
 
8.32%
7.07%
5.68%
 
NXC at Share Price
4.59%
 
17.42%
10.67%
7.24%
 
S&P Municipal Bond California Index
2.41%
 
6.03%
5.56%
5.05%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper California Municipal Debt Funds Classification Average
3.56%
 
9.32%
8.48%
5.71%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
96.7%
Short-Term Municipal Bonds
2.5%
Other Assets Less Liabilities
0.8%
Net Assets
100%

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

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

18
NUVEEN


NXN
 
 
Nuveen New York Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2016

 
Cumulative
 
Average Annual  
 
6-Month
 
1-Year
5-Year
10-Year
 
NXN at NAV
2.73%
 
6.25%
4.73%
4.65%
 
NXN at Share Price
6.25%
 
14.42%
6.00%
5.38%
 
S&P Municipal Bond New York Index
2.31%
 
5.61%
4.47%
4.67%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Lipper New York Municipal Debt Funds Classification Average
3.59%
 
8.88%
7.00%
5.25%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
99.7%
Short-Term Municipal Bonds
0.9%
Other Assets Less Liabilities
1.1%
Net Assets Plus Floating Rate Obligations
101.7%
Floating Rate Obligations
(1.7)%
Net Assets
100%

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

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

NUVEEN
19

 

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

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

20
NUVEEN


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 96.2%
             
     
MUNICIPAL BONDS – 96.1%
             
     
Alaska – 1.0%
             
$
2,675
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
12/16 at 100.00
 
B3
 
$
2,650,283
 
     
Arizona – 2.4%
             
 
2,500
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 2011B-1&2, 5.250%, 3/01/39
3/21 at 100.00
 
A
   
2,809,875
 
 
2,530
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
   
2,735,563
 
 
625
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40
10/20 at 100.00
 
A3
   
700,844
 
 
5,655
 
Total Arizona
         
6,246,282
 
     
Arkansas – 0.8%
             
 
6,555
 
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured
No Opt. Call
 
Aa2
   
2,192,516
 
     
California – 20.7%
             
 
2,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured
10/17 at 100.00
 
Aaa
   
2,092,900
 
 
4,245
 
Anaheim City School District, Orange County, California, General Obligation Bonds, Election 2002 Series 2007, 0.000%, 8/01/31 – AGM Insured
No Opt. Call
 
AA
   
2,763,198
 
 
2,840
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured
No Opt. Call
 
AA
   
1,867,357
 
 
3,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
 
AA–
   
3,582,570
 
 
2,310
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
7/23 at 100.00
 
AA–
   
2,728,041
 
 
1,630
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
 
A+
   
1,956,326
 
 
2,745
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/29
10/19 at 100.00
 
AA–
   
3,074,647
 
 
1,500
 
California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A, 6.250%, 8/15/28 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
   
1,651,890
 
 
895
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
   
1,041,592
 
 
2,645
 
Cypress Elementary School District, Orange County, California, General Obligation Bonds, Series 2009A, 0.000%, 5/01/34 – AGM Insured
No Opt. Call
 
AA
   
1,521,298
 
 
800
 
East Side Union High School District, Santa Clara County, California, General Obligation
8/19 at 100.00
 
AA (4)
   
892,632
 
     
Bonds, 2008 Election Series 2010B, 5.000%, 8/01/24 (Pre-refunded 8/01/19) – AGC Insured
             
 
2,710
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured
No Opt. Call
 
A+
   
2,047,134
 
 
1,395
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27
6/17 at 100.00
 
B
   
1,414,683
 
 
2,350
 
Golden Valley Unified School District, Madera County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/29 – AGM Insured
8/17 at 56.07
 
AA
   
1,302,135
 
 
3,030
 
Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured
No Opt. Call
 
Aa3
   
2,450,725
 
 
1,000
 
Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/23 – NPFG Insured
No Opt. Call
 
AA–
   
871,720
 

NUVEEN
21


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
             
$
1,160
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)
8/35 at 100.00
 
AA
 
$
1,004,200
 
 
5,395
 
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/32 – NPFG Insured
8/17 at 46.57
 
Aa2
   
2,484,937
 
 
590
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
   
676,895
 
 
4,390
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
No Opt. Call
 
A+
   
3,074,536
 
 
1,700
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)
No Opt. Call
 
AA– (4)
   
1,143,454
 
 
2,480
 
Port of Oakland, California, Revenue Bonds, Refunding Inter Lien Series 2007B, 5.000%, 11/01/19 – NPFG Insured
11/17 at 100.00
 
AA–
   
2,594,948
 
 
8,000
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/33
No Opt. Call
 
AA–
   
4,857,840
 
 
3,420
 
San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
AAA
   
3,646,951
 
 
2,110
 
Sierra Sands Unified School District, Kern County, California, General Obligation Bonds, Election of 2006, Series 2006A, 0.000%, 11/01/28 – FGIC Insured
No Opt. Call
 
AA
   
1,518,250
 
 
1,195
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/16 at 100.00
 
B–
   
1,195,060
 
 
1,150
 
Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured
No Opt. Call
 
AAA
   
781,805
 
 
66,685
 
Total California
         
54,237,724
 
     
Colorado – 4.6%
             
 
1,780
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A–
   
2,023,557
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
   
1,103,970
 
 
1,935
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
   
2,242,026
 
 
250
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
171,940
 
 
12,500
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured
9/26 at 54.77
 
AA–
   
4,789,375
 
 
2,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/32 – NPFG Insured
9/20 at 50.83
 
AA–
   
888,780
 
 
620
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/35
12/25 at 100.00
 
N/R
   
725,239
 
 
20,085
 
Total Colorado
         
11,944,887
 
     
Florida – 3.8%
             
 
2,990
 
Duval County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
Aa3 (4)
   
3,085,531
 
 
2,500
 
JEA St. Johns River Power Park System, Florida, Revenue Bonds, 2012-Issue 2 Series 25, 5.000%, 10/01/16
No Opt. Call
 
AA
   
2,500,300
 
 
4,240
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2007A, 5.000%, 4/01/23 (Pre-refunded 4/01/17) – AMBAC Insured
4/17 at 100.00
 
AA– (4)
   
4,329,082
 
 
9,730
 
Total Florida
         
9,914,913
 

22
NUVEEN

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois – 10.9%
             
     
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A:
             
$
2,565
 
0.000%, 4/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
$
2,350,207
 
 
2,000
 
0.000%, 4/01/23 – NPFG Insured
No Opt. Call
 
AA–
   
1,650,040
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
B+
   
664,800
 
 
360
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46
12/26 at 100.00
 
B+
   
371,524
 
 
55
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured
No Opt. Call
 
AA–
   
33,231
 
 
1,370
 
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2008B, 5.000%, 1/01/20 – AGM Insured
1/17 at 100.00
 
AA
   
1,384,412
 
 
2,100
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 4.000%, 8/15/33
No Opt. Call
 
AA+
   
2,281,839
 
 
260
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
   
315,398
 
 
2,100
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
   
2,220,393
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19)
8/19 at 100.00
 
N/R (4)
   
1,168,880
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.432%, 7/01/46 (Pre-refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
   
1,116,612
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB+
   
2,498,286
 
 
1,000
 
Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General Obligation Bonds, Series 2008, 0.000%, 2/01/24 – AGM Insured
No Opt. Call
 
Aa2
   
838,270
 
 
1,520
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured
No Opt. Call
 
AA–
   
1,502,733
 
 
470
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
   
466,602
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
             
 
1,720
 
0.000%, 12/15/29 – NPFG Insured
No Opt. Call
 
AA–
   
1,056,665
 
 
810
 
0.000%, 6/15/30 – NPFG Insured
No Opt. Call
 
AA–
   
489,038
 
 
6,070
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
   
3,447,274
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
2,217,100
 
 
1,775
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
   
2,155,844
 
 
310
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
   
373,451
 
 
34,460
 
Total Illinois
         
28,602,599
 
     
Indiana – 0.8%
             
 
270
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BB
   
295,699
 
 
485
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
   
492,949
 
 
515
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
   
525,254
 
 
750
 
Purdue University, Indiana, University Revenue Bonds, Student Facility System Series 2009A, 5.000%, 7/01/23 (Pre-refunded 1/01/19)
1/19 at 100.00
 
AAA
   
817,973
 
 
2,020
 
Total Indiana
         
2,131,875
 


NUVEEN
23


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Iowa – 2.5%
             
$
1,540
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B+
 
$
1,595,224
 
 
1,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
12/16 at 100.00
 
B+
   
1,000,040
 
 
4,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
   
4,026,120
 
 
6,540
 
Total Iowa
         
6,621,384
 
     
Kentucky – 1.1%
             
 
2,500
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46
8/21 at 100.00
 
A+
   
2,756,250
 
     
Massachusetts – 1.3%
             
 
1,075
 
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Series 2006, 5.000%, 5/01/18 – AMBAC Insured
5/17 at 100.00
 
A–
   
1,100,682
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28 (Pre-refunded 7/01/18)
7/18 at 100.00
 
A– (4)
   
535,975
 
 
1,775
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax)
12/18 at 100.00
 
AA–
   
1,862,064
 
 
3,350
 
Total Massachusetts
         
3,498,721
 
     
Michigan – 4.1%
             
 
355
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
A
   
402,517
 
 
1,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
 
AA+
   
1,609,560
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 (Pre-refunded 11/14/16) – FGIC Insured
11/16 at 100.00
 
AA– (4)
   
2,508,250
 
 
2,075
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%, 7/01/25 (Pre-refunded 11/14/16) – NPFG Insured
11/16 at 100.00
 
AA– (4)
   
2,081,184
 
 
1,780
 
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41
11/26 at 100.00
 
A
   
2,110,172
 
 
2,000
 
Portage Public Schools, Kalamazoo County, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/21 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
AA (4)
   
2,128,460
 
 
10,210
 
Total Michigan
         
10,840,143
 
     
Minnesota – 0.7%
             
 
1,725
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2007A, 5.000%, 11/15/19 – NPFG Insured
11/17 at 100.00
 
AA–
   
1,804,471
 
     
Missouri – 3.1%
             
 
360
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
10/18 at 100.00
 
AA+
   
387,850
 
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
             
 
1,165
 
0.000%, 4/15/23 – AMBAC Insured
No Opt. Call
 
AA
   
1,034,357
 
 
5,000
 
0.000%, 4/15/30 – AMBAC Insured
No Opt. Call
 
AA–
   
3,409,300
 
 
2,000
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/38
11/23 at 100.00
 
A2
   
2,305,380
 
 
910
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016, 4.000%, 5/15/39 (WI/DD, Settling 10/13/16)
5/26 at 100.00
 
A+
   
966,975
 
 
9,435
 
Total Missouri
         
8,103,862
 

24
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Nevada – 1.7%
             
$
750
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, 17.526%, 7/01/42 (IF)
1/20 at 100.00
 
A+
 
$
1,182,030
 
 
1,250
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
 
A+
   
1,390,650
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (4)
   
1,777,500
 
 
3,500
 
Total Nevada
         
4,350,180
 
     
New Jersey – 9.7%
             
 
940
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
   
1,085,512
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
12/16 at 100.00
 
AA–
   
2,572,848
 
 
1,035
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
3/21 at 100.00
 
A–
   
1,149,926
 
 
260
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/29 – AGM Insured
7/25 at 100.00
 
AA
   
313,076
 
 
35,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/34 – AGM Insured
No Opt. Call
 
AA
   
17,873,800
 
 
2,500
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
6/17 at 100.00
 
B–
   
2,433,825
 
 
42,285
 
Total New Jersey
         
25,428,987
 
     
New Mexico – 0.4%
             
 
1,000
 
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
9/17 at 100.00
 
N/R
   
1,011,550
 
     
New York – 3.7%
             
 
500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
   
576,235
 
 
1,810
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
   
1,838,634
 
 
3,625
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31
7/18 at 100.00
 
AA
   
3,920,401
 
 
840
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
 
AAA
   
859,446
 
 
1,660
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
   
1,698,296
 
 
780
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
   
912,031
 
 
9,215
 
Total New York
         
9,805,043
 
     
North Carolina – 1.4%
             
 
1,000
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 6.750%, 1/01/24 (Pre-refunded 1/01/19)
1/19 at 100.00
 
AAA
   
1,125,950
 
 
2,440
 
Union County, North Carolina, General Obligation Bonds, Series 2007D, 5.000%, 3/01/21 (Pre-refunded 3/01/17) – NPFG Insured
3/17 at 100.00
 
Aaa
   
2,483,700
 
 
3,440
 
Total North Carolina
         
3,609,650
 
     
Ohio – 2.3%
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
1,670
 
6.000%, 6/01/42
6/17 at 100.00
 
B–
   
1,664,623
 
 
1,000
 
6.500%, 6/01/47
6/17 at 100.00
 
B–
   
1,017,590
 

NUVEEN
25


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Ohio (continued)
             
$
1,975
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
 
$
2,027,476
 
 
1,105
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
   
1,266,308
 
 
5,750
 
Total Ohio
         
5,975,997
 
     
Oklahoma – 0.4%
             
 
1,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36 (Pre-refunded 11/02/16)
11/16 at 100.00
 
BBB+ (4)
   
1,004,120
 
     
Pennsylvania – 0.6%
             
 
1,490
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
   
1,670,722
 
     
Puerto Rico – 0.7%
             
 
7,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
   
1,891,125
 
     
Texas – 9.2%
             
 
250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21)
1/21 at 100.00
 
BBB+ (4)
   
301,275
 
 
110
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/33
7/25 at 100.00
 
BBB+
   
129,977
 
 
5,565
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53
10/23 at 100.00
 
BBB+
   
6,411,269
 
 
3,415
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured
No Opt. Call
 
AA–
   
2,100,635
 
 
4,230
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured
11/24 at 52.47
 
AA–
   
1,645,047
 
 
4,015
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/38 – NPFG Insured
11/30 at 61.17
 
AA
   
1,602,547
 
 
2,260
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Baa1
   
2,589,824
 
 
2,000
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43
1/25 at 100.00
 
A1
   
2,607,040
 
 
5,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26
No Opt. Call
 
A3
   
5,804,950
 
 
830
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41
11/21 at 100.00
 
BBB–
   
919,565
 
 
27,675
 
Total Texas
         
24,112,129
 
     
Virginia – 4.0%
             
 
1,000
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB (4)
   
1,043,520
 
 
2,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5)
10/28 at 100.00
 
BBB+
   
2,415,580
 
 
1,500
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2009B, 5.000%, 8/01/17
No Opt. Call
 
AA+
   
1,553,025
 
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:              
 
1,000
 
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,142,140
 
 
1,470
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,759,002
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,167,277
 
 
1,390
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
9/17 at 100.00
 
BBB+
   
1,431,116
 
 
9,370
 
Total Virginia
         
10,511,660
 

 
26
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Washington – 2.6%
             
$
1,280
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18
No Opt. Call
 
Aa2
 
$
1,385,267
 
 
990
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
   
1,117,670
 
 
2,500
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
 
AA+ (4)
   
2,631,075
 
 
2,115
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/27 – NPFG Insured
No Opt. Call
 
AA+
   
1,700,333
 
 
6,885
 
Total Washington
         
6,834,345
 
     
West Virginia – 0.7%
             
 
1,500
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
   
1,771,275
 
     
Wisconsin – 0.9%
             
 
1,645
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
 
A3
   
1,850,428
 
 
490
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
12/16 at 100.00
 
AA
   
491,789
 
 
2,135
 
Total Wisconsin
         
2,342,217
 
$
304,370
 
Total Municipal Bonds (cost $215,265,088)
         
251,864,910
 
 
 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
Maturity
 
Ratings (3)
   
Value
 
     
CORPORATE BONDS – 0.1%
               
     
Transportation – 0.1%
               
$
210
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
 
N/R
 
$
128,968
 
 
56
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
   
28,118
 
$
266
 
Total Corporate Bonds (cost $23,822)
           
157,086
 
     
Total Long-Term Investments (cost $215,288,910)
         
$
252,021,996
 
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 3.5%
             
     
MUNICIPAL BONDS – 3.5%
             
     
Massachusetts – 1.7%
             
$
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Variable Rate Demand Obligations, Refunding Senior Lien Series 2010A, 0.760%, 1/01/37 (9)
12/16 at 100.00
 
VMIG-1
 
$
4,500,000
 
     
North Carolina – 1.8%
             
 
4,745
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Variable Rate Demand Obligations, Series 2003-B, 0.820%, 8/15/34 – NPFG Insured (9)
12/16 at 100.00
 
A-1+
   
4,745,000
 
$
9,245
 
Total Short-Term Investments (cost $9,245,000)
         
9,245,000
 
     
Total Investments (cost $224,533,910) – 99.7%
         
261,266,996
 
     
Other Assets Less Liabilities – 0.3% (10)
         
875,397
 
     
Net Assets – 100%
       
$
262,142,393
 

NUVEEN
27


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

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

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

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(9)
Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(10)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(11)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-SIFMA
United States Dollar-Securities Industry and Financial Markets Association
See accompanying notes to financial statements.
 
28
NUVEEN


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 93.8%
             
     
MUNICIPAL BONDS – 93.7%
             
     
Alaska – 0.4%
             
$
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
12/16 at 100.00
 
B3
 
$
995,630
 
     
Arizona – 3.1%
             
 
2,500
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 2011B-1&2, 5.250%, 3/01/39
3/21 at 100.00
 
A
   
2,809,875
 
 
1,590
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
   
1,719,188
 
 
600
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40
10/20 at 100.00
 
A3
   
672,810
 
 
2,250
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
BBB+
   
2,857,163
 
 
215
 
Sedona Wastewater Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 1998, 0.000%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
   
198,935
 
 
7,155
 
Total Arizona
         
8,257,971
 
     
California – 17.7%
             
 
1,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured
10/17 at 100.00
 
Aaa
   
1,046,450
 
 
11,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured
No Opt. Call
 
AA
   
4,618,350
 
 
4,000
 
Arcadia Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/33 – AGM Insured
2/17 at 44.77
 
Aa1
   
1,781,760
 
 
1,500
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
12/18 at 100.00
 
B3
   
1,545,810
 
 
500
 
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1998A, 5.250%, 12/01/16
11/16 at 100.00
 
A+
   
501,935
 
 
60
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
12/16 at 100.00
 
AA–
   
60,221
 
 
2,500
 
California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A, 6.250%, 8/15/28 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
   
2,753,150
 
 
2,440
 
Eureka Unified School District, Humboldt County, California, General Obligation Bonds, Series 2002, 0.000%, 8/01/27 – AGM Insured
No Opt. Call
 
AA
   
1,843,444
 
 
3,290
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/24 – NPFG Insured
No Opt. Call
 
AA–
   
2,710,664
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
6/17 at 100.00
 
B–
   
1,000,220
 
 
3,030
 
Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured
No Opt. Call
 
Aa3
   
2,450,725
 
 
1,495
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/33 – FGIC Insured
No Opt. Call
 
Aa2
   
901,814
 
 
1,160
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)
8/35 at 100.00
 
AA
   
1,004,200
 
 
450
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
   
654,323
 
 
1,195
 
Palmdale Elementary School District, Los Angeles County, California, General Obligation Bonds, Series 2003, 0.000%, 8/01/28 – AGM Insured
No Opt. Call
 
AA
   
869,972
 

NUVEEN
29


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
             
$
590
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
$
676,895
 
 
4,620
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
No Opt. Call
 
AA–
   
3,877,012
 
 
4,400
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
No Opt. Call
 
A+
   
3,081,540
 
 
2,500
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
   
1,681,550
 
 
2,535
 
Port of Oakland, California, Revenue Bonds, Refunding Inter Lien Series 2007B, 5.000%, 11/01/19 – NPFG Insured
11/17 at 100.00
 
AA–
   
2,652,497
 
 
2,755
 
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured
No Opt. Call
 
A1
   
2,301,637
 
 
1,800
 
San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
AAA
   
1,919,448
 
     
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B:
             
 
1,000
 
0.000%, 8/01/30 – AGM Insured
8/18 at 50.12
 
AA
   
491,210
 
 
1,890
 
0.000%, 8/01/31 – AGM Insured
8/18 at 47.14
 
AA
   
873,123
 
 
6,025
 
Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/30
No Opt. Call
 
AA
   
4,070,189
 
 
2,080
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/16 at 100.00
 
B–
   
2,080,104
 
 
64,815
 
Total California
         
47,448,243
 
     
Colorado – 8.3%
             
 
500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
7/19 at 100.00
 
A–
   
554,945
 
 
1,975
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
   
2,180,341
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
   
1,023,950
 
 
1,935
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
   
2,242,026
 
 
2,230
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.750%, 12/01/35 (Pre-refunded 11/08/16) – SYNCORA GTY Insured
11/16 at 100.00
 
BBB– (4)
   
2,233,657
 
 
1,600
 
Denver, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/16 – NPFG Insured
No Opt. Call
 
AA–
   
1,608,416
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
             
 
5,140
 
0.000%, 9/01/24 – NPFG Insured
No Opt. Call
 
AA–
   
4,262,294
 
 
8,100
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
5,570,856
 
 
4,475
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
   
2,656,987
 
 
26,955
 
Total Colorado
         
22,333,472
 
     
Connecticut – 0.7%
             
 
1,945
 
Connecticut Health and Educational Facilities Authority, Auction Rate Revenue Bonds, Yale University, Series 2007Z-2, 5.050%, 7/01/42
7/17 at 100.00
 
AAA
   
2,006,287
 
     
Florida – 1.2%
             
 
1,495
 
Duval County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
Aa3 (4)
   
1,542,765
 
 
1,500
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45
11/24 at 100.00
 
A2
   
1,735,335
 
 
2,995
 
Total Florida
         
3,278,100
 

30
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois – 12.3%
             
$
1,615
 
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A, 0.000%, 4/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
$
1,332,407
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
B+
   
664,800
 
 
365
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46
12/26 at 100.00
 
B+
   
376,684
 
 
1,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
1/31 at 100.00
 
AA
   
1,003,070
 
 
1,515
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%, 1/01/27 – NPFG Insured
No Opt. Call
 
AA–
   
1,580,721
 
 
470
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 (Pre-refunded 5/15/17) – NPFG Insured
5/17 at 100.00
 
AA– (4)
   
482,248
 
 
1,750
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
   
1,850,328
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.432%, 7/01/46 (Pre-refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
   
1,116,612
 
 
1,035
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
11/16 at 100.00
 
BBB+
   
1,037,246
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB+
   
2,498,286
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
             
 
6,350
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
   
3,606,292
 
 
1,350
 
0.000%, 6/15/35 – NPFG Insured
No Opt. Call
 
AA–
   
637,038
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
2,217,100
 
 
9,370
 
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
 
AA–
   
3,707,334
 
 
5,045
 
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured
12/16 at 100.00
 
AA
   
5,050,852
 
     
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002B:
             
 
1,060
 
0.000%, 12/01/17 – RAAI Insured
No Opt. Call
 
AA
   
1,011,420
 
 
1,135
 
0.000%, 12/01/18 – RAAI Insured
No Opt. Call
 
AA
   
1,038,854
 
 
2,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured
3/17 at 100.00
 
AA– (4)
   
2,035,500
 
 
1,825
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
   
2,216,572
 
 
44,860
 
Total Illinois
         
33,463,364
 
     
Indiana – 4.2%
             
 
1,600
 
Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series 2008B, 0.000%, 6/01/30 – AGM Insured
No Opt. Call
 
AA
   
1,098,640
 
 
2,040
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40
6/25 at 100.00
 
AA
   
2,421,235
 
 
170
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BB
   
185,344
 
 
1,075
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
 
AA+ (4)
   
1,080,655
 
 
485
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
   
492,949
 
 
515
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
   
525,254
 
 
2,000
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA– (4)
   
2,021,320
 
 
1,825
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
 
AA
   
2,016,972
 

NUVEEN
31


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana (continued)
             
$
1,490
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.000%, 1/15/19
No Opt. Call
 
N/R
 
$
1,562,950
 
 
11,200
 
Total Indiana
         
11,405,319
 
     
Iowa – 1.6%
             
 
1,540
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B+
   
1,595,224
 
 
1,645
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
12/16 at 100.00
 
B+
   
1,645,066
 
 
1,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
   
1,006,530
 
 
4,185
 
Total Iowa
         
4,246,820
 
     
Kansas – 0.1%
             
 
305
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
 
BB+
   
305,961
 
     
Kentucky – 1.3%
             
 
2,500
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46
8/21 at 100.00
 
A+
   
2,756,250
 
 
805
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43 (5)
7/31 at 100.00
 
Baa3
   
709,028
 
 
3,305
 
Total Kentucky
         
3,465,278
 
     
Maryland – 0.3%
             
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
             
 
595
 
5.000%, 9/01/32 – SYNCORA GTY Insured
12/16 at 100.00
 
Ba1
   
596,720
 
 
100
 
5.250%, 9/01/39 – SYNCORA GTY Insured
12/16 at 100.00
 
Ba1
   
100,288
 
 
695
 
Total Maryland
         
697,008
 
     
Massachusetts – 0.2%
             
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28 (Pre-refunded 7/01/18)
7/18 at 100.00
 
A– (4)
   
535,975
 
     
Michigan – 4.5%
             
 
355
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
A
   
402,517
 
 
2,590
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
 
AA+
   
2,779,174
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 (Pre-refunded 11/14/16) – FGIC Insured
11/16 at 100.00
 
AA– (4)
   
2,508,250
 
 
2,060
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%, 7/01/25 (Pre-refunded 11/14/16) – NPFG Insured
11/16 at 100.00
 
AA– (4)
   
2,066,139
 
 
1,830
 
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41
11/26 at 100.00
 
A
   
2,169,447
 
 
385
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38
10/25 at 100.00
 
Aa2
   
459,020
 
 
1,250
 
Portage Public Schools, Kalamazoo County, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/21 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
AA (4)
   
1,330,288
 
 
250
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
9/18 at 100.00
 
Aaa
   
285,153
 
 
11,220
 
Total Michigan
         
11,999,988
 

32
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Missouri – 0.5%
             
$
270
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
10/18 at 100.00
 
AA+
 
$
290,887
 
 
935
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016, 4.000%, 5/15/39 (WI/DD, Settling 10/13/16)
5/26 at 100.00
 
A+
   
993,540
 
 
1,205
 
Total Missouri
         
1,284,427
 
     
Nebraska – 0.2%
             
 
545
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 4.125%, 11/01/36
11/25 at 100.00
 
A–
   
584,017
 
     
Nevada – 4.1%
             
 
1,325
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19)
7/19 at 100.00
 
AAA
   
1,480,383
 
 
1,250
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823, 17.526%, 7/01/42 (IF)
1/20 at 100.00
 
A+
   
1,970,050
 
 
1,000
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
 
A+
   
1,112,520
 
 
3,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/34
12/24 at 100.00
 
Aa1
   
3,662,490
 
 
2,500
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
12/16 at 100.00
 
AA–
   
2,473,725
 
 
9,075
 
Total Nevada
         
10,699,168
 
     
New Jersey – 3.5%
             
 
2,165
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
3/21 at 100.00
 
A–
   
2,405,402
 
 
1,250
 
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured
No Opt. Call
 
A–
   
1,395,850
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42
No Opt. Call
 
A–
   
2,179,840
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/29
6/25 at 100.00
 
A–
   
2,309,680
 
 
1,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29
6/17 at 100.00
 
B
   
1,008,450
 
 
8,415
 
Total New Jersey
         
9,299,222
 
     
New Mexico – 0.4%
             
 
1,000
 
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
9/17 at 100.00
 
N/R
   
1,011,550
 
     
New York – 3.1%
             
 
500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
   
576,235
 
 
1,805
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
   
1,833,555
 
 
1,250
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
   
1,521,025
 
 
2,755
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31
7/18 at 100.00
 
AA
   
2,979,505
 
 
1,135
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
   
1,327,121
 
 
7,445
 
Total New York
         
8,237,441
 

NUVEEN
33


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Ohio – 4.3%
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
$
2,155
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
$
2,146,940
 
 
2,475
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
   
2,463,962
 
 
875
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
   
856,223
 
 
2,680
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
   
2,642,989
 
 
2,275
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health System Inc., Series 2007A, 5.250%, 1/15/46 (Pre-refunded 1/15/17)
1/17 at 100.00
 
A (4)
   
2,304,894
 
 
1,105
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
   
1,266,308
 
 
11,565
 
Total Ohio
         
11,681,316
 
     
Oklahoma – 1.5%
             
 
1,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36 (Pre-refunded 11/02/16)
11/16 at 100.00
 
BBB+ (4)
   
1,004,120
 
 
2,905
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
2/17 at 100.00
 
AA
   
2,946,338
 
 
95
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42 (Pre-refunded 2/15/17)
2/17 at 100.00
 
N/R (4)
   
96,503
 
 
4,000
 
Total Oklahoma
         
4,046,961
 
     
Pennsylvania – 0.6%
             
 
1,500
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
   
1,681,935
 
     
Puerto Rico – 0.8%
             
 
1,035
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20
12/16 at 100.00
 
AA–
   
1,059,995
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
   
1,153,700
 
 
11,035
 
Total Puerto Rico
         
2,213,695
 
     
South Dakota – 0.3%
             
 
600
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/35
11/25 at 100.00
 
A+
   
712,380
 
     
Texas – 10.0%
             
 
250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21)
1/21 at 100.00
 
BBB+ (4)
   
301,275
 
 
240
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/35
7/25 at 100.00
 
BBB+
   
281,539
 
 
5,560
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53
10/23 at 100.00
 
BBB+
   
6,405,505
 
 
1,160
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
6/25 at 100.00
 
AA
   
1,363,000
 
 
675
 
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Texas Children's Hospital, Series 1995, 5.500%, 10/01/16 – NPFG Insured (ETM)
No Opt. Call
 
N/R (4)
   
675,088
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
             
 
630
 
0.000%, 11/15/24 – NPFG Insured
No Opt. Call
 
AA–
   
485,988
 
 
12,480
 
0.000%, 11/15/41 – NPFG Insured
11/31 at 53.78
 
AA–
   
3,826,368
 
 
975
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured
7/17 at 100.00
 
AA–
   
1,004,757
 
 
575
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/24 – AMBAC Insured
No Opt. Call
 
A2
   
472,851
 
 
200
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/41
8/17 at 24.20
 
AAA
   
47,768
 

34
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas (continued)
             
$
4,800
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/41 (Pre-refunded 8/15/17)
8/17 at 24.20
 
N/R (4)
 
$
1,148,928
 
 
2,255
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Baa1
   
2,584,095
 
 
1,025
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
 
A1
   
1,193,725
 
 
200
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42
5/26 at 100.00
 
AA–
   
218,708
 
 
5,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/26
No Opt. Call
 
A3
   
5,804,950
 
 
2,000
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010, 0.000%, 8/15/31
No Opt. Call
 
AAA
   
1,068,920
 
 
38,025
 
Total Texas
         
26,883,465
 
     
Utah – 0.8%
             
 
5,465
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
6/17 at 38.77
 
AA–
   
2,103,260
 
      Virginia – 2.2%              
 
1,500
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured
10/26 at 100.00
 
AA
   
2,038,020
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
             
 
1,000
 
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,142,140
 
 
500
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
598,300
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,167,277
 
 
1,000
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
9/17 at 100.00
 
BBB+
   
1,029,580
 
 
5,010
 
Total Virginia
         
5,975,317
 
     
Washington – 3.5%
             
 
855
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/19
No Opt. Call
 
Aa2
   
957,267
 
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, Series 2013A, 5.750%, 1/01/45
1/23 at 100.00
 
A–
   
4,785,120
 
 
990
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
   
1,117,670
 
 
2,500
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
 
AA+ (4)
   
2,631,075
 
 
8,345
 
Total Washington
         
9,491,132
 
     
Wisconsin – 2.0%
             
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
 
A+
   
2,285,980
 
 
1,645
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
 
A3
   
1,850,428
 
 
1,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
5/19 at 100.00
 
AA–
   
1,123,410
 
 
4,645
 
Total Wisconsin
         
5,259,818
 
$
299,010
 
Total Municipal Bonds (cost $219,154,380)
         
251,604,520
 

NUVEEN
35


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

 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
Maturity
 
Ratings (3)
   
Value
 
     
CORPORATE BONDS – 0.1%
               
     
Transportation – 0.1%
               
$
328
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
 
N/R
 
$
201,712
 
 
87
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
   
43,977
 
$
415
 
Total Corporate Bonds (cost $37,260)
           
245,689
 
     
Total Long-Term Investments (cost $219,191,640)
           
251,850,209
 
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 3.5%
             
     
MUNICIPAL BONDS – 3.5%
             
     
California – 1.9%
             
$
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Variable Rate Demand Obligations, Series 2009H, 0.720%, 7/1/33 (9)
12/16 at 100.00
 
A-1+
 
$
5,000,000
 
     
North Carolina – 1.6%
             
 
4,380
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Variable Rate Demand Obligations, Series 2003-B, 0.820%, 8/15/34 – NPFG Insured (9)
12/16 at 100.00
 
A-1+
   
4,380,000
 
$
9,380
 
Total Short-Term Investments (cost $9,380,000)
         
9,380,000
 
     
Total Investments (cost $228,571,640) – 97.3%
         
261,230,209
 
     
Other Assets Less Liabilities – 2.7%
         
7,354,044
 
     
Net Assets – 100%
       
$
268,584,253
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(9)
Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
 
36
NUVEEN


NXR
 
 
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 95.4%
             
     
MUNICIPAL BONDS – 95.4%
             
     
Alaska – 1.3%
             
$
2,675
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
12/16 at 100.00
 
B3
 
$
2,663,310
 
     
Arizona – 0.9%
             
 
1,770
 
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A, 5.000%, 10/01/20
10/18 at 100.00
 
AAA
   
1,913,813
 
     
California – 23.8%
             
 
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
   
6,785,999
 
 
1,000
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
12/18 at 100.00
 
B3
   
1,030,540
 
 
1,125
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
12/16 at 100.00
 
B–
   
1,125,259
 
 
890
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
   
1,035,773
 
 
240
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
12/16 at 100.00
 
Baa2
   
243,948
 
 
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–
   
1,609,790
 
 
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+
   
2,545,698
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
700
 
4.500%, 6/01/27
6/17 at 100.00
 
B
   
709,877
 
 
2,090
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
   
2,108,058
 
 
4,055
 
Kern Community College District, California, General Obligation Bonds, Series 2003A, 0.000%, 3/01/28 – FGIC Insured
No Opt. Call
 
Aa2
   
3,014,041
 
 
1,160
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)
8/35 at 100.00
 
AA
   
1,004,200
 
 
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
   
7,415,117
 
 
3,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured
No Opt. Call
 
AA–
   
2,437,410
 
 
8,040
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
   
5,407,864
 
 
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
   
942,645
 
 
1,985
 
Port of Oakland, California, Revenue Bonds, Refunding Inter Lien Series 2007B, 5.000%, 11/01/19 – NPFG Insured
11/17 at 100.00
 
AA–
   
2,077,005
 
 
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–
   
5,027,440
 
 
3,940
 
Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and 1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured
No Opt. Call
 
AA–
   
2,041,590
 
 
1,030
 
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
8/17 at 100.00
 
AA–
   
1,058,047
 
 
2,280
 
San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
AAA
   
2,431,301
 
 
71,165
 
Total California
         
50,051,602
 

NUVEEN
37


NXR
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Colorado – 5.8%
             
$
1,540
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
 
BBB–
 
$
1,543,542
 
 
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–
   
2,207,940
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
   
1,023,950
 
 
1,935
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
   
2,242,026
 
 
1,295
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
   
797,940
 
 
5,520
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured
9/20 at 63.98
 
AA–
   
3,115,709
 
 
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
   
1,176,790
 
 
14,290
 
Total Colorado
         
12,107,897
 
     
Connecticut – 0.8%
             
 
1,500
 
Connecticut State, General Obligation Bonds, Refunding Series 2010C, 5.000%, 12/01/20
12/19 at 100.00
 
AA–
   
1,689,915
 
      District of Columbia – 0.8%              
 
1,700
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 5.000%, 10/01/20 – AGM Insured
10/16 at 100.00
 
AA
   
1,706,052
 
     
Florida – 3.7%
             
 
1,825
 
Duval County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
Aa3 (4)
   
1,883,309
 
 
2,500
 
JEA St. Johns River Power Park System, Florida, Revenue Bonds, 2012-Issue 2 Series 25, 5.000%, 10/01/16
No Opt. Call
 
AA
   
2,500,300
 
 
3,400
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2007A, 5.000%, 4/01/23 (Pre-refunded 4/01/17) – AMBAC Insured
4/17 at 100.00
 
AA– (4)
   
3,471,434
 
 
7,725
 
Total Florida
         
7,855,043
 
     
Illinois – 13.1%
             
 
3,900
 
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/28 – FGIC Insured
No Opt. Call
 
AA–
   
2,357,784
 
 
1,100
 
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2008B, 5.000%, 1/01/20 – AGM Insured
1/17 at 100.00
 
AA
   
1,111,572
 
 
2,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
12/16 at 100.00
 
AA
   
2,006,140
 
 
260
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
   
315,398
 
     
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)
   
111,947
 
 
1,495
 
5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured
5/18 at 100.00
 
AA (4)
   
1,593,909
 
 
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+
   
1,585,995
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.432%, 7/01/46 (Pre-refunded 7/01/17) (IF) (6)
7/17 at 100.00
 
AA+ (4)
   
1,116,612
 
 
750
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
11/16 at 100.00
 
BBB+
   
751,628
 
 
1,500
 
Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM)
No Opt. Call
 
N/R (4)
   
1,752,000
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
BBB+
   
2,498,286
 

38
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
             
$
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
 
$
851,370
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
             
 
2,500
 
0.000%, 12/15/30 – NPFG Insured
No Opt. Call
 
AA–
   
1,481,850
 
 
4,775
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
   
2,711,818
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
2,217,100
 
 
2,000
 
0.000%, 6/15/37 – NPFG Insured
No Opt. Call
 
AA–
   
867,420
 
 
2,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured
3/17 at 100.00
 
AA– (4)
   
2,035,500
 
 
1,400
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
 
A
   
1,700,384
 
 
310
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
   
373,451
 
 
34,835
 
Total Illinois
         
27,440,164
 
     
Indiana – 2.9%
             
 
5,000
 
Indiana Finance Authority, State Revolving Fund Program Bonds, Series 2007A, 4.000%, 2/01/27 (Pre-refunded 2/01/17)
2/17 at 100.00
 
AAA
   
5,054,499
 
 
270
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BB
   
295,699
 
 
1,000
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 7/15/28 – AGM Insured
No Opt. Call
 
AA
   
771,460
 
 
6,270
 
Total Indiana
         
6,121,658
 
     
Iowa – 1.1%
             
 
1,230
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B+
   
1,274,108
 
 
950
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
   
956,204
 
 
2,180
 
Total Iowa
         
2,230,312
 
     
Maryland – 0.3%
             
 
550
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/23 – SYNCORA GTY Insured
12/16 at 100.00
 
Ba1
   
551,584
 
     
Michigan – 3.8%
             
 
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
   
402,517
 
 
3,635
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 (Pre-refunded 11/14/16) – NPFG Insured
11/16 at 100.00
 
AA– (4)
   
3,645,796
 
 
700
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
 
AA
   
702,520
 
 
1,415
 
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41
11/26 at 100.00
 
A
   
1,677,468
 
 
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)
   
1,378,178
 
 
250
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
9/18 at 100.00
 
Aaa
   
285,153
 
 
7,650
 
Total Michigan
         
8,091,632
 
     
Missouri – 0.5%
             
 
270
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
10/18 at 100.00
 
AA+
   
290,887
 
 
720
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016, 4.000%, 5/15/39 (WI/DD, Settling 10/13/16)
5/26 at 100.00
 
A+
   
765,079
 
 
990
 
Total Missouri
         
1,055,966
 

NUVEEN
39


NXR
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Montana – 0.7%
             
$
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–
 
$
1,560,744
 
     
Nevada – 1.7%
             
 
1,000
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
 
A+
   
1,112,520
 
 
2,500
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
12/16 at 100.00
 
AA–
   
2,473,725
 
 
3,500
 
Total Nevada
         
3,586,245
 
     
New Jersey – 2.7%
             
 
2,000
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/34 – NPFG Insured
12/16 at 100.00
 
AA–
   
2,014,000
 
 
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
   
369,538
 
 
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–
   
3,238,165
 
 
7,205
 
Total New Jersey
         
5,621,703
 
     
New Mexico – 0.5%
             
 
1,000
 
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
9/17 at 100.00
 
N/R
   
1,011,550
 
     
New York – 3.0%
             
 
300
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
   
304,278
 
 
1,250
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
   
1,521,025
 
 
1,500
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31
7/18 at 100.00
 
AA
   
1,622,235
 
 
840
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
 
AAA
   
859,446
 
 
1,660
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
   
1,698,296
 
 
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
   
309,857
 
 
5,815
 
Total New York
         
6,315,137
 
     
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
   
541,040
 
     
Ohio – 4.2%
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
1,345
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
   
1,339,970
 
 
1,465
 
6.000%, 6/01/42
6/17 at 100.00
 
B–
   
1,460,283
 
 
435
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
   
428,993
 
 
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–
   
3,818,840
 
 
1,475
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
   
1,690,321
 
 
8,440
 
Total Ohio
         
8,738,407
 
     
Pennsylvania – 1.7%
             
 
2,435
 
Dauphin County Industrial Development Authority, Pennsylvania, Water Development Revenue Refunding Bonds, Dauphin Consolidated Water Supply Company, Series 1992B, 6.700%, 6/01/17
No Opt. Call
 
A–
   
2,514,576
 

40
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
             
$
1,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 5.000%, 12/01/30
12/20 at 100.00
 
AA–
 
$
1,121,290
 
 
3,435
 
Total Pennsylvania
         
3,635,866
 
     
Puerto Rico – 1.8%
             
 
945
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured
No Opt. Call
 
CC
   
1,001,237
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
 
1,170
 
0.000%, 8/01/40 – NPFG Insured
No Opt. Call
 
AA–
   
311,840
 
 
10,000
 
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
   
2,521,500
 
 
12,115
 
Total Puerto Rico
         
3,834,577
 
     
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+
   
474,920
 
     
Tennessee – 0.4%
             
 
795
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A–
   
903,780
 
     
Texas – 10.6%
             
 
250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41 (Pre-refunded 1/01/21)
1/21 at 100.00
 
BBB+ (4)
   
301,275
 
 
85
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/34
7/25 at 100.00
 
BBB+
   
100,074
 
 
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)
   
3,262,710
 
 
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+
   
5,345,604
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
             
 
1,405
 
0.000%, 11/15/32 – NPFG Insured
11/31 at 94.05
 
AA–
   
768,015
 
 
2,510
 
0.000%, 11/15/36 – NPFG Insured
11/31 at 73.51
 
AA–
   
1,056,635
 
 
2,235
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/32 – NPFG Insured
11/24 at 62.70
 
AA–
   
1,047,098
 
     
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
   
1,546,586
 
 
4,095
 
0.000%, 11/15/38 – NPFG Insured
11/30 at 61.17
 
AA
   
1,634,478
 
 
2,255
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Baa1
   
2,584,095
 
 
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
   
384,668
 
 
2,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
 
A3
   
2,267,340
 
 
2,410
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
No Opt. Call
 
A–
   
1,954,872
 
 
28,220
 
Total Texas
         
22,253,450
 
     
Utah – 1.0%
             
 
5,465
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
6/17 at 38.77
 
AA–
   
2,103,260
 
     
Virginia – 3.3%
             
 
3,500
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/32 (5)
7/28 at 100.00
 
BBB
   
2,967,020
 
 
1,500
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2009B, 5.000%, 8/01/17
No Opt. Call
 
AA+
   
1,553,025
 

NUVEEN
41


NXR
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Virginia (continued)
             
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
             
$
500
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
$
598,300
 
 
1,510
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
   
1,745,137
 
 
7,010
 
Total Virginia
         
6,863,482
 
     
Washington – 3.6%
             
 
1,020
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18
No Opt. Call
 
Aa2
   
1,103,885
 
 
745
 
Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2015A, 5.000%, 5/01/17
No Opt. Call
 
AA
   
763,387
 
 
990
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
   
1,117,670
 
 
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–
   
4,675,600
 
 
6,755
 
Total Washington
         
7,660,542
 
     
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–
   
1,427,500
 
 
485
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
12/16 at 100.00
 
AA
   
486,770
 
 
1,735
 
Total Wisconsin
         
1,914,270
 
 
247,130
 
Total Municipal Bonds (cost $167,487,411)
         
200,497,921
 
 
 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
Maturity
 
Ratings (3)
   
Value
 
     
CORPORATE BONDS - 0.0%
               
     
Transportation - 0.0%
               
$
93
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
 
N/R
 
$
56,839
 
 
25
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
   
12,392
 
$
118
 
Total Corporate Bonds (cost $10,497)
           
69,231
 
     
Total Long-Term Investments (cost $167,497,908)
         
$
200,567,152
 
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 2.8%
             
     
MUNICIPAL BONDS – 2.8%
             
     
Massachusetts – 1.2%
             
$
2,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Variable Rate Demand Obligations, Refunding Senior Lien Series 2010A, 0.760%, 1/01/37 (9)
12/16 at 100.00
 
VMIG–1
 
$
2,500,000
 
     
North Carolina – 1.6%
             
 
3,280
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Variable Rate Demand Obligations, Series 2003-B, 0.820%,
8/15/34 – NPFG Insured (9)
12/16 at 100.00
 
A–1+
   
3,280,000
 
$
5,780
 
Total Short-Term Investments (cost $5,780,000)
         
5,780,000
 
     
Total Investments (cost $173,227,908) – 98.2%
         
206,347,152
 
     
Other Assets Less Liabilities – 1.8% (10)
         
3,763,611
 
     
Net Assets – 100%
       
$
210,110,763
 

42
NUVEEN


Investments in Derivatives as of September 30, 2016
Interest Rate Swaps
       
Fund
         
Fixed Rate
         
Unrealized
 
   
Notional
 
Pay/Receive
 
Floating Rate
 
Fixed Rate
 
Payment
 
Effective
 
Termination
 
Appreciation
 
Counterparty
 
Amount
 
Floating Rate
 
Index
 
(Annualized
)
Frequency
 
Date (11
)
Date
 
(Depreciation
)
JPMorgan Chase Bank, N.A.
 
$
5,250,000
   
Receive
   
Weekly USD-SIFMA
   
1.190
%
 
Quarterly
   
7/31/17
   
7/31/27
 
$
12,722
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(9)
Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(10)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(11)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-SIFMA
United States Dollar-Securities Industry and Financial Markets Association

See accompanying notes to financial statements.
 
NUVEEN
43


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 96.7%
             
     
MUNICIPAL BONDS – 96.7%
             
     
Consumer Staples – 5.2%
             
$
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
12/16 at 100.00
 
CCC
 
$
1,000,010
 
 
65
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
12/16 at 100.00
 
BBB+
   
65,029
 
 
1,450
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
 
B–
   
1,462,528
 
 
1,095
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B–
   
1,128,836
 
 
1,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/16 at 100.00
 
B–
   
1,500,075
 
 
5,110
 
Total Consumer Staples
         
5,156,478
 
     
Education and Civic Organizations – 3.1%
             
 
195
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2008A, 5.625%, 4/01/37
4/18 at 100.00
 
Aa3
   
208,777
 
 
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
   
188,242
 
 
2,000
 
California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
 
Aa2
   
2,457,020
 
 
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–
   
295,608
 
 
2,605
 
Total Education and Civic Organizations
         
3,149,647
 
     
Health Care – 8.8%
             
 
2,500
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46
11/26 at 100.00
 
AA–
   
3,023,900
 
 
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
   
134,626
 
 
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–
   
150,554
 
 
255
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA–
   
298,159
 
 
235
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
Aa3
   
267,139
 
 
825
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/46
6/26 at 100.00
 
BB
   
937,332
 
 
425
 
California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
 
BBB+
   
435,982
 
 
500
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Ba1
   
573,395
 
 
1,100
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
BBB–
   
1,178,067
 
 
670
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB+
   
825,802
 
 
800
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
A–
   
933,408
 
 
7,550
 
Total Health Care
         
8,758,364
 

44
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily – 1.0%
             
$
360
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
$
409,464
 
 
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
   
450,355
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
             
 
25
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
   
29,378
 
 
65
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
   
75,882
 
 
845
 
Total Housing/Multifamily
         
965,079
 
     
Industrials – 1.0%
             
 
1,015
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)
6/23 at 100.00
 
BBB+
   
1,062,999
 
     
Tax Obligation/General – 30.9%
             
 
1,000
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34
8/25 at 100.00
 
AA–
   
1,231,830
 
 
1,650
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39
11/19 at 100.00
 
AA–
   
1,869,219
 
 
1,965
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
   
2,308,757
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 4/01/35
4/22 at 100.00
 
AA–
   
2,399,400
 
     
Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A:
             
 
1,750
 
0.000%, 2/01/17 – NPFG Insured
No Opt. Call
 
AA–
   
1,743,350
 
 
2,375
 
0.000%, 8/01/17 – NPFG Insured
No Opt. Call
 
AA–
   
2,351,773
 
 
2,345
 
0.000%, 2/01/18 – NPFG Insured
No Opt. Call
 
AA–
   
2,307,668
 
     
Mountain View-Los Altos Union High School District, Santa Clara County, California, General Obligation Bonds, Capital Appreciation Series 1997C:
             
 
1,015
 
0.000%, 5/01/17 – NPFG Insured
No Opt. Call
 
Aaa
   
1,008,666
 
 
1,080
 
0.000%, 5/01/18 – NPFG Insured
No Opt. Call
 
Aaa
   
1,060,279
 
     
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A:
             
 
10,825
 
0.000%, 8/01/34
No Opt. Call
 
A+
   
5,601,826
 
 
2,250
 
0.000%, 8/01/35
No Opt. Call
 
A+
   
1,120,635
 
 
8,075
 
San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44
No Opt. Call
 
Aa2
   
2,906,273
 
 
1,000
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40
7/25 at 100.00
 
AAA
   
1,209,390
 
 
4,250
 
West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured (4)
8/31 at 100.00
 
AA
   
3,684,708
 
 
41,580
 
Total Tax Obligation/General
         
30,803,774
 
     
Tax Obligation/Limited – 17.1%
             
 
1,000
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
12/16 at 100.00
 
AA
   
1,002,550
 
 
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+
   
2,452,820
 
 
360
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/17 at 100.00
 
A
   
364,684
 
 
1,000
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%,
10/01/32 – AMBAC Insured
12/16 at 100.00
 
A
   
1,003,020
 
 
270
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/17 at 100.00
 
A
   
275,702
 
 
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+
   
3,586,380
 

NUVEEN
45


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
250
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
$
254,448
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
             
 
55
 
5.000%, 9/01/26
3/17 at 100.00
 
N/R
   
55,866
 
 
130
 
5.125%, 9/01/36
3/17 at 100.00
 
N/R
   
131,777
 
 
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
12/16 at 100.00
 
Aa3
   
1,219,058
 
 
135
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A
   
167,697
 
 
1,000
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34
3/18 at 100.00
 
A+
   
1,084,870
 
 
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+
   
61,082
 
 
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
   
68,385
 
     
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
   
395,133
 
 
320
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
361,869
 
 
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
   
36,809
 
 
515
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
No Opt. Call
 
AA–
   
556,854
 
 
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
   
23,110
 
 
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
   
1,603,834
 
 
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
No Opt. Call
 
N/R
   
74,064
 
 
615
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
   
636,076
 
 
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
   
47,743
 
 
360
 
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
3/21 at 100.00
 
A–
   
447,718
 
 
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
   
1,100,470
 
 
70
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
9/21 at 100.00
 
A–
   
85,544
 
 
15,275
 
Total Tax Obligation/Limited
         
17,097,563
 
     
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
 
BB+
   
644,448
 
     
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
   
1,143,440
 
 
1,170
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
1,393,610
 
 
1,175
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
1,416,216
 
 
800
 
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
5/25 at 100.00
 
AA
   
968,088
 
 
955
 
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
   
1,109,538
 
 
5,630
 
Total Transportation
         
6,675,340
 

46
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 8.8% (5)
             
$
2,805
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2008A, 5.625%, 4/01/37 (Pre-refunded 4/01/18)
4/18 at 100.00
 
N/R (5)
 
$
3,006,343
 
 
210
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Calipatria State Prison, Series 1991A, 6.500%, 9/01/17 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
   
221,132
 
 
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
 
A+ (5)
   
1,744,980
 
 
1,000
 
Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.500%, 11/01/41 (Pre-refunded 11/01/20)
11/20 at 100.00
 
AA– (5)
   
1,182,580
 
 
540
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
12/17 at 100.00
 
BB (5)
   
587,158
 
 
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
 
BB+ (5)
   
459,812
 
 
160
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
9/21 at 100.00
 
A– (5)
   
196,262
 
 
25
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
2/21 at 100.00
 
A– (5)
   
31,109
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
 
25
 
7.000%, 8/01/33 (Pre-refunded 2/01/21)
2/21 at 100.00
 
BBB+ (5)
   
31,373
 
 
30
 
7.000%, 8/01/41 (Pre-refunded 2/01/21)
2/21 at 100.00
 
BBB+ (5)
   
37,648
 
 
225
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (5)
   
236,549
 
 
1,000
 
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, 2000 Measure A, Refunding Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
4/17 at 100.00
 
AA+ (5)
   
1,021,420
 
 
7,935
 
Total U.S. Guaranteed
         
8,756,366
 
     
Utilities – 0.9%
             
 
645
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
   
869,099
 
     
Water and Sewer – 13.2%
             
 
1,000
 
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
4/23 at 100.00
 
AA–
   
1,196,900
 
     
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
             
 
375
 
5.000%, 7/01/37 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
421,399
 
 
1,160
 
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
1,297,947
 
 
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–
   
2,345,620
 
 
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+
   
2,361,124
 
 
2,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A, 5.000%, 7/01/46
1/21 at 100.00
 
AA+
   
2,438,360
 
 
1,500
 
Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/40
7/25 at 100.00
 
AAA
   
1,834,020
 
 
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
   
1,255,890
 
 
11,005
 
Total Water and Sewer
         
13,151,260
 
$
99,195
 
Total Long-Term Investments (cost $84,363,401)
         
96,445,969
 

NUVEEN
47


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 2.5%
             
     
MUNICIPAL BONDS – 2.5%
             
     
Health Care – 2.5%
             
$
2,500
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Refunding Variable Rate Series 2008C, 0.720%, 10/01/31 (6)
12/16 at 100.00
 
VMIG-1
 
$
2,500,000
 
$
2,500
 
Total Short-Term Investments (cost $2,500,000)
         
2,500,000
 
     
Total Investments (cost $86,863,401) – 99.2%
         
98,945,969
 
     
Other Assets Less Liabilities – 0.8%
         
816,753
 
     
Net Assets – 100%
       
$
99,762,722
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM)
Escrowed to maturity.
See accompanying notes to financial statements.
 
48
NUVEEN


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 99.7%
             
     
MUNICIPAL BONDS – 99.7%
             
     
Consumer Staples – 2.7%
             
$
435
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38
12/16 at 100.00
 
BB
 
$
439,350
 
 
150
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
12/16 at 100.00
 
B–
   
150,537
 
 
275
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
12/16 at 100.00
 
B–
   
274,816
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
140
 
4.750%, 6/01/22
12/16 at 100.00
 
BBB–
   
140,139
 
 
540
 
5.000%, 6/01/26
12/16 at 100.00
 
BB–
   
541,264
 
 
1,540
 
Total Consumer Staples
         
1,546,106
 
     
Education and Civic Organizations – 26.0%
             
 
100
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
 
BBB
   
102,334
 
 
165
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
B
   
148,376
 
 
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
   
287,521
 
     
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A:
             
 
40
 
5.000%, 4/15/33
4/23 at 100.00
 
BB+
   
41,282
 
 
55
 
5.000%, 4/15/43
4/23 at 100.00
 
BB+
   
56,167
 
 
430
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
 
AA
   
443,223
 
 
150
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
7/23 at 100.00
 
A–
   
172,458
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
No Opt. Call
 
AA–
   
1,265,010
 
     
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2015A:
             
 
20
 
5.000%, 7/01/31
No Opt. Call
 
Aa3
   
24,507
 
 
25
 
5.000%, 7/01/33
No Opt. Call
 
Aa3
   
30,389
 
 
1,000
 
5.000%, 7/01/34
7/25 at 100.00
 
Aa3
   
1,211,150
 
 
405
 
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – NPFG Insured
7/17 at 100.00
 
AA–
   
417,454
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
 
AAA
   
1,165,130
 
 
605
 
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Series 2015A, 5.000%, 7/01/40
7/25 at 100.00
 
A–
   
710,488
 
 
290
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35
No Opt. Call
 
AA–
   
353,545
 
 
1,195
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2016A, 5.000%, 7/01/36
7/26 at 100.00
 
AA–
   
1,482,481
 
 
1,800
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
Aa1
   
2,046,330
 
 
120
 
Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph's College, Series 2010, 5.250%, 7/01/35
7/20 at 100.00
 
Ba1
   
131,250
 

NUVEEN
49


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
110
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38
9/23 at 100.00
 
A–
 
$
126,543
 
 
2,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41
7/21 at 100.00
 
AA–
   
2,299,100
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
500
 
5.000%, 1/01/31 – AMBAC Insured
1/17 at 100.00
 
BBB
   
503,920
 
 
430
 
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
 
BBB
   
433,268
 
 
300
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
12/16 at 100.00
 
AA–
   
300,999
 
 
1,005
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2014A, 5.000%, 8/01/32
No Opt. Call
 
AA–
   
1,216,000
 
 
13,025
 
Total Education and Civic Organizations
         
14,968,925
 
     
Financials – 1.0%
             
 
450
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
   
602,874
 
     
Health Care – 2.1%
             
 
100
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
7/20 at 100.00
 
A
   
111,549
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
160
 
6.500%, 12/01/21
12/18 at 100.00
 
Ba1
   
175,853
 
 
210
 
6.125%, 12/01/29
12/18 at 100.00
 
Ba1
   
227,640
 
 
405
 
6.250%, 12/01/37
12/18 at 100.00
 
Ba1
   
439,190
 
 
240
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31
12/16 at 100.00
 
BB–
   
240,569
 
 
1,115
 
Total Health Care
         
1,194,801
 
     
Housing/Multifamily – 0.5%
             
 
275
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
11/17 at 100.00
 
Aa2
   
279,945
 
     
Industrials – 3.8%
             
 
40
 
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)
1/25 at 100.00
 
N/R
   
45,887
 
 
1,865
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
   
2,153,795
 
 
1,905
 
Total Industrials
         
2,199,682
 
     
Long-Term Care – 0.5%
             
 
100
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
11/16 at 100.00
 
Baa1
   
100,156
 
 
50
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
12/16 at 100.00
 
N/R
   
50,017
 
 
25
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18
12/16 at 100.00
 
N/R
   
21,146
 
 
110
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.500%, 7/01/18
12/16 at 100.00
 
N/R
   
110,325
 
 
285
 
Total Long-Term Care
         
281,644
 

50
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General – 2.2%
             
$
515
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25
12/17 at 100.00
 
AA
 
$
540,765
 
 
600
 
Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 – AGM Insured
10/21 at 100.00
 
AA
   
697,938
 
 
1,115
 
Total Tax Obligation/General
         
1,238,703
 
     
Tax Obligation/Limited – 26.1%
             
 
1,050
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/37
No Opt. Call
 
AAA
   
1,239,672
 
 
1,000
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. Group A,B&C, 5.000%, 3/15/35
9/25 at 100.00
 
AAA
   
1,232,010
 
 
1,375
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/29
No Opt. Call
 
A
   
1,631,066
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
   
2,358,136
 
 
1,500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
 
A
   
1,523,730
 
 
600
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
 
AA
   
607,260
 
 
1,000
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2, 5.000%, 7/15/40
7/25 at 100.00
 
AA
   
1,206,700
 
 
1,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
5/23 at 100.00
 
AAA
   
1,194,460
 
 
450
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35
2/24 at 100.00
 
AAA
   
549,576
 
 
1,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.250%, 2/01/30
2/21 at 100.00
 
AAA
   
1,169,250
 
 
535
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 11.838%, 5/01/38 (IF)
5/19 at 100.00
 
AAA
   
693,932
 
 
570
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
No Opt. Call
 
AA+
   
660,744
 
 
845
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured
10/22 at 100.00
 
AA
   
929,897
 
 
12,925
 
Total Tax Obligation/Limited
         
14,996,433
 
     
Transportation – 10.7%
             
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38
5/24 at 100.00
 
AA–
   
1,219,280
 
 
250
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
   
287,803
 
 
245
 
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/31 (Alternative Minimum Tax)
8/21 at 100.00
 
BB–
   
268,108
 
 
680
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax)
7/24 at 100.00
 
BBB
   
770,705
 
 
1,500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/33
9/24 at 100.00
 
AA–
   
1,832,970
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Fourth Series 2015, 5.250%, 10/15/55
10/25 at 100.00
 
AA–
   
1,223,020
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
290
 
6.500%, 12/01/28
12/16 at 100.00
 
Baa1
   
298,683
 
 
215
 
6.000%, 12/01/36
12/20 at 100.00
 
Baa1
   
252,083
 
 
5,180
 
Total Transportation
         
6,152,652
 

NUVEEN
51


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 12.7% (5)
             
$
1,000
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter's Hospital, Series 2008A, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
11/17 at 100.00
 
N/R (5)
 
$
1,050,160
 
 
1,595
 
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 (Pre-refunded 7/01/17) – NPFG Insured
7/17 at 100.00
 
AA– (5)
   
1,645,099
 
 
750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20)
7/20 at 100.00
 
A– (5)
   
890,055
 
 
225
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
 
N/R (5)
   
226,483
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
100
 
5.250%, 2/01/27 (Pre-refunded 2/01/17)
2/17 at 100.00
 
Aaa
   
101,515
 
 
90
 
5.500%, 2/01/32 (Pre-refunded 2/01/17)
2/17 at 100.00
 
Aaa
   
91,439
 
 
745
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25 (Pre-refunded 12/01/17)
12/17 at 100.00
 
N/R (5)
   
782,570
 
 
775
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (Pre-refunded 12/15/17) (UB)
12/17 at 100.00
 
AAA
   
814,688
 
 
425
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
 
AA+ (5)
   
442,727
 
 
1,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 11.568%, 3/15/37 (Pre-refunded 3/15/17) (IF) (4)
3/17 at 100.00
 
AAA
   
1,054,060
 
 
120
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Tender Option Bond Trust 2015-XF2178, 15.629%, 8/15/32 (Pre-refunded 8/15/17) – AGM Insured (IF)
8/17 at 100.00
 
AA (5)
   
137,357
 
 
65
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
 
N/R (5)
   
67,735
 
 
6,890
 
Total U.S. Guaranteed
         
7,303,888
 
     
Utilities – 6.4%
             
 
550
 
Chautauqua County, New York, Industrial Development Agency, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
2/20 at 100.00
 
Baa3
   
593,461
 
 
35
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
   
38,617
 
 
50
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
9/24 at 100.00
 
A–
   
58,734
 
 
400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
   
453,268
 
 
865
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
 
BB+
   
882,032
 
 
1,365
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41
12/23 at 100.00
 
AAA
   
1,638,573
 
 
3,265
 
Total Utilities
         
3,664,685
 
     
Water and Sewer – 5.0%
             
 
200
 
Buffalo Municipal Water Finance Authority, New York, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/29
7/25 at 100.00
 
A
   
243,560
 
 
275
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 15.398%, 6/15/37 (IF)
6/18 at 100.00
 
AA+
   
351,131
 
 
1,800
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Subordinated SRF Series 2016A, 5.000%, 6/15/32
6/26 at 100.00
 
AAA
   
2,272,482
 
 
2,275
 
Total Water and Sewer
         
2,867,173
 
$
50,245
 
Total Long-Term Investments (cost $52,756,866)
         
57,297,511
 

52
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 0.9%
             
     
MUNICIPAL BONDS – 0.9%
             
     
Education and Civic Organizations – 0.9%
             
$
500
 
Syracuse Industrial Development Agency, New York, Civic Facility Revenue, Syracuse University, Variable Rate Demand Obligations, Series 2005B, 0.800%, 12/01/35 (6)
12/16 at 100.00
 
A-1+
 
$
500,000
 
$
500
 
Total Short-Term Investments (cost $500,000)
         
500,000
 
     
Total Investments (cost $53,256,866) – 100.6%
         
57,797,511
 
     
Floating Rate Obligations – (1.7)%
         
(1,005,000
) 
     
Other Assets Less Liabilities – 1.1%
         
688,360
 
     
Net Assets – 100%
       
$
57,480,871
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
NUVEEN
53


Statement of
   
 
Assets and Liabilities
September 30, 2016 (Unaudited)

   
Select
 
Select
 
Select
 
California
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
Select Tax-Free
 
     
(NXP
)
 
(NXQ
)
 
(NXR
)
 
(NXC
)
 
(NXN
)
Assets
                               
Long-term investments, at value (cost $215,288,910, $219,191,640, $167,497,908, $84,363,401 and $52,756,866 respectively)
 
$
252,021,996
 
$
251,850,209
 
$
200,567,152
 
$
96,445,969
 
$
57,297,511
 
Short-term investments, at value (cost approximates value)
   
9,245,000
   
9,380,000
   
5,780,000
   
2,500,000
   
500,000
 
Cash
   
160,185
   
119,236
   
117,708
   
87,769
   
82,229
 
Unrealized appreciation on interest rate swaps
   
16,962
   
   
12,722
   
   
 
Receivable for:
                               
Interest
   
2,464,978
   
2,599,003
   
1,991,737
   
1,094,187
   
749,293
 
Investments sold
   
   
6,446,000
   
3,034,036
   
   
61,225
 
Other assets
   
49,347
   
51,480
   
38,786
   
20,306
   
13,433
 
Total assets
   
263,958,468
   
270,445,928
   
211,542,141
   
100,148,231
   
58,703,691
 
Liabilities
                               
Floating rate obligations
   
   
   
   
   
1,005,000
 
Payable for:
                               
Dividends
   
708,485
   
714,352
   
545,657
   
317,426
   
171,853
 
Investments purchased
   
961,206
   
987,612
   
760,514
   
   
 
Accrued expenses:
                               
Management fees
   
43,870
   
55,861
   
44,156
   
21,430
   
12,322
 
Professional fees
   
12,827
   
12,862
   
12,596
   
12,113
   
11,926
 
Trustees fees
   
48,401
   
50,574
   
37,541
   
18,427
   
11,313
 
Other
   
41,286
   
40,414
   
30,914
   
16,113
   
10,406
 
Total liabilities
   
1,816,075
   
1,861,675
   
1,431,378
   
385,509
   
1,222,820
 
Net assets
 
$
262,142,393
 
$
268,584,253
 
$
210,110,763
 
$
99,762,722
 
$
57,480,871
 
Shares outstanding
   
16,570,310
   
17,713,727
   
13,045,560
   
6,284,570
   
3,924,429
 
Net asset value ("NAV") per share outstanding
 
$
15.82
 
$
15.16
 
$
16.11
 
$
15.87
 
$
14.65
 
Net assets consist of:
                               
Shares, $0.01 par value per share
 
$
165,703
 
$
177,137
 
$
130,456
 
$
62,846
 
$
39,244
 
Paid-in surplus
   
230,107,428
   
246,289,462
   
179,537,045
   
87,536,381
   
53,849,783
 
Undistributed (Over-distribution of) net investment income
   
1,775,806
   
671,207
   
1,471,124
   
(56,844
)
 
29,713
 
Accumulated net realized gain (loss)
   
(6,656,592
)
 
(11,212,122
)
 
(4,109,828
)
 
137,771
   
(978,514
)
Net unrealized appreciation (depreciation)
   
36,750,048
   
32,658,569
   
33,081,966
   
12,082,568
   
4,540,645
 
Net assets
 
$
262,142,393
 
$
268,584,253
 
$
210,110,763
 
$
99,762,722
 
$
57,480,871
 
Authorized shares
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
See accompanying notes to financial statements.
54
NUVEEN


Statement of
   
 
Operations
Six Months Ended September 30, 2016 (Unaudited)

   
Select
 
Select
 
Select
 
California
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
Select Tax-Free
 
     
(NXP
)
 
(NXQ
)
 
(NXR
)
 
(NXC
)
 
(NXN
)
Investment Income
 
$
5,044,521
 
$
5,200,463
 
$
4,111,530
 
$
2,124,634
 
$
1,198,402
 
Expenses
                               
Management fees
   
267,871
   
341,203
   
269,327
   
131,183
   
75,570
 
Interest expense
   
   
   
   
   
5,352
 
Custodian fees
   
19,065
   
19,298
   
16,387
   
10,081
   
8,963
 
Trustees fees
   
3,474
   
3,563
   
2,798
   
1,383
   
839
 
Professional fees
   
15,362
   
15,464
   
14,664
   
12,946
   
12,509
 
Shareholder reporting expenses
   
18,843
   
18,151
   
13,181
   
6,581
   
5,049
 
Shareholder servicing agent fees
   
8,696
   
8,013
   
6,609
   
2,226
   
2,017
 
Stock exchange listing fees
   
3,916
   
3,916
   
3,916
   
3,923
   
3,916
 
Investor relations expenses
   
15,483
   
15,708
   
12,106
   
5,885
   
3,656
 
Other
   
11,072
   
10,720
   
7,979
   
8,222
   
7,008
 
Total expenses
   
363,782
   
436,036
   
346,967
   
182,430
   
124,879
 
Net investment income (loss)
   
4,680,739
   
4,764,427
   
3,764,563
   
1,942,204
   
1,073,523
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from:
                               
Investments
   
1,249,223
   
29,803
   
(46,237
)
 
2,293
   
623
 
Swaps
   
(641,532
)
 
   
(433,468
)
 
   
 
Change in net unrealized appreciation (depreciation) of:
                               
Investments
   
4,689,711
   
4,945,233
   
4,454,071
   
1,252,487
   
451,670
 
Swaps
   
460,288
   
   
312,267
   
   
 
Net realized and unrealized gain (loss)
   
5,757,690
   
4,975,036
   
4,286,633
   
1,254,780
   
452,293
 
Net increase (decrease) in net assets from operations
 
$
10,438,429
 
$
9,739,463
 
$
8,051,196
 
$
3,196,984
 
$
1,525,816
 
See accompanying notes to financial statements.
 
NUVEEN
55


Statement of
   
 
Changes in Net Assets
(Unaudited)

   
Select Tax-Free (NXP)
 
Select Tax-Free 2 (NXQ)
 
Select Tax-Free 3 (NXR)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
     
9/30/16
   
3/31/16
   
9/30/16
   
3/31/16
   
9/30/16
   
3/31/16
 
Operations
                                     
Net investment income (loss)
 
$
4,680,739
 
$
9,676,602
 
$
4,764,427
 
$
9,684,682
 
$
3,764,563
 
$
7,582,349
 
Net realized gain (loss) from:
                                     
Investments
   
1,249,223
   
(897,748
)
 
29,803
   
(476,182
)
 
(46,237
)
 
493,045
 
Swaps
   
(641,532
)
 
(2,455,336
)
 
   
   
(433,468
)
 
(1,439,664
)
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
4,689,711
   
5,838,255
   
4,945,233
   
4,461,815
   
4,454,071
   
4,776,566
 
Swaps
   
460,288
   
2,088,861
   
   
   
312,267
   
1,319,464
 
Net increase (decrease) in net assets from operations
   
10,438,429
   
14,250,634
   
9,739,463
   
13,670,315
   
8,051,196
   
12,731,760
 
Distributions to Common Shareholders
                                     
From net investment income
   
(4,523,697
)
 
(9,319,144
)
 
(4,685,280
)
 
(9,521,129
)
 
(3,535,347
)
 
(7,289,860
)
From accumulated net realized gains
   
   
   
   
   
   
 
Decrease in net assets from distributions to shareholders
   
(4,523,697
)
 
(9,319,144
)
 
(4,685,280
)
 
(9,521,129
)
 
(3,535,347
)
 
(7,289,860
)
Capital Share Transactions
                                     
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
Net increase (decrease) in net assets from capital share transactions
   
   
   
   
   
   
 
Net increase (decrease) in net assets
   
5,914,732
   
4,931,490
   
5,054,183
   
4,149,186
   
4,515,849
   
5,441,900
 
Net assets at the beginning of period
   
256,227,661
   
251,296,171
   
263,530,070
   
259,380,884
   
205,594,914
   
200,153,014
 
Net assets at the end of period
 
$
262,142,393
 
$
256,227,661
 
$
268,584,253
 
$
263,530,070
 
$
210,110,763
 
$
205,594,914
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,775,806
 
$
1,618,764
 
$
671,207
 
$
592,060
 
$
1,471,124
 
$
1,241,908
 
See accompanying notes to financial statements.
 
56
NUVEEN


   
California Select Tax-Free (NXC)
 
New York Select Tax-Free (NXN)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
9/30/16
   
3/31/16
   
9/30/16
   
3/31/16
 
Operations
                         
Net investment income (loss)
 
$
1,942,204
 
$
4,025,873
 
$
1,073,523
 
$
2,236,810
 
Net realized gain (loss) from:
                         
Investments
   
2,293
   
145,143
   
623
   
21,067
 
Swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
1,252,487
   
1,041,495
   
451,670
   
(48,449
)
Swaps
   
   
   
   
 
Net increase (decrease) in net assets from operations
   
3,196,984
   
5,212,511
   
1,525,816
   
2,209,428
 
Distributions to Common Shareholders
                         
From net investment income
   
(1,979,220
)
 
(4,087,892
)
 
(1,083,059
)
 
(2,166,034
)
From accumulated net realized gains
   
   
(107,389
)
 
   
 
Decrease in net assets from distributions to common shareholders
   
(1,979,220
)
 
(4,195,281
)
 
(1,083,059
)
 
(2,166,034
)
Capital Share Transactions
                         
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
51,297
   
55,697
   
6,697
   
 
Net increase (decrease) in net assets from capital share transactions
   
51,297
   
55,697
   
6,697
   
 
Net increase (decrease) in net assets
   
1,269,061
   
1,072,927
   
449,454
   
43,394
 
Net assets at the beginning of period
   
98,493,661
   
97,420,734
   
57,031,417
   
56,988,023
 
Net assets at the end of period
 
$
99,762,722
 
$
98,493,661
 
$
57,480,871
 
$
57,031,417
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
(56,844
)
$
(19,828
)
$
29,713
 
$
39,249
 
See accompanying notes to financial statements.
 
NUVEEN
57


Financial
 
 
Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
 
       
Investment Operations
 
Less Distributions
         
           
Net
     
 
 
From
             
       
Net
 
Realized/
     
From Net
 
Accumulated
         
Ending
 
   
Beginning
 
Investment
 
Unrealized
     
Investment
 
Net Realized
     
Ending
 
Share
 
   
NAV
 
Income (Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
NAV
 
Price
 
Select Tax-Free (NXP)
                                                       
Year Ended 3/31:
                                                       
2017(e)
 
$
15.46
 
$
0.28
 
$
0.35
 
$
0.63
 
$
(0.27
)
$
 
$
(0.27
)
$
15.82
 
$
15.32
 
2016
   
15.17
   
0.58
   
0.27
   
0.85
   
(0.56
)
 
   
(0.56
)
 
15.46
   
14.89
 
2015
   
14.43
   
0.60
   
0.76
   
1.36
   
(0.62
)
 
   
(0.62
)
 
15.17
   
14.51
 
2014
   
15.03
   
0.66
   
(0.62
)
 
0.04
   
(0.64
)
 
   
(0.64
)
 
14.43
   
13.48
 
2013
   
14.55
   
0.69
   
0.48
   
1.17
   
(0.69
)
 
   
(0.69
)
 
15.03
   
14.63
 
2012
   
13.58
   
0.73
   
0.96
   
1.69
   
(0.72
)
 
   
(0.72
)
 
14.55
   
14.57
 
                                                         
Select Tax-Free 2 (NXQ)
                                                       
Year Ended 3/31:
                                                       
2017(e)
   
14.88
   
0.27
   
0.27
   
0.54
   
(0.26
)
 
   
(0.26
)
 
15.16
   
14.55
 
2016
   
14.64
   
0.55
   
0.23
   
0.78
   
(0.54
)
 
   
(0.54
)
 
14.88
   
14.13
 
2015
   
13.83
   
0.58
   
0.83
   
1.41
   
(0.60
)
 
   
(0.60
)
 
14.64
   
13.94
 
2014
   
14.38
   
0.62
   
(0.54
)
 
0.08
   
(0.63
)
 
   
(0.63
)
 
13.83
   
13.12
 
2013
   
13.89
   
0.65
   
0.47
   
1.12
   
(0.63
)
 
   
(0.63
)
 
14.38
   
13.99
 
2012
   
12.89
   
0.66
   
0.98
   
1.64
   
(0.64
)
 
   
(0.64
)
 
13.89
   
13.63
 

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

58
NUVEEN


         
Ratios/Supplemental Data
 
 
Total Returns
     
Ratios to Average Net Assets
     
                                   
     
Based on
 
Ending
     
Net
 
Portfolio
 
 
Based on
 
Share
 
Net
     
Investment
 
Turnover
 
 
NAV
(a)
Price
(a)
Assets (000
)
Expenses
(b)
Income (Loss
)
Rate
(c)
                                   
 
4.11
%
 
4.72
%
$
262,142
   
0.28
%**
 
3.57
%**
 
17
%
 
5.78
   
6.82
   
256,228
   
0.28
   
3.88
   
25
 
 
9.52
   
12.42
   
251,296
   
0.32(d
)
 
4.01(d
)
 
28
 
 
0.38
   
(3.37
)
 
239,151
   
0.29
   
4.60
   
40
 
 
8.16
   
5.14
   
249,134
   
0.28
   
4.64
   
24
 
 
12.72
   
15.72
   
240,691
   
0.31
   
5.18
   
19
 
                                   
                                   
 
3.67
   
4.84
   
268,584
   
0.32
**
 
3.54
**
 
11
 
 
5.46
   
5.46
   
263,530
   
0.33
   
3.76
   
23
 
 
10.32
   
11.00
   
259,381
   
0.37
(d)
 
4.04
(d)
 
19
 
 
0.73
   
(1.51
)
 
245,069
   
0.34
   
4.58
   
23
 
 
8.20
   
7.29
   
254,694
   
0.33
   
4.54
   
19
 
 
12.97
   
15.32
   
245,784
   
0.35
   
4.94
   
20
 

(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Select Tax-Free (NXP)
       
Year Ended 3/31:
       
2017(e)
   
%
2016
   
 
2015
   
 
2014
   
 
2013
   
 
2012
   
 

Select Tax-Free 2 (NXQ)
       
Year Ended 3/31:
       
2017(e)
   
%
2016
   
 
2015
   
*
2014
   
*
2013
   
*
2012
   
*

(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(d)
During the fiscal year ended March 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:

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

   
Ratios to
 
   
Average Net Assets
 
           
Net Investment
 
Select Tax-Free 2 (NXQ)
   
Expense
(b)
 
Income (Loss
)
Year Ended 3/31:
             
2015
   
0.40
%
 
4.01
%

(e)
For the six months ended September 30, 2016.
*
Rounds to less than 0.01%.
**
Annualized.
See accompanying notes to financial statements.
 
NUVEEN
59


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

       
Investment Operations
 
Less Distributions
         
           
Net
         
From
             
       
Net
 
Realized/
     
From Net
 
Accumulated
         
Ending
 
   
Beginning
 
Investment
 
Unrealized
     
Investment
 
Net Realized
     
Ending
 
Share
 
   
NAV
 
Income (Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
NAV
 
Price
 
Select Tax-Free 3 (NXR)
                                         
Year Ended 3/31:
                                                       
2017(e)
 
$
15.76
 
$
0.29
 
$
0.33
 
$
0.62
 
$
(0.27
)
$
 
$
(0.27
)
$
16.11
 
$
15.45
 
2016
   
15.34
   
0.58
   
0.40
   
0.98
   
(0.56
)
 
   
(0.56
)
 
15.76
   
14.89
 
2015
   
14.46
   
0.60
   
0.89
   
1.49
   
(0.61
)
 
   
(0.61
)
 
15.34
   
14.78
 
2014
   
14.94
   
0.64
   
(0.49
)
 
0.15
   
(0.63
)
 
   
(0.63
)
 
14.46
   
13.67
 
2013
   
14.43
   
0.66
   
0.51
   
1.17
   
(0.66
)
 
   
(0.66
)
 
14.94
   
14.48
 
2012
   
13.51
   
0.69
   
0.92
   
1.61
   
(0.65
)
 
(0.04
)
 
(0.69
)
 
14.43
   
14.34
 
                                                         
California Select Tax-Free (NXC)
                                         
Year Ended 3/31:
                                                       
2017(e)
   
15.68
   
0.31
   
0.20
   
0.51
   
(0.32
)
 
   
(0.32
)
 
15.87
   
17.13
 
2016
   
15.52
   
0.64
   
0.19
   
0.83
   
(0.65
)
 
(0.02
)
 
(0.67
)
 
15.68
   
16.70
 
2015
   
14.83
   
0.66
   
0.82
   
1.48
   
(0.68
)
 
(0.11
)
 
(0.79
)
 
15.52
   
15.40
 
2014
   
15.72
   
0.67
   
(0.63
)
 
0.04
   
(0.68
)
 
(0.25
)
 
(0.93
)
 
14.83
   
14.25
 
2013
   
15.07
   
0.69
   
0.64
   
1.33
   
(0.68
)
 
   
(0.68
)
 
15.72
   
15.07
 
2012
   
13.43
   
0.70
   
1.62
   
2.32
   
(0.68
)
 
   
(0.68
)
 
15.07
   
14.80
 

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

60
NUVEEN


           
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
       
                                   
     
Based on
 
Ending
     
Net
 
Portfolio
 
 
Based on
 
Share
 
Net
     
Investment
 
Turnover
 
 
NAV
(a)
Price
(a)
Assets (000
)
Expenses
(b)
Income (Loss
)
Rate
(c)
                                   
 
3.95
%
 
5.59
%
$
210,111
   
0.33
%*
 
3.58
%*
 
14
%
 
6.56
   
4.76
   
205,595
   
0.34
   
3.81
   
22
 
 
10.46
   
12.87
   
200,153
   
0.38
(d)
 
3.99
(d)
 
21
 
 
1.18
   
(1.02
)
 
188,653
   
0.35
   
4.51
   
30
 
 
8.20
   
5.54
   
194,920
   
0.33
   
4.45
   
28
 
 
12.23
   
15.69
   
188,010
   
0.38
   
4.94
   
16
 
                                   
 
3.23
   
4.59
   
99,763
   
0.36
*
 
3.87
*
 
7
 
 
5.51
   
13.25
   
98,494
   
0.37
   
4.18
   
10
 
 
10.20
   
13.84
   
97,421
   
0.37
   
4.30
   
7
 
 
0.50
   
1.07
   
93,011
   
0.38
   
4.55
   
14
 
 
8.98
   
6.43
   
98,595
   
0.37
   
4.44
   
19
 
 
17.64
   
23.56
   
94,447
   
0.42
   
4.87
   
11
 

(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Select Tax-Free 3 (NXR)
       
Year Ended 3/31:
       
2017(e)
   
%
2016
   
 
2015
   
 
2014
   
 
2013
   
 
2012
   
 

California Select Tax-Free (NXC)
       
Year Ended 3/31:
       
2017(e)
   
%
2016
   
 
2015
   
 
2014
   
0.01
 
2013
   
0.01
 
2012
   
0.01
 

(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(d)
During the fiscal year ended March 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:

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

(e)
For the six months ended September 30, 2016.
*
Annualized.
See accompanying notes to financial statements.
 
NUVEEN
61


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

       
Investment Operations
 
Less Distributions
         
       
 
 
Net
 
 
     
From
             
       
Net
 
Realized/
     
From Net
 
Accumulated
         
Ending
 
   
Beginning
 
Investment
 
Unrealized
     
Investment
 
Net Realized
     
Ending
 
Share
 
   
NAV
 
Income (Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
NAV
 
Price
 
New York Select Tax-Free (NXN)  
                                           
Year Ended 3/31:
                                                       
2017(d)
 
$
14.53
 
$
0.28
 
$
0.12
 
$
0.40
 
$
(0.28
)
$
 
$
(0.28
)
$
14.65
 
$
14.66
 
2016
   
14.52
   
0.57
   
(0.01
)
 
0.56
   
(0.55
)
 
   
(0.55
)
 
14.53
   
14.06
 
2015
   
13.95
   
0.56
   
0.58
   
1.14
   
(0.57
)
 
   
(0.57
)
 
14.52
   
14.13
 
2014
   
14.70
   
0.60
   
(0.72
)
 
(0.12
)
 
(0.63
)
 
*
 
(0.63
)
 
13.95
   
13.41
 
2013
   
14.59
   
0.63
   
0.19
   
0.82
   
(0.65
)
 
(0.06
)
 
(0.71
)
 
14.70
   
14.87
 
2012
   
13.71
   
0.66
   
0.86
   
1.52
   
(0.64
)
 
   
(0.64
)
 
14.59
   
14.10
 

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

62
NUVEEN


           
Ratios/Supplemental Data
 
 
Total Returns   
       
Ratios to Average Net Assets
     
                                   
       
Based on
   
Ending
         
Net
   
Portfolio
 
 
Based on
   
Share
   
Net
         
Investment
   
Turnover
 
 
NAV
(a)
 
Price
(a)
 
Assets (000
)
 
Expenses
(b)
 
Income (Loss
)
 
Rate
(c)
                                   
 
2.73
%
 
6.25
%
$
57,481
   
0.43
%**
 
3.71
%**
 
7
%
 
3.98
   
3.63
   
57,031
   
0.42
   
3.97
   
14
 
 
8.31
   
9.84
   
56,988
   
0.43
   
3.92
   
16
 
 
(0.69
)
 
(5.46
)
 
54,751
   
0.43
   
4.35
   
26
 
 
5.66
   
10.60
   
57,684
   
0.39
   
4.27
   
23
 
 
11.25
   
13.05
   
57,170
   
0.50
   
4.62
   
19
 

(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

New York Select Tax-Free (NXN)
       
Year Ended 3/31:
       
2017(d)
   
0.02
%**
2016
   
0.01
 
2015
   
0.01
 
2014
   
0.01
 
2013
   
0.01
 
2012
   
0.01
 

(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(d)
For the six months ended September 30, 2016.
*
Rounds to less than $0.01 per share.
**
Annualized.
See accompanying notes to financial statements.
 
NUVEEN
63


Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):
 
Nuveen Select Tax-Free Income Portfolio (NXP) ("Select Tax-Free (NXP)")
 
Nuveen Select Tax-Free Income Portfolio 2 (NXQ) ("Select Tax-Free 2 (NXQ)")
 
Nuveen Select Tax-Free Income Portfolio 3 (NXR) ("Select Tax-Free 3 (NXR)")
 
Nuveen California Select Tax-Free Income Portfolio (NXC) ("California Select Tax-Free (NXC)")
 
Nuveen New York Select Tax-Free Income Portfolio (NXN) ("New York Select Tax-Free (NXN)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Select Tax-Free (NXP), Select Tax-Free 2 (NXQ), Select Tax-Free 3 (NXR), California Select Tax-Free (NXC) and New York Select Tax-Free (NXN) were organized as Massachusetts business trusts on January 29, 1992, March 30, 1992, May 28, 1992, March 30, 1992, and March 30, 1992, respectively.
The end of the reporting period for the Funds is September 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended September 30, 2016 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income and stable dividends, exempt from regular federal and designated state income taxes, where applicable, consistent with the preservation of capital by investing primarily in a portfolio of municipal obligations.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:
     
Select
   
Select
   
Select
 
     
Tax-Free
   
Tax-Free 2
   
Tax-Free 3
 
     
(NXP
)
 
(NXQ
)
 
(NXR
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
961,206
 
$
987,612
 
$
760,514
 

64
NUVEEN


Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – 
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – 
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics

NUVEEN
65


Notes to Financial Statements (Unaudited) (continued)
considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by an independent pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:
Select Tax-Free (NXP)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
251,864,910
 
$
 
$
251,864,910
 
Corporate Bonds**
   
   
   
157,086
***   
157,086
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
9,245,000
   
   
9,245,000
 
Investments in Derivatives:
                         
Interest Rate Swaps****
   
   
16,962
   
   
16,962
 
Total
 
$
 
$
261,126,872
 
$
 
$
261,283,958
 
Select Tax-Free 2 (NXQ)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
251,604,520
 
$
 
$
251,604,520
 
Corporate Bonds**
   
   
   
245,689
***   
245,689
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
9,380,000
   
   
9,380,000
 
Total
 
$
 
$
260,984,520
 
$
245,689
 
$
261,230,209
 
Select Tax-Free 3 (NXR)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
200,497,921
 
$
 
$
200,497,921
 
Corporate Bonds**
   
   
   
69,231
***   
69,231
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
5,780,000
   
   
5,780,000
 
Investments in Derivatives:
                         
Interest Rate Swaps****
   
   
12,722
   
   
12,722
 
Total
 
$
 
$
206,290,643
 
$
69,231
 
$
206,359,874
 
California Select Tax-Free (NXC)
                         
Long-Term Investments:
                         
Municipal Bonds**
 
$
 
$
96,445,969
 
$
 
$
96,445,969
 
Short-Term Investments:
                         
Municipal Bonds**
   
   
2,500,000
   
   
2,500,000
 
Total
 
$
 
$
98,945,969
 
$
 
$
98,945,969
 

66
NUVEEN

New York Select Tax-Free (NXN)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds**
 
$
 
$
57,297,511
 
$
 
$
57,297,511
 
Short-Term Investments:
                         
Municipal Bonds**
   
   
500,000
   
   
500,000
 
Total
 
$
 
$
57,797,511
 
$
 
$
57,797,511
 

*
Refer to the Fund's Portfolio of Investments for state classifications.
**
Refer to the Fund's Portfolio of Investments for industry classifications.
***
Refer to the Fund's Portfolio of Investments for securities classified as Level 3.
****
Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
   
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

NUVEEN
67


Notes to Financial Statements (Unaudited) (continued)
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Floating Rate Obligations Outstanding
Select
Tax-Free
(NXP
)
Select
Tax-Free 2
(NXQ
)
Select
Tax-Free 3
(NXR
)
California
Select Tax-Free
(NXC
)
New York
Select Tax-Free
(NXN
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
   
$
   
$
   
$
   
$
1,005,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
3,300,000
     
4,800,000
     
1,050,000
     
     
4,250,000
 
Total
 
$
3,300,000
   
$
4,800,000
   
$
1,050,000
   
$
   
$
5,255,000
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

 
Select
Tax-Free
 
Select
Tax-Free 2
 
Select
Tax-Free 3
 
California
Select Tax-Free
 
New York
Select Tax-Free
 
Self-Deposited Inverse Floaters
 
(NXP
)  
(NXQ
)  
(NXR
)  
(NXC
)  
(NXN
)
Average floating rate obligations outstanding
 
$
   
$
   
$
   
$
   
$
1,005,000
 
Average annual interest rate and fees
   
%
   
%
   
%
   
%
   
1.06
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the

68
NUVEEN


Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
               
California
 
New York
 
   
Select
 
Select
 
Select
 
Select
 
Select
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Tax-Free
 
Tax-Free
 
Floating Rate Obligations – Recourse Trusts
 
(NXP
)
(NXQ
)
(NXR
)
(NXC
)
(NXN
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
 
$
 
$
 
$
 
$
425,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
3,300,000
   
4,800,000
   
1,050,000
   
   
2,360,000
 
Total
 
$
3,300,000
 
$
4,800,000
 
$
1,050,000
 
$
 
$
2,785,000
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which begin at a specified date in the future (the "effective date").
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For an over-the-counter ("OTC") swap that is not cleared through a clearing house ("OTC Uncleared"), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."

NUVEEN
69


Notes to Financial Statements (Unaudited) (continued)
Upon the execution of an OTC swap cleared through a clearing house ("OTC Cleared"), the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, Select Tax-Free (NXP) and Select Tax-Free 3 (NXR) used forward interest rate swap contracts as part of their duration management in order to reduce their price volatility risk to movements in U.S. interest rates relative to their benchmarks.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
   
Select
 
Select
 
   
Tax-Free
 
Tax-Free 3
 
     
(NXP
)
 
(NXR
)
Average notional amount of interest rate swap contracts outstanding*
 
$
7,133,333
 
$
5,166,667
 

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
           
Location on the Statement of Assets and Liabilities
Underlying
   
Derivatives
   
Asset Derivatives
   
(Liability) Derivatives
 
Risk Exposure
   
Instrument
   
Location
   
Value
   
Location
   
Value
 
Select Tax-Free (NXP)
                               
Interest rate
   
Swaps (OTC)
   
Unrealized appreciation on interest rate swaps
 
$
16,962
   
 
$
 
Select Tax-Free 3 (NXR)
                               
Interest rate
   
Swaps (OTC)
   
Unrealized appreciation on interest rate swaps
 
$
12,722
   
 
$
 
The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.
Fund
 
Counterparty
 
Gross
Unrealized
Appreciation on
Interest Rate
Swaps
*
Gross
Unrealized
(Depreciation) on
Interest Rate
Swaps
 
*
Amounts
Netted on
Statement of
Assets and
Liabilities
 
Net Unrealized
Appreciation
(Depreciation) on
Interest Rate
Swaps
 
Collateral
Pledged
to (from)
Counterparty
 
Net
Exposure
  
Select Tax-Free (NXP)
  JPMorgan Chase Bank, N.A.  
$
16,962
 
$
 
$
 
$
16,962
 
$
 
$
16,962
 
Select Tax-Free 3 (NXR)
  JPMorgan Chase Bank, N.A.  
$
12,722
 
$
 
$
 
$
12,722
 
$
 
$
12,722
 
* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

70
NUVEEN


The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

               
Change in Net
 
           
Net Realized
 
Unrealized Appreciation
 
   
Underlying
 
Derivative
 
Gain (Loss) from
 
(Depreciation) of
 
Fund
 
Risk Exposure
 
Instrument
 
Swaps
 
Swaps
 
Select Tax-Free (NXP)
   
Interest rate
   
Swaps
 
$
(641,532
)
$
460,288
 
Select Tax-Free 3 (NXR)
   
Interest rate
   
Swaps
 
$
(433,468
)
$
312,267
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Shares Equity Shelf Program
During the current reporting period, California Select Tax-Free (NXC) filed an initial registration statement with the Securities and Exchange Commission to issue additional common shares through an equity shelf program, which is not yet effective. Under this program the Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share.
Shares Transactions
Transactions in shares during the Funds' current and prior fiscal period, where applicable, were as follows:

  
California Select Tax-Free (NXC)
  
New York Select
Tax-Free (NXN)
  
   
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
     
9/30/16
   
3/31/16
   
9/30/16
   
3/31/16
 
Shares issued to shareholders
                         
due to reinvestment of distributions
   
3,205
   
3,614
   
453
   
 

NUVEEN
71


Notes to Financial Statements (Unaudited) (continued)
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
   
Select
 
Select
 
Select
 
California
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
Select Tax-Free
 
   
(NXP
)
(NXQ
)
(NXR
)
(NXC
)
(NXN
)
Purchases
 
$
43,377,334
 
$
27,562,685
 
$
28,841,158
 
$
7,408,308
 
$
5,239,998
 
Sales and maturities
   
42,664,870
   
35,201,500
   
29,100,515
   
9,825,430
   
4,060,000
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of September 30, 2016, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
   
Select
 
Select
 
Select
 
California
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
Select Tax-Free
 
   
(NXP
)
(NXQ
)
(NXR
)
(NXC
)
(NXN
)
Cost of investments
 
$
222,899,350
 
$
227,385,068
 
$
171,441,981
 
$
86,805,867
 
$
52,232,022
 
Gross unrealized:
                               
Appreciation
 
$
38,503,117
 
$
34,028,674
 
$
34,989,180
 
$
12,212,441
 
$
4,599,226
 
Depreciation
   
(135,471
)
 
(183,533
)
 
(84,009
)
 
(72,339
)
 
(36,868
)
Net unrealized appreciation (depreciation) of investments
 
$
38,367,646
 
$
33,845,141
 
$
34,905,171
 
$
12,140,102
 
$
4,562,358
 
Permanent differences, primarily due to taxable market discount and expiration of capital loss carryforwards, resulted in reclassifications among the Funds' components of net assets as of March 31, 2016, the Funds' last tax year end, as follows:

   
Select
 
Select
 
Select
 
California
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
Select Tax-Free
 
   
(NXP
)
(NXQ
)
(NXR
)
(NXC
)
(NXN
)
Paid-in-surplus
 
$
1
 
$
(7,597
)
$
 
$
 
$
 
Undistributed (Over-distribution of) net investment income
   
(34,352
)
 
(31,280
)
 
(2,644
)
 
   
(3,854
)
Accumulated net realized gain (loss)
   
34,351
   
38,877
   
2,644
   
   
3,854
 

72
NUVEEN


The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2016, the Funds' last tax year end, were as follows:
   
Select
 
Select
 
Select
 
California
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
Select Tax-Free
 
   
(NXP
)
(NXQ
)
(NXR
)
(NXC
)
(NXN
)
Undistributed net tax-exempt income1
 
$
699,887
 
$
264,324
 
$
85,176
 
$
261,069
 
$
197,493
 
Undistributed net ordinary income2
   
   
7,994
   
   
   
3,431
 
Undistributed net long-term capital gains
   
   
   
   
135,478
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 1, 2016, paid on April 1, 2016.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended March 31, 2016, was designated for purposes of the dividends paid deduction as follows:

   
Select
 
Select
 
Select
 
California
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
Select Tax-Free
 
   
(NXP
)
(NXQ
)
(NXR
)
(NXC
)
(NXN
)
Distributions from net tax-exempt income
 
$
9,246,154
 
$
9,538,842
 
$
7,319,179
 
$
4,115,952
 
$
2,166,034
 
Distributions from net ordinary income2
   
106,131
   
8,857
   
16,341
   
   
 
Distributions from net long-term capital gains
   
   
   
   
107,389
   
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of March 31, 2016, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
   
Select
 
Select
 
Select
 
New York
 
   
Tax-Free
 
Tax-Free 2
 
Tax-Free 3
 
Select Tax-Free
 
   
(NXP
)
(NXQ
)
(NXR
)
(NXN
)
Expiration:
                         
March 31, 2017
 
$
 
$
400,800
 
$
 
$
 
March 31, 2019
   
   
335,742
   
   
 
Not subject to expiration
   
7,264,283
   
10,505,383
   
3,630,123
   
979,137
 
Total
 
$
7,264,283
 
$
11,241,925
 
$
3,630,123
 
$
979,137
 
During the Funds' last tax year ended, March 31, 2016, New York Select Tax-Free (NXN) utilized $24,921 of its capital loss carryforward.
As of March 31, 2016, the Funds' last tax year end, $7,597, of Select Tax-Free 2's (NXQ) capital loss carryforward expired.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for Select Tax-Free (NXP), is calculated according to the following schedule:
   
Select Tax-Free (NXP)
Fund-Level Fee
Average Daily Managed Assets*
 
For the first $125 million
   
0.0500
%
For the next $125 million
   
0.0375
 
For the next $250 million
   
0.0250
 
For the next $500 million
   
0.0125
 

NUVEEN
73


Notes to Financial Statements (Unaudited) (continued)
For the period April 1, 2016 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund (excluding Select Tax-Free (NXP)) was calculated according to the following schedule:
 
Select Tax-Free 2 (NXQ)
 
Select Tax-Free 3 (NXR)
 
California Select Tax-Free (NXC)
 
New York Select Tax-Free (NXN)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.1000
%
For the next $125 million
0.0875
 
For the next $250 million
0.0750
 
For the next $500 million
0.0625
 
Effective August 1, 2016, the annual Fund-level fee, payable monthly, for each Fund (excluding Select Tax-Free (NXP)) is calculated according to the following schedule:

 
Select Tax-Free 2 (NXQ)
   
Select Tax-Free 3 (NXR)
   
California Select Tax-Free (NXC)
   
New York Select Tax-Free (NXN)
 
Average Daily Managed Assets*
Fund-Level Fee
 
For the first $125 million
0.1000
 
For the next $125 million
0.0875
 
 
For the next $250 million
0.0750
 
 
For the next $500 million
0.0625
 
 
For the next $1 billion
0.0500
 
 
For the next $3 billion
0.0250
 
 
For managed assets over $5 billion
0.0125
 
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets:
Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
 
 
$55 billion
0.2000
%
 
$56 billion
0.1996
 
 
$57 billion
0.1989
 
 
$60 billion
0.1961
 
 
$63 billion
0.1931
 
 
$66 billion
0.1900
 
 
$71 billion
0.1851
 
 
$76 billion
0.1806
 
 
$80 billion
0.1773
 
 
$91 billion
0.1691
 
 
$125 billion
0.1599
 
 
$200 billion
0.1505
 
 
$250 billion
0.1469
 
 
$300 billion
0.1445
 

*
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (orignally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of September 30, 2016, the complex-level fee for each Fund was 0.1607%.

74
NUVEEN


Other Transactions with Affiliates
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Funds engaged in inter-fund trades pursuant to these procedures as follows:
   
Select
 
Select
 
   
Tax-Free
 
Tax-Free 2
 
   
(NXP
)
(NXQ
)
Purchases
 
$
948,797
   
 
Sales
   
836,190
 
$
1,315,200
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.

NUVEEN
75

Additional Fund Information

 
Board of Trustees
William Adams IV*
John K. Nelson
 
Margo Cook*
William J. Schneider
 
Jack B. Evans
Judith M. Stockdale
 
William C. Hunter
Carole E. Stone
 
David J. Kundert
Terence J. Toth
 
Albin F. Moschner
Margaret L. Wolff
 
 
* Interested Board Member.
             
 
Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
KPMG LLP
State Street Bank
Chicago, IL 60606
One Lincoln Street
 
200 East Randolph Drive
& Trust Company
 
Boston, MA 02111
 
Chicago, IL 60601
Nuveen Funds
       
P.O. Box 43071
       
Providence, RI 02940-3071
       
(800) 257-8787

 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

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

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

     
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
Shares repurchased
   
   
   
   
   
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

76
NUVEEN



Glossary of Terms Used in this Report
 

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper California Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.


NUVEEN
77


Glossary of Terms Used in this Report (continued)
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Lipper New York Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade California municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade New York municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

78
NUVEEN

Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 

Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

NUVEEN
79

Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees of each Fund (the "Board," and each Trustee a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews each Investment Management Agreement and Sub-Advisory Agreement on behalf of each Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, compliance matters, securities lending, leverage matters, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board's effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board's evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a "Fund Adviser"); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and a review of premium/discount trends and leverage management as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team's assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser's organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members' review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board Members

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did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
A.   Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management.
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance program, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during 2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for improved terms and pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases and/or share

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issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line.
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B.   The Investment Performance of the Funds and Fund Advisers
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
• The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
• Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
 
• Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results.

• The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds, including the Funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board

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Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds.
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure.
For Nuveen Select Tax-Free Income Portfolio, the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the one- and five-year periods and second quartile in the three-year period and outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
For Nuveen Select Tax-Free Income Portfolio 2 (the "Tax-Free Portfolio 2"), the Board noted that the Fund ranked in the second quartile in its Performance Peer Group and outperformed its benchmark for the one-, three- and five-year periods. The Board determined that the Fund's performance had been favorable.
For Nuveen Select Tax-Free Income Portfolio 3 (the "Tax-Free Portfolio 3"), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one- and three-year periods and the second quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been favorable.
For Nuveen California Select Tax-Free Income Portfolio (the "California Fund"), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile for the five-year period, the Fund ranked in the third quartile for the one- and three-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board further recognized the Fund's positive absolute performance for the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
For Nuveen New York Select Tax-Free Income Portfolio (the "New York Fund"), the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods. In addition, although the Fund underperformed its benchmark in the one-year period, the Fund outperformed its benchmark in the three- and five-year periods. In reviewing the comparative peer information, the Board recognized that the peer group was classified as low relevancy because the Fund is an unlevered fund and the funds in the peer group consist primarily of levered funds. The Board recognized that, as a result, the Fund can generally be expected to underperform levered funds in up markets and outperform levered funds in down markets. The Board recognized the Fund's positive absolute performance for the one-, three- and five-year periods. Given the Fund's investment mandate, the Board was satisfied with the explanation for the variance from peer performance and with the Fund's performance.

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C.   Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe.
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the Tax-Free Portfolio 2, the Tax-Free Portfolio 3, the California Fund and the New York Fund.
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; differences in services provided; and differences in the states reflected in the Peer Universe can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
The Independent Board Members noted that the Funds had net management fees and net expense ratios below their peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2.  Comparisons with the Fees of Other Clients
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized

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that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
3.  Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers.
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.

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With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's levels of profitability were reasonable in light of the respective services provided.
D.   Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. With respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year.
In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.

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E.   Indirect Benefits
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds.
In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F.   Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

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Nuveen:
                         Serving Investors for Generations

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

Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $244 billion in assets as of September 30, 2016.

Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
ESA-B-0916D 20919-INV-B-11/17


ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen California Select Tax-Free Income Portfolio

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: December 8, 2016
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: December 8, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: December 8, 2016